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Purpose: This study aims to demonstrate and measure the impact of liquidity shocks on a bank's solvency, especially when the bank does not hold sufficient liquid assets. Design/methodology/approach: The proposed model is an extension of Merton's (1974) model. It assesses the bank's probability of default over one or two (short) periods relative to liquidity shocks. The shock scenarios are materialised by different net demands for the withdrawal of funds (NDWF) and may lead the bank to sell illiquid assets at a depreciated value. We consider the possibility of second-round effects at the beginning of the second period by introducing the probability of their occurrence. This probability depends on the proportion of illiquid assets put up for sale following the initial shock in different dependency scenarios. Findings: We observe a positive relationship between the initial NDWF and the bank's probability of default (particularly over the second period, which is conditional on the second-round effects). However, this relationship is not linear, and a significant proportion of liquid assets makes it possible to attenuate or even eliminate the effects of shock scenarios on bank solvency. Practical implications: The proposed model enables banks to determine the necessary level of liquid assets, allowing them to resist (i.e. remain solvent) different liquidity shock scenarios for both periods (including eventual second-round effects) under the assumptions considered. Therefore, it can contribute to complementing or improving current internal liquidity adequacy assessment processes (ILAAPs). Originality/value: The proposed microprudential approach consists of measuring the impact of liquidity risk on a bank's solvency, complementing the current prudential framework in which these two topics are treated separately. It also complements the existing literature, in which the impact of liquidity risk on solvency risk has not been sufficiently studied. Finally, our model allows banks to manage liquidity using a solvency approach. [ABSTRACT FROM AUTHOR]

I study whether self‐fulfilling bank runs can occur when banks use sophisticated contracts and withdrawal decisions are public information. In a finite‐agent version of Diamond and Dybvig (1983) with correlated types, I first present an example in which a bank run perfect Bayesian equilibrium exists. However, its existence relies on off‐path beliefs that are unreasonable in terms of forward induction. To discipline beliefs, I use forward induction equilibrium (Cho (1987)) as the solution concept. I show that, whenever the allocation rule is strictly incentive compatible, the truth‐telling strategy is the unique forward induction equilibrium in the withdrawal game, and no bank run occurs. Therefore, with forward induction, sophisticated contracts can prevent bank runs when there is public information about withdrawal decisions. [ABSTRACT FROM AUTHOR]

In this book review, British historian Anna Irfan examines the relationship between Palestinian refugees and the United Nations Relief and Works Agency (UNRWA) from the aftermath of the displacement of Palestinians in 1948 until the 1980s. Irfan argues that UNRWA's role as a quasi-state within the refugee camps has been overlooked and asserts that it played a part in promoting the internationalist nature of the Palestinian liberation movement. She contextualizes UNRWA and the refugee experience using the settler colonialist paradigm. The book provides valuable insight into the contested history of an international regime and the resistance it has faced. [Extracted from the article]

This article examines policy change in the EU's financial assistance regime through a collective learning perspective. By defining a financial assistance regime as the set of rules governing the disbursement and withdrawal of funding to the member states in the context of crisis management, the article seeks to address the following research question: How can we explain the exact form of change in the EU's financial assistance regime between the euro crisis and the Covid-19 pandemic? The article finds that financial assistance in the EU moved from "intergovernmental coordination" with the European Stability Mechanism to a form of "limited supranational delegation" with the Recovery and Resilience Facility and argues that such a change is due to a collective policy-learning process. This finding suggests that the EU tends to learn from past crisis experiences, freeing itself from established institutional constraints, only when the next crisis becomes a concrete cause for concern. However, when the next crisis strikes, the EU is indeed able to radically alter its practices based on previous policy failures. [ABSTRACT FROM AUTHOR]

