The operation of the financial system can have a key impact on economic growth and the stability of the economy. It affects long-term economic growth through its effect on the efficiency of ...intermediation between the savers and final borrowers of funds; through the extent to which it allows for monitoring of the users of external funds, affecting thereby the productivity of capital employed; and through its implications for the volume of saving, which influences the future income-generating capacity of the economy. It affects the stability of the economy because of the high degree of leverage of its activities and its pivotal role in the settlement of all transactions in the economy, so that any failure in one segment risks undermining the stability of the whole system.
This paper examines whether regulation that is more conducive to competitive and efficient financial systems has a significant positive impact on sectoral output and productivity growth in a sample ...of 25 OECD countries. More specifically, following a methodology used by Rajan and Zingales (1998), the paper tests whether industries that depend more heavily on external sources of funding tend to grow faster in countries that have more competition-friendly regulation in markets for banking services and financial instruments. The regulatory indicators are assembled from surveys conducted by the World Bank on regulations in banking and securities markets. They point to substantial variations in the stance of regulation across countries, in particular with respect to the broad rules underpinning securities market transactions. The empirical analysis indicates that financial system regulation matters for output growth both in a statistical and economic sense. PUBLICATION ABSTRACT
This paper examines whether regulation that is more conducive to competitive and efficient financial systems has a significant positive impact on sectoral output and productivity growth in a sample ...of 25 OECD countries. More specifically, following a methodology used by Rajan and Zingales (1998), the paper tests whether industries that depend more heavily on external sources of funding tend to grow faster in countries that have more competition-friendly regulation in markets for banking services and financial instruments. The regulatory indicators are assembled from surveys conducted by the World Bank on regulations in banking and securities markets. They point to substantial variations in the stance of regulation across countries, in particular with respect to the broad rules underpinning securities market transactions. The empirical analysis indicates that financial system regulation matters for output growth both in a statistical and economic sense.Réglementation des systèmes financiers et croissance économiqueL'objet de cette étude consiste à examiner, sur la base d'un échantillon de 25 pays de l'OCDE, dans quelle mesure une réglementation plus propice à des systèmes financiers concurrentiels et efficaces entraîne un effet positif significatif sur la croissance sectorielle. De manière plus spécifique, suivant une approche utilisée par Rajan et Zingales (1998), l'étude vérifie si les industries qui dépendent davantage des fonds externes croissent plus rapidement dans les pays dont la réglementation conduit à une concurrence plus vive sur les marchés des services bancaires et des instruments financiers. Les indicateurs de réglementation sont construits à partir d'information recueillie par la Banque Mondiale sur la réglementation dans le secteur bancaire et sur les valeurs obilières. Ils mettent en lumière des variations substantielles entre les pays, en particulier en ce qui a trait à la réglementation encadrant les transactions sur valeurs mobilières. L'analyse statistique indique que la réglementation des systèmes financiers affecte la croissance de la production de manière significative, à la fois au sens statistique et économique.
This paper examines whether regulation that is more conducive to competitive and efficient financial systems has a significant positive impact on sectoral output and productivity growth in a sample ...of 25 OECD countries. More specifically, following a methodology used by Rajan and Zingales (1998), the paper tests whether industries that depend more heavily on external sources of funding tend to grow faster in countries that have more competition-friendly regulation in markets for banking services and financial instruments. The regulatory indicators are assembled from surveys conducted by the World Bank on regulations in banking and securities markets. They point to substantial variations in the stance of regulation across countries, in particular with respect to the broad rules underpinning securities market transactions. The empirical analysis indicates that financial system regulation matters for output growth both in a statistical and economic sense.
L'objet de cette étude consiste à examiner, sur la base d'un échantillon de 25 pays de l'OCDE, dans quelle mesure une réglementation plus propice à des systèmes financiers concurrentiels et efficaces entraîne un effet positif significatif sur la croissance sectorielle. De manière plus spécifique, suivant une approche utilisée par Rajan et Zingales (1998), l'étude vérifie si les industries qui dépendent davantage des fonds externes croissent plus rapidement dans les pays dont la réglementation conduit à une concurrence plus vive sur les marchés des services bancaires et des instruments financiers. Les indicateurs de réglementation sont construits à partir d'information recueillie par la Banque Mondiale sur la réglementation dans le secteur bancaire et sur les valeurs obilières. Ils mettent en lumière des variations substantielles entre les pays, en particulier en ce qui a trait à la réglementation encadrant les transactions sur valeurs mobilières. L'analyse statistique indique que la réglementation des systèmes financiers affecte la croissance de la production de manière significative, à la fois au sens statistique et économique.
