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Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- A. Financial System Context -- COOPERATIVE BANKS -- A. Background and Financial Performance -- B. Transition of the Cooperative Bank Sector -- C. Supervision -- D. Financial Safety Nets and Resolution Framework -- CREDIT UNIONS -- A. Background -- B. Financial Performance -- C. Supervision -- D. Financial Safety Nets and Resolution Framework -- BOXES -- 1. Resolution Experience Under the IPS Model -- 2. Contours of a Consolidation Strategy for the Credit Union Sector -- FIGURES -- 1. The Number of Cooperative Banks, December 2017 -- 2. Performance of Existing Affiliating Bank Networks -- 3. Shortage of Capital in Relation to the Capital Requirement -- TABLES -- 1. Main Recommendations -- 2. Performance of Cooperative Banks by Size -- 3. Affiliations of the Cooperative Bank Sector in Transition -- 4. Regulatory Capital Ratio of the 35 Credit Unions Operating in September 2017 -- 5. Evolution of the NPL Ratio for Credit Unions.

Cover -- CONTENTS -- IS THERE SCOPE FOR FURTHER DEDOLLARIZATION POLICIES? -- A. Dollarization in Armenia: Stylized Facts -- B. Dedollarization Policies -- C. Impact of Dedollarization Measures -- D. Is There Scope for Additional Dedollarization Policies in Armenia? -- References -- BOX -- 1. Successful Dedollarization is the Exception, not the Norm -- FIGURES -- 1. Dollarization Developments, 1995Q1-2014Q3 -- 2. Lending-Deposits Spreads, 2000m1-2014m9 -- TABLES -- 1. Dedollarization Measures in Place, June 2014 -- 2. Recent Dedollarization Policies, 2010-14 -- FISCAL MULTIPLIERS IN ARMENIA -- References -- BOX -- 1. The Bucket Approach Applied to Armenia -- FIGURES -- 1. Net Taxes and Government Spending Ratios (percent of GDP) -- 2. Impulse Responses to a Shock in Government Expenditure -- 3. Impulse Responses to a Shock in Net Taxes -- TABLES -- 1. Estimated Fiscal Multipliers from SVAR Model -- 2a. Composition of Public Expenditures by Functional Classification in 2012 -- 2b. Composition of the Public Expenditures by Economic Classification in 2012.

Uzawaś steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e. g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The new generalized steady-state growth theorem holds since net output exhibits constant returns to scale in capital and labor. This insight provides an understanding for why technical change is labor-augmenting in steady state even if capital-augmenting technical change is feasible. By example, this point is made for three recent growth models that allow for endogenous capital- and labor-augmenting technical change, namely, Irmen (2013), Acemoglu (2003), and Acemoglu (2009), Chapter 15. The reduced form of these models is shown to be consistent with the generalized steady-state growth theorem.

This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973–2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can also be identified in a partial adjustment model. -- Debt ; capital structure ; marginal tax rate ; corporate taxes ; personal taxes

"A firm's termination leads to bankruptcy costs. This may create an incentive for outside stakeholders or the firm's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to increase volatility in order to exploit the implicit protection. However, if they increase volatility too much they may induce the guarantee-extending parties to "walk away". I derive the optimal risk management rule in such a framework and show that it allows high volatility choices, while net worth is high. However, risk limits tighten abruptly when the firm's net worth declines below an endogenously determined threshold. Hence, the model reproduces the qualitative features of existing risk management rules, and can account for phenomena such as "flight to quality""--National Bureau of Economic Research web site

This paper examines from various angles foreign investors' daily transactions in six emerging Asian equity markets and their relationship with local market returns and exchange rate changes over the period 1999-2006. Confirming much of the literature, we find that equity market returns matter for net equity purchases, and vice versa. In addition, we find that while currency returns tend to show little influence over foreign investors' demand for Asian equities, net equity purchases do have some explanatory power over near-term exchange rate changes. Moreover, we find that foreign investors do quite often move in or out of multiple Asian markets simultaneously - but more so on the way in than on the way out. Nonetheless, during specific events of heightened market volatility, we observe some interesting deviations from the full-sample average relationships

Cannabis (Cannabis sativa L.) is one of the oldest cultivated plants purported to have unique medicinal properties. However, scientific research of cannabis has been restricted by the Single Convention on Narcotic Drugs of 1961, an international treaty that prohibits the production and supply of narcotic drugs except under license. Legislation governing cannabis cultivation for research, medicinal and even recreational purposes has been relaxed recently in certain jurisdictions. As a result, there is now potential to accelerate cultivar development of this multi‐use and potentially medically useful plant species by application of modern genomics technologies. Whilst genomics has been pivotal to our understanding of the basic biology and molecular mechanisms controlling key traits in several crop species, much work is needed for cannabis. In this review we provide a comprehensive summary of key cannabis genomics resources and their applications. We also discuss prospective applications of existing and emerging genomics technologies for accelerating the genetic improvement of cannabis.

