LIQUIDITY AND CONTAGION: THE CRISIS OF 1763

The financial crisis that swept across northern Europe in 1763 bears a strong resemblance to more recent episodes of financial distress. The combination of the specific contractual arrangements at the time, interlocking credit relationships, and the high leverage of market participants triggered distress sales of assets, leading to a severe liquidity crisis. Hence, the crisis is an early instance of contagion on the asset side of the balance sheet. We highlight the salient features of the 1763 crisis and propose a stylized model of the events. While the financial institutions have changed fundamentally in the intervening 200 or so years, the underlying problems appear to be universal. (JEL: 6621, E44, N23)     

The role of productivity growth and farmers’ income protection policies in the decline of relative farm prices in the United States

The paper emphasizes three interrelated questions about the decline in relative farm to non-farm prices in the United States since 1973: (1) Is it unusual, (2) What caused it, and (3) Is it likely to continue? We find that based on historical and international evidence this phenomenon may be considered unusual. Separating farm price and income support in 1973 and growing relative productivity in agriculture have been the major contributors to changing the trend of the relative farm goods inflation. This trend is likely to continue based on predicted steady growth of relative agricultural productivity and continuation of direct payments and other forms of farm income support policies.     

Transactional Sex and Preferences for Pre-Exposure Prophylaxis (PrEP) Administration Modalities Among Men Who Have Sex With Men (MSM)

Pre-exposure prophylaxis (PrEP) is an important biomedical human immunodeficiency virus (HIV) prevention tool gaining more popularity among Parisian men who have sex with men (MSM) who engage in transactional sex. This study examines the knowledge of, and willingness to use, different modalities of PrEP among this subgroup. Broadcast advertisements were placed on a geosocial-networking smartphone application with a link to a Web-based survey during three 24-hour periods in October 2016. Modified Poisson regression models were used to assess the association between engagement in transactional sex and preferences for each of these PrEP modalities. A total of 444 respondents were included. About 14% reported engagement in transactional sex. In all, 90% of MSM who engaged in transactional sex were knowledgeable of daily oral PrEP, while 13.3% were knowledgeable about long-acting injectable PrEP or penile or rectal microbicides. They were more likely to be aware of long-acting injectable PrEP (aRR = 2.52, 95% CI = 1.16 to 5.47) and willing to use daily oral PrEP (aRR = 1.48; 95% CI = 1.11 to 1.98) or long-acting injectable PrEP (aRR = 1.40; 95% CI = 1.09 to 1.81) than MSM who had not engaged in transactional sex. Long-acting injectable PrEP may be an important HIV-prevention option for MSM who engage in transactional sex if this modality is proven effective.     

The Risk Factors of Sexual Behavior Among Middle School Students in South Korea

Understanding sexual intercourse among adolescents is an important public health issue. To establish the risk factors of coitus among youth, we use 11th Korea Youth Risk Behaviour Web-based Survey data. Participants were completed a questionnaire on sexual behaviour, alcohol consumption, smoking, mental health, physical activity, weight management, health equity, and others. Among boys, coitus experience was higher in boys-only schools than in mixed-sex schools; conversely, in girls, coitus experience was higher in mixed-sex schools than in girls-only schools. High economic status, having step-parents, consuming alcohol or tobacco, low sex education, and low happiness scores were associated with coitus in boys, while the factors in girls were consuming alcohol or tobacco, low body mass index, low happiness score, and low academic performance. Boys with high economic status should be regarded as high risk, and mental health appears important for sexual health in both boys and girls.     

Novel symptom questionnaire for the differential diagnosis of detrusor underactivity and bladder outlet obstruction in men

Objective: To develop a questionnaire for the differential diagnosis of detrusor underactivity (DUA) and bladder outlet obstruction (BOO) without performing invasive pressure flow studies.

Study design and methods: Symptoms of men with DUA were analyzed and compared with those of men with BOO using eight questions from the developing questionnaire. Patients with DUA have a bladder contractility index (PdetQmax+5xQmax) less than 100, whereas those with BOO have a BOO index (PdetQmax?2xQmax) greater than 40 in urodynamic studies (UDS). Men with detrusor overactivity in UDS and neurogenic issues were excluded from the analysis. One urologist reviewed patients’ medical records, and responded to eight questions without using information from UDS. Scores in the developing questionnaire were then compared to make a differential diagnosis between DUA and BOO.

