Foreign Banks, Corporate Strategy and Financial Stability: Lessons from the River Plate *

Abstract This paper analyzes the risk taking of branches and subsidiaries of international bank holding institutions from the perspective of host country regulators in two Latin American financial systems: Argentina and Uruguay. Using both theory and empirics, we analyze differences in the risk attitudes of these institutions in the run up to the major financial crises of 2001-02. The empirical part of this paper is based on a rich bank-level dataset on corporate structures, balance sheets, and ownership of banks. We find that foreign banks' branches have taken on fewer risks than subsidiaries and relate this to differences in the legal responsibility of parent banks. This research not only shows original results concerning banks corporate strategies in the face of country risk, but also contributes to the debate on appropriate banking regulation. * We would like to than

Análisis de coyuntura. Mundo económico.

Desde 2010 las reservas internacionales del Banco Central cayeron cerca de USD 7.000 millones de dólares, alpasar desde USD 52.000 millones hasta USD 45.000 millones en la actualidad. El fenómeno subyacente a la caída de lasreservas es el de una economía que habiendo convergido a un nivel cercano al de pleno empleo y habiendo agotado yasu superávit de la cuenta corriente del balance de pagos no normalizó su política monetaria y financiera, manteniendo elmismo esquema que aplicaba cuando el tipo de cambio real se encontraba subvaluado y sobraban los dólares comerciales

Los Estudios Judíos en Argentina y su legitimación en el campo académico: balance y perspectivas

El reconocimiento de la extensión y complejidad de la inmigración, institucionalización e integraciónde los judíos a la Argentina hizo de esta experiencia histórica el caso más estudiado dentro delcreciente campo de los estudios judíos latinoamericanos. Si bien el interés de investigadores y centrosde investigación extranjeros continuó y aumentó con el tiempo, diversos investigadores einvestigadoras afiliados a distintas universidades y agencias de investigación argentinas fueronsentando las bases de una tradición local. De este modo, y como se propone mostrar el presenteartículo, los estudios judíos producidos desde Argentina han alcanzado una legitimidad en el campoacadémico local e internacional como consecuencia de una producción sostenida en el tiempo queevidencia las potencialidades de un campo de investigación que al indagar desde diversas disciplinassobre un actor en particular, los judíos, recompone una serie de perspectivas sobre lo local, lo nacionaly lo transnacional. Este trabajo se propone reseñar cuáles fueron los horizontes de indagación y losmodos en qué estos desarrollos han posiblitado la visibidad y reconocimiento local de los estudiosjudíos.The recognition of the extent and complexity of immigration, institutionalization and integration of Jews into Argentina made this historical experience the most studied case in the growing field of Latin American Jewish studies. Although the interest of researchers and foreign research centers continued and increased over the time, several researchers and affiliated researchers from different universities and research agencies in Argentina were laying the foundations of a local tradition. In this way, and as it is proposed to show the present article, the Jewish studies produced from Argentina have reached a legitimacy in the local and international academic field as a result of a sustained production over time that demonstrates the potential of a field of research that Inquiring from various disciplines about a particular actor, the Jews, recomposes a series of perspectives on the local, the national and the transnational. This paper aims to outline what were the horizons of inquiry and the ways in which these developments have enabled the visibility and local recognition of Jewish studies.Fil: Kahan, Emmanuel Nicolas. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Instituto de Investigaciones en Humanidades y Ciencias Sociales. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales; Argentina. Instituto de Desarrollo Económico y Social; ArgentinaFil: Dujovne, Miguel Alejandro. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Centro de Investigaciones Sociales. Instituto de Desarrollo Económico y Social. Centro de Investigaciones Sociales; Argentina. Instituto de Desarrollo Económico y Social; Argentin

TAOF: Traffic Aware Objective Function for RPL-based Networks

International audienceWithin the context of the Internet of Things (IoT), the distance-vector IPv6 Routing Protocol for Low-power and Lossy Networks (RPL) is one of the most popular choices for the network routing layer. Within RPL, distance calculation is abstracted by the Objective Function (OF) and two OF implementations have been standardized, namely OF0 and MRHOF. However, these OFs build network topologies where bottleneck nodes may suffer from excessive unbalanced traffic load. The load distribution problem is a major issue for existing OFs defined in RPL because it decreases network performance and the network's lifetime. In this paper, we propose a new OF called the Traffic Aware Objective Function (TAOF), which balances the traffic load that each node processes in order to ensure node lifetime maximization. To implement this OF, we altered the DIO message format, introduced a new RPL metric, named Traffic Rate, and used a new parent selection algorithm. Simulation experiments have been conducted to examine the performance of our proposal. The results show that TAOF achieves enhanced performance in terms of Packet Delivery Ratio (PDR) and that it builds more stable networks with fewer parent changes

TAOF: Traffic Aware Objective Function for RPL-based Network

International audienc

Evaluation of a quality improvement intervention to reduce anastomotic leak following right colectomy (EAGLE): pragmatic, batched stepped-wedge, cluster-randomized trial in 64 countries

Background Anastomotic leak affects 8 per cent of patients after right colectomy with a 10-fold increased risk of postoperative death. The EAGLE study aimed to develop and test whether an international, standardized quality improvement intervention could reduce anastomotic leaks. Methods The internationally intended protocol, iteratively co-developed by a multistage Delphi process, comprised an online educational module introducing risk stratification, an intraoperative checklist, and harmonized surgical techniques. Clusters (hospital teams) were randomized to one of three arms with varied sequences of intervention/data collection by a derived stepped-wedge batch design (at least 18 hospital teams per batch). Patients were blinded to the study allocation. Low- and middle-income country enrolment was encouraged. The primary outcome (assessed by intention to treat) was anastomotic leak rate, and subgroup analyses by module completion (at least 80 per cent of surgeons, high engagement; less than 50 per cent, low engagement) were preplanned. Results A total 355 hospital teams registered, with 332 from 64 countries (39.2 per cent low and middle income) included in the final analysis. The online modules were completed by half of the surgeons (2143 of 4411). The primary analysis included 3039 of the 3268 patients recruited (206 patients had no anastomosis and 23 were lost to follow-up), with anastomotic leaks arising before and after the intervention in 10.1 and 9.6 per cent respectively (adjusted OR 0.87, 95 per cent c.i. 0.59 to 1.30; P = 0.498). The proportion of surgeons completing the educational modules was an influence: the leak rate decreased from 12.2 per cent (61 of 500) before intervention to 5.1 per cent (24 of 473) after intervention in high-engagement centres (adjusted OR 0.36, 0.20 to 0.64; P < 0.001), but this was not observed in low-engagement hospitals (8.3 per cent (59 of 714) and 13.8 per cent (61 of 443) respectively; adjusted OR 2.09, 1.31 to 3.31). Conclusion Completion of globally available digital training by engaged teams can alter anastomotic leak rates. Registration number: NCT04270721 (http://www.clinicaltrials.gov)