Objective: The study focused on verifying the impact of the calendar and seasonal effects on the accuracy of forecasts of cash withdrawals from automated teller machines (ATMs). In this article, we investigated a possible use of the so-called trigonometric seasonality, the Box-Cox transformation, ARMA errors, trend, and seasonal components (TBATS) models to forecast withdrawals from ATMs. In practice, the SARIMA model is widely used as a forecasting tool. However, the major limitation of SARIMA models is that it allows just one single seasonality pattern to be taken into account, e.g., weekly seasonality. At the same time, cash withdrawals from ATMs display overlapping multi-seasonality. Therefore, the goal of this article is to compare the SARIMA model with the TBATS model, both in basic forms and forms extended with event-specific dummies. Research Design & Methods: Empirical research was conducted by means of fitting SARIMA and TBATS models to daily time series of withdrawals from 74 ATMs managed by one of the largest ATM operators in Poland. The dataset covered the period of 2017-2019. Findings: Forecasting levels of cash withdrawals plays a crucial role in the management of ATM networks, both in the case of a single ATM as well as the whole network. Prediction accuracy has a direct impact on the operational costs of the network. These costs result from activities such as freezing cash in an ATM, preparing it, and transporting it to an ATM. Therefore, the choice of a proper forecast model is of special importance. According to statistical evidence in our study, the basic TBATS model gives more accurate forecasts than the basic SARIMA model widely used in practice. Implications & Recommendations: The multi-seasonality of ATM withdrawals means that it is necessary to use techniques that take such phenomena into account in a single joint model. Multi-seasonality can be modelled using TBATS models. The study confirmed that TBATS models can be considered useful alternatives in planning cash replenishments in ATM networks. Contribution & Value Added: This article is an extensive empirical study on the selection of proper methods and forecasting models necessary to predict withdrawals from ATMs with overlapping multi-seasonalities and calendar effects. We proved that taking seasonal and calendar effects into account when forecasting withdrawals from ATMs significantly reduces forecast errors. Statistically significant improvement in forecast accuracy was observed both for SARIMA and TBATS. After taking calendar effects into account, TBATS forecast errors were slightly smaller than those resulting from corresponding SARIMA models. However, this result is statistically insignificant. The results of this study imply a need for further studies on the applications of TBATS models in forecasting the required cash level in ATMs, which in turn may help improve the efficiency of ATMs network management. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic was an unprecedented exogenous shock for the European Union (EU) and its Member States, one that demanded a joint response at the EU level rather than several differentiated responses at the Member State level. As such, the pandemic crisis opened up a "window of opportunity" for institutional change in the EU's financial assistance regime. This change pertains to the development of a set of rules governing the disbursement and withdrawal of funding to Member States in the context of crisis management. The paper thus aims to answer the following question: How did the COVID-19 pandemic affect the EU's financial assistance regime? Drawing on a revisited historical institutionalist framework that allows for the examination of different types of institutional development, the paper argues that the COVID-19 pandemic constitutes a "critical juncture" for the EU's financial assistance regime, resulting in a shift from intergovernmental coordination (with the European Stability Mechanism) to a form of limited supranational delegation (with the Recovery and Resilience Facility). [ABSTRACT FROM AUTHOR]

In order to solve the complex and recurrent problem of chronic pelvic inflammation disease (CPID) in the process of the clinical treatment, a method of understanding the influencing factors of CPID by investigating the actual situation of clinical cases and using logistics regression analysis was proposed in this study. A total of 204 outpatients were selected from a certain hospital. The ratio of the cases in the experimental group to those in the control group stands at 1 : 1. The results were obtained as follows. According to the data of CPID patients collected in the paper, the majority of patients had a high school education background or below technical secondary school education background, accounting for 66.7%. And the majority of patients were manual workers, accounting for 69.1%. All the exp (B) values of the frequency of sex life per month ≥ 9 times, frequent sex life during menstruation, IUD contraception, no contraception, abortion ≥ 3 times, vaginal irrigation per week ≥ 1 time, and intrauterine surgery ≥ 3 times were more than 1. These seven factors were the risk factors for chronic pelvic inflammation. Oral contraceptives were a weak protective factor of chronic pelvic inflammation. These factors including early drug withdrawal (53.1%), without understanding the condition of the disease (35.7%), no time to review the disease (24.5%), and irregular medication (21.4%) accounted for a large proportion. They were associated with the recurrence of CPID. This method is aimed at providing some foundations for establishing effective prevention and control measures for chronic pelvic inflammation and providing a recognized clinical diagnosis and efficacy evaluation criteria for the treatment of chronic pelvic inflammation. [ABSTRACT FROM AUTHOR]

Determining the optimal amount of cash stock reserved in each bank branch is a strategic decision. A certain level of cash stock must be kept and ready for cash withdrawal needs at a branch. However, holding too much cash not only forfeits opportunities to make profit from the exceeding amount of cash in the stock but also increases insurance cost. This paper presents cash stock strategies for bank branches by using deep learning. Deep learning models were applied to historical data collected by a retail bank to predict the cash withdrawals and deposits. Data preparation and feature selection to identify important attributes from the bank branch data were performed. In the prediction process, two Recurrent Neural Network techniques—Long Short-Term Memory and Gated Recurrent Units methods—were compared. Then prediction errors were measured and statistically tested for their probability distributions. These distributions together with the predicted values were used in determining the lower and upper bounds for holding the cash stock. These bounds were employed to recommend the cash stock level strategies by having two options for different situations. The impacts of COVID-19 were also tested and discussed. According to the bank under this study, the proposed strategies can reduce the amount of cash stock by more than 10% for which was their initial target. Hence, the costs of cash management such as insurance cost and cash transportation cost were reduced. Moreover, the excess cash could be used for other purposes of the bank. [ABSTRACT FROM AUTHOR]

