325,305 research outputs found
Pulse wave analysis measurements: important, underestimated and undervalued parameters in cardiovascular health problems
No full textBackgroundCentral aortic stiffness is established as a reliable measure of cardiovascular disease. While pulse wave velocity (PWV) analysis measures arterial distensibility, risk profile of cardiovascular diseases can be expanded with following pulse wave analysis measurements: central aortic systolic blood pressure (CABPS), central aortic pulse pressure (CAPP), central aortic reflection magnitude (CARM), central aortic augmented pressure (CAAP) and central aortic augmentation index (CAAIx). The aim of this study is to evaluate the clinical usefulness and importance of pulse wave analysis measurements in specific cardiovascular conditions and diseases, both in term of diagnosis and therapeutic monitoring.MethodsOne thousand sixty-six subjects were included. According to age bracket, four cohorts were investigated-healthy subjects (NL), hypertensive patients (HP), ischemic heart disease (IHD) and valvular heart disease (VHD) patients. Arterial stiffness was analyzed through Sphygmocor XCEL Central Blood Pressure Measurement System and Sphygmocor XCEL PWV Measurement System. Furthermore we observed the pulse wave analysis measurements of 14 patients with diagnose of ADHD who were referred by a child psychiatrist, in order to investigate the initiation of methylphenidate treatment.ResultsStatistically significant differences were found between NL and HP cohorts, across almost all age brackets, regarding pulse wave analysis measurements. In the risk stratification of arterial stiffness hypertension and especially central aortic blood pressure systolic (CABPS) seems a determining factor. Pulse wave analysis measurements for IHD and VHD cohort comparisons with NL counterparts, revealed non- statistically significant variations. Elevated CAAP, CAAIx and CARM within the youngest age group (0-10 years) in attention-deficit-hyperactivity-disorder (ADHD) patients warrant attention.ConclusionsFollowing such investigations, CABPS appears as a robust predominant factor in problems of arterial stiffness. Pulse wave analysis and PWV are important parameters in the evaluation and monitoring of arterial hypertension and cardiovascular diseases. There is a hypothesis that CAAP could be an important and even decisive parameter in the diagnosis of ADHD. Further investigation needed.The author(s) declare that no financial support was received for the research, authorship, and/or publication of this article
Oil price instability, hedging, and an oil stabilization fund : the case of Venezuela
No full textThe Venezuelan government and PDVSA (Venezuela's state oil companies) are both exposed to oil price instability. Given the existing tax structure, PDVSA has a higher exposure than the government, especially when prices drop below $18-20 a barrel. The authors show that the volatility of prices for crude oil is higher (but not significant) than the volatility of prices for refined oil products. And both prices are highly correlated. So, there is not much strength to the argument that Venezuela, being now mainly an exporter of refined products, faces less volatility than when it was exporting mainly crude oil. The basis risk for hedging Venezuelan crude oil was founded to be higher than for other crudes of comparable quality in the region. One explanation could be the pricing policies Venezuela follows, which leads Venezuelan crude oil prices to deviate for long periods from international prices. The basis risk in Venezuelan refined products is much lower and at acceptable levels for risk management. The issue of liquidity is concentrated in contracts for periods of less than a year. For products, the liquidity is concentrated in the nearest 4-5 months. So, for short-term hedges (6-9 months ahead), there is sufficient liquidity for Venezuela to hedge a substantial part of its exports. For longer-term hedges, the over-the-counter market is the more appropriate vehicle. In either case, it will not usually be the case that all production or exports should be hedged. The authors also examined the issue of an oil stabilization fund. For an oil stabilization fund to be effective several preconditions must be met. Most notably: oil prices should not follow a random walk; financial markets are incomplete; and there are large adjustment costs. These conditions do likely apply in Venezuela. Venezuela's best strategy would be to remove as much short-term oil price risk as possible by using short-dated hedging instruments (such as futures, options, or short-dated swaps) and to also do some longer term hedging (using mainly over-the-counter options and long-dated swaps). They also find that an oil stabilization fund should be complemented by using market-based risk management tools. The oil stabilization fund could then be used to manage any remaining interperiod oil price risk to the extent considered necessary.Markets and Market Access,Environmental Economics&Policies,Oil Refining&Gas Industry,Energy and Environment,Energy Demand
Data for: Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals
No full textZip file with data and program to replicate result
Financial Stress and Economic Activity
