Showing papers on "Collateral published in 2022"

High-fidelity Cas13 variants for targeted RNA degradation with minimal collateral effects

Abstract: CRISPR-Cas13 systems have recently been used for targeted RNA degradation in various organisms. However, collateral degradation of bystander RNAs has limited their in vivo applications. Here, we design a dual-fluorescence reporter system for detecting collateral effects and screening Cas13 variants in mammalian cells. Among over 200 engineered variants, several Cas13 variants including Cas13d and Cas13X exhibit efficient on-target activity but markedly reduced collateral activity. Furthermore, transcriptome-wide off-targets and cell growth arrest induced by Cas13 are absent for these variants. High-fidelity Cas13 variants show similar RNA knockdown activity to wild-type Cas13 but no detectable collateral damage in transgenic mice or adeno-associated-virus-mediated somatic cell targeting. Thus, high-fidelity Cas13 variants with minimal collateral effects are now available for targeted degradation of RNAs in basic research and therapeutic applications.

Stablecoins: Growth Potential and Impact on Banking

Abstract: Stablecoins have experienced tremendous growth in the past year, serving as a possible breakthrough innovation in the future of payments. In this paper, we discuss the current use cases and growth opportunities of stablecoins, and we analyze the potential for stablecoins to broadly impact the banking system. The impact of stablecoin adoption on traditional banking and credit provision can vary depending on the sources of inflow and the composition of stablecoin reserves. Among the various scenarios, a two-tiered banking system can both support stablecoin issuance and maintain traditional forms of credit creation. In contrast, a narrow bank approach for digital currencies can lead to disintermediation of traditional banking, but may provide the most stable peg to fiat currencies. Additionally, dollar-pegged stablecoins backed by adequately safe and liquid collateral can potentially serve as a digital safe haven currency during periods of crypto market distress.

Mutational background influences P. aeruginosa ciprofloxacin resistance evolution but preserves collateral sensitivity robustness

Abstract: Significance Bacterial adaptation to the presence of an antibiotic often involves evolutionary trade-offs, such as increased susceptibility to other drugs (collateral sensitivity). Its exploitation to design improved therapeutic strategies is only feasible if collateral sensitivity is robust, reproducible, and emerges in resistant mutants; these issues are rarely addressed in available publications. We describe a robust collateral sensitivity phenotype that emerges in different antibiotic-resistance mutational backgrounds, due to different genetic events, and propose therapeutic strategies effective for treating infections caused by Pseudomonas aeruginosa antibiotic-resistant mutants. Since conserved collateral sensitivity phenotypes do not confer adaptation to the presence of antibiotics, our results are also relevant for understanding convergent evolution processes in which the force selecting the emerging phenotype remains unclear.

Agricultural credit constraints in a smallholder farming in developing countries: Evidence from Nigeria

Abstract: The agricultural sector in developing countries like Nigeria is characterized by low productivity, driven partly by low use of modern agricultural technologies. Poor access to credit is seen as a key barrier to adoption of these technologies. Policy discourses and literature often associate credit constraints by smallholders with supply-side factors such as inadequate access to sources of rural finance or high costs of borrowing. However, demand-side factors, such as smallholders’ risk-averse behavior, high transaction costs and information asymmetry predominate in rural areas of developing countries equally play important roles in the functioning of rural credit market. Using a nationally representative LSMS-ISA data from 5000 smallholders in Nigeria and seemingly unrelated econometric models, we examine the nature of rural credit, the factors affecting rural credit, and the effects of credit constraints on adoption of four agricultural technologies – inorganic fertilizer, improved seed, agrochemicals, and mechanization. Contrary to policy discourses focusing on supply-side factors of rural credit, we found that demand-side factors are equally important for improving access and utilization of rural credit. On the supply side, inadequate collateral is the key constraint; hence supply-side policies should focus on enhancing smallholders’ capacity to possess bankable collateral, such as land title or assets. On the demand-side, interventions such as crop insurance, information access and extension services are needed to increase credit access, technology adoption, and smallholder's agricultural productivity.

Engineered LwaCas13a with enhanced collateral activity for nucleic acid detection

Abstract: Clustered regularly interspaced short palindromic repeats (CRISPR)-CRISPR-associated protein 13 (Cas13) has been rapidly developed for nucleic-acid-based diagnostics by using its characteristic collateral activity. Despite the recent progress in optimizing the Cas13 system for the detection of nucleic acids, engineering Cas13 protein with enhanced collateral activity has been challenging, mostly because of its complex structural dynamics. Here we successfully employed a novel strategy to engineer the Leptotrichia wadei (Lwa)Cas13a by inserting different RNA-binding domains into a unique active-site-proximal loop within its higher eukaryotes and prokaryotes nucleotide-binding domain. Two LwaCas13a variants showed enhanced collateral activity and improved sensitivity over the wild type in various buffer conditions. By combining with an electrochemical method, our variants detected the SARS-CoV-2 genome at attomolar concentrations from both inactive viral and unextracted clinical samples, without target preamplification. Our engineered LwaCas13a enzymes with enhanced collateral activity are ready to be integrated into other Cas13a-based platforms for ultrasensitive detection of nucleic acids.