Background: The administration of 5-fluorouracil (5FU) in the treatment of gastrointestinal (GI) malignancies is associated with common side effects such as mucositis, diarrhoea, and myelosuppression, which are easily managed with supportive measures and dose adjustments. Cardiotoxicity and neurotoxicity are rare but reversible side effects of 5-FU and are treated with withdrawal of the drug and conservative measures. The presenting symptoms of 5-FU-induced leukoencephalopathy are often confusing and pose a diagnostic dilemma in routine clinical practice. Methods: We report a series of five patients with GI malignancies who developed 5-FU-induced leukoencephalopathy. Results: All (n = 5) had Naranjo scores of 6–7, predictive of 5-FU-related adverse effects, with clinical and radiological findings suggestive of 5-FU-induced encephalopathy as described in prior literature. The median time to onset of symptoms from initiation of 5FU was 3 days (range: 2–4 days). All patients improved after conservative management with complete neurological recovery. Conclusion: Prompt recognition of this rare yet severe adverse effect of 5-FU-based chemotherapy aids early withdrawal of the offending agent (5-FU) and timely initiation of supportive measures and helps plan alternative oncological interventions. [ABSTRACT FROM AUTHOR]

The typical cases of funded development projects are donor-funded. One of the major problems faced by donor-funded projects is that after the withdrawal of donor funding, the projects are not sustainable. Literature has identified some of the factors that cause lack of sustainability including low stakeholder ownership and commitment, lack of understanding of community context, lack of community empowerment, leadership, technology choice, and overambitious objectives. I use the social constructivist approach to study the Limpopo IDC Nguni Cattle Development Project in Limpopo Province of South Africa which I got in contact with through student supervision. The project is based on a livestock pass-on system using the indigenous Nguni cattle. The objectives of the project are to reintroduce the Nguni cattle to their original owners, to contribute to livelihoods, to alleviate poverty, and to contribute towards food security. I collected data from three key informants who have been involved with project formation and management and are still involved with it. I collected data through recorded interviews and analyzed them using thematic analysis. I concluded that this project, not only demonstrates the ability of the government to take over projects from donors and run them successfully/sustainably, but it also provides a model of how this can be done. The critical question is: Can the projects for which this model is appropriate be identified a priori as this would increase their sustainability. [ABSTRACT FROM AUTHOR]

Opioid use disorder (OUD) is a major epidemic in the United States, and fentanyl is a major culprit. The National Institute on Drug Abuse has highlighted an urgent need for research on the risks and outcomes of OUD with fentanyl; a better understanding of sex/gender differences is also critically needed given that the opioid epidemic has been particularly impactful on women. In response to this need, we developed a rat model of OUD with fentanyl and showed that sex impacts relapse vulnerability following extended-access self-administration under a low fentanyl dose. Here, our goal was to determine sex differences across a broad dose range, including high doses expected to maximize the expression of addiction-like features (e.g., vulnerability to relapse and physical dependence). Male and female rats were assigned to self-administer one of four fentanyl doses (0.25, 0.75, 1.5, and 3.0 µg/kg/infusion), and once they acquired, they were given extended (24-h/day), intermittent access (2, 5 min trials/h, fixed-ratio 1) to fentanyl for 10 days. Physical dependence (spontaneous weight loss) was assessed during early withdrawal, and relapse vulnerability was assessed on withdrawal day 15 using an extinction/cue-induced reinstatement procedure. Despite markedly higher intake in the high- versus low-dose groups, each group responded similarly during relapse testing (extinction and cue-induced reinstatement). However, number of infusions, or frequency of use, during extended access was predictive of later vulnerability to relapse, whereas total intake impacted physical dependence given that weight loss only occurred following the discontinuation of fentanyl self-administration at the three highest doses. Females self-administered more fentanyl each day and within each binge (active trial), and had longer lasting weight loss during withdrawal than males. Relapse vulnerability was also higher in females than males and highest in females tested during estrus. These findings indicate that sex is an important risk factor for patterns and levels of fentanyl intake, relapse, and physical dependence, and while fentanyl intake predicts physical dependence, frequency of use predicts relapse. [ABSTRACT FROM AUTHOR]

Stevens-Johnson syndrome (SJS) and toxic epidermal necrolysis (TEN) are rare, life-threatening conditions with a high mortality rate. SJS and TEN denote a group of disorders closely related to each other, characterized by extensive epidermal necrolysis and usually induced by drugs. Keratinocyte apoptosis is the main reason for widespread epidermal detachment. Its etiology usually depends on drugs. Drugs or their metabolites can act as a hapten after binding to the keratinocyte surface and initiate a cytotoxic immunological attack. In this article, a 16-year-old male patient diagnosed with SJS and turned into SJS/TEN overlap with the characteristics of skin lesions during the follow-up, whose complaints improved with treatment and later developed drug-related fever, is presented. Early diagnosis and withdrawal of suspected drugs are some of the most important steps in the treatment. SJS/TEN should be excluded from other diseases similar to SJS/TEN. Although various topical and systemic treatments have recently been used, supportive care is still the most important and effective therapeutic approach. This paper aimed to review clinical findings, with advances in etiopathogenesis and treatment of SJS/TEN and drug fever in light of current literature. [ABSTRACT FROM AUTHOR]

