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Lesson Transcript

Dr. Gillaspy has taught health science at University of Phoenix and Ashford University and has a degree from Palmer College of Chiropractic.

Anthropometric measurements are used to assess the size, shape and composition of the human body. Learn about common methods used to gather these measurements, such as BMI, waist-to-hip ratio, skin-fold test and bioelectrical impedance.

This man weighs 250 pounds. So does this man.

Guidelines for National Adaptation Plans (NAPs)

Technical guidelines for the NAP process

The COP requested the LDC Expert Group (LEG) to elaborate technical guidelines for the NAP process basedon the initial guidelines for the formulation of NAPs,and toarrange a review of these technical guidelines (decision 5/CP.17, paragraphs 15-16).

TheLEGorganized a review meeting from 29 to 31 October 2012 in Bonn, Germany, to review a draft of the guidelines. The meeting was attended by experts and representatives of the Global Environment Facility (GEF), UN agencies and other relevant research, academic and non-governmental organizations.

The technical guidelines for the NAP process are available for download in the following languages:

Hardcopies are available through the UNFCCC secretariat. Please contact leghelp

The NAP Expo took place from 11 to 15 July 2016 in Bonn, Germany.Using the NAP technical guidelines, the NAP Expoprovided information on the NAP process, providing a platform for sharing, and offering a forum for questions and answers, and the exchange of ideas. More information .

Initial guidelines for the formulation of NAPs

The initial guidelines for the formulation of NAPs by LDC Parties were adopted by the COP at its seventeenth session (decision 5/CP.17, paragraph 6). They elaborate four elements that are indicative of the activities that can be undertaken in the development of NAPs, depending on national circumstances, anddetermined by LDC Parties.

The initial guidelines are contained in the annex to decision 5/CP.17, and are available in all six UN languages.

Download the initial guidelines for the formulation of NAPs by language:

Other relevant materials:

This booklet summarizes key principles and features of the NAP process and reflects some insights from the LEG on possible ways to undertake the process in LDCs and other developing countries.

The publication is available in the following languages:

The NAP poster

The poster provides a quick referenceof steps, building blocks and sample outputs under each of the four elements of the NAP process.

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A preclinical trial or phase 1 trial with PDE-5 inhibitors in coronary vasculature would minimize the risk of potential candidates being exposed to unnecessary risk. However, there are plenty of studies reporting the safe use of PDE-5 inhibitors in humans, including those evaluating the effect of PDE-5 inhibitors on the coronary arteries in humans[ 10 , 11 , 12 ]. There exist at least 11 isoforms of PDE, and the differential distribution of PDE isoforms in various tissues is the basis for the potential tissue-specific effect of a PDE inhibitor. Various tissues have different PDE isoform activities. Corpus cavernosum contains high activities of PDE isoforms 2, 3, and 5; human pulmonary circulation has PDE isoforms 1, 3, 4, and 5; and coronary arteries have PDE isoforms 1, 2, 3, 4, 5 [ 22 ]. Consequently, human coronary arteries can be a target of PDE-5 inhibitors.

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Endogenous growth and lack of recovery from the Global Crisis

Maarten de Ridder, Coen Teulings 13 July 2017

Maarten de Ridder, Coen Teulings

Around the world, growth has yet to recover to its pre-Global Crisis trend. This column uses the crisis as a quasi-natural experiment to test the endogenous growth hypothesis, which suggests that output has not recovered because the crisis affected the rate of technological progress. Firms that preferred a bank that was more severely affected by the crisis experienced a large fall in RD investment and a persistent fall in output in subsequent years. This suggests a direct link between RD and future productivity, as predicted by endogenous growth models.

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Since the Great Recession, GDP has still not returned to its pre-crisis trend. In the US, per capita output has fallen 10–15% behind the level implied by any reasonable estimate of a pre-crisis trend line. After a sharp decline in economic activity during the 2008-2009 crisis, annual growth was less than 2.5% on average, less than the growth in the years prior to the crisis, and nowhere near the rate of growth needed to recover from the output decline. The UK’s experience has been similar, while growth in the Eurozone has even stagnated since the crisis (see Figure 1).

This lack of mean reversion in GDP is not unique to the Global Crisis. Over the past 50 years, financial crises have exhibited a consistent pattern of long-term losses to GDP that do not seem to disappear over time (Cerra and Saxena 2008, Teulings and Zubanov 2014). When total factor productivity (TFP) growth is exogenous, financial crises can be expected to have only transitory effects on the level of output. This column seeks to explain why a financial crisis might lead to a permanent loss in output.

Figure 1 . Developments in output compared to trend

Explaining the permanent loss in GDP

How can the effect of financial crises be so persistent? Recently, economists have hypothesised that the Global Crisis could have endogenously lowered the rate of technological progress. Endogenous growth theory suggests that the long-term trend in growth is due to profit-maximising investments in productivity-enhancing RD. If a financial crisis causes a large temporary decline in these investments, it could cause a temporary reduction in technological progress. This then results in a permanent decline in the level of TFP. The macroeconomic evidence lends support for this – Figure 2 shows that productivity-enhancing investments declined sharply in 2008 and 2009, while growth in total factor productivity only slowed after 2010.

