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This article analyzes the optimal allocation of losses via a Central Clearing Counterparty (CCP) in the presence of counterparty risk. A CCP can hedge this risk by mutualizing losses among its members. This protection, however, weakens members' incentives to manage counterparty risk. Delegating members' risk monitoring to the CCP alleviates this tension in large markets. To discipline the CCP at minimum cost, members offer the CCP a junior tranche and demand capital contribution. Our results endogenize key layers of the default waterfall and deliver novel predictions on its composition, collateral requirements, and CCP ownership structure. [ABSTRACT FROM AUTHOR]

In the Libyan and Syrian civil wars, Russia and Turkey emerged as two principal players providing security assistance to opposing warring parties. While interventions on the part of the two foreign powers have introduced new dynamics into intractable and volatile armed conflicts, the underlying intention was to inject extraneous goals into ongoing conflicts and project power in the southern Mediterranean region. This article investigates security assistance theoretically and empirically. Theoretically, we propose a typology that distinguishes between formal, informal and semi-formal processes of wartime security assistance across the state-non-state dimension. Empirically, drawing on rare access to state officials, former and active rebels, as well as mercenary actors in Syria and Libya, we give a unique description of the patterns of security assistance provided by Russia and Turkey to state and non-state armed actors. We examine the ways in which the two foreign powers have created a nexus between the two conflicts by capitalizing on pre-existing security assistance frameworks in Syria to recruit and deploy fighters to Libya. Although security assistance has emerged as a competition site between Russia and Turkey, we demonstrate how mutual recognition of security interests has created margins for negotiation and agreement-reaching in Syria and Libya. [ABSTRACT FROM AUTHOR]

The European Union's response to the Russian Federation's invasion of Ukraine in February 2022 has been widely perceived as unprecedented. This article examines how this could be, considering the long track record of disagreement amongst EU member states over foreign policy vis‐à‐vis Russia. It is argued that whilst the Russian invasion had a decisive impact on member states' security threat perceptions, realist explanations of the EU's forceful response encounter limitations: Germany and France, the EU's most influential powers, were not the drivers of the EU's joint actions during the first months following the invasion, as they struggled to redefine their national security interests. Against this background, this article takes a different perspective. It asks in what kind of intersubjective context the EU's initial response became meaningful and rational, allowing for agreement to emerge amongst the member states on a set of unprecedented measures. This article proposes a theoretical approach that takes into account the role of norms, rationalities and speech acts in a changing context and of social interaction therein. It is demonstrated that, given the dramatic rupture following the invasion, the EU's response in 2022 was embedded in, and structured by, a priori understandings and justifications generated by the EU in response to Russia's war against Ukraine starting in 2014, including normative considerations. [ABSTRACT FROM AUTHOR]

A rapidly expanding area of marine space in the Pacific is being assessed under a process known as Marine Spatial Planning (MSP). Through the political process, MSP brings together an assemblage of national governments, private organizations and local communities to define how marine spaces should be governed. MSP results in numerous new marine spatial categories that delimit an area according to the respective principals and rules decided upon. The authors of this article argue that traditional powers to make and enforce decisions concerning the governance of marine spaces have been weakened through the political process of MSP in the Pacific. The responses that emerged from conducting qualitative semi‐structured interviews with participants in Fiji and the Cook Islands indicate that indigenous marine authority is being undermined through manipulation of the MSP process. The findings further revealed an underlying recognition that the MSP process has proven to be incapable of equitably weighing indigenous Pacific Islanders’ interests in relation to the economic, environmental and security interests of external ocean stakeholders. The authors further argue that external ocean stakeholders can successfully pursue their own objectives through the MSP process in ways that bypass indigenous authority. [ABSTRACT FROM AUTHOR]

Key Clinical Message: Routine venography should be performed before the device upgrade. Clinicians should not be unconcerned because of the lack of symptoms following lead‐related venous occlusion. Knowledge of collateral anatomy is essential for future interventional plans. The venous pathway's return to the right atrium may entail risks to patient outcomes. [ABSTRACT FROM AUTHOR]

A new form of secured lending using "digital collateral" has recently emerged, most prominently in low- and middle-income countries. Digital collateral relies on lockout technology, which allows the lender to temporarily disable the flow value of the collateral to the borrower without physically repossessing it. We explore this new form of credit in a model and a field experiment using school-fee loans digitally secured with a solar home system. Securing a loan with digital collateral drastically reduced default rates (by 19 percentage points) and increased the lender's rate of return (by 49 percentage points). Using a variant of the Karlan and Zinman (2009) methodology, we decompose the total effect on repayment and find that roughly two-thirds is attributable to moral hazard, and one-third to adverse selection. In addition, access to digitally secured school-fee loans significantly increased school enrollment and school-related expenditures without detrimental effects on households' balance sheets. [ABSTRACT FROM AUTHOR]