In 2011, the Department of Education ("DOE") under the Obama administration issued its Dear College Letter ("DCL") ordering publicly funded educational institutions to undertake aggressive actions to deter what was deemed an epidemic of sexual violence on college campuses. DOE subsequently aggressively enforced the directives of the DCL with scores of costly investigations of college disciplinary systems and threatened withdrawal of federal funding for institutions that failed to respond to sexual harassment claims aggressively. Hundreds of lawsuits followed in the wake of the DCL's issuance. Specifically, the flood of litigation was initiated by males contending they were briskly expelled, suspended, or otherwise disciplined upon collegiate tribunals' findings of guilt on claims of sexual harassment. The lawsuits portrayed collegiate systems that readily found accused males responsible on claims of sexual harassment through denial of fundamental due process rights and predetermined conclusions that equated the claim of sexual harassment with guilt on the charge. The majority of these lawsuits resulted in recognizing the deprivation of rights for the accused males in the universities' rush to judgment on sexual harassment claims. In May 2020, the DOE, under the Trump administration, released its Title IX Final Rule comprehensively addressing all aspects of publicly funded educational institutions' obligations in responding to claims of sexual harassment. The Final Rule's eighty-two sections created a procedural framework for adjudicating Title IX sexual harassment claims based solely on the determination of the factual validity of the complainant's allegations. Academia has unceasingly opposed the Final Rule from its original November 2017 publication for public comment. Repeatedly, the charge is made that the Final Rule will inevitably unleash a pandemic of sexual violence against collegiate women. Joseph Biden campaigned for the presidency with a commitment that the Final Rule would be swiftly and surely rescinded. Accordingly, President Biden issued an executive order in March 2021 as the administration's first step in eradicating the Final Rule. However, the Final Rule has proved to be a law immune to swift elimination. A series of lawsuits seeking to overturn the Final Rule failed. Moreover, the Biden administration's actions have acknowledged that the Final Rule can only be rescinded and replaced through compliance with the Administrative Procedures Act and its public comment requirement. DOE has indicated a proposed replacement or drastic revision of the Final Rule will be published for public comment in April 2022. Thus, the Final Rule will likely remain an enforceable law throughout 2022. The public comment period will inevitably be contention as the Final Rule is one of the many issues on which America is deeply divided. This article undertakes a history from the 1972 enactment of Title IX through the present setting forth the administrative, legislative, and judicial events that have led to the nation's deep division over the role of government in pronouncing and enforcing permissive sexual practices on college campuses. It concludes with considering the motivations underlying academia's consistent hostility to the Final Rule. [ABSTRACT FROM AUTHOR]

The cleansing of the Ukrainian banking system, performed in 2014—2016, showed the purpose of the National Bank to break the old models of banking and ensure sustainable development of the banking system and Ukraine as a whole. At the same time, the cleansing of the banking system was revolutionary, affecting not only the owners but also the broad sectors of society and the business entities, who suffered losses. Due to high relevance and social impact, discussions about the root causes, methods, and consequences arose. This article aims to establish the compliance of cleansing the banking system of Ukraine with the goals of sustainable development. In this study, we considered the provisions of economic theory and the theory of banking systems, taking into account the spirit, ideals and principles of sustainable development. This study has the structure as follows. Firstly, we performed a theoretical analysis of the evolutionary and revolutionary types of banking reforms. Then we conducted a historical-economic analysis of the events that preceded the beginning of the cleansing of the banking system. In the central part, we analyzed the generalized causes and specific problems that led to the withdrawal of banks from the market in the primary wave of cleansing. Finally, we singled out three groups of NBU’s comments on the liquidation of specific banks. We established their close connection with the implementation of task 8.3 of the eighth Sustainable Development Goal. We pointed out some discrepancies between the reasons for the liquidation of individual banks and the comments of the NBU. Therefore, we have suggested combining comments into groups which more clearly reflect liquidation reason. Such groups include non-compliance with stakeholders, lack of bank recovery strategy and resources, and misbehaviour by shareholders, insiders, and related parties. Finally, we reaffirmed the revolutionary nature of the reform. We proved that, despite the losses, its absence, in the longrun, could have made it impossible to meet Task 8.3 of the Eighth Sustainable Development Goal. Promising are as of further research are comparing the procedure and results of cleansing the banking system in Ukraine and foreign countries. [ABSTRACT FROM AUTHOR]

