Interconnections among financial institutions create potential channels for contagion and amplification of shocks to the financial system. We estimate the extent to which interconnections increase ...expected losses and defaults under a wide range of shock distributions. In contrast to most work on financial networks, we assume only minimal information about network structure and rely instead on information about the individual institutions that are the nodes of the network. The key node-level quantities are asset size, leverage, and a financial connectivity measure given by the fraction of a financial institution’s liabilities held by other financial institutions. We combine these measures to derive explicit bounds on the potential magnitude of network effects on contagion and loss amplification. Spillover effects are most significant when node sizes are heterogeneous and the originating node is highly leveraged and has high financial connectivity. Our results also highlight the importance of mechanisms that go beyond simple spillover effects to magnify shocks; these include bankruptcy costs, and mark-to-market losses resulting from credit quality deterioration or a loss of confidence. We illustrate the results with data on the European banking system.
Viral infections contribute as a cause of 15–20% of all human cancers. Infection by oncogenic viruses can promote different stages of carcinogenesis. Among many types of HPV, around 15 are linked to ...cancer. In spite of effective screening methods, cervical cancer continues to be a major public health problem. There are wide differences in cervical cancer incidence and mortality by geographic region. In addition, the age-specific HPV prevalence varies widely across different populations and showed two peaks of HPV positivity in younger and older women. There have been many studies worldwide on the epidemiology of HPV infection and oncogenic properties due to different HPV genotypes. However, there are still many countries where the population-based prevalence has not yet been identified. Moreover, cervical cancer screening strategies are different between countries. Organized cervical screening programs are potentially more effective than opportunistic screening programs. Nevertheless, screening programs have consistently been associated with a reduction in cervical cancer incidence and mortality. Developed countries have achieved such reduced incidence and mortality from cervical cancer over the past 40 years. This is largely due to the implementation of organized cytological screening and vaccination programs. HPV vaccines are very effective at preventing infection and diseases related to the vaccine-specific genotypes in women with no evidence of past or current HPV infection. In spite of the successful implementation of the HPV vaccination program in many countries all over the world, problems related to HPV prevention and treatment of the related diseases will continue to persist in developing and underdeveloped countries.
•This study examines the performance of 10 European financial markets in pre and post covid periods.•Almost all European markets exhibit a rapid post-covid stock market rebound.•Much larger ...post-covid returns and wealth accumulation is observed for investors with a long holding period.•The study also observes an alteration and change in the status quo of European countries while transmitting returns or volatility spillovers.
This study aims to bridge the gap that has remained unfilled after the initial scrutiny and reporting of the damaging effects of Covid-19 on financial markets. The study analyzes 10 European stock markets and compares their pre and post covid return dynamics. Our findings are surprisingly pleasant, albeit counterintuitive to some. We observe a quick and unprecedented recovery in the European stock market, yielding significantly higher returns post covid, given a reasonably large holding period. We also observe an alteration and change in the status quo of countries while transmitting or receiving cross-market spillovers.
While highly developed countries experience some stabilisation in motorisation levels, emerging and developing economies have been facing unprecedented growth in car ownership. Poland is one such ...state in which car ownership has more than quadrupled over the last 30 years due to political and economic changes resulting from the systemic transformation. This article aims 1) to reconstruct the car ownership changes in Poland resulting from the systemic transformation and political reforms and 2) verify the influence of the selected factors on car ownership in 2005 and 2019. Using unique data from the Central Vehicle Register containing entries for >20 million cars registered in 2478 communes and applying spatial econometric models, the study reveals the impact of traditionally analysed factors, such as population density, income, housing type and public transport. In addition, the article verifies the importance of used car imports, an often-overlooked determinant in the literature and, at the same time, the primary driver of car ownership in many emerging and developing economies.