Cerebral Collateral Circulation in the Era of Reperfusion Therapies for Acute Ischemic Stroke

Abstract: Clinical outcomes of patients with acute ischemic stroke depend in part on the extent of their collateral circulation. A good collateral circulation has also been associated with greater benefit of intravenous thrombolysis and endovascular treatment. Treatment decisions for these reperfusion therapies are increasingly guided by a combination of clinical and imaging parameters, particularly in later time windows. Computed tomography and magnetic resonance imaging enable a rapid assessment of both the collateral extent and cerebral perfusion. Yet, the role of the collateral circulation in clinical decision-making is currently limited and may be underappreciated due to the use of rather coarse and rater-dependent grading methods. In this review, we discuss determinants of the collateral circulation in patients with acute ischemic stroke, report on commonly used and emerging neuroimaging techniques for assessing the collateral circulation, and discuss the therapeutic and prognostic implications of the collateral circulation in relation to reperfusion therapies for acute ischemic stroke.

Collateral cleavage of 28s rRNA by RfxCas13d causes death of mice

Abstract: The CRISPR-Cas13 system is an RNA-guided RNA-targeting system, and has been widely used in transcriptome engineering with potentially important clinical applications. However, it is still controversial whether Cas13 exhibits collateral activity in mammalian cells. Here, we found that knocking down gene expression using RfxCas13d in the adult brain neurons caused death of mice, which was not resulted from the loss of target gene function or off-target effects. Mechanistically, we showed that RfxCas13d exhibited collateral activity in mammalian cells, which is positively correlated with the abundance of target RNA. The collateral activity of RfxCas13d could cleave 28s rRNA into two fragments, leading to translation attenuation and activation of the ZAKα-JNK/p38-immediate early gene (IEG) pathway. These results provide new mechanistic insights into the collateral activity of RfxCas13d and warn that the biosafety of CRISPR-Cas13 system needs further evaluation before applying it to clinical treatments.

Missed Training, Collateral Damage from COVID 19?

Abstract: Background: During the COVID-19 pandemic, a total lockdown was enforced all over Italy starting on March 9, 2020. This resulted in the shrinking of economic activities. In addition, all formal occupational security-training courses were halted, among them the 81/08 law lectures and Basic Life Support-Defibrillation (BLS-D) laypersons training courses. The aim of this study was to evaluate the impact of the pandemic on BLS-D laypersons training courses in the Lombardy region. Methods: BLS-D training courses records for the Lombardy region were analyzed. The analysis was conducted from 2016 to 2020 as part of the Hippo project. Results: In the period between 2017 and 2019, BLS-D trained laypersons kept increasing, moving from 53500 trained individuals up to 74700. In 2020, a stark reduction was observed with only 22160 individuals trained. Formal courses were not halted completely during 2020. Still, in the months available for training, the number of individuals enrolled showed a sharp 50% reduction. Conclusions: Laypersons training courses for emergency management are a fundamental component of primary prevention practice. The 81/08 and 158/12 Italian laws have decreed this practice mandatory in the workplace. Following the enforcement of the lockdown and the subsequent interruption of emergency management courses, efforts will be necessary to re-establish and guarantee the high quality training of the pre-pandemic period.

Data versus Collateral

Abstract: Abstract Using a unique dataset of more than 2 million Chinese firms that received credit from both an important big tech firm (Ant Group) and traditional commercial banks, this paper investigates how different forms of credit correlate with local economic activity, house prices, and firm characteristics. We find that big tech credit does not correlate with local business conditions and house prices when controlling for demand factors, but reacts strongly to changes in firm characteristics, such as transaction volumes and network scores used to calculate firm credit ratings. By contrast, both secured and unsecured bank credit react significantly to local house prices, which incorporate useful information on the environment in which clients operate and on their creditworthiness. This evidence implies that the wider use of big tech credit could reduce the importance of the collateral channel but, at the same time, make lending more reactive to changes in firms’ business activity.