Introduction: Young adulthood is a critical time for the emergence of risk behaviors including smoking. Psychological health is associated with smoking, but studies rarely track both over time. We used longitudinal data to assess whether average patterns of psychological health influenced average patterns of smoking and whether short-term fluctuations in psychological health influenced fluctuations in smoking. Method: Young adults aged 18–30 from the Panel Study of Income Dynamics were followed from 2007 to 2013, and mean trajectories of smoking were modeled. Psychological health variables included ever having a mental health diagnosis and time-varying distress. Results: In regression models, individuals with poorer psychological health (higher distress or a diagnosis) were more likely to be smokers and to smoke greater number of cigarettes. The association of diagnosis with number of cigarettes smoked increased with age. Conclusions: Smoking-related interventions should target individuals with poorer psychological health, even if they have no formal mental health diagnosis.

How the World Changed Social Media is the first book in Why We Post, a book series that investigates the findings of nine anthropologists who each spent 15 months living in communities across the world. This book offers a comparative analysis summarising the results of the research and exploring the impact of social media on politics and gender, education and commerce. What is the result of the increased emphasis on visual communication? Are we becoming more individual or more social? Why is public social media so conservative? Why does equality online fail to shift inequality offline? How did memes become the moral police of the internet? Supported by an introduction to the project's academic framework and theoretical terms that help to account for the findings, the book argues that the only way to appreciate and understand something as intimate and ubiquitous as social media is to be immersed in the lives of the people who post. Only then can we discover how people all around the world have already transformed social media in such unexpected ways and assess the consequences.

Hintergrund: Das Deutsche Zentralregister für kindliche Hörstörungen (DZH) erfasst seit 1994 unter anderem Daten zum Diagnosezeitpunkt kindlicher Hörstörungen. Anhand dieser Daten lässt sich gut der Effekt gesundheitspolitischer Maßnahmen seit der Einführung des Neugeborenen-Hörscreenings prüfen. In den vergangenen Jahren hatte sich gezeigt, dass bei einem nennenswerten Anteil von Kindern erstmals im Zusammenhang mit der Einschulungsuntersuchung eine Hörstörung identifiziert wurde. Wegen dieser zeitlichen Verzögerung bei der Diagnosesicherung kann erst nach Ablauf von 5-6 Jahren für jeden Geburtsjahrgang abgeschätzt werden, ob gesundheitspolitische Maßnahmen die erhoffte Wirkung zeigen.Material und Methoden: Von 11.005 Patientendatensätzen des DZH (Stand 12.05.2011) wurde das Alter bei Diagnosesicherung der Geburtsjahrgänge seit 1990 und in Jahrgangsgruppen untersucht. Zusätzlich wurde geprüft, wie häufig die Diagnosesicherung im Anschluss an ein Neugeborenen-Hörscreening erfolgte.Ergebnisse: In den Geburtsjahrgängen ab 1990 findet sich ein deutlicher Rückgang des Alters bei Diagnosesicherung. Bei den Jahrgangsgruppen nimmt bei den leichten Hörstörungen das Diagnosealter von 6;8 Jahren über 4;9 Jahre bis 2;3 Jahre ab, bei den mittleren von 4;9 Jahren über 3;2 bis 1;4 Jahre, bei hochgradigen von 2;9 Jahren über 1;7 Jahre bis 1;1 Jahre und bei den an Taubheit grenzenden von 1;9 Jahren über 1;2 Jahre bis auf 0;9 Jahre. Ab 2005 steigt der Anteil der Kinder, deren Hörstörung durch das Neugeborenen-Hörscreening identifiziert wurde, deutlich von 25% auf 92% an.Diskussion: Einflüsse wie das Neugeborenen-Hörscreening und regionale Besonderheiten lassen sich anhand der Daten des DZH sehr gut darstellen. Der Diagnosezeitpunkt hat sich innerhalb der letzten Jahre deutlich verändert. Leichte, mittlere und einseitige Hörstörungen werden aber noch zu oft erst im Kindergarten- oder Grundschulalter diagnostiziert. In einzelnen Fällen mit kontrollbedürftigem Hörscreening gingen Eltern zu spät zur Nachuntersuchung.