Banks, Liquidity Crises and Economic Growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb-Douglas technology. By pooling liquidity risk, banks play a growth-ancing role in reducing ineffcient liquidation of long-term projects, but they may face liquidity crises associated with severe output losses. We show that middle-income economies may find it optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system.Growth models, Liquidity, Financial intermediation, Financial fragility, Banking crises

Wealth, Financial Intermediation and Growth

This paper presents empirical support for the existence of wealth effects in the contribution of financial intermediation to economic growth, and offers a theoretical explanation for these effects. Using GMM dynamic panel data techniques applied to study the growth-promoting effects of financial intermediation, we show that the exogenous contribution of financial development to economic growth has different effects for different levels of income per capita. We find that this contribution is generally increasing with the level of income per capita of the economy, up to a relatively high level of income.Growth models, Liquidity, Financial intermediation, Financial fragility, Banking crises

Structural Changes in the Transmission Mechanism of Monetary Policy in Mexico: A Non-linear VAR Approach

In this paper we present a first approach to the study of the transformation in the transmission mechanism of monetary policy that has taken place in Mexico in recent years. For this purpose, we use a non-linear VAR model that allows for regime shifts. The comparison of the different regimes identified leads to the following main findings: a) there was a major structural change in the transmission mechanism around January 2001, date that coincides with the formal adoption of the inflation targeting framework; b) after this change, fluctuations in the real exchange rate have had smaller effects on the process of price formation, the formation of inflation expectations and the nominal interest rate; c) also, there have been stronger reactions of the nominal interest rate to increases in the output gap and the rate of inflation; and d) the movements of the nominal interest rate have a more effective influence on the real exchange rate and the rate of inflation.Monetary policy, Mexico, Monetary transmission mechanism

La corporalidad como dimensión de la formación integral en la educación superior y media superior

  El objetivo del artículo es recuperar la vivencia de la corporalidad en estudiantes de nivel medio superior y superior de instituciones privadas de inspiración cristiana. La investigación pretende elaborar una caracterización generacional de los jóvenes estudiantes de estas instituciones para orientar la oferta de formación integral en lo concerniente a la vivencia de la sexualidad y la afectividad, la dinámica del cuerpo, su manifestación y el cuidado de sí. A escala nacional, se aplicó una encuesta a 27,047 participantes de 65 planteles educativos. Los resultados indican que existe evidencia empírica de diferencias entre hombres, mujeres y quienes no declararon su género sobre sus cuerpos. Mediante el análisis de la información, se determinaron las diferencias entre grupos y niveles educativos sobre la satisfacción con sus cuerpos, consumo de sustancias, sexualidad y actividades deportivas, así como entre niveles educativos. De acuerdo con las situaciones de riesgo y vulnerabilidad identificadas, se propone la formalización de iniciativas desde lo curricular y la transversalidad de la educación escolarizada, más allá de acciones preventivas y remediales

Compromising between European and US allergen immunotherapy schools: Discussions from GUIMIT, the Mexican immunotherapy guidelines

Background: Allergen immunotherapy (AIT) has a longstanding history and still remains the only disease-changing treatment for allergic rhinitis and asthma. Over the years 2 different schools have developed their strategies: the United States (US) and the European. Allergen extracts available in these regions are adapted to local practice. In other parts of the world, extracts from both regions and local ones are commercialized, as in Mexico. Here, local experts developed a national AIT guideline (GUIMIT 2019) searching for compromises between both schools. Methods: Using ADAPTE methodology for transculturizing guidelines and AGREE-II for evaluating guideline quality, GUIMIT selected 3 high-quality Main Reference Guidelines (MRGs): the European Academy of Allergy, Asthma and Immunology (EAACI) guideines, the S2k guideline of various German-speaking medical societies (2014), and the US Practice Parameters on Allergen Immunotherapy 2011. We formulated clinical questions and based responses on the fused evidence available in the MRGs, combined with local possibilities, patient's preference, and costs. We came across several issues on which the MRGs disagreed. These are presented here along with arguments of GUIMIT members to resolve them. GUIMIT (for a complete English version, see Supplementary data) concluded the following: Results: Related to the diagnosis of IgE-mediated respiratory allergy, apart from skin prick testing complementary tests (challenges, in vitro testing and molecular such as species-specific allergens) might be useful in selected cases to inform AIT composition. AIT is indicated in allergic rhinitis and suggested in allergic asthma (once controlled) and IgE-mediated atopic dermatitis. Concerning the correct subcutaneous AIT dose for compounding vials according to the US school: dosing tables and formula are given; up to 4 non-related allergens can be mixed, refraining from mixing high with low protease extracts. When using European extracts: the manufacturer's indications should be followed; in multi-allergic patients 2 simultaneous injections can be given (100% consensus); mixing is discouraged. In Mexico only allergoid tablets are available; based on doses used in all sublingual immunotherapy (SLIT) publications referenced in MRGs, GUIMIT suggests a probable effective dose related to subcutaneous immunotherapy (SCIT) might be: 50–200% of the monthly SCIT dose given daily, maximum mixing 4 allergens. Also, a table with practical suggestions on non-evidence-existing issues, developed with a simplified Delphi method, is added. Finally, dissemination and implementation of guidelines is briefly discussed, explaining how we used online tools for this in Mexico. Conclusions: Countries where European and American AIT extracts are available should adjust AIT according to which school is followed

Cup quality attributes of Catimors as affected by size and shape of coffee bean (Coffea arabica L.)

