On international risk sharing and financial globalization: some gloomy evidence

By means of panel and time series regression analyses, and by resorting to a variance decomposition due to Asdrubali et al. (1996) we show that income flows to and from abroad did not play, in general, a large risk sharing role for a pool of EU countries over the horizon 1976-2007. This is particularly true in a pre-globalization period, but remains true for some countries, even in the finance globalization era. We then extend the analysis to consider a measure of cash flow, instead of income, available for consumption, and observe that capital flows to and from abroad have played a largely destabilizing role, to an extent that one might have not expected beforehand. Key to this result is also the study of asymmetries in smoothing positive and negative shocks by the different possible channels. These findings seem to provide some useful insights onto the origin of the recent global financial crisisRisk Sharing, Financial Globalization, Capital Flows

International risk sharing and globalization

The main research question of this empirical work is whether or not globalization, in its various forms, has had an impact upon international risk sharing. The empirical literature so far has only investigated on one aspect of globalization: economic and financial integration. By decomposing globalization in its economic, political and social aspects, and using a standard framework of consumption insurance tests to gauge the extent of risk sharing among countries, we obtain some interesting results. One of the main findings is that economic and social integration help better cope with idiosyncratic risk, but also that without political integration this might result in an increasing exposure to systemic (uninsurable) risk.International risk sharing; globalization; social and political integration

International investment positions and risk sharing: an empirical analysis on the coordinated portfolio investment survey

By using data from all available waves of the IMF Coordinated Portfolio In- vestment Surveys, we explore the dynamics of the determinants of cross portfolio investments. The main aim of our analysis, however, is to understand whether a diversification motive can also be found, among the various determinants. We find strong evidence that, indeed, the correlation between the idiosyncratic components of gdp growth, as well as the correlation between stock returns between pair of coun- tries, that we consider as proxies for diversification, are relevant to explain bilateral portfolio holdings, when unobserved heterogeneity is properly taken into account, by means of a fixed effect, panel estimation (where the fixed effects refer to pair of countries, rather than countries in isolation). Interestingly, the same results, cannot be retrieved from cross section estimations. It also turns out that the diversification motive is less relevant, if at all, in choosing whether or not to invest in a particular area

Modernity\u27s Empty Symbols and Sequential Snobbery

We were assigned a paper in which we would reconstruct Orsi\u27s argument of the presence and demonstrate its prevalence in one of three options we read earlier that semester. I read some of Orsi\u27s work, focusing on breaking apart his arguments. I then made an outline for the paper, and Perpetua and Felicity\u27s martyrdom fit the paper the best. I actually wrote the body first, adding an introduction and conclusion later in the process. I turned in one draft to Professor [William] Trollinger and met with the Core Write Place consultants twice before finishing the final draft

Claude Raffestin e la geografia del potere

Recensione al saggio di Claude Raffestin Per una geografia del potere

Sphingosine 1-phosphate receptors: do they have a therapeutic potential in cardiac fibrosis?

Sphingosine 1-phosphate (S1P) is a bioactive lipid that is characterized by a peculiar mechanism of action. In fact, S1P, which is produced inside the cell, can act as an intracellular mediator, whereas after its export outside the cell, it can act as ligand of specific G-protein coupled receptors, which were initially named endothelial differentiation gene (Edg) and eventually renamed sphingosine 1-phosphate receptors (S1PRs). Among the five S1PR subtypes, S1PR1, S1PR2 and S1PR3 isoforms show broad tissue gene expression, while S1PR4 is primarily expressed in immune system cells, and S1PR5 is expressed in the central nervous system. There is accumulating evidence for the important role of S1P as a mediator of many processes, such as angiogenesis, carcinogenesis and immunity, and, ultimately, fibrosis. After a tissue injury, the imbalance between the production of extracellular matrix (ECM) and its degradation, which occurs due to chronic inflammatory conditions, leads to an accumulation of ECM and, consequential, organ dysfunction. In these pathological conditions, many factors have been described to act as pro- and anti-fibrotic agents, including S1P. This bioactive lipid exhibits both pro- and anti-fibrotic effects, depending on its site of action. In this review, after a brief description of sphingolipid metabolism and signaling, we emphasize the involvement of the S1P/S1PR axis and the downstream signaling pathways in the development of fibrosis. The current knowledge of the therapeutic potential of S1PR subtype modulators in the treatment of the cardiac functions and fibrinogenesis are also examined

