Measures of Systemic Risk

Systemic risk refers to the risk that the financial system is susceptible to failures due to the characteristics of the system itself. The tremendous cost of systemic risk requires the design and implementation of tools for the efficient macroprudential regulation of financial institutions. The current paper proposes a novel approach to measuring systemic risk. Key to our construction is a rigorous derivation of systemic risk measures from the structure of the underlying system and the objectives of a financial regulator. The suggested systemic risk measures express systemic risk in terms of capital endowments of the financial firms. Their definition requires two ingredients: a cash flow or value model that assigns to the capital allocations of the entities in the system a relevant stochastic outcome; and an acceptability criterion, i.e. a set of random outcomes that are acceptable to a regulatory authority. Systemic risk is measured by the set of allocations of additional capital that lead to acceptable outcomes. We explain the conceptual framework and the definition of systemic risk measures, provide an algorithm for their computation, and illustrate their application in numerical case studies. Many systemic risk measures in the literature can be viewed as the minimal amount of capital that is needed to make the system acceptable after aggregating individual risks, hence quantify the costs of a bail-out. In contrast, our approach emphasizes operational systemic risk measures that include both ex post bailout costs as well as ex ante capital requirements and may be used to prevent systemic crises.Comment: 35 pages, 11 figure

The C-terminus of p63 contains multiple regulatory elements with different functions

The transcription factor p63 is expressed as at least six different isoforms, of which two have been assigned critical biological roles within ectodermal development and skin stem cell biology on the one hand and supervision of the genetic stability of oocytes on the other hand. These two isoforms contain a C-terminal inhibitory domain that negatively regulates their transcriptional activity. This inhibitory domain contains two individual components: one that uses an internal binding mechanism to interact with and mask the transactivation domain and one that is based on sumoylation. We have carried out an extensive alanine scanning study to identify critical regions within the inhibitory domain. These experiments show that a stretch of ~13 amino acids is crucial for the binding function. Further, investigation of transcriptional activity and the intracellular level of mutants that cannot be sumoylated suggests that sumoylation reduces the concentration of p63. We therefore propose that the inhibitory function of the C-terminal domain is in part due to direct inhibition of the transcriptional activity of the protein and in part due to indirect inhibition by controlling the concentration of p63. Keywords: p63, transcriptional regulation, auto-inhibition, sumoylatio

Complete and incomplete spin transitions in 1D chain iron(II) compounds.

The synthesis and characterisation of two new octahedral iron(II) SCO coordination polymers [FeL1(bimm)] (1) and [FeL2(bppa)](MeOH)0.5 (2) (L1 = [3,30]-[1,2- phenylenebis-(iminomethylidyne)bis(4-phenyl-,4-butanedionato)(2-)-N,N0,O2,O20], L2 = [E,E]-[{diethyl 2,20-1,2- phenylenebis(iminomethylidyne)bis(3-oxo-3-phenylpropanato)}(2-)-N,N0,O3,O30], bimm = bis(1H-imidazol-1-yl)methane and bppa = 1,3-bis(pyridine-4-yl)propane) is presented. Results from X-ray structure analysis at different temperatures revealed in the case of 1 that the transition from a gradual to a cooperative SCO with a 5 K wide hysteresis is due to an increase of the short intermolecular contacts, which exceed a certain threshold for the cooperative effect. In the case of compound 2 an incomplete spin transition with a 4 K wide hysteresis was observed. The low temperature wMT product remains constant at a value typical for a mixed HS/LS state in stepwise spin transitions. A quantitative correlation between the cooperative effects of 12 monomer and polymer iron(II) SCO complexes and their structural properties derived from X-ray structure analysis, the so-called crystal contact index, CCI, is introduced

Dietary surveys indicate vitamin intakes below recommendations are common in representative Western countries