India's knowledge economy thrives on innovation, but financing such ventures requires alternatives to traditional tangible asset-based collateral. This paper explores the potential of intellectual property (IP) as a viable option. While challenges in valuation and enforcement exist, IP holds significant value. It is argued that IP acts as a two-pronged signal for lenders. Strong IP portfolios indicate a borrower's creditworthiness, while the potential loss of valuable IP discourages defaults. However, India's regulatory framework presents hurdles. Streamlining legal procedures, empowering financial institutions to assess IP value, and establishing centralised registries for recording security interests are crucial first steps. Risk mitigation strategies are equally important. Government-backed risk-sharing programmes and promoting IP insurance can incentivise banks and protect all parties. Finally, educating businesses about IP financing opportunities unlocks this avenue for securing funding. By addressing these challenges, India can create a robust environment for IP-based collateral, thereby fuelling economic growth and technological progress. [ABSTRACT FROM AUTHOR]

The International Criminal Court (ICC) is a legal institution embedded in international politics. Politics shaped the Rome Statute of the ICC, which is rooted in norms and rules of European lineage and security interests of party states. Politics constrains and influences the operation of the Court, which has adapted in response to oversight and governance of the Assembly of States Parties, and to political actions extrinsic to institutional rules. The ICC also has political effects in situation states. A brief history shows that application of Rome Statute triggers across state parties with different social conditions skewed geographic distribution of its investigations and prosecutions towards Africa, a structural bias that catalysed a legitimation crisis for the ICC. Subsequent exercises of expansive jurisdiction aimed at nationals of non-African, non-party states – including Israel and some of the world's great powers – have dampened African complaints and advanced the ICC agenda, but intensified non-legitimacy claims by powerful non-party states. To survive, Court organs must follow legal mandates, yet be responsive to pressing international political demands, continuously risking the legitimacy of the ICC as a legal institution and adverse political reactions by antagonised governments. Careful management of the tension between law and politics at the ICC may modestly reduce antagonism towards the Court, but that tension cannot be resolved, and confrontations over the ICC's legitimacy are certain to recur. [ABSTRACT FROM AUTHOR]

The intersection of trade openness and national security in the realm of international trade law constitutes a nuanced and intricate landscape. This paper endeavors to unravel the complexities inherent in this delicate equilibrium, examining legal frameworks within the General Agreement on Tariffs and Trade (GATT)/World Trade Organization (WTO), Regional Trade Agreements (RTAs), and emerging global trends. The foundational principles outlined in GATT, particularly Article XXI, acknowledge the sovereign right of nations to take actions necessary for their essential security interests. However, the broad and permissive nature of this provision introduces challenges related to potential misuse and a lack of robust scrutiny mechanisms. The proliferation of RTAs, each housing unique national security clauses, adds layers of complexity to the overarching legal framework. Divergent standards, conflicting obligations, and the risk of fragmentation highlight the intricate balancing act that nations must perform to reconcile regional commitments with the principles of the global trade governance structure. The paper delves into practical applications and case studies, dissecting the challenges nations face as they navigate the fine line between economic integration and strategic safeguarding. [ABSTRACT FROM AUTHOR]

Due to the environment's instability, to reduce inconsistent power supply it is preferable to connect two or more RES in a grid. Harmonics and other power quality issues are introduced into the distribution grid as a result of integrating these Hybrid Renewable Energy Storage (HRES) with nonlinear loads, which is a significant concern for the utility and the consumers, respectively. With the use of the Unified Power Quality Conditioner (UPQC), power quality problems such as voltage interruptions, actual power, and reactive power can be reduced. For optimal operation of the series and shunt compensator of UPQC, the outputs of the converters are controlled by PWM signals, which are optimally tuned by controllers implemented with updated algorithms. An optimized Hybrid metaheuristic-assisted collateral controller comprising of fractional-order proportional integral derivative (FOPID) controller cum (proportional integral (PI) controller for the enhancement of the Three-Phase HRES system-based Distribution Grid integrated with UPQC is developed in this paper. The UPQC reduces the harmonics that non-linear loads feed into the power supply and power quality concerns. The DC link voltage regulation and controller optimization are achieved with the optimal tuning of gain parameters, fractional orders and weight parameters using a hybrid Metaheuristic Algorithm named Amplified Slime Mould with WildeBeest Herd Optimization (ASM-WHO) Algorithm. The proposed system is developed in MATLAB Simulink to compare the effectiveness of compensation for voltage sags and surges and total harmonic distortion (THD) to more traditional approaches, UPQC with PI controller, FOPID-PI controller, FOPID-PI with Chicken Swarm Optimization (CSO), SOA, SMA, and WHO optimization. The settling time for the proposed FOPID-PI controller with ASM –WHO is 147.27 s, which is 1.7%, 13.78%, 1.338% and 13.66% better than the controller without optimization, the proposed collateral controller method with either SOA or CSO or SMA, WHO optimization and PI controller respectively. [ABSTRACT FROM AUTHOR]