Female entrepreneurship, employability and empowerment: impact of the mudra loan scheme

Abstract: Improved access to credit influences socio-economic growth. Accordingly, financial support schemes have been used widely as a development tool to help underserved individuals grow and elevate themselves out of poverty. Uplifting women, who are subject to unfair treatment because of gender biases, have been a major target of these programs. Therefore, the present study examines one such government microcredit scheme, the Mudra Yojana, which supports individuals financially to start an enterprise or expand the existing one by providing collateral-free loans. Further, it encourages female participants by charging lower interest rates. The present study, based on 417 female beneficiaries from the tribal districts of West Bengal, India, investigates how financial support has benefitted women in their socio-economic growth. It evaluates the scheme’s effect based on women’s employability and empowerment level. To analyze the data, the study employs ordered logistic regression, Wilcoxon Sign test, effect size, etc. The results suggest micro-credit through Mudra Yojana encourages female entrepreneurship, raises earnings and employability, and thereby empowers them financially, socially, psychologically and in the political arena. The findings of these studies reinforce the fact women could be “active agents of change” and play an important role in both the family and society.

Smart Agricultural Futures Market: Blockchain Technology as a Trust Enabler between Smallholder Farmers and Buyers

Abstract: Smallholder farmers produce over 70% of the world’s food needs. Yet, the socioeconomic conditions of the smallholder farmers are substandard. One of the primary reasons for this unpropitious situation is that they generate modest income by selling their harvest due to the lack of trusted buyers and organized markets. This research explores how technology can enable the trust to reduce transaction-related risks, empowering unknown parties to transact. Blockchain technology has the potential of mitigating transaction-related risks and promoting trust with a tamper-proof history of transactions and automatic execution of smart contracts. Based on blockchain technology to promote trust, this research has discovered a novel approach for smallholder farmers to conduct exchanges by generating social capital as an individual and using that social capital as collateral for financial exchanges when establishing contracts. This approach empowers farmers to trade smart futures contracts on behalf of the expected harvest at a better rate to receive some cash in advance to be used in the cultivation process to produce a high-quality harvest that attracts better rates. It also enables them to perform aggregated marketing with enhanced market linkages that, in turn, assist in increasing margins made by the farmer.

Quantifying Reduced‐Form Evidence on Collateral Constraints

Abstract: This paper quantifies the aggregate effects of financing constraints. We start from a standard dynamic investment model with collateral constraints. In contrast to the existing quantitative literature, our estimation does not target the mean leverage ratio to identify the scope of financing frictions. Instead, we use a reduced-form coefficient from the recent corporate finance literature that connects exogenous debt capacity shocks to corporate investment. Relative to a frictionless benchmark, collateral constraints induce losses of 7.1% for output and 1.4% for total factor productivity (TFP) (misallocation). We show these estimated losses tend to be more robust to misspecification than estimates obtained by targeting leverage.

Informal Finance: A Boon or Bane for African SMEs?

Abstract: The aim of this study was to ascertain what can be done by the informal finance sector to close the credit gap in order to improve access to finance by SMEs. SMEs are the backbone of many economies as a result of generating employment and improving GDP. Despite playing such a major role in African economies, SMEs have been excluded from the financial systems. The informal finance sector plays a vital role by providing finance to small businesses. The study employed a literature survey with a primary focus on empirical studies that have been conducted in the African context. The study found that, generally, there are two circumstances under which most small businesses depend on informal finance. Firstly, informal finance is used as a last resort by SMEs that fail to access credit from the formal finance sector, owing to, among other issues, information asymmetry, lack of collateral security and perceived high default rates. Further, low financial literacy and the absence of credit bureaus in developing countries also contribute to the failure to access finance from formal institutions. Secondly, some entrepreneurs opt for informal finance even if they are eligible for formal finance as a result of its flexibility, convenience and simple administrative procedures. Notwithstanding the above benefits of informal finance, informal lenders are regarded as exploiting the clients by charging high interest rates. In addition, this sector suffers from limited resources; hence, it fails to fully service SMEs that require larger funding and are not eligible for formal finance. Invariably, all the studies that have been carried out confirm that access to finance is a major obstacle to the growth and development of SMEs. The development and empowerment of SMEs cannot be ignored as an important driver of the developmental agenda of most economies globally. The main policy recommendations that flow from this study, based on the policy syndrome of improving access to finance (financial inclusion) by the SME sector, include (1) the establishment of a suitable regulatory framework which will nurture the informal finance sector while promoting consumer protection, and (2) linking the formal and informal sector. On the other hand, SMEs should improve their risk management practices and also embrace FinTech platforms in order to access credit.

