Multilateral indexed loans and debt sustainability

We study the potential for introducing indexation on loans provided by multilateral lenders to LICs, and thus whether a reform of their lending policy is feasible and economically justified. To this end, we provide new evidence for a group of 40 IDA countries over the 1990-2010 period for three types of debt: i) foreign currency loans indexed to real GDP; ii) foreign currency loans indexed to the dollar value of exports; iii) inflation-indexed loans denominated in local currency. We find that both GDP indexation and domestic currency lending are feasible policies, since individual country risk could be easily diversified in a portfolio of loans to IDA countries. The estimation of CAPM beta coefficients suggests that, while the risk of export-indexed loans is difficult to hedge, loans indexed to GDP or denominated in local currencies could be introduced at current interest rates; their risk premium is no greater than one percent. The insurance that indexed debt might offer to LICs against macroeconomic shocks threatening their debt sustainability depends on the conditional covariances of GDP growth, real exchange-rate depreciation and net exports that we estimate as the covariances of the forecast errors obtained from a VAR model. The analysis shows that GDP-indexed or export-indexed loans would help to stabilize the debt ratio of the majority of IDA countries in our sample, but a larger number of them would benefit from a re-denomination of loans in local currency. A main lesson from our analysis is that a \u2018one size fits all solution\u2019 does not exist to the problem of stabilizing the debt ratio. This suggests that a reform of multilateral lending that is desirable to all LICs would be difficult to implemen

Humanities, Stem, Social Sciences

Personal statements and reports from the departments belonging to the Humanities, STEM, and Social Sciences.https://digitalcommons.andrews.edu/pda/1000/thumbnail.jp

Expected and unexpected behavior of the orientational order and dynamics induced by azobenzene solutes in a nematic

We have explored the changes in the phase stability, orientational order, and dynamics of the nematic 4-cyano-4¢-n-pentylbiphenyl (5CB) doped with either the trans or the cis form of different p-azobenzene derivatives using the ESR spin-probe technique. In particular, we have studied the effects induced by each of the seven nonmesogenic 4-R-phenylazobenzenes (R = H, F, Br, CH3, CF3, On-Bu, Ot-Bu) at 1% and 7% mole fraction on the order parameter and on the shift of the nematic-isotropic transition temperature (TNI), as reported by a nitroxide spin probe, and we have tried to relate them to the solute shape and charge distribution. In all the cases the presence of the azo-derivative causes a depression of TNI, more pronounced for the cis isomers. The dependence of on the reduced temperature T*=T/TNI remains the same as that of pure 5CB in all trans-doped samples at 1% and 7% and decreases only slightly in the cis at 1%. However, we observe different and in some cases large variations (up to 25%) in for the cis at 7%, showing solute effects that go beyond the shift in TNI. Surprisingly enough, even at the highest concentration, the probe dynamics appears to be essentially independent of the nature, the configuration, and the concentration of the different solutes and very similar to that observed in the pure 5CB

Internationalisation and the agglomeration effect : evidence from the Italian automotive supply chain

The aim of this paper is to study the characteristics of the internationalisation process and to identify its determinants in a representative sample of 786 firms in the Italian automotive chain. We carried out a a multinomial logit and an ordered probit analyses. The main findings of the econometric analyses based on the available micro-evidence are that: a) the firms in the Italian supply chain engage in complex modes of internationalisation; b) the individual firm\u2019s characteristics play a significant role in the probability of internalization; c) the firms located in the province of Turin have a clear localisation advantage, because of an \u201cindustrial district\u201d effect. We also observe that internationalisation is negatively correlated to the share of Fiat, the Italian dominant car maker, in the supplier\u2019s sale

Internationalisation modes and determinants : the cased of Italian automotive firms

This aim of this paper is to study the characteristics of the internationalisation process and to identify its determinants in a representative sample of firms in the Italian automotive chain. The main findings of an econometric analysis based on micro-evidence are that: a) the firms engage in complex modes of internationalisation; b) the individual firm\u2019s characteristics play a significant role; c) the firms located in the province of Turin have a clear localisation advantage, a sort of an\u201cindustrial district\u201d effect

Structural analysis with mixed frequencies : monetary policy, uncertainty and gross capital flows

In this paper we study how monetary policy, economic uncertainty and economic policy uncertainty impact on the dynamics of gross capital inflows in the US. Particular attention is paid to the mixed frequency-nature of the economic time series involved in the analysis. A MIDAS-SVAR model is presented and estimated over the period 1988-2013. While no relation is found when using standard quarterly data, exploiting the variability present in the series within the quarter shows that the effect of a monetary policy shock is greater the longer the time lag between the month of the shock and the end of the quarter. In general, the effects of economic and policy uncertainty on US capital inflows are negative and significant. Finally, the effect of the three shocks is different when distinguishing between financial and bank capital in flows from one side, and FDI from the other

A Variant in a MicroRNA complementary site in the 3' UTR of the KIT oncogene increases risk of acral melanoma.

