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The 2014 Murray Financial System Inquiry recommends that Australian banks be required to have higher capital levels. This article examines the arguments about the impact of higher capital requirements on banks' funding costs and assesses their relevance to the Australian banking sector. Based on scenario analysis, we estimate that higher capital requirements will result in a modest increase in the borrowing costs faced by bank customers (in the order of 20 basis points annually for a 5 percentage point increase in the ratio of equity capital to bank assets). We discuss other consequences of higher capital requirements for the Australian banking sector.

The 2014 Murray Financial System Inquiry recommends that Australian banks be required to have higher capital levels. This article examines the arguments about the impact of higher capital requirements on banks' funding costs and assesses their relevance to the Australian banking sector. Based on scenario analysis, we estimate that higher capital requirements will result in a modest increase in the borrowing costs faced by bank customers (in the order of 20 basis points annually for a 5 percentage point increase in the ratio of equity capital to bank assets). We discuss other consequences of higher capital requirements for the Australian banking sector.

Donald Sachs,1 Robyn Capobianco,2 Daniel Cher,2 Timothy Holt,3 Mukund Gundanna,4 Timothy Graven,5 A Nick Shamie,6 John Cummings Jr7 1Center for Spinal Stenosis and Neurologic Care, Lakeland, FL, 2SI-BONE, Inc., San Jose, CA, 3Montgomery Spine Center, Montgomery, AL, 4Brazos Spine, College Station, TX, 5SSM Orthopedics, Wentzville, MO, 6UCLA Spine Center, Santa Monica, CA, 7Community Neurosurgical Care, Indianapolis, IN, USA Background: Sacroiliac joint (SI) pain is an often-overlooked cause of lower-back pain, due in part to a lack of specific findings on radiographs and a symptom profile similar to other back-related disorders. A minimally invasive surgical (MIS) approach to SI joint fusion using a series of triangular, titanium plasma spray-coated implants has shown favorable outcomes in patients with SI joint pain refractory to conservative care. The aim of this study was to provide a multicenter experience of MIS SI joint fusion using a patient-level analysis. Patients and methods: We report a patient-level analysis from 144 patients with a mean of 16 months postoperative follow-up. Demographic information, perioperative measures, complications, and clinical outcomes using a visual analog scale for pain were collected prospectively. Random-effects regression models were used to account for intersite variability. Results: The mean age was 58 years, 71% of patients were female, and 62% had a history of lumbar spinal fusion. Mean (95% confidence interval [CI]) operative time was 73 minutes (25.4–118), blood loss was minimal, and hospital stay was 0.8 days (0.1–1.5). At follow-up, mean (95% CI) visual analog scale pain scores improved by 6.1 points (5.7–6.6). Substantial clinical benefit, defined as a decrease in pain by >2.5 points or a score of 3.5 or less, was achieved in 91.9% of patients (95% CI 83.9%–96.1%), and 96% (95% CI 86.3%–98.8%) of patients indicated they would have the same surgery again. Conclu

Charles GT Ledonio,1 David W Polly Jr,1 Marc F Swiontkowski,1 John T Cummings Jr2 1Department of Orthopaedic Surgery, University of Minnesota, Twin Cities, MN, 2Community Neurosurgical Care, Indianapolis, IN, USA Background: The mainstay of sacroiliac joint disruption/degenerative sacroiliitis therapy has been nonoperative management. This nonoperative management often includes a regimen of physical therapy, chiropractic treatment, therapeutic injections, and possibly radiofrequency ablation at the discretion of the treating physician. When these clinical treatments fail, sacroiliac joint fusion has been recommended as the standard treatment. Open and minimally invasive (MIS) surgical techniques are typical procedures. This study aims to compare the perioperative measures and Oswestry Disability Index (ODI) outcomes associated with each of these techniques. Methods: A comparative retrospective chart review of patients with sacroiliac joint fusion and a minimum of 1 year of follow-up was performed. Perioperative measures and ODI scores were compared using the Fisher's exact test and two nonparametric tests, ie, the Mann–Whitney U test and the Wilcoxon signed-rank test. The results are presented as percent or median with range, as appropriate. Results: Forty-nine patients from two institutions underwent sacroiliac joint fusion between 2006 and 2012. Ten patients were excluded because of incomplete data, leaving 39 evaluable patients, of whom 22 underwent open and 17 underwent MIS sacroiliac joint fusion. The MIS group was significantly older (median age 66 [39–82] years) than the open group (median age 51 [34–74] years). Surgical time and hospital stay were significantly shorter in the MIS group than in the open group. Preoperative ODI was significantly greater in the open group (median 64 [44–78]) than in the MIS group (median 53 [14–84]). Postoperative improvement in ODI was statistically significant within a