All existing data and most of the available materials on Sphyradium doliolum from Ukraine and Moldova are reviewed. The species is reported from 38 localities (some including several sites) on ...uplands east of the Carpathians, the Dnipro Upland and in the Crimean Mountains. It mostly inhabits the broadleaved forests, but in one locality was found in a forestless rocky meadow steppe at an altitude of ca. 1400 m in the Crimea. Statistical analysis of the morphometric shell characters shows a significant geographical variability between the populations of S. doliolum from the different parts of Ukraine and Moldova. The most prominent morphometric differences were found between the populations from the Crimean Mountains and from all other East European populations combined. An origin of S. doliolum in Eastern Europe is discussed. The results of the morphometric analyses support the hypothesis of the two different origins during the two separate periods for the populations of S. doliolum in the Crimean Mountains and in the East European Plain. These two groups of populations could be representing the two different lineages that perhaps could be of the two different subspecies, but their status requires additional studies involving molecular genetic methods and material from a wider area.
A free ebook version of this title is available through Luminos, University of California Press’s Open Access publishing program. Visit <a ...data-saferedirecturl="https://www.google.com/url?q=http://www.luminosoa.org&source=gmail&ust=1662755043850000&usg=AOvVaw0sKlUvHEB02dyDuWVNpDeD" href="http://www.luminosoa.org/" target="_blank">www.luminosoa.org  to learn more. This book uncovers cultural traces of the ancient Jewry of Eastern Europe from the 10th to 15th centuries. These traces take the form of translations from Hebrew into East Slavic, ranging from accounts of Old Testament prophets and other historical figures of interest to both Jews and Christians, such as Alexander the Great, to scientific and philosophical texts on everything from astronomy to physiognomy to metaphysics. Moshe Taube’s fine-grained analysis teases out a robust picture of this massive cultural enterprise: the translators, their erudition, their biases, and their collaborative method of translation with neighboring Christians. Summarizing over thirty years of philological and linguistic research, this book offers a substantial original contribution to the cultural history of Jews in Eastern Europe and their interaction with, and influence on, Slavic culture in the Middle Ages and Early Modern period.
The proclamation of Belarusian independence on March 25, 1918, and the rival establishment of the Soviet Belarusian state on January 1, 1919, created two distinct and mutually exclusive national ...myths, which continue to define contemporary Belarusian society. This book examines the processes that resulted in this dual resolution in the context of World War I and the subsequent Russian Revolutions. Based on original archival material, Lizaveta Kasmach scrutinizes the development of competing concepts of Belarusian nationhood in the context of rivaling national aspirations and imperial policies. The analysis convincingly demonstrates the divisions within the nationalist movement, both politically between the moderates and socialists, and geographically between German-occupied territory with Vilna as a center versus Russian-controlled territory around Minsk. Besides the case study of Belarusian nation-building efforts, the book is a contribution to the study of the First World War in East Central Europe, approaching the war and its aftermath as a mobilizational moment in the region.
This study analyses long‐term changes in drought indices (Standardised Precipitation Index—SPI, Standardised Precipitation–Evapotranspiration Index—SPEI) at 1 and 3 months scales at 182 stations in ...11 central and eastern European countries during 1949–2018. For comparative purposes, the necessary atmospheric evaporative demand (AED) to obtain SPEI was calculated using two methods, Hargreaves‐Samani (SPEIH) and Penman‐Monteith (SPEIP). The results show some relevant changes and tendencies in the drought indices. Statistically significant increase in SPI and SPEI during the cold season (November–March), reflecting precipitation increase, was found in the northern part of the study region, in Estonia, Latvia, Lithuania, northern Belarus and northern Poland. In the rest of study domain, a weak and mostly insignificant decrease prevailed in winter. Summer season (June–August) is characterized by changes in the opposite sign. An increase was observed in the north, while a clear decrease in SPEI, reflecting a drying trend, was typical for the southern regions: the Czech Republic, Slovakia, Hungary, Romania, Moldova and southern Poland. A general drying tendency revealed also in April, which was statistically significant over a wide area in the Czech Republic and Poland. Increasing trends in SPI and SPEI for September and October were detected in Romania, Moldova and Hungary. The use of SPEI instead of SPI generally enhances drying trends.
Trend analysis of drought indices in central and eastern Europe during 1949–2018 indicated that the moisture regime has been mostly stable. Significant increasing trends were found in the northern part of the study region reflecting the general increase in precipitation. Summer season is characterized by changes of the opposite sign in drought indices (figure) showing a drying tendency in some southern regions (Czech Republic, Romania, Moldova, Hungary and southern Poland).
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