Strengthening private capital markets: less of the same is more

Central bank activism has crowded out long-term investors, whose $70 trillion in assets can kick-start the real economy, writes Jérôme Haegel

Do avalanche airbags lead to riskier choices in the backcountry?

While the effectiveness of airbags for reducing mortality in avalanche involvements has been examined in various studies, the nagging question of whether the added safety benefit might actually lead to increased risk-taking – a phenomenon referred to as risk compensation or risk homeostasis – has only been tackled by a few. Building on the existing research on airbags, risk compensation and stated terrain preferences in winter backcountry recreation, we developed an extensive online survey to approach the topic of avalanche airbags and risk compensation from multiple directions. In the spring of 2017, 155 airbag owners and 237 non-owners mainly from Switzerland, Germany and Austria participated in our study. While our analysis of the survey responses indicates that risk compensation behavior in response to airbags is likely among recreational backcountry travelers, the discrete choice experiment included in our survey failed to provide conclusive empirical evidence. To allow backcountry users to make informed choices about airbag use, we recommend the topic of risk compensation to be included in avalanche safety courses and airbag user manuals

International investment rules and capital mobility: Considerations in light of the Asian financial crisis

In the wake of the Asian financial crisis a number of questions related to free movement of capital are being reconsidered. Is it desirable to have full capital mobility for emerging market economies? Will capital account liberalisation lead to a growing number of financial crises which will threaten the stability of the international financial system

Do avalanche airbags lead to riskier choices among backcountry and out-of-bounds skiers?

While the effectiveness of airbags for reducing mortality in avalanche involvements has been examined in various studies, the question of whether the added safety benefit might lead to increased risk-taking – a phenomenon referred to as risk compensation or risk homeostasis – has only been tackled by a few researchers. Building on the existing research on airbags, risk compensation, and stated terrain preferences in winter backcountry recreation, we conducted an extensive online survey including a discrete choice experiment to approach the topic of avalanche airbags and risk compensation from multiple perspectives. Our study sample consists of 163 airbag owners and 243 non-owners mainly from Switzerland, Germany, and Austria. The analyses of the survey responses provide both indirect and direct evidence that risk compensation in response to avalanche airbags is likely within at least certain segments of the recreational backcountry and out-of-bounds skiing population. Initial indirect evidence on risk compensation is provided by examining participants’ responses to airbag attitude and use questions using the framework of Hedlund (2000). The stated terrain preferences in our discrete choice experiment with and without airbags indicate that non-owners of airbags might make more aggressive terrain choices when they are given an airbag, whereas the preference patterns of owners did not change when the airbag was taken away from them. Finally, our analysis of avalanche involvement rates with and without airbags offers the most direct evidence that more thrill-seeking backcountry users are taking higher risks when equipped with airbags. The paper concludes with a discussion that highlights that the potential for risk compensation is not a strong argument against the use of avalanche airbags

Does perceived crowding cause winter backcountry recreationists to displace?

Winter backcountry sports such as skiing and snowshoeing have experienced a tremendous increase in popularity in recent decades in the European Alps. Recreationists commonly encounter other recreationists on their route. Because enjoying solitude and being close to nature are important motivations for pursing winter backcountry activities, crowding on back country routes is highly likely to diminish recreational experiences, with potential consequences for nature and recreationists. This study explored perceptions of and responses to crowding among Swiss backcountry skiers and snowshoers, using an online survey that asked about their motivations for pursing their activity and gauged their perception of crowding using the ‘‘people at one time’’ approach. Each of the 830 participants rated 4 scenarios on a 9-point Likert scale ranging from ‘‘far too few people’’ to ‘‘far too many people’’ and answered follow-up questions about potential displacement choices in response to perceived crowding. Participants rarely perceived backcountry routes as having too few people but often perceived them as crowded. We found only minor differences in perceptions of crowding among participants pursuing different activities or those with different motivations. The most common reaction to perceived crowding was to avoid the route in the future, and the next most common was to adjust a route to avoid the crowd on the day in question. This indicates that crowding is likely to lead to short- and long-term spatial displacement of winter backcountry sport activities. This is likely to have a negative impact on wildlife—as well as on backcountry recreationists’ safety, because they might inadvertently enter avalanche-prone areas

Catheter ablation of atrial fibrillation: an update

Catheter ablation of atrial fibrillation (AF) is now an important therapeutic modality for patients with AF. There is considerable evidence available from several prospective randomized trials demonstrating that catheter ablation of AF is superior to antiarrhythmic drug therapy in controlling AF and that AF ablation improves quality of life substantially. This is especially true for patients with paroxysmal AF without other severe comorbidities. Catheter ablation is indicated for treatment of patients with symptomatic AF in whom one or more attempts at class 1 or 3 antiarrhythmic drug therapy have failed. Although current guidelines state that is appropriate to perform catheter ablation as a first-line therapy in selected patients, in our clinical practice this is rare. This reflects a number of important realities concerning the field of AF ablation. Catheter ablation of AF is a challenging and complex procedure, which is not free of the risk of potentially life-threatening complications, such as an atrio-oesophageal fistula, stroke, and cardiac tamponade. Although these major complications are rare and their rate is falling, they must be considered by both patients and physicians. The progress made and the new developments on the horizon in the field of AF catheter ablation are remarkable. When radiofrequency catheter ablation was first introduced in the late 1980s, few would have predicted that catheter ablation of AF would emerge as the most commonly performed ablation procedure in most major hospital

Ablation of atrial fibrillation after the retirement age: considerations on safety and outcome

Background: Although the incidence of atrial fibrillation (AF) progressively increases with age, the vast majority of AF ablation is done in middle-aged patients. We evaluated the feasibility and safety of catheter ablation in patients older than 65years of age with paroxysmal and persistent AF. Methods: Out of a total of 230 consecutive AF ablation procedures, 45 patients were older than 65years of age and underwent 53 procedures. The ablation strategy consisted of wide-area circumferential lines around both ipsilateral pulmonary veins using a three-dimensional mapping system. Results: The mean age was 69 ± 3.5years (35 males). The mean duration for AF was 8.7 ± 6.5years. Thirty-nine had paroxysmal and six persistent AF despite use of 1.38 ± 0.77 antiarrhythmic drugs. All patients had a structurally normal heart. Eleven had systemic hypertension. Mean procedure time was 187 ± 33min. Acute procedural success rate with abolition of all pulmonary vein potentials was achieved in all patients. Pericardial tamponade requiring percutaneous drainage occurred in one (1.9%) patient. There were no cardioembolic events. Among the 43 patients whose clinical outcome was assessed at 6months, 34 (79%) had a significant reduction (>90%) of the total symptomatic AF burden, compared to pre-ablation, with a complete lack of symptomatic AF in 32 (74%) patients. The success rate was higher for patients with paroxysmal versus persistent AF (81 vs. 67%). Six patients (11%) underwent repeat procedures. Conclusions: Catheter ablation is a safe and effective treatment for patients over the age of 65years with symptomatic, drug-refractory AF. Therefore, patients should not be excluded from undergoing AF catheter ablation on the basis of age alon