This article explores the growing connections between the Persian Gulf states and the heavily militarised Israeli innovation ecosystem. The Gulf actors now play an increasing role in support of Israel as a globally expanding 'Start‐up Nation', and are involved in transforming Palestinian land into a regional frontier of technology in the West Bank and East Jerusalem. Israeli‐Gulf cooperation and its impact on Palestinians, however, has not been thoroughly researched. Drawing from fieldwork among Palestinian and Israeli innovation elites, we map these growing connections between Gulf state actors and Israel and analyse how the occupied Palestinian territories are further enmeshed in complex networks of financial capitalist and settler colonial security interests. Theoretically, the paper advances the critique of the contemporary settler colonial frontier, venturing beyond its usual Eurocentric and binary geographies. We conclude that 'innovation' is both (a) the terrain of expanding structures of Israeli colonisation and (b) the site of productive ambivalences and novel forms of resistance in an evolving regional and global reality. This article explores the growing connections between the Persian Gulf states and the heavily militarised Israeli innovation ecosystem. The Gulf actors now play an increasing role in support of Israel as a globally expanding 'Start‐up Nation', and are involved in transforming Palestinian land into regional frontiers of technology in the West Bank and East Jerusalem. Drawing from fieldwork among Palestinian and Israeli innovation elites, we map these growing connections between Gulf state actors and Israel and analyse how the occupied Palestinian territories are further enmeshed in complex networks of financial capitalist and settler colonial security interests. [ABSTRACT FROM AUTHOR]

Stablecoins are among the fast-growing innovations in money and payments that have emerged in recent years. They are a type of digital assets that purport to maintain a stable value by holding a pool of backing assets or by algorithmic means. Some types of stablecoins have the potential to be used by many people in the UK and elsewhere for everyday payments and other financial transactions, including collateral arrangements. The provision of financial collateral is an important factor contributing to the cost-efficiency and stability of the financial system. To support the smooth functioning of the provision of such financial collateral, legislative measures, in particular the Financial Collateral Arrangements (No.2) Regulations 2003, have modified certain requirements that might otherwise create issues for the use of financial collateral. This article examines the application of the 2003 Regulations to stablecoins--in particular the extent to which stablecoins may qualify as "cash" for these purposes--concluding that at least some types of slahlecoins should constitute "cash" and, therefore, benefit from the special regime for financial collateral arrangements. [ABSTRACT FROM AUTHOR]

Anyone involved in processing corporate events and triparty collateral management needs automation and efficiency. A general transition to ISO 20022, the latest messaging standard available, will support further automation across Europe. Its rigorous structure and richer content — compared with the legacy standard ISO 15022 — enables efficient use of collateral across European financial markets and a harmonised process for asset servicing. The Eurosystem and the financial community have developed a Single Collateral Management Rulebook for Europe (SCoRE) setting out how to use ISO 20022. The adoption of this rulebook starts in November 2024 and use of the ISO 20022 format will then become increasingly common. The main issue is how long the legacy standard and local formats should run alongside ISO 20022. Market actors have not yet agreed on how long the transition should last because of a collective coordination problem. The result is a situation where everyone is worse off. To overcome this, a market-wide migration strategy is needed based on cooperation and incentives to define the point from which only ISO 20022 will be used. The Eurosystem is acting as catalyst for a common migration strategy to ISO 20022 because of the benefits it will bring to society. [ABSTRACT FROM AUTHOR]

Cerebral small vessel disease (CSVD) is a slowly progressive cerebrovascular disease caused by structural and functional disorders of small vessels and vascular neural units in the brain, and CSVD imaging markers may be evidence as manifestations of brain aging. Clinically, the onset of CSVD is not limited to individuals in middle-to-old age. Young patients without typical vascular risk factors may also have imaging markers, such as enlarged perivascular space and white matter hyperintensity. The diagnosis and treatment of these cases must be approached seriously. Compared with Western medicine, traditional Chinese medicine (TCM) has an advantage in treating disorders related to emotions, sleep, and cognition in patients with CSVD. Regarding CSVD, there are commonalities between anatomical structures, physiological functions, pathogenic mechanisms, and xuanfu and collateral theories in TCM. We combined the xuanfu and abnormal collateral theory and classified CSVD into three clinical stages: early-stage, dysfunction in xuanfu and stagnation in the qi collaterals; middle-stage, endogenous toxins and damage to the blood vessels; and late-stage, kidney and marrow deficiency and toxins damaging the brain collaterals. Different treatment strategies, such as promoting qi circulation, calming the mind, and dredging collaterals in the early stage; dispelling pathogenic factors and promoting blood circulation in the middle stage; tonifying the kidney and replenishing the marrow and removing toxins from collaterals in the late stage, are applied at different stages to offer novel perspectives on TCM treatment for CSVD. [ABSTRACT FROM AUTHOR]

The low Earth orbit (LEO) satellite market is booming, and the expectations for an efficient regulatory system are rising. Governments seek to keep regulatory improvements at the same pace as innovations. However, their divergent priorities and interests result in different frameworks and relatively costly solutions. Moreover, LEO satellites are operated in space, where states' security interests exist. This clash of interests substantially influences the concepts of national security and competition. Consequently, a regulatory framework shifts from a simple licensing system to a gatekeeper to entail that just competition cannot drive the market without considering national security concerns. In this respect, entities and customers are exposed to various incentives and transaction costs, prompting them to alter their strategies and contractual arrangements. In some cases, these choices operate like barriers to entry which in turn might distort market competitiveness. This paper considers the regulatory frameworks in Australia, Bangladesh, Indonesia, Japan, and Vietnam to explore the shape of a robust regulatory framework. Given that the United States is a pioneer in the expanding notion of national security and the LEO satellite market, the Federal Communications Commission's recent changes are also examined. This paper employs transaction costs and rent-seeking approaches to identify root causes of possible anticompetitive behaviors and proposes viable solutions to advance a robust regulatory framework consistent with LEO satellite internet. [ABSTRACT FROM AUTHOR]