PR, IFPRI4, NDO; MTID

PR, IFPRI4, NDO; MTID

Non-PR, IFPRI1; GRP27, MTID; NDO, "Governments in Asia used grain price stabilization as a major policy instrument when they began to promote the Green Revolution in the 1960s. In the process, they created parastatal agencies, which were quasi-governmental in nature, to undertake public marketing activities in basic staples such as rice and wheat. These operations often meant providing a support price to farmers, procuring staples on government account, holding public stocks, and distributing these stocks through public distribution systems or open market operations to hold the price line for consumers. This led to a sizeable degree of government intervention in most of these countries' grain markets, which continues to a large extent today." -- from Text

PR, IFPRI2, NDO; MTID

PR, IFPRI2, NDO; MTID

PR, IFPRI2, NDO; MTID, In developing countries across Asia, food marketing parastatals have played an important role in agricultural policy, especially with regard to government efforts to stabilize food prices. Three broad market failures constitute the primary arguments for this form of government intervention: a lack of market integration stemming from inadequate infrastructure, the absence or inadequacy of risk-mitigating institutions and markets, and the need to protect the world's poorest communities from a volatile global market. Opponents of such public intervention schemes claim that the old rationales are no longer convincing, that the programs are not cost-effective and do not allocate resources optimally, and that private institutions are strong enough to take over many of the functions traditionally performed by parastatals. In From Parastatals to Private Trade, the editors—clearly from the latter camp—pose three general questions: Why must parastatal-centered policies in Asia change, when should policy changes occur, and how should such change happen: gradually or abruptly? Experts in agricultural policy use case studies from South Asia (Bangladesh, India, and Pakistan) and East Asia (Indonesia, the Philippines, and Vietnam) to answer these questions; and a concluding chapter synthesizes these countries' experiences with price stabilization programs. In light of the evidence—which indicates that parastatals played important roles in the past but have become overly expensive, and that reduced intervention can promote competition, help develop alternative institutions, and release funds for development and antipoverty programs without jeopardizing price stability—the editors highlight the challenges ahead and propose suggestions for reforming the existing paradigm for price-related policies. This volume provides valuable analyses for anyone concerned with balancing government intervention with market-friendly policies.

PR, IFPRI2, NDO; MTID

Non-PR, IFPRI3, MTID; NDO

PR, IFPRI3; ISI; Theme 2; Globalization, retail food industries, and trade, NDO; MTID

PR, IFPRI-5; Theme 11; Subtheme 11.2; The future of smallholder farming, NDO; MTID

PR, IFPRI-5; Theme 11; Subtheme 11.2; The future of smallholder farming, NDO; MTID

PR, IFPRI-5; Theme 11; Subtheme 11.2; The future of smallholder farming, NDO; MTID

PR, IFPRI5; Theme 11; Subtheme 11.2; The future of smallholder farming, NDO; MTID, 626 p. : ill., maps ; 23 cm., Pro-poor opportunities are rapidly unfolding in South Asia, spurred by new lifestyles and tastes, stimulated by increasing incomes, spreading urbanisation, and expanding globalisation. Dietary patterns are changing of both the poor and the rich, as well as rural and urban consumers, from staple foodgrains to high-value-commodities such as fruits, vegetables, milk, meat, eggs, and fish. The real challenge is how to grab these opportunities to alleviate poverty and improve quality of life, particularly for smallholders. This book, Comprising contributions by experts from various countries, the book provides a range of information, analysis, and the beginnings of pathways to accelerate agricultural diversification and facilitate inclusiveness of small holders through correcting incentives, evolving institutions, and developing infrastructure." -- Back cover

PR, IFPRI-5; Theme 11; Subtheme 11.2; The future of smallholder farming, NDO; MTID

