The Lending Channel in Emerging Economics: Are Foreign Banks Different?

This paper assembles a dataset comprising 1,565 banks in 20 Asian and Latin American countries during 1989-2001 and compares the response of the volume of loans, deposits, and bank-specific interest rates on loans and deposits, to various measures of monetary conditions, across domestic and foreign banks. It also looks for systematic differences in the behavior of domestic and foreign banks during periods of financial distress and tranquil times. Using differences in bank ownership as a proxy for financial constraints on banks, the paper finds weak evidence that foreign banks have a lower sensitivity of credit to monetary conditions relative to their domestic competitors, with the differences driven by banks with lower asset liquidity and/or capitalization. At the same time, the lending and deposit rates of foreign banks tend to be smoother during periods of financial distress, albeit the differences with domestic banks do not appear to be strong. These results provide weak support to the existence of supply-side effects in credit markets and suggest that foreign bank entry in emerging economies may have contributed somewhat to stability in credit markets.

La Cuenta Corriente en el Perú: Una perspectiva a partir del enfoque de suavizamiento del consumo, 1960 - 1996

Clasificación JEL:

Low NT-proBNP levels in overweight and obese patients do not rule out a diagnosis of heart failure with preserved ejection fraction

Background Heart failure with preserved ejection fraction (HFpEF) is a heterogeneous syndrome that presents clinicians with a diagnostic challenge. The use of natriuretic peptides to exclude a diagnosis of HFpEF has been proposed. We sought to compare HFpEF patients with N-terminal pro-brain natriuretic peptide (NT-proBNP) level above and below the proposed cut-off. Methods Stable patients (n = 30) with left ventricular (LV) ejection fraction ≥ 50% were eligible if they had a diagnosis of HF according to the European Society of Cardiology diagnostic criteria. Characteristics of patients with NT-proBNP below (≤125 pg/mL) and above (\u3e125 pg/mL) the diagnostic criterion were compared. Results There were 19 (66%) women with median age 54 years. Half were African American (16, 53%), and most were obese. There were no significant differences in clinical characteristics or medication use between groups. LV end-diastolic volume index was greater in high NT-proBNP patients (P = 0.03). Left atrial volume index, E/e\u27 ratio, and E/e\u27 ratio at peak exercise were not significantly different between NT-proBNP groups. Peak oxygen consumption (VO2), VO2 at ventilatory threshold, and ventilatory efficiency measures were impaired in all patients and were not significantly different between high and low NT-proBNP patients. Conclusions NT-proBNP was below the proposed diagnostic cut-off point of 125 pg/mL in half of this obese study cohort. Cardiac diastolic dysfunction and cardiorespiratory fitness were not significantly different between high and low NT-proBNP patients. These data indicate that excluding the diagnosis of HFpEF based solely on NT-proBNP levels should be discouraged

Decomposizione della lettiera di quattro specie della macchia mediterranea: relazioni con alcune caratteristiche fogliarie con la qualità della lettiera

La velocità di decomposizione della lettiera di quattro specie tipiche della Macchia Mediterranea, Q. ilex, P. angustifolia, P. lentiscus e Cistus sp., è stata misurata dopo circa tre, sei e tredici mesi di incubazione in situ nella Riserva Naturale di Castel Volturno (Caserta). Sono state valutate le relazioni tra velocità di decomposizione e 1) indice di area fogliare specifica (SLA), 2) densità dei tessuti fogliari (LDMC), 3) grado di sclerofillia (GS), 4) contenuto in N, C e lignina e rapporto C/N della lettiera. Queste caratteristiche possono influenzare la colonizzazione e la utilizzazione della lettiera da parte dei microrganismi e, di conseguenza, la sua resistenza alla decomposizione. Dopo poco più di un anno la perdita di peso della lettiera era circa 50% in cisto, 41% in fillirea e 32% in leccio e lentisco. Nei primi tre mesi di incubazione, la velocità di decomposizione della lettiera è tanto maggiore quanto più alto è il valore di SLA e diminuisce con l’aumento del valore di LDMC e GS. La correlazione decomposizione - SLA e decomposizione - GS è statisticamente significativa solo se si esclude la fillirea che, ha caratteristiche fogliari simili a quelle di leccio e lentisco (spiccata sclerofillia) ma contenuto di lignina più basso non solo rispetto alle altre due specie sclerofille, ma anche rispetto al cisto (che ha caratteristiche mesofile). La velocità di decomposizione è correlata negativamente al contenuto di lignina e al rapporto lignina/N quando vengono considerate le quattro specie; se si considerano solo fillirea e cisto la correlazione diventa positiva. I risultati mostrano che la decomposizione della lettiera è la risultante degli effetti congiunti delle caratteristiche fogliari e della composizione chimica della lettiera