This paper offers an analysis of US strategy in the unfolding United States–China 'tech war' and its consequences. We argue that a tech war is now underway, and that Washington is the driving force behind it. Here, we focus on the most impactful policy so far: the placement of Huawei and over 150 of its affiliates on the sanctioned Entity List. As a result, a decoupling between high‐end US tech and Huawei Technologies is well underway, if not already complete. However, the consequences of the sanctions have not been what Washington intended or expected. The company appears to have maintained its position as one of the world's leading innovators in 5G technology and remains a leading supplier of 5G base stations. The United States risks undermining co‐operation with China in other critical policy areas because the tech war is viewed as aggressive in Beijing. It has also exposed the limits of US influence over allies and third countries, many of whom are opting for Huawei's cheaper 5G infrastructure. Nevertheless, the expansion of this approach by the Biden administration suggests that, in future, Washington may prioritise security interests over commercial ones as it seeks to preserve as much US primacy as possible. [ABSTRACT FROM AUTHOR]

The vast volumes of our consumer data that companies retain to target advertising, train artificial intelligence products, and predict our preferences can also help solve crimes and identify unknown perpetrators. Two powerful strategies for cracking cases involving unknown perpetrators, keyword warrants and geofence warrants, direct businesses to disclose devices that performed incriminating keyword searches or that were present during a crime. The new digital search strategies drawing on corporately held big data are sparking conflicts and confusion in the courts because a suspect is not named, spurring originalism-influenced analogies to 1700s-era general warrants. Evaluating digital searches through the lens of a time before electric power existed-much less electronic data-makes no sense but remains alluring because of Romantic Luddism, a tradition of anxiety over technological change and nostalgia for the past. Advancing beyond Romantic Luddism in Fourth Amendment interpretation, this Article offers a new analytical lens for big data search strategies that are evolving with technology. How crimes are perpetrated in the digital age has evolved. Our concept of the Fourth Amendment's requirements, including what constitutes probable cause and particularity in big data search warrants, must evolve as well. This Article frames the concepts of digital probable cause and collateral impact to address conflicts in the courts over big data searches using keyword and geofence warrants to identify unknown perpetrators. The Article draws on the analogy of John Doe DNA warrants to explain how advances in science and technology can give new grounds for probable cause and particularity when a perpetrator's identity is unknown. The Article also frames the concepts of collateral impact and collateral harm to evaluate overbreadth concerns and empathy disparities regarding the impact of searches on persons not involved with the crime. The Article's proposal enables controlled use Of big data search strategies such as geofence and keyword warrants while forestalling abuses, such as mass surveillance of political protesters or hunting for abortion seekers. [ABSTRACT FROM AUTHOR]

The persistence of intense conflicts over land belonging to indigenous communities is a pressing issue in South Africa. This would resonate even more with the lived experiences of mine communities that are often having to grapple with the collateral socio-economic hardships and impoverishment effects. Matters can get even worse when the State has weak legal and institutional frameworks to regulate the use and possession of such highly contested lands. This paper explores the principle of free, prior and informed consent (FPIC); its relevance and significance to South African extractive sector; its possible bottlenecks and implementation challenges; and suggestions for practical interventions and policy advances to facilitate its incorporation into law and policy. Displacement is the limited context within which this exploration is undertaken. The paper argues that the FPIC – as an envisaged future for the country's extractive policy – is more desirable than a mere duty to consult as currently framed in the empowering legislation namely, the Minerals and Petroleum Resources Act (MPRDA). [ABSTRACT FROM AUTHOR]

The article discusses a recent decision by the Düsseldorf Higher Regional Court in Germany regarding public procurement law and security interests in light of the Ukraine war. The court found that the security situation in Europe has changed due to Russia's attack on Ukraine, and this can be taken into account in procurement law decisions. The court's decision aligns with German Chancellor Scholz's concept of a "Zeitenwende," or historical turning point, in German defense policy. The article also provides details about the underlying procurement process and the court's reasoning for allowing exceptions to public procurement law in the case of military equipment. [Extracted from the article]

Introduction: Stroke interventions that increase collateral flow have the potential to salvage penumbral tissue and increase the number of patients eligible for reperfusion therapy. We compared the efficacy of two different collateral therapeutics during transient middle cerebral artery occlusion (tMCAO) in normotensive and hypertensive rats. Methods: The change in collateral and core perfusion was measured using dual laser Doppler in response to either a pressor agent (phenylephrine, 10mg/kg iv or vehicle) or a collateral vasodilator (TM5441, 5mg/kg iv or vehicle) given 30min into tMCAO in male Wistar and spontaneously hypertensive rats (SHRs). Results: Pressor therapy increased collateral flow in the Wistar rats but was ineffective in the SHRs. The increase in collateral flow in the Wistar rats was associated with impaired cerebral blood flow autoregulation (CBFAR) that was intact in the SHRs. TM5441 caused a decrease in collateral perfusion in the Wistar rats and a modest increase in the SHRs. The pressor therapy reduced early infarction in both groups but increased edema in the SHRs, whereas TM5441 did not have any beneficial effects in either group. Conclusions: Thus, the pressor therapy was superior to a collateral vasodilator in increasing collateral flow and improving outcomes in the Wistar rats, likely due to pial collaterals that were pressure passive; the lack of CBF response in the SHRs to pressor therapy was likely due to intact CBFAR that limited perfusion. While TM5441 modestly increased CBF in the SHRs but not in the Wistar rats, it did not have a beneficial effect on stroke outcomes. These results suggest that collateral therapies may need to be selected for certain comorbidities. [ABSTRACT FROM AUTHOR]