“Desperate Times Call for Desperate Measures”: User Concerns with Mobile Loan Apps in Kenya

Abstract: The usage of mobile loan applications has proliferated in developing countries. This is due to the ease and speed in which they disburse small loans to users, compared to traditional financial institutions, such as banks, that only offer similar loans based on existing customer relationship or collateral. As mobile loan apps are a relatively new industry, these apps are mostly unregulated and therefore tend to charge extremely high interest rates. Further, they collect and sometimes misuse sensitive user data through the course of verifying customers and ensuring loan repayment, such as users’ contacts and SMS communications through the mobile device permission system. Yet, the reasons for usage as well as privacy concerns with these mobile loan apps in the developing world, and specifically in Kenya, remain largely unexplored. To investigate mobile loan apps, we conducted semi-structured interviews (n = 20) with loan app users in Kenya, and we find that most users generally have privacy concerns, particularly regarding access to their phones’ contacts. However, they often overlook these concerns as this outweighs their need to procure loans. At the same time, we find that users struggle to understand the use of permissions by these mobile loan apps (and mobile apps generally), confirming prior research on comprehension of Android permissions. Our results highlight privacy risks, concerns and behavior with the emerging mobile loan app marketplace in the developing world, and we offer recommendations that can help protect their users’ security and privacy, including the need for transparent communication by these apps on how they collect, use and secure their users’ data.

BFS: A blockchain-based financing scheme for logistics company in supply chain finance

Abstract: Against the backdrop of the booming supply chain finance and logistics industry, Logistics 4.0 has emerged. However, the financing capacity of today's logistics companies is still unable to respond to the needs of the rapid development of the supply chain. On the one hand, the problem of logistics companies’ lack of existing high-value collateral in supply chain finance has led to a clutter of their credit data and difficulty in verifying their creditworthiness. On the other hand, the massive access to logistics companies’ business information can also lead to privacy leaks. At the same time, the transparency feature of blockchain is used to solve the financing dilemma of many industries in supply chain finance. On this basis, we propose a blockchain-based financing scheme (BFS) for logistics company. BFS utilises more efficient and interpretative smart contract technology, as well as improved privacy information query and invocation algorithms, to realise automatic control of entity node privacy information flow and significantly simplifying the steps and lowering the thresholds to financing for logistics companies, while protecting the privacy of their data. After extensive simulation testing, BFS can run supply chain blocks at a stable transaction throughput of around 280 RPS, with data transfers that meet the financing needs of logistics companies, providing a higher and more stable performance than the native Hyperledger Fabric.

Collateral Shocks

Abstract: We estimate a macroeconomic model on US data where banks lend to households and businesses and simultaneously adjust lending requirements on the two types of loans. We find that the collateral shock, a change in the ability of the financial sector to redeploy collateral, is the most important force driving the business cycle. Hit by this unique disturbance, our model quantitatively replicates the joint dynamics of output, consumption, investment, employment, and both household and business credit quantities and spreads. The estimated collateral shock generates accurate movements in lending standards and tracks measures of market sentiment. (JEL E21, E23, E24, E32, E44, G21)

Collateralized Networks

Abstract: This paper studies the spread of losses and defaults in financial networks with two interrelated features: collateral requirements and alternative contract termination rules. When collateral is committed to a firm’s counterparties, a solvent firm may default if it lacks sufficient liquid assets to meet its payment obligations. Collateral requirements can, thus, increase defaults and payment shortfalls. Moreover, one firm may benefit from the failure of another if the failure frees collateral committed by the surviving firm, giving it additional resources to make other payments. Contract termination at default may also improve the ability of other firms to meet their obligations through access to collateral. As a consequence of these features, the timing of payments and collateral liquidation must be carefully specified to establish the existence of payments that clear the network. Using this framework, we show that dedicated collateral may lead to more defaults than pooled collateral, we study the consequences of illiquid collateral for the spread of losses through fire sales, we compare networks with and without selective contract termination, and we analyze the impact of alternative resolution and bankruptcy stay rules that limit the seizure of collateral at default. Under an upper bound on derivatives leverage, full termination reduces payment shortfalls compared with selective termination. This paper was accepted by Kay Giesecke, finance.

Stable gastric pentadecapeptide BPC 157: prompt particular activation of the collateral pathways.

Abstract:

The maturity‐lengthening role of national development banks

Abstract: We analyze why national development banks (NDBs) may provide longer-term loans to firms than private commercial banks (PCBs). If NDB bonds have higher collateral value than PCB bonds, then NDBs may lend longer-term than PCBs. NDBs may enjoy higher recapitalization willingness and capacity by the state and hence greater collateral value than PCBs. Moreover, NDBs may have advantages over state-owned commercial banks if NDB bonds enjoy higher market liquidity. However, NDBs may suffer from poor monitoring quality owing to undue political intervention, thus undermining collateral value. Our study implies that NDBs are not substitutes for but complements to PCBs.