No full textThis paper briefly summarizes the results presented in Claessens, Köse and Terrones (2008a, 2008b) to provide a set of basic stylized facts about the linkages between macroeconomic and financial variables during recessions and episodes of financial stress, including the periods of credit crunches and asset (house and equity) price busts. The analysis employs a comprehensive database of key macroeconomic and financial variables for 21 OECD countries over the 1960-2007 period. The results indicate that recessions following periods of financial stress are often longer and deeper than other recessions are. The paper concludes with a short discussion of the implications of its findings for the current crisisFinancial Stress, Economic Activity, Business Cycles
Financial Globalization and Crises
No full textFinancial globalization, the integration of countries with the global financial system, has increased substantially since the 1970s and particularly with more force since the 1990s. Financial globalization has shown to pose both benefits and risks to developed countries and developing countries alike. The Handbook of Financial Globalization aims at analyzing this process of financial globalization, from its driving forces to its consequences. In this overview chapter, we provide a brief summary of the chapters reviewing the empirical evidence on globalization and crises.<br/
A Cross-Country Perspective on the Causes of the Global Financial Crisis
No full textThe global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The four features in common with other crises are (1) asset price increases that turned out to be unsustainable, (2) credit booms that led to excessive debt burdens, (3) buildup of marginal loans and systemic risk, and (4) the failure of regulation and supervision to keep up with and get ahead of the crisis when it erupted. Four key new aspects were (1) the widespread use of complex and opaque financial instruments; (2) the increased interconnectedness among financial markets, nationally and internationally, with the United States at the core; (3) the high degree of leverage of financial institutions; and (4) the central role of the household sector. The chapter also describes the evolution of the crisis, including the different stages of crisis containment, and reviews the main government interventions (until mid-2009) to restore confidence in financial systems.<br/
What is shadow banking?
No full textThere is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others with non-bank lending. Regardless, most think of shadow banking as activities that can create systemic risk. This paper proposes to describe shadow banking as "all financial activities, except traditional banking, which require a private or public backstop to operate". Backstops can come in the form of franchise value of a bank or insurance company, or in the form of a government guarantee. The need for a backstop is in our view a crucial feature of shadow banking, which distinguishes it from the "usual" intermediated capital market activities, such as custodians, hedge funds, leasing companies, etc
Lessons and Policy Implications from the Global Financial Crisis
No full textThe crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has also made clear that financially integrated markets, while offering many benefits, can pose significant risks, with large real economic consequences. Deep reforms are, therefore, needed in the international financial architecture to safeguard the stability of an increasingly financially integrated world
Banking reform in transition countries
No full textIn reforming the financial sector in transition economies, one important debate is whether governments should try to reform existing state-owned banks (the rehabilitation approach) or whether a new private banking system should be allowed to emerge (a new entry approach). Or should there be a mix of the two approaches, in which the state bank activities are restricted while a parallel private banking system develops? The authors'cross-country comparison of banks'institutional development in 25 transitional economies suggests that progress can be faster under the new entry approach, especiallyrelative to initial conditions. Progress under the rehabilitation approach appears to be inhibited by poor incentives. In most countries, even those with a good banking infrastructure and a large segment of good banks, a two track process has evolved, with differences between weak and strong banks. Weak banks have moved little beyond central planning. Regression estimates suggest that slow progress of weak banks is associated with: cover concentration, government preferential treatment, and limited new banks entry. The causality direction is often unclear. Policies and structural conditions can affect bank quality. The role of banks will remain limited in many transition economies due to weak legal infrastructures, much uncertainty and inside information, and problems associated with highly leveraged financial intermediaries - including fraud, political interference, and implicit guarantees. In the short run, self-finance and intermediation among enterprises and through nonbank financial institutions may prevail.Financial Intermediation,Banks&Banking Reform,Payment Systems&Infrastructure,Financial Crisis Management&Restructuring,Municipal Financial Management,Banks&Banking Reform,Financial Intermediation,Financial Crisis Management&Restructuring,Municipal Financial Management,Settlement of Investment Disputes
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