MicroRNAs (miRNAs) are small ∼22nt single stranded RNAs that negatively regulate protein expression by binding to partially complementary sequences in the 3' untranslated region (3' UTRs) of target gene messenger RNAs (mRNA). Recently, mutations have been identified in both miRNAs and target genes that disrupt regulatory relationships, contribute to oncogenesis and serve as biomarkers for cancer risk. KIT, an established oncogene with a multifaceted role in melanogenesis and melanoma pathogenesis, has recently been shown to be upregulated in some melanomas, and is also a target of the miRNA miR-221. Here, we describe a genetic variant in the 3' UTR of the KIT oncogene that correlates with a greater than fourfold increased risk of acral melanoma. This KIT variant results in a mismatch in the seed region of a miR-221 complementary site and reporter data suggests that this mismatch can result in increased expression of the KIT oncogene. Consistent with the hypothesis that this is a functional variant, KIT mRNA and protein levels are both increased in the majority of samples harboring the KIT variant. This work identifies a novel genetic marker for increased heritable risk of melanoma

Tetrodotoxins (Ttxs) and vibrio alginolyticus in mussels from central adriatic sea (italy): Are they closely related?

Tetrodotoxins (TTXs), potent neurotoxins, have become an increasing concern in Europe in recent decades, especially because of their presence in mollusks. The European Food Safety Authority published a Scientific Opinion setting a recommended threshold for TTX in mollusks of 44 µg equivalent kg−1 and calling all member states to contribute to an effort to gather data in order to produce a more exhaustive risk assessment. The objective of this work was to assess TTX levels in wild and farmed mussels (Mytilus galloprovincialis) harvested in 2018–2019 along the coastal area of the Marche region in the Central Adriatic Sea (Italy). The presence of Vibrio spp. carrying the non-ribosomal peptide synthetase (NRPS) and polyketide synthase (PKS) genes, which are suspected to be involved in TTX biosynthesis, was also investigated. Out of 158 mussel samples analyzed by hydrophilic interaction liquid chromatography coupled with tandem mass spectrometry (HILICMS/MS), 11 (7%) contained the toxins at detectable levels (8–26 µg kg−1 ) and 3 (2%) contained levels above the EFSA safety threshold (61–76 µg kg−1 ). Contaminated mussels were all harvested from natural beds in spring or summer. Of the 2019 samples, 70% of them contained V. alginolyticus strains with the NRPS and/or PKS genes. None of the strains containing NRPS and/or PKS genes showed detectable levels of TTXs. TTXs in mussels are not yet a threat in the Marche region nor in Europe, but further investigations are surely needed

The diacylglycerol kinase α/Atypical PKC/β1 integrin pathway in SDF-1α mammary carcinoma invasiveness

Diacylglycerol kinase α (DGKα), by phosphorylating diacylglycerol into phosphatidic acid, provides a key signal driving cell migration and matrix invasion. We previously demonstrated that in epithelial cells activation of DGKα activity promotes cytoskeletal remodeling and matrix invasion by recruiting atypical PKC at ruffling sites and by promoting RCP-mediated recycling of α5β1 integrin to the tip of pseudopods. In here we investigate the signaling pathway by which DGKα mediates SDF-1α-induced matrix invasion of MDA-MB-231 invasive breast carcinoma cells. Indeed we showed that, following SDF-1α stimulation, DGKα is activated and localized at cell protrusion, thus promoting their elongation and mediating SDF-1α induced MMP-9 metalloproteinase secretion and matrix invasion. Phosphatidic acid generated by DGKα promotes localization at cell protrusions of atypical PKCs which play an essential role downstream of DGKα by promoting Rac-mediated protrusion elongation and localized recruitment of β1 integrin and MMP-9. We finally demonstrate that activation of DGKα, atypical PKCs signaling and β1 integrin are all essential for MDA-MB-231 invasiveness. These data indicates the existence of a SDF-1α induced DGKα - atypical PKC - β1 integrin signaling pathway, which is essential for matrix invasion of carcinoma cells