This paper examines whether regulation that is more conducive to competitive and efficient financial systems has a significant positive impact on sectoral output and productivity growth in a sample ...of 25 OECD countries. More specifically, following a methodology used by Rajan and Zingales (1998), the paper tests whether industries that depend more heavily on external sources of funding tend to grow faster in countries that have more competition-friendly regulation in markets for banking services and financial instruments. The regulatory indicators are assembled from surveys conducted by the World Bank on regulations in banking and securities markets. They point to substantial variations in the stance of regulation across countries, in particular with respect to the broad rules underpinning securities market transactions. The empirical analysis indicates that financial system regulation matters for output growth both in a statistical and economic sense. Réglementation des systèmes financiers et croissance économique L'objet de cette étude consiste à examiner, sur la base d'un échantillon de 25 pays de l'OCDE, dans quelle mesure une réglementation plus propice à des systèmes financiers concurrentiels et efficaces entraîne un effet positif significatif sur la croissance sectorielle. De manière plus spécifique, suivant une approche utilisée par Rajan et Zingales (1998), l'étude vérifie si les industries qui dépendent davantage des fonds externes croissent plus rapidement dans les pays dont la réglementation conduit à une concurrence plus vive sur les marchés des services bancaires et des instruments financiers. Les indicateurs de réglementation sont construits à partir d'information recueillie par la Banque Mondiale sur la réglementation dans le secteur bancaire et sur les valeurs obilières. Ils mettent en lumière des variations substantielles entre les pays, en particulier en ce qui a trait à la réglementation encadrant les transactions sur valeurs mobilières. L'analyse statistique indique que la réglementation des systèmes financiers affecte la croissance de la production de manière significative, à la fois au sens statistique et économique.
This study aimed to evaluate the short-term effectiveness and safety profiles of baricitinib and explore factors associated with improved short-term effectiveness in patients with rheumatoid ...arthritis (RA) in clinical settings. A total of 113 consecutive RA patients who had been treated with baricitinib were registered in a Japanese multicenter registry and followed for at least 24 weeks. Mean age was 66.1 years, mean RA disease duration was 14.0 years, 71.1% had a history of use of biologics or JAK inhibitors (targeted DMARDs), and 48.3% and 40.0% were receiving concomitant methotrexate and oral prednisone, respectively. Mean DAS28-CRP significantly decreased from 3.55 at baseline to 2.32 at 24 weeks. At 24 weeks, 68.2% and 64.1% of patients achieved low disease activity (LDA) and moderate or good response, respectively. Multivariate logistic regression analysis revealed that no previous targeted DMARD use and lower DAS28-CRP score at baseline were independently associated with achievement of LDA at 24 weeks. While the effectiveness of baricitinib was similar regardless of whether patients had a history of only one or multiple targeted DMARDs use, patients with previous use of non-TNF inhibitors or JAK inhibitors showed lower rates of improvement in DAS28-CRP. The overall retention rate for baricitinib was 86.5% at 24 weeks, as estimated by Kaplan-Meier analysis. The discontinuation rate due to adverse events was 6.5% at 24 weeks. Baricitinib significantly improved RA disease activity in clinical practice. Baricitinib was significantly more effective when used as a first-line targeted DMARDs.
Objective
This study aimed to compare the effects of baricitinib, a Janus kinase inhibitor, and tocilizumab, a monoclonal anti-interleukin-6 receptor antibody, on disease activity in patients with ...rheumatoid arthritis (RA), and to investigate the influence of inflammation on improvement in patient global assessment (PGA) of disease activity.
Methods
This study was performed based on data from a multicenter registry, and included 284 and 113 patients treated with tocilizumab and baricitinib, respectively, who were observed for longer than 24 weeks. Propensity score matching was performed to address potential treatment-selection bias. To assess the influence of inflammation on PGA, patients were divided into two groups based on whether or not they achieved improvement in C-reactive protein (CRP, an objective marker of inflammation) at 24 weeks.
Results
A total of 48 matched pairs of patients were identified. Compared to treatment with tocilizumab, baricitinib showed a similar improvement in tender and swollen joint count and serum CRP levels, and a significantly greater improvement in PGA at 24 weeks. As a result, the baricitinib group had a significantly higher proportion of patients who achieved Boolean remission at 24 weeks. In subgroups of patients who did not achieve 50% or 70% CRP improvement, significant decreases from baseline to 24 weeks were observed in PGA in patients treated with baricitinib, but not in those treated with tocilizumab.
Conclusion
Compared to tocilizumab, baricitinib significantly improved PGA despite similar effects on inflammation in patients with RA. Moreover, the influence of inflammation on PGA improvement differed between baricitinib and tocilizumab.
Key-points
•
Baricitinib and tocilizumab had similar effects on inflammation in RA patients.
•
Baricitinib improved patient global assessment (PGA) more than tocilizumab.
•
Baricitinib had a higher Boolean remission rate than tocilizumab at 24 weeks.
•
Influence of inflammation on PGA improvement differed between the two drugs.
PDF