Until recently, negative nominal interest rates of the central bank were in the sphere of theoretical considerations. In 2009, the Swedish Central Bank was the first to implement a negative interest rate policy (NIRP). Since then, the NIRP has been implemented by the National Bank of Denmark, the European Central Bank, the Swiss National Bank and the National Bank of Japan. Unfortunately, due to the large number of simultaneous factors affecting the economy, it is extremely difficult to determine the long-term effects of NIRP implementation. Furthermore, the magnitude of the impact and the global extent of the coronavirus pandemic would have a significant impact on the dilatation, so the focus was on pre-pandemic issues. This paper is a literature review and it aims to synthetize information about the impact of negative interest rates on the market - in financial and real spheres. In this paper, both the results of scientific research and the opinions of experts were used, then the impact of negative nominal interest rates on the financial and real sectors was assessed. The results show that most authors highlight an adverse impact of negative interest rates on the stability of the banking sector regardless of the country. The greatest fear of the NIRP implementation by central banks is that the potential behavior of economic entities cannot be predicted with certainty, especially when it comes to cash deposit withdrawals from banks. [ABSTRACT FROM AUTHOR]

Objectives: To assess the influence of magnetic resonance imaging (MRI) brain findings on the timing of antiepileptic drugs (AEDs) withdrawal following anterior temporal lobectomy (ATL) in patients with mesial temporal lobe epilepsy (MTLE). Methods: We conducted a retrospective chart review at King Faisal Specialist Hospital and Research Centre, Jeddah, Saudi Arabia from Jan, 2004 -- Dec, 2017 of patients with MTLE who underwent ATL and included patients who had a minimum of 2 years of follow-up. We evaluated the association between the time required to start tapering and discontinuing AEDs after ATL in patients with Engel class I outcomes and their preoperative brain MRI. Results: We studied 64 patients who underwent ATL. The majority of patients (63%) had hippocampal sclerosis (HS) on histopathology. Following ATL, the mean time to start tapering AEDs was 10 months and AEDs were discontinued at a mean of 48 months. Abnormal brain MRI was observed in 53 (83%) patients, with findings suggestive of mesial temporal sclerosis (MTS) accounting for 75% of these abnormalities. The presence of any MRI abnormality was associated with a 10-month earlier tapering of AEDs (p<0.01), and an 18-month earlier complete withdrawal of AEDs (p<0.01). The odds of being seizure-free within the first year were higher if MTS was present in the brain MRI (adjusted OR=16). Similarly, this was associated with seizure freedom after the first year (adjusted OR=14.8, p<0.01). The presence of unilateral temporal IEDs on preoperative EEG were also associated with earlier tapering and discontinuation of AEDs as well as a seizure-free state after ATL surgery (OR=8.5 and 4.2, for the first and second year respectively, p<0.01). Conclusion: Patients with abnormal MRI findings and unilateral IEDs had earlier tapering of AEDs with an overall shorter AED discontinuation plan. Moreover, the presence of MTS on MRI, along with unilateral IEDs, were predictors of seizure freedom following ATL. [ABSTRACT FROM AUTHOR]

Medical hardships are common in the United States due to rising medical expenditures and patient-financial responsibilities. Meanwhile, every year, billions of dollars are lost to penalties from early withdrawals from retirement accounts to pay for these medical bills. Prior research has been devoted to the interrelation between the medical hardships and medical affordability. Separately, attention has been paid to the leakage impact of the early withdrawals from retirement withdrawals. This study explores the linkage between medical hardships and early withdrawals from retirement accounts. We ask whether the medical hardships, such as unpaid medical debt, unfilled prescriptions due to cost, and medical-care avoidance due to cost, are associated with early withdrawals from retirement accounts. We then discuss the negative financial impact of early withdrawals from retirement accounts on retirement readiness. Lastly, we explore the potential impact of the vicious circle among the low-income, uninsured, medical hardship sufferers coupling to their early withdrawals from retirement accounts and retirement readiness. [ABSTRACT FROM AUTHOR]

This case engages students by featuring a relatable scenario of a new accounting professional being asked by a friend for help filing his individual tax return. The friend's return is more complex than expected because of unclear filing requirements related to his discharged student loan debt and his disability status. An amended return may be needed for a previous year, in part because of a reportedly erroneous W-2 from a former employer; and taxpayer withdrawals from an employer-sponsored tax-deferred savings account. Requirements include researching and documenting federal tax law, using judgement to make recommendations within the context of conflicting information, and evaluating the ethical implications of a friend's assistance as well as professional codes of conduct. Students are also asked to write a client memo. This case will be of particular interest to students who are considering tax careers. It is appropriate for undergraduate and graduate tax courses. [ABSTRACT FROM AUTHOR]