Figure 2 . Productivity and productivity-enhancing investments in the US

The academic literature offers various reasons for the decline in investment in RD during the Global Crisis. Recent work claims that the crisis has affected productivity-enhancing investments through demand. Anzoategui et al. (2016) show that low productivity growth in recent years can be explained endogenously by lower rates of technology adoption due to lower prices of goods. Credit rationing limits the availability of capital in the short-run, raising the short run internal cost of capital for a firm. The physical and working capital has a higher short run return than investment in RD. Hence, investment in RD is postponed (Aghion et al. 2010). Moreover, banks may be less willing to facilitate investments in RD because of its poor collateral value (Garcia-Macia 2015). These theories sound intuitive. But are these explanations true?

Testing the endogenous growth hypothesis

The Global Crisis provides a natural experiment with which to test the endogenous growth hypothesis. If it holds true, firms with greater exposure to the financial crisis should invest less in intangible capital, temporarily reducing TFP growth, leading to a permanently lower level of output. To test this, De Ridder (2016) uses the fact that many firms have a preferred bank on which they rely for their supply of credit. This preferred bank is best informed about the details of the firm and is therefore in the best position to judge the creditworthiness of the firm. If the preferred bank of a firm is credit-constrained by large losses in other parts of its portfolio, the firm’s access to credit is blocked. This is most acutely felt in long-term investments in RD, which affects the future growth of the firm. Following Chodorow-Reich (2014), the extent to which a bank is credit-constraint is derived from the risk composition of its asset portfolio, as well as the extent to which it was hit by the bankruptcy of Lehman Brothers. We use the exposure of a firm’s preferred bank to the financial crisis as an instrument for credit availability.

For each standard deviation decline in bank performance, the intensity of a firm’s investment in productivity enhancement falls by around two percentage points. Figure 3 plots the effect over time for the quality of a bank’s assets, derived from its asset distribution across Basel I risk weights.

Figure 3 . Effect of one standard deviation drop in bank’s 2007 asset quality on RD and intangible investments

The effect of these investments on output is plotted in Figure 4. Firms with preferred banks that were differently affected by the crisis enjoyed similar growth rates prior to the crisis. Interestingly, the recession of 2008 affected both groups of firms equally, and the initial recovery was also similar. However, the output of firms of which the preferred bank was heavily affected by the crisis started to lag behind their competitors from 2010 onwards, some two to three years after the credit shock. This is a plausible time lag for the effect of reduced RD on productivity. For each percentage point decline in the intensity of investment in RD and intangible capital, output declined by 1.3 percentage points between 2010 and 2014. Alternative forms of investments, particularly in physical capital, also decline during the crisis, but have no effect on output in the medium run.

These firm-level estimates imply that if productivity-enhancing investments had been at the pre-crisis rate between 2008 and 2010, GDP would have been between 3–4% higher, which implies that the endogenous growth hypothesis explains roughly a third of the gap between current GDP and its pre-crisis trend.

Figure 4 . Effect of one standard deviation drop in investments in RD during the global financial crisis on firm’s output over time

The strong effect of the crisis on the investment in RD is consistent with the high return to RD that has been reported in many studies, as surveyed by Hall et al. (2009). When the funding of these investments is problematic – due to their low collateral value, high uncertainty, and information asymmetry between creditor and debtor – marginal projects do not get funded and hence the return on the marginal RD project exceeds the return on investment in working capital.

Deleveraging is harmful

Since the crisis, the view that a fast-growing financial sector negatively affects productivity growth has become popular (e.g. Cecchetti and Kharroubi 2012). Growth in the financial sector harms growth, for example, by taking up resources that might otherwise have been invested in the ‘real’ economy.

Developments after 2010 suggest that the opposite is true. Policies to rapidly reduce the size of the financial sector during the crisis are more likely to have harmed than fostered growth. Such policies further tighten a firm’s access to credit, and hence its ability to fund investment in RD, thus worsening the long-term effect of the crisis. The beneficial effects of freeing up resources for other sectors are dominated by the general reduction of investments in RD. A better policy would be to restore the banks’ balance sheets so that borrowing to firms with high return RD projects resumes as soon as possible.


Aghion, P, G-M Angeletos, A Banerjee and K Manova (2010), “Volatility and growth: Credit constraints and the composition of investment”, 57(3): 246–265.

Anzoategui, D, D Comin, M Gertler and J Martinez (2016), “Endogenous technology adoption and RD as sources of business cycle persistence”, NBER, Working Papers 22005.

Cecchetti, S and E Kharroubi (2012), “Reassessing the impact of finance on growth”, BIS, Working Paper 381.

Cerra, V and S C Saxena (2008), “Growth dynamics: The myth of economic recovery”, 98(1): 439–57.

Chodorow-Reich, G (2014), “The employment effects of credit market disruptions: Firm level evidence from the 2008-9 Financial Crisis”, 129(1): 1–59.

De Ridder, M (2016), “ Pedro Garcia Sanna Multistrap Sandals free shipping real Kfk29Qj67R
”, CESifo, Working paper series no 6243.

Garcia-Macia, D (2015), “The financing of ideas and the great deviation”, Stanford University, Job market paper.

Teulings, C N and N Zubanov (2014), “Is economic recovery a myth? Robust estimation of impulse responses”, 29(3): 497–514.

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