Highly synchronized during the Great Recession of 2008-2009, Euro area and US economies have diverged since.This paper assesses the role of financial frictions and credit allocation to non-financial corporations in explaining the divergence observed between the two economies.A positive risk shock increases the volatility of idiosyncratic uncertainty in the financial sector making credit interest rate higher and corporate credit lower.Risk shocks dominate all other shocks in explaining the divergence after the financial crisis between the two economies.Risk shocks have stimulated US growth in the aftermath of the Great Recession and have been the main driver of the double-dip recession in the Euro area.
Photodamage starts early in childhood due to repeated and unprotected sun exposure. It is observed almost exclusively in individuals with white skin, especially skin phototypes I and II. Clinical studies show that 50 to 80% of an individual's life time ultraviolet (uv) radiation occurs before the age of 18 years. Photodamage, also known as dermatoheliosis, represents a polymorphic alteration of several structures of the skin, especially keratinocytes and melanocytes in the epidermis, the vascular system, and the dermal connective tissue. This damages caused by acute and chronic uv-exposure result in a substantially increased incidence of skin cancers. The severity of photodamages depends on constitual factors, e.g. skin phototype (skin color, capacity to tan), and on duration as well as intensity of sun exposure. Tanning for cosmetic purposes by sunbathing or by using artificial tanning devices is still widespread. Thus, it is important that clinicians are familiar with the clinical manifestations of photodamages and skin cancer. Further efforts to educate both public and medical professions are essential to direct more patients earlier to treatment. Furthermore new strategies need to be developed to influence behaviour as well as to increase awareness.
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