Banks guarantee international trade through letters of credit. This paper analyzes what happens to trade when the critical role of banks as trade guarantors is compromised. Using the case of the Greek capital controls in 2015, the events around which led to a massive loss of confidence in the domestic banking system, we show that firms whose operations were more dependent on domestic banks suffered a steep decline in imports and, subsequently, exports. This operated through letters of credit, which during the capital controls period had to be backed by firms' own cash collateral rather than the bank guarantee. As a result, cash-poor firms imported relatively less. Public intervention to guarantee transactions is shown to help mitigate some of the decline in imports. [ABSTRACT FROM AUTHOR]

The prejudice claimed in the cases of direct (formal) expropriation, as well as in de facto (indirect) expropriation is circumscribed to tort civil liability, under the conditions of Article 1357 of the Civil Code, which is why full reparation of the prejudice is required. The overwhelming majority of the expropriation decisions that cause litigations in court, in terms of compensations, are issued under the rule of the Law No 255/2010, so that the granting of compensations as a result of the operation of the direct expropriation is analyzed based on Chapter V of the same normative act. Through this study it is emphasized that only in the case of direct expropriation, which has among the effects also a collateral expropriation, de facto, the interested party has the right to compensations based on the special law, in order to fully repair the prejudice caused by the direct expropriation, as Article 26 of the Law No 33/1994 allows, being necessary to include in the notion of damage the de facto expropriation as well. [ABSTRACT FROM AUTHOR]

The purpose of this article is to analyse Shari’ah compliance in the execution of collateral in Islamic banking financing in Indonesia. The execution of collateral in Indonesia is based on the Mortgage Rights Law, (UUHT - reflecting the abbreviation of its title in the Indonesian language) provisions for land and the Fiduciary Guarantee Law for movable objects. However, the analysis conducted in this article indicates that the execution of collateral based on these laws does not embody the Islamic law principles of ridhaiyyah (willingness) and ta’awun (mutual help). The execution activities involve elements of riba (usuary), maisir (betting or gambling), gharar (risk or deception), haram (prohibited), and zalim (injustice). To align the practice of collateral execution with Islamic law, the principles of transparency, justice, and tawazun (balance) must be incorporated into the law dealing with the execution of collateral in Indonesia. [ABSTRACT FROM AUTHOR]

Background: Impaired collateral formation is a major factor contributing to poor prognosis in type 2 diabetes mellitus (T2DM) patients with atherosclerotic cardiovascular disease. However, the current pharmacological treatments for improving collateral formation remain unsatisfactory. The induction of endothelial autophagy and the elimination of reactive oxygen species (ROS) represent potential therapeutic targets for enhancing endothelial angiogenesis and facilitating collateral formation. This study investigates the potential of molybdenum disulfide nanodots (MoS2 NDs) for enhancing collateral formation and improving prognosis. Results: Our study shows that MoS2 NDs significantly enhance collateral formation in ischemic tissues of diabetic mice, improving effective blood resupply. Additionally, MoS2 NDs boost the proliferation, migration, and tube formation of endothelial cells under high glucose/hypoxia conditions in vitro. Mechanistically, the beneficial effects of MoS2 NDs on collateral formation not only depend on their known scavenging properties of ROS (H2O2, •O2-, and •OH) but also primarily involve a molecular pathway, cAMP/PKA-NR4A2, which promotes autophagy and contributes to mitigating damage in diabetic endothelial cells. Conclusions: Overall, this study investigated the specific mechanism by which MoS2 NDs mediated autophagy activation and highlighted the synergy between autophagy activation and antioxidation, thus suggesting that an economic and biocompatible nano-agent with dual therapeutic functions is highly preferable for promoting collateral formation in a diabetic context, thus, highlighting their therapeutic potential. [ABSTRACT FROM AUTHOR]

Scholars contend that embedding human rights conditionality in trade agreements can improve human rights. We argue that human rights interests may collide with trade, investment, and security interests. We examine these claims in the context of the African Growth and Opportunity Act (AGOA), a unilateral trade preference program with robust human rights conditions, created in 2000 by the United States for up to 49 potentially eligible sub-Saharan Africa (SSA) states. US decisions to terminate AGOA beneficiary status are determined strongly by US trade, investment, and security interests. The country's human rights record, including state-sponsored killings and other violations of physical integrity rights, has a less consistent and weaker effect. [ABSTRACT FROM AUTHOR]

Due to a dearth of data, nineteenth century lending to sovereign borrowers was a blind date. We argue this is the reason for collateral pledges found in contemporary lending covenants, which enabled not execution, but the production of reliable fiscal data. Lawyers injected collateral clauses in sovereign debt covenants to permit credible disclosure of hard-to-access tax data. The study foregrounds the importance of big law firms as financial intermediaries and information producers. It also contributes a new view on the role played by contracts in sovereign debt. "No [underwriting] firm can take precautions against the repudiation of a [sovereign] hypothecation." —Thomas Baring, 1865 [ABSTRACT FROM AUTHOR]