Vitamins play a crucial role in health, but modern lifestyles may lead to suboptimal intakes even in affluent countries. The aim of the present study is to review vitamin intakes in Germany, the UK, The Netherlands and the USA and to compare them with respective national recommendations. Data on adults from the most recently published national dietary intake surveys for the first three countries and data for adults from the US National Health and Nutrition Examination Survey from 2003 to 2008 for the USA were used as a basis for the analysis. The proportions of the populations with intakes below recommendations were categorised as 25-50, >50-75 and >75% for each vitamin. The data generated are presented in a ‘traffic light display', using colours from green to red to indicate degrees of sufficiency. The trends found were compared with the results from the European Nutrition and Health Report 2009, even though in that report, only information on mean intakes in the different countries was available. We showed that, although inter-country differences exist, intakes of several vitamins are below recommendations in a significant part of the population in all these countries. The most critical vitamin appears to be vitamin D and the least critical niacin. The variation between the countries is most probably due to differences in recommendations, levels of fortification and local dietary habits. We show that a gap exists between vitamin intakes and requirements for a significant proportion of the population, even though diverse foods are available. Ways to correct this gap need to be investigate

Test and application of a vegetation-based CO2 and CH4 flux estimate from three ombrogenic and topogenic peatlands in Southern Germany

A stabilisation and restoration of peatlands is seen as a sustainable strategie for climate change mitigation. To find the most suitable target areas, greenhouse gas fluxes have to be quantified. A vegetation-based flux estimate is seen as cost-effective alternative to avoid time consuming and expensive flux measurements. The present study aims to define current obstacles and limitations to a vegetation-based flux estimate and define a possible scope for vegetation-based flux estimates in Baden-Württemberg. A case study was performed in three ombrogenic and topogenic mires in Southern Germany using the tools Greenhouse Gas Emission Site Type (GEST) for non-forest sites and IPCC’s ‘Good Practise Guidance for Land Use, Land Use Change and Forestry’(GPG-LULUCF) for forest sites. The study was limited to carbon dioxide (CO2) and methane (CH4) fluxes, shown as CO2 equivalents (CO2e). Based on 115 vegetation relevés, three vegetation classification systems on non-forest sites ‘vegetation forms’, ‘phytosociological plant communities’ and ‘Biotope types of Baden-Württemberg’ were compared to test if they can replace each other in a flux estimate. Calculation parameters for forest-sites were chosen for the study area. A greenhouse gas balance was established for the study area. The reviewed vegetation classification systems showed inconsistent overlaps. Hence, the vegetation classification systems were considered to be not completely compatible. As descripition of vegetation forms was considered to be insufficient for Southern Germany, an application of vegetation-based CO2 and CH4 flux estimates was considered to be difficult in Baden-Württemberg. Mean CO2 and CH4 emissions of 9,7 t CO2e ha-1 yr-1 were estimated in the study area. Emissions from forested peat were smaller than from mire and from grassland on peat. However, the selection of parameters for GPG-LULUCF and associated inaccuracies influenced the estimate. Footpaths and roads, watercourses and lakes, pastures, cropland and clearcut were not considered and N2O emissions were excluded from the estimate. Considering these limitations of the estimate, vegetation-based carbon estimates should be verified and refined before a statewide application

„Acting as a Moral Human Being - Neglecting Economic Studies“. Situation, Concepts and Challenges of Economic Studies at German Primary Schools

