Fire sales by euro area banks and funds: What is their asset price impact?

The assets under management of investment funds have soared in recent years, triggering a debate on their possible implications for financial stability. We contribute to this debate assessing the asset price impact of fire sales in a novel partial equilibrium model of euro area funds and banks calibrated over the period between 2008 and 2017. An initial shock to yields causes funds to sell assets to address investor redemptions, while both banks and funds sell assets to keep their leverage constant. These fire sales generate second-round price effects. We find that the potential losses due to the price impact of fire sales have decreased over time for the system. The contribution of funds to this impact is lower than that of banks. However, funds’ relative contribution has risen due to their increased assets under management and banks’ lower leverage and rebalancing towards loans. Should this trend continue, funds will become an increasingly important source of systemic risk.     

Cost-effectiveness analysis of exenatide once-weekly versus dulaglutide,liraglutide, and lixisenatide for the treatment of type 2 diabetes mellitus: an analysis from the UK NHS perspective

Objective: To assess the cost-effectiveness of exenatide 2?mg once-weekly (EQW) compared to dulaglutide 1.5?mg QW, liraglutide 1.2?mg and 1.8?mg once-daily (QD), and lixisenatide 20?μg QD for the treatment of adult patients with type 2 diabetes mellitus (T2DM) not adequately controlled on metformin.

Methods: The Cardiff Diabetes Model was applied to evaluate cost-effectiveness, with treatment effects sourced from a network meta-analysis. Quality-adjusted life years (QALYs) were calculated with health-state utilities applied to T2DM-related complications, weight changes, hypoglycemia, and nausea. Costs (GBP £) included drug treatment, T2DM-related complications, severe hypoglycemia, nausea, and treatment discontinuation due to adverse events. A 40-year time horizon was used.

Results: In all base-case comparisons, EQW was associated with a QALY gain per patient; 0.046 vs dulaglutide 1.5?mg; 0.102 vs liraglutide 1.2?mg; 0.043 vs liraglutide 1.8?mg; and 0.074 vs lixisenatide 20?μg. Cost per patient was lower for EQW than for liraglutide 1.8?mg (?£2,085); therefore, EQW dominated liraglutide 1.8?mg. The cost difference per patient between EQW and dulaglutide 1.5?mg, EQW and liraglutide 1.2?mg, and EQW and lixisenatide 20?μg was £27, £103, and £738, respectively. Cost per QALY gained with EQW vs dulaglutide 1.5?mg, EQW vs liraglutide 1.2?mg, and EQW vs lixisenatide 20?μg was £596, £1,004, and £10,002, respectively. In the probabilistic sensitivity analysis, the probability that EQW is cost-effective ranged from 76–99%.

Conclusion: Results suggest that exenatide 2?mg once-weekly is cost-effective over a lifetime horizon compared to dulaglutide 1.5?mg QW, liraglutide 1.2?mg QD, liraglutide 1.8?mg QD, and lixisenatide 20?μg QD for the treatment of T2DM in adults not adequately controlled on metformin alone.     

流行病应急响应的国际合作——联合国领导下的禽流感防疫机制透析

随着跨国公共卫生安全在全球治理中分量日益加重,流行病应急响应（Epidemic preparedness and response）的国际合作逐步被提上了全球日程。2005年,人感染高致病性禽流感在全球范围内的大规模传播,国际社会尤其是联合国领导下的相关组织如何构建防疫机制来应对这一形势成为焦点。经过多年的努力,联合国领导下的禽流感防疫机制日臻完善,该机制主要包括核心领导机构、法理基础、重要应急措施以及相关国际行为体参与4个方面。同时,该机制的有效性与局限性并存,值得引起人们的注意。     

秦汉内官职能辨正

秦汉内官的主要职能与逮捕罪人、看押囚犯等狱律令法事务有关。秦汉时的内官机构应是专门管理皇室宗亲及外戚成员的机构，可独立办理涉及皇室宗亲的案件，有相对独立的执法权。内官和廷尉分别负责皇室宗亲外戚和整个国家的司法事务，除涉及对象有别外，其职能基本相同。     

Discapacidad y absentismo. Análisis empírico sobre seis países europeos

A partir de datos del Panel de Hogares de la Unión Europea (PHOGUE) sobre Austria, España, Grecia, Irlanda, Italia y Portugal de 1995–2001 se examina la influencia de la discapacidad en el absentismo laboral utilizando tres variables: el estado de salud autoevaluado, el número de visitas al médico y el número de noches de ingreso en hospital. Según los resultados, el absentismo entre los trabajadores con discapacidad es mayor. La gravedad de la discapacidad también tiene influencia. El efecto total de la discapacidad en el absentismo representa un incremento marginal de entre 6 y 26 días de ausencia al año (dependiendo del país).     

Inclusive wealth with a changing but aging population

We consider the effect of population age distribution in inclusive wealth accounting. Numerical results demonstrate that the wealth of nations with an aging demographic structure, as well as those with a rapidly increasing working-age generation, may have been overestimated.     

International Public Sector Accounting Standards （IPSAS） Implementation in the European Union （EU） Member States

The aim of this paper is to analyze the implementation level of International Public Sector Accounting Standards （IPSAS） in the member states of the European Union （EU）. After an introduction of the legislative framework in the EU and a review of the literature about the implementation of IPSAS in the EU member states, this paper classifies, on the basis of a survey, the states according to their formal implementation levels of IPSAS. It also analyzes the types of accounting （cash basis accounting, modified cash basis accotmting, accrual accounting, and modified accrual basis accounting） used by the states studied. The survey shows that there are important disparities among the member states, both for the application of IPSAS and for the type of accounting that is used. Furthermore, it appears that even if IPSAS is not legally adopted in most European member states, there is a tendency to use modern accounting systems based on accrual accounting close to IPSAS.     

Adding Value to Applied Policy Models： The Case of the WTO and OECD Support Classification Systems

Both the OECD and the WTO have accumulated systematic data on the magnitude of support going to farmers as a result of farm policies. The datasets are collected for different purposes, but both give a detailed picture of the evolution of these policies. This paper extends recent work on the compatibility or otherwise of the two attempts at policy monitoring by considering the categorization of individual policy instruments in Norway, Switzerland, the US, and the EU. The results show how the OECD dataset, particularly with respect to the link between direct payments and production requirements, complements that of the WTO. Many payments classified in the WTO Green Box require production, raising the possibility that they may distort production and trade. Though the issue of correct notifications to the WTO is the province of lawyers, the implications for modeling and policy analysis are of interest to economists, and the broader question of improving the consistency of the two datasets is of importance in the quest for transparency in the interpretation of changes in farm policies.     

A Qualitative Study for Measuring Warehouse Performance Using Triangulation Approach

This research aims to validate a structural equation modeling （SEM） model for measuring warehouse performance using data from an international company in Australia （company G）. Moreover, a methodological triangulation method was also adopted to test whether different methodological approaches produce convergent findings about warehouse performance measurement （WPM）. These three different methods are the SEM model, the multiple case research study, and validation of the SEM model using data from 80 companies in Thailand and a company in Australia. With the results from the triangulation method, it is obvious that the SEM model can be used to measure the performance of warehouses in Thailand and Australia. Since the SEM model consists only of significant indicators, it is more appropriate than company G＇s scorecard. Furthermore, the SEM model can overcome the limitations of traditional models by allowing companies to compare their performance over time.