Managing financial crises in emerging market economies - experience with the involvement of private sector creditors

Ensuring the involvement of private sector creditors in the resolution of sovereign debt crises is crucial to ensure an effective management and orderly resolution of those crises. A review of experience gained in past financial crises suggests that crisis management practices have been largely following a case-by-case approach. This has led to some uncertainty about how the official sector addresses different types of crises, which in turn might partially account for the very mixed results achieved so far. From a global welfare perspective, the resolution of international financial crises is too costly and takes too long. Efforts to improve predictability of crisis resolution processes – through guiding debtor, creditor and official sector behaviour – could lower overall costs of such crises and bring about a better distribution of these costs. Past experience with such private sector involvement shows that, in certain cases, existing instruments have successfully contributed to minimising the economic disruptions caused by crises. However, the effective use of these instruments requires predictable and strong commitment of all parties involved. Key variables in that regard are the country’s economic fundamentals and its track record prior to the crisis, underscoring the importance of effective surveillance and crisis prevention. Success also hinges on the country’s resolve to implement necessary domestic adjustment measures. A transparent process providing for early dialogue between a debtor and its creditors also facilitates private sector involvement. Finally, the IMF plays a key role in crisis situations, as accurate and timely diagnosis by the IMF helps identify at an early stage the need for private sector involvement.Sovereign default, bond restructuring, emerging markets, financial crises, moral hazard, international financial architecture.

Dose painting based on tumor uptake of Cu-ATSM and FDG:a comparative study

BACKGROUND: Hypoxia and increased glycolytic activity of tumors are associated with poor prognosis. The purpose of this study was to investigate differences in radiotherapy (RT) dose painting based on the uptake of 2-deoxy-2-[(18) F]-fluorodeoxyglucose (FDG) and the proposed hypoxia tracer, copper(II)diacetyl-bis(N(4))-methylsemithiocarbazone (Cu-ATSM) using spontaneous clinical canine tumor models. METHODS: Positron emission tomography/computed tomography scans of five spontaneous canine sarcomas and carcinomas were obtained; FDG on day 1 and (64)Cu-ATSM on day 2 and 3 (approx. 3 and 24 hours pi.). Sub-volumes for dose escalation were defined by a threshold-based method for both tracers and five dose escalation levels were formed in each sub-volume. Volumetric modulated arc therapy plans were optimized based on the dose escalation regions for each scan for a total of three dose plans for each dog. The prescription dose for the GTV was 45 Gy (100%) and it was linearly escalated to a maximum of 150%. The correlations between dose painting plans were analyzed with construction of dose distribution density maps and quality volume histograms (QVH). Correlation between high-dose regions was investigated with Dice correlation coefficients. RESULTS: Comparison of dose plans revealed varying degree of correlation between cases. Some cases displayed a separation of high-dose regions in the comparison of FDG vs. (64)Cu-ATSM dose plans at both time points. Among the Dice correlation coefficients, the high dose regions showed the lowest degree of agreement, indicating potential benefit of using multiple tracers for dose painting. QVH analysis revealed that FDG-based dose painting plans adequately covered approximately 50% of the hypoxic regions. CONCLUSION: Radiotherapy plans optimized with the current approach for cut-off values and dose region definitions based on FDG, (64)Cu-ATSM 3 h and 24 h uptake in canine tumors had different localization of the regional dose escalation levels. This indicates that (64)Cu-ATSM at two different time-points and FDG provide different biological information that has to be taken into account when using the dose painting strategy in radiotherapy treatment planning