In order to make sure that common man gets easy access to all the government services electronically, in the past decade there has been a revolutionary campaign launched by government of India - Digital India programme,. Since then, we are witnessing positive and negative after-effects and experiences in our routine lives. We are front-ending newer challenges and were becoming used-to the new way of getting habitual to the digital way. Nevertheless, during the Covid-19 lockdown since last year; suddenly access to the cash is remaining essentially critical. As the Banks are focusing more and more on digital services, also branches have reduced working hours and on the other hand, customers want to avoid face-to-face or in branch interaction with bank officers. In such scenario Automated teller Machine (ATM) play a critical role in ensuring that consumers get access to their cash 24 x 7. Customer's payment behavior is changing rapidly. Many banks are seeing high adoption of more low-value contactless payments, as well as increased and encouraging online payments transactions. The ATM is still an important selfservice channel for cash withdrawal during Covid-19. There are many factors which have influenced customers towards cash withdrawal trends right now. Despite the coronavirus driving up digital transactions, many customers still rely heavily on cash. Customers are seeking more usage of online payments, but also keeping more cash on hand during a crisis period. This paper intends to take a review over this digital payment saga, related trends (esp. inclination of consumers); and how it has impacted the usage of ATM services during this pandemic phase. [ABSTRACT FROM AUTHOR]

The impact of foreign aid reduction on local civil society organizations has gained a growing amount of scholarly attention over the past several years. However, most research has focused on the experiences of local CSOs and their adaptations to reduced donor support. In this piece, we review the extant literature to offer a comprehensive perspective on the role of donors in the aid reduction process. We highlight the ways that donor planning and management of aid reduction can enhance or undermine civil society sustainability and offer six prompts for donors, designed to improve the aid reduction process. These include inventorying donors' original development objectives; leaving behind an appropriate legal framework; facilitating local philanthropy; developing a framework for government support of CSOs; communicating aid reduction plans transparently; and supporting local adaptions to funding withdrawal. [ABSTRACT FROM AUTHOR]

At the very beginning of global economic and financial crisis, foreign capital started to withdraw from banking sector of Bosnia and Herzegovina. There was a huge danger that the domestic banking sector would suffer great instability due to high exposure to foreign investors. The big part of foreign funds was in the form of hot money, and the European banks highly exposed to Central and Southeast Europe had to act. EBRD and IMF launched a rescue plan aimed to slow down the deleveraging process and to preserve financial stability. The foreign banks promised that the pace of funds withdrawal would be accommodated to the preserving of home countries financial stability. The meeting about this issue was held in Vienna, which is an international banking hub for part of Central and especially for Southeast Europe. According to the meeting's place, rescue plan got the name Vienna Initiative (VI). VI was a cross-border activity with the final aim to reduce systematic risks appeared because of the withdraw of foreign capital from BH banking sector. In this view, VI was specific m macroprudential tool for keeping financial stability. In addition, in a broader view, it was cross-border macroprudential policy coordination plan. For Bosnia and Herzegovina, the Vienna Initiative came in the right moment. Without VI it would be very hard or maybe even impossible for Bosnia and Herzegovina to preserve financial stability and to prevent the balance of payment crisis, and even currency crisis and banking crisis. Thus, in the case of BH, VI was very successful cross-border policy coordination due to the large exposure of domestic banking sector to the foreign investors. At the pick of crisis foreign liabilities of BH banking sector were 6 billion BAM (12/2008) i.e. 32,5% of total liabilities or 29% of total asset. All developed models show that foreign liabilities have a great influence on loans, deposits, and industrial production. The unexpected fall in foreign liabilities would have adverse and very strong effects on deposits, loans, and industrial production. All models show that foreign liabilities significantly affect economic and financial activity in Bosnia and Herzegovina. We used different techniques to show influences of foreign liabilities on domestic variables; Vector autoregression in level and in differences, Vector error correction model, Conditional VAR, and multiple regression models. All models show that in case of disorderly withdrawal of foreign funds, fall in industrial production, deposits, and loans would be much higher than in the case when VI is applied. The main conclusion of the article is that VI helped BH to avoid huge and long negative credit growth i.e. credit crunch, and to avoid deeper economic crisis. [ABSTRACT FROM AUTHOR]

We explore the role of interbank network structure and premature liquidation costs for the likelihood of financial contagions in a laboratory experiment. We consider complete versus incomplete networks of banks linked together by interbank deposits, and we further vary premature liquidation costs. Subjects play the role of depositors deciding whether or not to withdraw funds from their interconnected bank. We find that when liquidation costs are high, a complete network structure is significantly less vulnerable to financial contagions than an incomplete network structure. However, when liquidation costs are low, network structure is less important for the frequency of financial contagions. [ABSTRACT FROM AUTHOR]