Authoritarian, revisionist, and revanchist powers are exerting pressure on the liberal international order and challenging the United States' vital security interests across theaters. The United States will increasingly need to simultaneously tackle challenges in two critical theaters while also addressing global threats. To do so effectively, it will need to lean in and actively capitalize on its chief geostrategic advantage over its competitors and adversaries – its global network of alliances and strategic partnerships. However, alliance management faces both traditional and emerging challenges. These range from ensuring effective burden sharing, to providing alliance assurance and balancing interests and values along with allies' contributions across theaters and domains. In addition, because the United States is operating in a world where all instruments of power, military and non-military, are increasingly utilized in an interconnected way, it will also need to look at defense and security alliance management through the lens of issues ranging from industrial policy to economic security. This essay sheds light on these "old" and "new" challenges, providing insights into critical issues of alliance management that the United States will face in the emerging security environment. [ABSTRACT FROM AUTHOR]

Background: A major driver of individual variation in long-term outcomes following a large vessel occlusion (LVO) stroke is the degree of collateral arterial circulation. We aimed to develop and evaluate machine-learning models that quantify LVO collateral status using admission computed tomography angiography (CTA) radiomics. Methods: We extracted 1116 radiomic features from the anterior circulation territories from admission CTAs of 600 patients experiencing an acute LVO stroke. We trained and validated multiple machine-learning models for the prediction of collateral status based on consensus from two neuroradiologists as ground truth. Models were first trained to predict (1) good vs. intermediate or poor, or (2) good vs. intermediate or poor collateral status. Then, model predictions were combined to determine a three-tier collateral score (good, intermediate, or poor). We used the receiver operating characteristics area under the curve (AUC) to evaluate prediction accuracy. Results: We included 499 patients in training and 101 in an independent test cohort. The best-performing models achieved an averaged cross-validation AUC of 0.80 ± 0.05 for poor vs. intermediate/good collateral and 0.69 ± 0.05 for good vs. intermediate/poor, and AUC = 0.77 (0.67–0.87) and AUC = 0.78 (0.70–0.90) in the independent test cohort, respectively. The collateral scores predicted by the radiomics model were correlated with (rho = 0.45, p = 0.002) and were independent predictors of 3-month clinical outcome (p = 0.018) in the independent test cohort. Conclusions: Automated tools for the assessment of collateral status from admission CTA—such as the radiomics models described here—can generate clinically relevant and reproducible collateral scores to facilitate a timely treatment triage in patients experiencing an acute LVO stroke. [ABSTRACT FROM AUTHOR]

When the debtor defaults on the agreed debt agreement, then legally the creditor has the right to the debt collateral object for payment of achievements that should be carried out by the debtor by executing it, but the implementation must of course be by applicable legal provisions. Execution of the debt guarantee object can be carried out by parate executie, by way of title executorial, or by way of a private sale. As for Parate Executie or direct execution on one's power, it is a practice of simplifying executions without having to involve the judiciary, which is quite simple, low cost, and relatively fast in time. Unfortunately, parate executives in Indonesia often cause problems in their applications. including because of its existence which currently exists or does not exist and is even considered the same as the concept of the executorial title, so its application becomes inconsistent. The existing problems cause the author to intend to conduct research that aims to find out what exactly is the cause of problems occurring in the implementation of parate executie and what are the solutions to overcome these problems. This research uses normative legal research methods using a statutory approach (statute approach) and a case approach (case approach) that are relevant to the object of the problem in this research. The results of the research from the author's research to find out what are the real problems in implementing parate executie in Indonesia are that there are inconsistent arrangements and implementation and there is confusion in the arrangement which originally regulated 3 (three) types of execution that can be taken by creditors against collateral objects of mortgage rights Also included here is the object of fiduciary guarantees if the debtor defaults (default), namely the exercise of executorial title, parate executie on his own power and underhanded execution, but in the end, it is no longer different and all must get fiat from the Chair of the District Court. [ABSTRACT FROM AUTHOR]

Objectives: This study evaluated the collateral map's ability to predict lesion growth and penumbra after acute anterior circulation ischemic strokes. Methods: This was a retrospective analysis of selected data from a prospectively collected database. The lesion growth ratio was the ratio of the follow-up lesion volume to the baseline lesion volume on diffusion-weighted imaging (DWI). The time-to-maximum (Tmax)/DWI ratio was the ratio of the baseline Tmax > 6 s volume to the baseline lesion volume. The collateral ratio was the ratio of the hypoperfused lesion volume of the phase_FU (phase with the hypoperfused lesions most approximate to the follow-up DWI lesion) to the hypoperfused lesion volume of the phase_baseline of the collateral map. Multiple logistic regression analyses were conducted to identify independent predictors of lesion growth. The concordance correlation coefficients of Tmax/DWI ratio and collateral ratio for lesion growth ratio were analyzed. Results: Fifty-two patients, including twenty-six males (mean age, 74 years), were included. Intermediate (OR, 1234.5; p < 0.001) and poor collateral perfusion grades (OR, 664.7; p = 0.006) were independently associated with lesion growth. Phase_FUs were immediately preceded phases of the phase_baselines in intermediate or poor collateral perfusion grades. The concordance correlation coefficients of the Tmax/DWI ratio and collateral ratio for the lesion growth ratio were 0.28 (95% CI, 0.17–0.38) and 0.88 (95% CI, 0.82–0.92), respectively. Conclusion: Precise prediction of lesion growth and penumbra can be possible using collateral maps, allowing for personalized application of recanalization treatments. Further studies are needed to generalize the findings of this study. Clinical relevance statement: Precise prediction of lesion growth and penumbra can be possible using collateral maps, allowing for personalized application of recanalization treatments. Key Points: • Cell viability in cerebral ischemia due to proximal arterial steno-occlusion mainly depends on the collateral circulation. • The collateral map shows salvageable brain extent, which can survive by recanalization treatments after acute anterior circulation ischemic stroke. • Precise estimation of salvageable brain makes it possible to make patient-specific treatment decision. [ABSTRACT FROM AUTHOR]