The Biography of a Dokimeion Columnar Sarcophagus Fragment

"It has become popular over the past few decades to view objects as not merely the passive repositories of human actions but rather as integral actors in them. One such theory that attempts to articulate the relationship between humans and objects is object biography. Central to this theory is that an object accrues meaning over time through the social and cultural interactions in which it is involved. In the past this theory has been used for objects with a distinct change in their use and contexts and has articulated the shifting role these objects played in the lives of the individuals owning or using them. A fragment of a columnar sarcophagus in the Museum of Art and Archaeology, although its life trajectory most likely followed an expected path from quarry to burial, has nevertheless acquired meanings over the course of its history. Using the theory of object biography and analyzing three biographical episodes in particular, this article examines the process whereby this fragment became invested with meaning. Artifacts divorced from their original context are unfortunately often seen as static and devoid of meaning, and this fragmentary single figure could be the object of similar misapprehensions, since it is not only without context but also separated from the sarcophagus of which it was once a part. Despite this, however, it is possible to discuss the vital role such a sarcophagus played as an active vehicle for the owner's status and wealth. Following an object from its conceptual origin to its final known biographical episode presents a clear narrative structure that cannot be found through any other theoretical approach. From its construction at a quarry in central Asia Minor to its expected use within a burial, to its eventual accessioning into the museum, this sarcophagus fragment acquired multifarious meanings as it actively participated in various social milieus."--First paragraph.Includes bibliographical reference

Narrowing the US twin deficits: simulations with a world macroeconometric model

In this paper we extend the macroeconometric model developed in Bagnai (2004) by linking it to a submodel for the Japanese economy, and we utilize this extended model to investigate several hypotheses of reduction in the US twin deficits. The Japanese submodel is specified and estimated along the lines set out in Bagnai and Carlucci (2003), using the “cointegration with endogenous structural break” estimation method of Gregory and Hansen (1996). The estimation results show that the Japanese economy underwent a major structural change after the first oil-price shock. The “twin deficits” simulations consider two policy instruments: a US dollar exchange rate devaluation, and a fiscal consolidation, carried out through a decrease in US government consumption. We analyze both different sizes and different timing of these policy measures, as well as their interactions, in order to evaluate their effectiveness, and the costs they impose on the partner countries (in particular, on the Euro area and Japan).twin deficits, structural break, econometric model, Japan, EMU, USA

Two-photon microscopy : sequential imaging studies in vivo

Microscopists have always desired to look inside various organ tissues to study structure, function and dysfunction of their cellular constituents. In the past, this has frequently required tissue extraction and histological preparation to gain access. Traditional optical microscopy techniques, which use linear (one-photon) absorption processes for contrast generation, are limited to use near the tissue surface (< 80 µm) because at greater depths strong and multiple light scattering blurs the images. Scattering particularly strongly affects signal strength in confocal microscopy, which achieves three-dimensional resolution and optical sectioning with a detection pinhole that rejects all light that appears not to originate from the focus. New optical microscopy techniques have been developed that use nonlinear light-matter interactions to generate signal contrast only within a thin raster-scanned plane. Since its first demonstration over a decade ago, two-photon microscopy has been applied to a variety of imaging tasks and has now become the technique of choice for fluorescence microscopy in thick tissue preparations and in live animals. The gain in resolution over conventional in vivo imaging techniques has been several orders of magnitude. Neuroscientists have used it to measure calcium dynamics deep in brain slices and in live animals, blood flow measurement, neuronal plasticity and to monitor neurodegenerative disease models in brain slices and in live rodents. These types of applications define the most important niche for two-photon microscopy - high-resolution imaging of physiology, morphology and cell-cell interactions in intact tissue. Clearly the biggest advantage of two-photon microscopy is in longitudinal monitoring of rodent models of disease or plasticity over days to weeks. The aim of this article is to discuss some methodological principles, and show some applications of this technique obtained from our laboratory in the area of acute experimental stroke research.peer-reviewe