We investigate the role of individual capability and effort in the management of retirement ruin. In an experimental setting, we analyze how 854 defined contribution (DC) plan members reallocated wealth between a lifetime annuity and a phased withdrawal account when we increased the risk of exhausting the phased withdrawal account before the end of life. We find that more numerate individuals who put effort into understanding product features chose more longevity insurance at higher ruin risks. Financially literate members were more likely to show understanding of the product features, but general financial literacy did not directly improve ruin risk management. Initiatives aiming to help DC members understand income stream products at the time of the decision are warranted. [ABSTRACT FROM AUTHOR]

This paper presents a model to study the transmission of liquidity shocks across financial institutions through the creditor channel. In the model, a borrower institution obtains funds from a large institutional lender and small investors. When the large lender's asset market is hit by a liquidity shock, it might decide to withdraw funding extended to the borrower. The potential withdrawal by the large lender causes small investors to panic and to close positions even if the large lender does not. Facing funding problems, the borrower has to cut its activities, contributing to further shocks to the supply of market liquidity. The original shock is exacerbated, which reinforces withdrawals by all creditors. The model helps explain how the spreading of liquidity shocks from the broker-dealer sector to the hedge fund sector and the feedback contribute to a systemic crisis. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to highlight the strategies undertaken by “entrepreneurial” universities to leverage their bottom-line especially in response to withdrawals of public funding. Internationalisation has been the most prominent from setting-up overseas branch campuses to aggressive recruitment drives for international students, and more recently, the launch of new programmes to attract a wider market.Design/methodology/approach Based on a documentary analysis, this study explores the future of curriculum development in entrepreneurial universities, using narratives around an “unconventional course” launch as a case illustration.Findings The findings reveal an interesting interaction of innovation, opportunity recognition, risk taking and pro-activeness at play within a university environment. The study also highlights how instructors have, in the past, based their syllabi on celebrities – from the Georgetown University to the University of South Carolina, University of Missouri and Rutgers University cutting across departments from English through sociology to Women’s and Gender Studies.Practical implications Overall this study captures the relationship between hip-hop artistry and poetry, as well as meeting the demands of society – societal impacts – not the least, bringing “street cred” into the classroom.Social implications The case illustration of a course launch at the University of Missouri linking hip-hop artists to curriculum development and pedagogy, opens up the discourse on the future trajectory of teaching and learning in higher education, with its attendant social implications – not the least for life after graduation.Originality/value This study provides fresh insights into the entrepreneurial potential of universities in co-branded/marketing activities with the hip-hop industry. [ABSTRACT FROM AUTHOR]

• Deep learning models, LSTM, 1D-CNN outperformed other models w.r.t SMAPE. • RF, LSTM & 1D-CNN + LSTM are statistically similar in non-chaos-observed-ATMs. • In chaos-observed-ATMs, RF and LSTM was statistically significant. • GRU displayed less variability in predictions than other techniques w.r.t. SMAPE. • Including exogenous dummy variable significantly improved the predictions. This paper proposes to model chaos in the automated teller machine (ATM) cash withdrawal time series of a large Indian commercial bank and forecast the withdrawals using deep learning (DL) and hybrid DL methods. It also considers the influence of "day-of-the-week" on the results. We first modelled the chaos present in the withdrawal time series by reconstructing the state space of each series using the optimal lag and embedding dimension. This process converts the original univariate time series into a multi variate time series. The "day-of-the-week" dummy variable is converted into seven variables using one-hot encoding and augmented to the multivariate or univariate time series depending on whether chaos was present or absent. For forecasting the future cash withdrawals, we employed (i) statistical technique namely autoregressive integrated moving average (ARIMA), (ii) machine learning techniques such as random forest (RF), support vector regression (SVR), multi-layer perceptron (MLP), group method of data handling (GMDH), and general regression neural network (GRNN), and (iii) DL techniques such as long short term memory (LSTM) neural network, Gated Recurrent Unit (GRU) and 1-dimensional convolutional neural network (1D-CNN). We also explored hybrid DL techniques such as 1D-CNN + LSTM and 1D-CNN + GRU. We observed improvements in the forecasts for all techniques when "day-of-the-week" variable was included. It is observed that chaos was present in 28 ATMs, whereas in the remaining 22 ATMs chaos was absent. In both the cases, LSTM yielded the best Symmetric Mean Absolute Percentage Error (SMAPE) on the test data. However, LSTM showed statistically different performance than the 1D-CNN + LSTM in chaos category but equal performance with 1D-CNN in non– category yet statistically significant than 1D-CNN. [ABSTRACT FROM AUTHOR]