During the dry processing of coffee, beans are classified by size, shape, weight, and color, resulting in the commercial preparation requested by the client, who can be of American, European, or other descent. The preparations consist of a combination of bean sizes and shapes, with a specified maximum number of defects. The objective of this work was to evaluate the effect of the shape and size of the bean of the three main Catimors grown in Mexico, i.e., Colombia, Costa Rica, and Oro Azteca, on the cupping quality attributes of the beverage. The results showed that there was no significant difference between the cupping quality parameters of the Colombia and Costa Rica varieties, whereas Oro Azteca exhibited a final score significantly lower compared to those varieties. For beans of size 13/64 (Z13), significant differences were found between bean forms (flat, peaberry, and mixed) of the Colombia variety. Flat (FL) beans scored almost seven points higher in the final score compared to peaberries (PE). In coffee beans of size Z14 or Z15, mixed (MI) samples scored equal or significantly higher than FL samples in the three varieties. Small beans (Z13 and Z14) of samples not separated by shape (PE and FL together) obtained equal or significantly higher scores in the cup quality attributes of the beverage compared to bigger beans. It was demonstrated that the shape and size of the coffee bean significantly affect the cup quality parameters depending upon the variety

Waist Circumference Is Not Associated with Impaired Fasting Blood Glucose in a Sample of Mexican Children and Teenagers: Results from a State Screening Program

A high waist circumference (WC) is used as a risk factor for impaired fasting blood glucose (IFG) in adults. This association is less studied in children and teenagers. The purpose of this study was to analyze the association between having a high WC and IFG by sex and age in a sample of Mexican children and teenagers. We analyzed the data of 12979 participants aged 5 to 17 years to calculate percentile references for uncorrected WC, corrected for height (WC/HT) and by height squared (WC/HT2) with quantile regression. A subsample of 2309 participants with fasting blood glucose samples (FBG), WC, WC/HT and WC/HT2 values was analyzed with logistic regression. A high WC, WC/HT, and WC/HT2 were considered at the sex- and age-specific 90th percentile from the subsample. The IFG was considered as FBG ≥100 mg/dL. Having a high WC, WC/HT, nor WC/HT2 was not significantly associated with IFG for either sex and age group (all p > 0.05). A high WC, either on its uncorrected or corrected for height values, was not an important assessment for predicting IFG in a sample of Mexican children and teenagers. This study provides percentile reference values specific for sex and age

Protection of cultural heritage buildings against earthquakes from a sensitized structural engineering perspective

The most common construction techniques for heritage buildings were mainly based on basic geometric rules about stability and earthquake damage observations. This situation led to the construction of massive structures with structural elements of great thickness, but still with poor seismic performance because damage was continuously presented. These restrictions have made historical buildings extremely vulnerable against earthquakes, presenting partial and total collapses. Thus, becomes evident the need of suitable technical solutions to protect them. This chapter describes the behavior and failure mechanisms of unreinforced masonry buildings and different rehabilitation and strengthening techniques. Both techniques are aimed at keeping good deformation compatibility between materials without affecting the architectonic value of the monument. Advantages and disadvantages of different rehabilitation and strengthening proposals are discussed from a sensitized structural engineering perspective taking into account that this type of buildings are very different from modern structures. These techniques aim at protecting cultural heritage against earthquakes by inducing a modified failure mechanisms that involves more energy dissipation than the original structural system

Inadequate Protein Intake at Specific Meals Is Associated with Higher Risk of Impaired Functionality in Middle to Older Aged Mexican Adults

Purpose. To describe the proportions of inadequate protein intake (IPI) per day and per meal and their association with functionality in middle to older aged Mexican adults. Materials and Methods. In a cross-sectional design, we evaluated the protein intake and functionality of instrumental activities of daily living (IADL) and activities of daily living (ADL) of 190 middle to older aged Mexican adults. IPI was considered as any protein intake: <1.2 g/kg/day, <30 g/meal, or <0.4 g/kg/meal. Functionality was organized into three groups: high, middle, and low scores. The first was set as the reference, and the other was considered as impaired functionality. With a multinomial logistic regression, we analyzed the association between IPI per day and per meal with impaired functionality. Results. A high proportion of participants showed IPI per day. The meal with the highest proportion of IPI was dinner, followed by breakfast and lunch for both criteria. IPI at lunch was a significant risk factor for impaired functionality in ADL when assessed with the 30 g/meal criterion (low scores, OR 3.82 (95% CI, 1.15–12.65); middle scores, OR 2.40 [1.03–5.62]). For the 0.4 g/kg/meal criterion, IPI at dinner was a significant risk factor for IADL middle scores only (OR 7.64, [1.27–45.85]). Conclusion. IPI per meal is high in middle to older aged Mexican adults, and at specific meals, it is a significant risk factor for impaired functionality in activities of daily living