Children are affected by poverty, unemployment and pollution; they are a target group for firms. Without doubt they have to deal with the problems of economic allocation, distribution and stabilisation. But children are also individuals with needs and purchasing power, who make economic decisions themselves and influence those of others. Children interpret and construct their own explanations for these phenomena and build their own problem-solving strategies. Do shops create goods themselves? Do banks produce money? Is the function of a bank the protection of money against theft? Does the government tell people which job to do? Can everybody choose what he or she wants? Is a car more expensive than a jumper because it is bigger or because it can be driven? If school is supposed to help children understand and act in the world they are living in, then even at primary school economic world can not be blanked out. The main aim of this contribution is to analyse, if German curricula for primary schools as well as the main association of primary school attach importance to the economic phenomena in a child's world. As these concepts are not developed by experts of economic education but by experts of primary education, I want to contrast these aims with three concepts respectively aims of economic education at primary school developed by experts of economic education. So the extremes can be shown: Which importance could economic education get und which is currently attached. However, also the concepts and aims of constructors of concepts for economic education do not satisfy totally. Either they derive their aims directly from economics as a science or from economic situations children take part or should know about. They draw out what children should know about or what children could do to learn about, seldom is pointed out, what children should be able to understand and responsibly act. Therefore an understanding of children's construction of economic world is necessary. These constructs are analysed by economic psychologists. These results allow referring to the children's naive theories in order to help them understand and act in their economic world. As pure analysis does not satisfy by discovering lacks, I will discuss competences which should be related to the approach of experts of children's education as well as to experts of economic education, taking into account the results of economic psychologists. Finally, without winning the teacher children will not learn anything about economics at school, so I will finish with an approach to win the teachers

Evaluation of bicinchoninic acid as a ligand for copper(I)-catalyzed azide-alkyne bioconjugations

Dieser Beitrag ist mit Zustimmung des Rechteinhabers aufgrund einer (DFG geförderten) Allianz- bzw. Nationallizenz frei zugänglich.This publication is with permission of the rights owner freely accessible due to an Alliance licence and a national licence (funded by the DFG, German Research Foundation) respectively.The Cu(I)-catalyzed cycloaddition of terminal azides and alkynes (click chemistry) represents a highly specific reaction for the functionalization of biomolecules with chemical moieties such as dyes or polymer matrices. In this study we evaluate the use of bicinchoninic acid (BCA) as a ligand for Cu(I) under physiological reaction conditions. We demonstrate that the BCA–Cu(I)-complex represents an efficient catalyst for the conjugation of fluorophores or biotin to alkyne- or azide-functionalized proteins resulting in increased or at least equal reaction yields compared to commonly used catalysts like Cu(I) in complex with TBTA (tris[(1-benzyl-1H-1,2,3-triazol-4-yl)methyl]amine) or BPAA (bathophenanthroline disulfonic acid). The stabilization of Cu(I) with BCA represents a new strategy for achieving highly efficient bioconjugation reactions under physiological conditions in many application fields.EC/FP7/259043/EU/Computing Biomaterials/COMPBIOMATDFG, EXC 294, BIOSS Zentrum für Biologische Signalstudien - von der Analyse zur SyntheseDFG, GSC 4, Spemann Graduiertenschule für Biologie und Medizin (SGBM

Complicated Postoperative Course after Pulmonary Artery Sling Repair and Slide Tracheoplasty.

Pulmonary artery sling (PAS) is a rare congenital condition in which the left pulmonary artery (LPA) arises from the right pulmonary artery, and then passes between the trachea and the esophagus to reach the left lung, thereby forming a sling around the airway. It is often associated with intrinsic tracheal stenosis due to complete cartilaginous rings. Therapeutic management nowadays consists of one-stage reimplantation of the LPA and tracheoplasty with cardiopulmonary bypass support. Here, we present a 7-week-old boy with PAS and long-segment tracheal stenosis (LSTS) who underwent surgical intervention consisting of reimplantation of the LPA and slide tracheoplasty. Multiple respiratory and cardiovascular complications marked the postoperative course. They consisted of recurrent failed attempts in weaning off mechanical ventilation due to bronchomalacia, left vocal cord paralysis, development of granulation tissue at the anastomosis and restenosis of the trachea, and the main stem bronchi requiring balloon dilatation. The patient also developed bilateral pulmonary artery thrombosis and stenosis of the LPA. After a prolonged hospitalization, the patient is doing well without any respiratory symptoms and has a good result on follow-up bronchoscopy 1 year after the initial surgery. The stenosis of the LPA responded well to percutaneous balloon dilatation 12 months after the primary surgery. The case illustrates that even though surgical techniques are improving and are in general associated with a low morbidity and mortality, management of PAS and tracheal stenosis can still be challenging. However, good long-term outcome can be achieved if the initial postoperative phase is overcome