Empirical descriptions and studies suggest that generally depositors observe a sample of previous decisions before deciding if to keep their funds deposited or to withdraw them. These observed decisions may exhibit different degrees of correlation across depositors. In our model depositors decide sequentially and are assumed to follow the law of small numbers in the sense that they believe that a bank run is underway if the number of observed withdrawals in their sample is large. Theoretically, with highly correlated samples and infinite depositors runs occur with certainty, while with random samples it needs not be the case, as for many parameter settings the likelihood of bank runs is zero. We investigate the intermediate cases and find that i) decreasing the correlation and ii) increasing the sample size reduces the likelihood of bank runs, ceteris paribus. Interestingly, the multiplicity of equilibria, a feature of the canonical Diamond-Dybvig model that we use also, disappears almost completely in our setup. Our results have relevant policy implications. [ABSTRACT FROM AUTHOR]

We compare the liquidity that six developed countries have built into their employer-based defined contribution (DC) retirement schemes. In Germany, Singapore, and the UK, withdrawals are essentially banned no matter what kind of transitory income shock the household realizes. By contrast, in Canada and Australia, liquidity is state-contingent. For a middle-income household, DC accounts are completely illiquid unless annual income falls substantially, in which case DC assets become highly liquid. The US stands alone in the universally high liquidity of its DC system: whether or not income falls, the penalties for early withdrawal are low or non-existent. [ABSTRACT FROM AUTHOR]

This paper provides one explanation why cash is still used for transactions despite a broad diffusion of noncash payment instruments. In particular, we argue that a distinctive feature of cash-a glance into one's pocket gives a signal of the remaining budget and past expenses-provides utility to some consumers. Using payment survey data, we show that consumers who need to keep control over their remaining liquidity and who have elevated costs of information processing conduct a larger percentage of payments using cash, withdraw less often, and hold larger cash balances than other consumers. [ABSTRACT FROM AUTHOR]

Highlights: [•] We evaluate a tax-time savings program using a longitudinal quasi-experimental design. [•] Seventy percent of program participants saved a portion of their refund for a full year. [•] Participants were less likely than comparison group skip a bill or take out a loan. [•] Participants were more likely to withdraw from savings. [•] The above findings suggest that participants may have been more likely to have savings. [ABSTRACT FROM AUTHOR]

Withdrawal: Sarbashri Bank, Suman Bhattacharya, Andreas Koschinski, Manuela Zaccolo, Smarajit Maiti, Amrita Banerjee, Subrata Kumar De, Gausal A. Khan, Madhusudan Das, Santanu Guha, Arjun Ghosh, Udayan Ray, Asru K. Sinha, Stress-induced protein dermcidin develops diabetes targeting GLUT4/insulinviaNO/cGMP inhibition., British Journal of Pharmacology 2021 (https://doi.org/10.1111/bph.15674). The above article from the British Journal of Pharmacology, published online on 3 September 2021 in Wiley Online Library (wileyonlinelibrary.com), has been withdrawn by agreement between the Editor-in-Chief and John Wiley & Sons Limited on behalf of the British Pharmacological Society. The withdrawal has been agreed due to a lack of compliance with the journal's guidelines on study design and analysis, and a lack of a clear identification of the chemical structure of plant extract used. [ABSTRACT FROM AUTHOR]

Chronic bacterial prostatitis is increasingly difficult to treat due to rising antimicrobial resistance limiting oral treatment options. In this case series, 11 men with CBP (including patients with urological comorbidities) due to multi-resistant E. coli were treated with once-daily ceftriaxone intravenously for 6 weeks. Nine patients were clinically cured at 3 months follow up. No early withdrawal of medication due to side effects occurred. A literature review was conducted to describe the prostate pharmacokinetics of ceftriaxone and its use in prostatic infection. In conclusion, ceftriaxone can be considered an appropriate treatment of chronic bacterial prostatitis. [ABSTRACT FROM AUTHOR]

We study the mobile phone-based money transfer system in Kenya. Based on aggregate data, we estimate that the velocity with which units of e-money are transferred among users is approximately four times per month, and that the average number of transfers undergone by a unit of e-money between its creation and destruction is approximately one. Most M-Pesa transactions are made by frequent users. Examination of data on withdrawals shows a high frequency of small withdrawals and no response to 'notches' in the price schedule, indicating that many users seem to have high implicit discount rates. [ABSTRACT FROM AUTHOR]

Abstract: There is a general consensus among researchers and policymakers that matched savings programs can significantly increase the propensity to save among low-income households. This study offers a unique contribution to the field by testing whether principals and theories from behavioral economics affect the decisions that participants make in these savings programs. Using a sample of people participating in the $aveNYC program, a matched savings program for very low-income households, we test whether information failure, time preference, and financial hardship affected people''s ability to complete the program and receive the match money. We find that future orientation does not significantly impact program completion, but both information failure and financial hardship increase the hazard of early account closure. Although the pool of participants who did not receive the match was small, both information failure and financial hardship had large impacts on the risk of withdrawing the account before receiving a match. We discuss how these findings can inform program design and suggest future research. [Copyright &y& Elsevier]