PR, IFPRI3; ISI; Theme 2; Globalization, retail food industries, and trade, NDO; MTID, "Governments in most Asian countries used grain price stabilization as a major policy instrument when they embarked on promoting the Green Revolution. The art of public policy-making is to know when to introduce government interventions and when to withdraw. The common mistake is to forget the withdrawal part, leading to unsustainably high costs – a dilemma that most Asian countries are confronted with today. Analyzing case studies of six Asian countries, which have tried to tackle the task in different ways with varying degrees of success, eight key lessons can be learned from the more than three decades of food price stabilization in Asia. Times have changed: policies and public agencies that may have been appropriate 30 years ago are not optimal today. Private institutions have strengthened significantly – or could be strengthened significantly – and should be entrusted for many of the functions that parastatals, or other government agencies, have traditionally performed. Holding on to old practices delays reaping the benefits that changing current policies have to offer." -- Authors' Abstract

Non-PR, IFPRI1; GRP2; Theme 2, MTID, Using case studies from six Asian countries, this paper (a) assesses the relevance of underlying rationales for public intervention in foodgrain markets, (b) documents the existing policies and regulations that support operation of grain parastatals, (c) provides estimates of benefits and costs of parastatals, and (d) compares experiences of countries that liberalized (or reduced intervention) with the ones that continue to have significant presence of parastatals. Our results suggest that conditions in the region have improved significantly over the past thirty years; and none of the four commonly agreed rationales—that is, poorly integrated domestic markets, thin and volatile world market, promoting modern technology and the scarcity of foreign exchange reserves—for public intervention in foodgrain markets are now persuasive. Domestic foodgrain markets are integrated, international markets for both wheat and rice are significantly more robust than they were thirty years ago, High-Yielding Varieties (HYV) now cover practically all of the high potential area sown to wheat and rice; and foreign currency reserves have increased dramatically in all countries in recent years. However, although rationales have lost their significance, many countries continue to practice old policies and provide regulatory supports to parastatals, including monopoly control over international trade, preferential access to transportation, restrictions on movement of foodgrains, and cheap or interest-free credit. Relative to the private sector, the costs of the grain parastatals have been high and are increasing, as special interests and rent- seeking are increasingly dictating their operation. This is being manifested in various forms, such as excessive public stocks in India, vacillating import policies in Indonesia and Pakistan, questionable government foodgrain import decisions in the Philippines, and politically-determined ceiling and floor prices in India. On the other hand, the exper

The Swift mission, scheduled for launch in 2004, is a multiwavelength observatory for gamma-ray burst (GRB) astronomy. It is a first-of-its-kind autonomous rapid-slewing satellite for transient astronomy and pioneers the way for future rapid-reaction and multiwavelength missions. It will be far more powerful than any previous GRB mission, observing more than 100 bursts yr 1 and performing detailed X-ray and UV/optical afterglow observations spanning timescales from 1 minute to several days after the burst. The objectives are to (1) determine the origin of GRBs, (2) classify GRBs and search for new types, (3) study the interaction of the ultrarelativistic outflows of GRBs with their surrounding medium, and (4) use GRBs to study the early universe out to z>10. The mission is being developed by a NASA-led international collaboration. It will carry three instruments: a newgeneration wide-field gamma-ray (15–150 keV) detector that will detect bursts, calculate 10–40 positions, and trigger autonomous spacecraft slews; a narrow-field X-ray telescope that will give 500 positions and perform spectroscopy in the 0.2–10 keV band; and a narrow-field UV/optical telescope that will operate in the 170– 600 nm band and provide 0B3 positions and optical finding charts. Redshift determinations will be made for most bursts. In addition to the primary GRB science, the mission will perform a hard X-ray survey to a sensitivity of 1 mcrab ( 2 ; 10 11 ergs cm 2 s 1 in the 15–150 keV band), more than an order of magnitude better than HEAO 1 A-4. A flexible data and operations system will allow rapid follow-up observations of all types of high-energy transients, with rapid data downlink and uplink available through the NASA TDRSS system. Swift transient data will be rapidly distributed to the astronomical community, and all interested observers are encouraged to participate in follow-up measurements. A Guest Investigator program for the mission will provide funding for community involvement.