This study aims to find out about the influence of the type of liquid collateral on the customer's decision to take Cash Collateral Credit and; The influence of the credit process through digital marketing on the customer's decision to take Cash Collateral Credit at Bank ABC. As mentioned earlier, this research is a qualitative research framed using the CIT (Critical Incident Technique) method. It was found that CCC's outstanding did not grow significantly and was still far below 1% (one prosen) both in terms of total outstanding KYD (Credit Granted) and from total outstanding deposits. The fact that CCC's NoA did not grow significantly and is still further below 1% (one prosen) is both reviewed from the total NoA of KYD given and of the total NoA of deposits. Moreover, from Table 1.2, it can be seen that liquid-type collateral such as CCC at Bank ABC seems less interested when compared to loans with non-liquid collateral. [ABSTRACT FROM AUTHOR]

The Horn of Africa region gained particular importance for the Gulf states after the Arab Spring, and especially after the outbreak of the civil war in Yemen. While the Gulf states mainly sought to use their financial resources to pursue security interests and strengthen their position in the international arena, the governments of the Horn of Africa countries cooperated primarily for the benefit of domestic policy. Building on the theory of regional security complexes, the article attempts to answer the question of how the rivalry between the Gulf states influenced their policies towards the countries of the Horn of Africa and what effects it had on the stability and security in this region. [ABSTRACT FROM AUTHOR]

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting exception in this respect. It relies on external assessments of the creditworthiness of its member states, such as credit ratings, to determine eligibility and the haircut it imposes on such debt. We show how such features in a central bank's collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the vulnerability of governments to external shocks. This policy can potentially induce sovereign debt crises and defaults that would not otherwise occur. The success of the ECB's temporary suspension of these features of its collateral framework during the pandemic illustrates the practical relevance of this mechanism. [ABSTRACT FROM AUTHOR]

We study the implication of secured credit with a default option for monetary equilibrium. The intermediary structure has the feature of costly state verification, with the monitoring cost interpreted as the cost of foreclosing assets once a default occurs. Without monitoring costs, uncertainty in asset payoffs does not matter for allocation. The asset price can exhibit a liquidity premium because more assets as collateral raises the borrower's credit limit. When there are monitoring costs, the asset's liquidity premium is strictly positive because pledging more assets reduces the default probability and thus the chance to incur monitoring costs. Under some circumstances, increased risk to dividends of the pledged asset may decrease the marginal borrowing cost to such an extent that bank lending rises, and higher default rates are accompanied by larger aggregate liquidity. [ABSTRACT FROM AUTHOR]

The collateral channel literature predicts that soaring real estate prices increase the debt capacity of firms with more real estate asset holdings. This paper discusses the different relationships between collateral and investment. We find that firms with strong corporate governance were more likely to increase debt capacity via the collateral channel during the real estate boom from 1993 to 2006. Entrenched managers used less debt to finance their investments when their real estate collateral values increased. Our results hold even after controlling for noncollateralized debts and credit rating of the sample firms. [ABSTRACT FROM AUTHOR]

There is a growing trend of nation states invoking national security and emergency declarations to build state‐sponsored infrastructure projects for border defense, energy production, and transportation. Established laws, regulations, and agreements for the protection of nature and cultural heritage within and between countries are becoming secondary to national security, compromising the function of protected areas, such as national parks, wilderness areas, and biosphere reserves that safeguard biodiversity, climate, and human health. We considered cases where decades‐long multinational cross‐border endangered species recovery programs have been jeopardized by waivers of environmental protection laws to facilitate rapid construction of border barriers that impede the movement and migration of animals, such as at the US–Mexico and Poland–Belarus borders. Renewable energy megaprojects, such as the Pinacate solar plant in Mexico, coupled with power transmission lines and road networks likewise cast a large footprint on the land and are being carried out with minimal to no environmental compliance under the guise of national security. National sovereignty likewise has been used as justification for bypassing laws to proceed with similar projects, such as Mexico's Dos Bocas refinery and Poland's Vistula Spit canal. Emphasis on security is also apparent in increasing military expenditure by the world's largest economies, which has created a mismatch with improvement in environmental policy stringency. Decisions to prioritize security can undermine democratic principles and environmental review protocols, trivialize humanity's dependence on functioning ecosystems, and contradict the United Nation's resolution on the human right to a healthy environment. Framing infrastructure projects as matters of national security also foments civil and political unrest by the labeling and casting of dissenters, including conservation scientists and environmental defenders, as antinational. World leaders must refrain from misusing extraordinary powers, adhere to laws and international agreements, and consult experts and local people before taking unilateral action on projects that affect ecological and human communities. [ABSTRACT FROM AUTHOR]