Exercise training in group 2 pulmonary hypertension: which intensity and what modality

Pulmonary hypertension (PH) due to left-sided heart disease (LSHD) is a common and disconcerting occurrence. For example, both heart failure (HF) with preserved and reduced ejection fraction (HFpEF and HFrEF) often lead to PH as a consequence of a chronic elevation in left atrial filling pressure. A wealth of literature demonstrates the value of exercise training (ET) in patients with LSHD, which is particularly robust in patients with HFrEF and growing in patients with HFpEF. While the effects of ET have not been specifically explored in the LSHD–PH phenotype (i.e., composite pathophysiologic characteristics of patients in this advanced disease state), the overall body of evidence supports clinical application in this subgroup. Moderate intensity aerobic ET significantly improves peak oxygen consumption, quality of life and prognosis in patients with HF. Resistance ET significantly improves muscle strength and endurance in patients with HF, which further enhance functional capacity. When warranted, inspiratory muscle training and neuromuscular electrical stimulation are becoming recognized as important components of a comprehensive rehabilitation program. This review will provide a detailed account of ET programing considerations in patients with LSHD with a particular focus on those concomitantly diagnosed with PH

Bank Failures and Bank Fundamentals: A Comparative Analysis of Latin America and East Asia during the Nineties using Bank-Level Data

The author develops the first comparative empirical study of bank failures during the nineties between East Asia and Latin America using bank-level data, in order to address the following two questions: (i) To what extent did individual bank conditions explain bank failures? (ii) Did mainly the weakest banks, in terms of their fundamentals, fail in the crisis countries? The main results for East Asia and Latin America show that bank-level fundamentals not only significantly affect the likelihood of bank failure, but also account for a significant proportion of the likelihood of failure for failed banks. Systemic shocks (macroeconomic and liquidity shocks) that triggered the banking crises mainly destabilized the weakest banks ex ante, particularly in East Asia. This finding raises questions about regional asymmetries in the degree of banking sector resilience to systemic shocks.Financial institutions

Bank Fundamentals, Bank Failures and Market Discipline: An Empirical Analysis for Emerging Markets During the Nineties

After the East Asian crisis, there has been a renewed interest in both academic and policy circles about the role that bank weaknesses play in contributing to systemic banking crisis. Even though, it has been recognized in the recent theoretical literature on banking crises that both macroeconomic and bank-level fundamentals have to be taken into account in the explanation of systemic banking crisis, to date, there is little cross-country empirical evidence for emerging markets on the role of bank weaknesses in contributing to both sudden deposit withdrawals and bank failures. In this context, my thesis analyzes the episodes of systemic banking crisis in Latin America (Argentina, 1995; Mexico, 1994; and Venezuela, 1994) and East Asia (Indonesia, Korea, Malaysia, Philippines, and Thailand in 1997) using bank-level data in order to answer the following questions. First, to what extent, did financial conditions of individual banks explain bank failures? Did only the weakest banks, in terms of their fundamentals, fail in the crisis countries? Second, did depositors in crisis countries discipline riskier banks by withdrawing their deposits in such a way that deposit withdrawals could be considered an act of market discipline? The results for East Asia and Latin America show that bank-level fundamentals both affect significantly the likelihood of failure and explain a high proportion of the likelihood of failure of failed banks (around fifty percent). In East Asian crisis countries, there was little overlap in the distribution of logit propensity scores between failed and non-failed banks, implying that mainly the weakest banks failed. However, in Latin American crisis countries, there was a much clear overlap in the distribution of logit propensity scores, implying that banking system and macroeconomic shocks are relatively much more important in Latin America. Regarding market discipline, a stable model of bank-level fundamentals explains the growth rate of deposits in both regions even during the peak of the crisis periods. However, in both regions, the relative contribution of bank level fundamentals during the peak of the crisis periods declined. In this context, to some degree, the observed deposit withdrawals represented an informed market response to observable bank weaknesses

Cost-effectiveness of non-invasive methods for assessment and monitoring of liver fibrosis and cirrhosis in patients with chronic liver disease: systematic review and economic evaluation