Results: Overall, 318 men who underwent UDS were included. Symptoms were compared in patients diagnosed with DUA without BOO (n?=?165) and BOO without DUA (n?=?153). Questions 1, 2, 4, 5, 6, and 7 were significantly different between groups. The sensitivity and specificity of the questionnaire were 95.8% and 95.4%, respectively, for predicting DUA in patients with scores greater than 45 points (cutoff value).

Conclusions: Men with DUA and BOO may be distinguished using a developing questionnaire without invasive evaluation. Men with scores greater than 45 points would be expected to have DUA but not BOO.     

Drivers and outcomes of eco-design initiatives: a cross-country study of Malaysia and Australia

Review of Managerial Science - In this study, we have developed and empirically tested a model of the antecedents of eco-design initiatives and their outcome using data that was collected from 255...     

Asset Ownership of New Asian Immigrants in the United States

This study examined the asset ownership of Asian immigrants using a nationally representative sample of newly legalized immigrants (New Immigrant Survey). Findings revealed that ownership of a business or farm, financial assets, and home ownership were associated with socioeconomic, demographic, and acculturation variables. Family income, education, English fluency, and length of stay were significant in all types of asset ownership. Variances in asset ownership by ethnic groups exist. Asian Indians and Koreans had higher levels of business asset ownership. Korean, and Filipino immigrants were also more likely to be homeowners. Asian Indian and Chinese immigrants were more likely to own financial assets. Vietnamese lagged in business or farm and financial asset ownership. Findings provided insights into the investment decisions of new Asian immigrants for financial educators, researchers, and policymakers.     

Autism across cultures: rethinking autism

Whereas the autism prevalence rate has been very closely monitored in the United States, the same has not been observed in many other countries. This may be attributed to the fact that each culture views and defines autism differently. Using field notes and semi-structured interviews with family members with an individual with autism, teachers, and professionals in Canada, Nicaragua, and Korea, this paper illustrates how autism is socially differently constructed in these distinctively different cultures. Observing and experiencing what autism means in different cultures urge us to accept and appreciate individual differences or ‘differ-bilities’ in the diverse twenty-first century.     

A regression approach for estimating the parameters of the covariance function of a stationary spatial random process

We consider the problem of estimating the parameters of the covariance function of a stationary spatial random process. In spatial statistics, there are widely used parametric forms for the covariance functions, and various methods for estimating the parameters have been proposed in the literature. We develop a method for estimating the parameters of the covariance function that is based on a regression approach. Our method utilizes pairs of observations whose distances are closest to a value h>0$h>0$ which is chosen in a way that the estimated correlation at distance h is a predetermined value. We demonstrate the effectiveness of our procedure by simulation studies and an application to a water pH data set. Simulation studies show that our method outperforms all well-known least squares-based approaches to the variogram estimation and is comparable to the maximum likelihood estimation of the parameters of the covariance function. We also show that under a mixing condition on the random field, the proposed estimator is consistent for standard one parameter models for stationary correlation functions.     

An integrated relapse prevention and relationship safety intervention for women on methadone: testing short-term effects on intimate partner violence and substance use

This study tests the feasibility, safety, and short-term preliminary effects of a relapse prevention and relationship safety (RPRS) intervention in reducing drug use and the experience of intimate partner violence (IPV) among women on methadone. For this randomized controlled trial, 34 women who met IPV and drug use criteria were randomly assigned to either the RPRS condition (n = 16) or a one-session informational control (IC) condition (n = 18). RPRS participants were more likely than IC participants to report a decrease in minor physical or sexual IPV (OR = 7.1, p = .05), minor psychological IPV (OR = 5.3, p = .03) and severe psychological IPV (OR = 6.07, p = .03) at the 3-month follow-up. Data suggest that RPRS participants were also more likely than IC participants to report a decrease in any drug use at 3 months (OR = 3.3, p = .08). This study provides preliminary evidence that the RPRS intervention is effective in reducing IPV and drug use among women on methadone.