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The 2007-2008 crisis highlighted
liquidity management troubles. We witness a real estate asset price boom during
the pre-crisis period and a difficulty for banks to raise funding afterwards. Consequently,
bank choices in response to the conduct of the monetary policy along the cycle can
be studied. Despite usual financial accelerator, the excessive (lack of) confidence
of banks in the upward (down) phase explains procyclical balance sheet movements.
Moreover, the monetary policy effects on bank behaviors vary according to their
initial specifications. From a theoretical point of view, this paper examines the
response of the banking sector to monetary authorities impulses, in function of
their initial characteristics. So, the paper highlights a theoretical model, based
on accounting identities, in which banks are distinguished in different categories
according to their level of capitalization and liquidity. The principal result is
that the less capitalized and liquid banks have more procyclical behaviors.
Chloasma, or melasma, is a commonly acquired pigmentary disorder among Asian women. It may be considered as a physiological change during pregnancy. The incidence in Asian women is higher than that in other ethnic groups but further epidemiologic data are needed. There are very few studies related to the benefits of sunscreens to prevent this dermatosis. The aim of this study was to assess the effectiveness of a broad-spectrum sunscreen in the prevention of melasma in Korean pregnant women. We tested the effectiveness and tolerance of a sunscreen product (SPF 50+, UVA-PF 30) during a 12-month clinical trial including 220 Korean parturients with skin type III and IV. 217 women completed the study. Only 3 (1%) of the study population developed melasma, which was mild (MASI grade between 1.2 and 2.7). In addition, the clinical effectiveness of the evaluated sunscreen was judged “good to excellent” by the majority of study participants and by the research dermatologists. The “excellent” tolerance of the sunscreen under evaluation was confirmed “good” to “excellent” in 95% and 97% of cases. This study clearly demonstrates that this broad-