BACKGROUND: Liver biopsy is the reference standard for diagnosing the extent of fibrosis in chronic liver disease; however, it is invasive, with the potential for serious complications. Alternatives to biopsy include non-invasive liver tests (NILTs); however, the cost-effectiveness of these needs to be established. OBJECTIVE: To assess the diagnostic accuracy and cost-effectiveness of NILTs in patients with chronic liver disease. DATA SOURCES: We searched various databases from 1998 to April 2012, recent conference proceedings and reference lists. METHODS: We included studies that assessed the diagnostic accuracy of NILTs using liver biopsy as the reference standard. Diagnostic studies were assessed using the Quality Assessment of Diagnostic Accuracy Studies (QUADAS-2) tool. Meta-analysis was conducted using the bivariate random-effects model with correlation between sensitivity and specificity (whenever possible). Decision models were used to evaluate the cost-effectiveness of the NILTs. Expected costs were estimated using a NHS perspective and health outcomes were measured as quality-adjusted life-years (QALYs). Markov models were developed to estimate long-term costs and QALYs following testing, and antiviral treatment where indicated, for chronic hepatitis B (HBV) and chronic hepatitis C (HCV). NILTs were compared with each other, sequential testing strategies, biopsy and strategies including no testing. For alcoholic liver disease (ALD), we assessed the cost-effectiveness of NILTs in the context of potentially increasing abstinence from alcohol. Owing to a lack of data and treatments specifically for fibrosis in patients with non-alcoholic fatty liver disease (NAFLD), the analysis was limited to an incremental cost per correct diagnosis. An analysis of NILTs to identify patients with cirrhosis for increased monitoring was also conducted. RESULTS: Given a cost-effectiveness threshold of £20,000 per QALY, treating everyone with HCV without prior testing was cost-effective with an incremental cost-effectiveness ratio (ICER) of £9204. This was robust in most sensitivity analyses but sensitive to the extent of treatment benefit for patients with mild fibrosis. For HBV [hepatitis B e antigen (HBeAg)-negative)] this strategy had an ICER of £28,137, which was cost-effective only if the upper bound of the standard UK cost-effectiveness threshold range (£30,000) is acceptable. For HBeAg-positive disease, two NILTs applied sequentially (hyaluronic acid and magnetic resonance elastography) were cost-effective at a £20,000 threshold (ICER: £19,612); however, the results were highly uncertain, with several test strategies having similar expected outcomes and costs. For patients with ALD, liver biopsy was the cost-effective strategy, with an ICER of £822. LIMITATIONS: A substantial number of tests had only one study from which diagnostic accuracy was derived; therefore, there is a high risk of bias. Most NILTs did not have validated cut-offs for diagnosis of specific fibrosis stages. The findings of the ALD model were dependent on assuptions about abstinence rates assumptions and the modelling approach for NAFLD was hindered by the lack of evidence on clinically effective treatments. CONCLUSIONS: Treating everyone without NILTs is cost-effective for patients with HCV, but only for HBeAg-negative if the higher cost-effectiveness threshold is appropriate. For HBeAg-positive, two NILTs applied sequentially were cost-effective but highly uncertain. Further evidence for treatment effectiveness is required for ALD and NAFLD. STUDY REGISTRATION: This study is registered as PROSPERO CRD42011001561. FUNDING: The National Institute for Health Research Health Technology Assessment programme

Use of compost to improve Technosol properties and spontaneous plant-soil relationships of Mediterranean species potentially suitable for urban greening

Organic-based amendments are promising, eco-friendly solutions among soil requalification strategies. In this context, the current study explored the application of compost to Technosols (2 kg m-2) to improve soil quality, making the substrate suitable for plant growth. Changes in soil quality have been assessed before compost addition (time zero, T0) and plant trans- planting and at 2, 4 and 11 months (T2, T4, and T11) after plant establishment. To test the soil suitability for plant growth, we monitored (at T2, T4, and T11) structural and functional ecological traits in the herbaceous spontaneous species Malva sylvestris L. and in transplanted Mediterranean sclerophyllous Phillyrea angustifolia L., and Quercus ilex L., often used in the urban greening, also considering plant and soil relationships. Our study demonstrated that compost increased soil nutrients availability over time, favoring M. sylvestris physiological performance in long-lasting, compared to sclerophyllous, since the beginning of the application. M. sylvestris exhibited high photosynthetic efficiency and carbon investment in photosynthetic tissues (higher leaf area and lower leaf mass per area) on compost-enriched soil. On the other hand, P. angustifolia and Q. ilex, even if they did not benefit from compost addition for photosynthetic efficiency, after 11 months, maintained higher leaf water content despite limited soil water availability. These results encourage the use of compost in ameliorating the quality of Technosols for urban greening, also evidencing that the species’choice is pivotal in obtaining benefits from plants and a period longer than one year is needed for sclerophyllous to see beneficial effects