We argue that the fundamental assertion underlying Mach's critique of Newton's first law is that inertial motion is not motion in the absence of causes; rather, it is motion whose cause lies in some homogeneous aspect of the environment. We distinguish this formal requirement (Mach's principle) from two hypotheses which Mach considers concerning the origin of inertia: that the distant stars play (1) a merely "collateral" or (2) a "fundamental" role in the causal determination of inertial motion. In his later writings, Mach deliberately avoids referring to the concept of causation, and indeed, this has made the interpretation of Mach's principle a subject of widespread controversy. However, in his earlier writings, the substance of Mach's critique is less ambiguously expressed. Therefore, close attention is given to Mach's early writings and the evolution of his thought. Various accounts in the secondary literature on Mach's principle, in particular those of Norton and DiSalle, are assessed on this basis. We end with a defence of the Machian status and legitimacy of the early Einstein's research program. [ABSTRACT FROM AUTHOR]

The share of secured debt issued (as a fraction of total corporate debt) declined steadily in the United States over the twentieth century. This stems partly from financial development giving creditors greater confidence that high‐quality borrowers will respect their claims even if creditors do not obtain security upfront. Consequently, such borrowers prefer retaining financial flexibility by not giving security up front. Instead, security is given contingently—when a firm approaches distress. This also explains why, superimposed on the secular decline, the share of secured debt issued is countercyclical. [ABSTRACT FROM AUTHOR]

This paper shows that the liquidation value of collateral depends on the interdependency between borrower and collateral risk. Using transaction‐level data on short‐term repurchase agreements (repo), we show that borrowers pay a premium of 1.1 to 2.6 basis points when their default risk is positively correlated with the risk of the collateral that they pledge. Moreover, we show that borrowers internalize this premium when making their collateral choices. Loan‐level credit registry data suggest that the results extend to the corporate loan market as well. [ABSTRACT FROM AUTHOR]

The law of not registering fiduciary creditors has significant consequences for the enforceability and validity of fiduciary guarantees. Based on Law Number 42 of 1999 concerning Fiduciary Guarantees, creditors receiving fiduciaries must be registered as members of the Fiduciary Guarantee Council. Failure to register a fiduciary creditor can give rise to legal problems in terms of executing fiduciary guarantees, because the guarantee cannot be used as evidence or a legal resource. Therefore, efforts need to be made to prevent this from happening and ensure that creditors who receive fiduciaries meet the requirements to be registered as members of the Fiduciary Guarantee Council. This research uses a qualitative data analysis approach to conduct normative legal studies. The main legal sources in this research are primary legal sources. The conclusion of this research is that an unregistered fiduciary agreement has legal consequences, where the creditor does not have a preferred position in the event of bankruptcy and only acts as a concurrent creditor. And if the debtor defaults, the creditor does not have direct executorial rights over the fiduciary collateral, if the debtor is unable to pay off the entire debt at the agreed time. [ABSTRACT FROM AUTHOR]

The article delves into the intricate legal complexities surrounding the perfection of security interests in digital assets, with a particular emphasis on cryptocurrency, amidst the rapid advancement of emerging technologies. It explores the challenges faced by lenders in perfecting security interests against intangible digital assets like cryptocurrency, which lack physical presence and are governed by decentralized systems.

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This research aims to determine the resistance to cancellation of auction for the collateral object of the mortgage right and the creditor’s responsibility toward the auction winner, when, the object of the mortgage right has a lawsuit against the creditor from another party. The research method used in this research is a normative juridical research method. The research results show that the auction cannot be canceled if it complies with existing regulations and procedures as regulated in PMK.No.213/PMK.06/2020 concerning instructions for carrying out auctions. Creditors can be held responsible if an auction is canceled after the auction has been executed as regulated in Minister of Finance Regulation, PMK No. 213/PMK.06/2020 concerning instructions for implementing auctions. Creditors must ensure the validity of the mortgage object being auctioned. So, if the creditor is negligent in this matter, it is the responsibility of the creditor (auction seller) to provide compensation for third-party losses. [ABSTRACT FROM AUTHOR]

Mortgage is one of the collateral institutions used as collateral for immovable objects, such as land or buildings. Collateral for mortgage rights is a requirement if a debtor wants to get a loan from a bank. The mortgage right will be executed by the creditor if the debtor cannot repay the loan. However, creditors can also be sued for committing unlawful acts in executing mortgage guarantees. In this case, it will be examined whether the creditor in Decision Number 95/Pdt.G/2021/PN SBY committed an unlawful act in executing the mortgage right. This research is normative legal research carried out descriptively analytically and using a statutory approach. From the results of this research, it can be seen that creditors cannot be said to have taken legal action because all the arguments for the debtor's lawsuit cannot be proven, starting from providing credit restructuring, violating standard clauses, and irregularities by creditors in granting credit. Apart from that, the lawsuit filed by the creditor does not meet the formal requirements. [ABSTRACT FROM AUTHOR]