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This laser was used, by most, in a continuous beam mode and removed all of the epidermis and a portion of the dermis. In the resultant wound-healing cascade, fibroplasia and neocollagensesis were evident in the treated areas. Downtime with the CO2 laser typically lasted about one week or more, and depending on the device and the aggressiveness of the clinician utilizing the device, potential adverse effects became more widespread.

These potential adverse effects included pain, edema, persistent erythema, infections, postinflammatory hyperpigmentation, and the most problematic of all, hypopigmentation following the ablative procedure, seen in some patients two years following the laser surgery.

Incidence rates for this postlaser hypopigmentation have varied from single digits to as high as 20 percent. In truth, postlaser hypopigmentation with the Er:YAG lasers still can occur as well as other problems similar to those of the CO2 laser. Downtime still may be from 5 to 7 days depending on the power utilized.

Patients then began receiving rejuvenation treatments with near-infrared nonablative lasers, but with only minimal effects as most would argue , and intense pulsed light IPL devices, which worked well for the treatment of pigment and vascular changes found on the skin, but had only minimal effects on collagen and elastin, thereby not providing the same results as ablative laser resurfacing in treating wrinkles and scars.

The near-infrared lasers included various to nm lasers as well as laser systems in the and nm range. The nm potassium titanyl phosphate KTP laser and the to nm pulsed dye lasers PDL also received attention in the rejuvenation arena, although they are much better at vascular treatments than rejuvenation.

Thus, laser surgeons were in a difficult period and were using devices that had only minimal clinical effects, but did not have the same downtime concerns of the ablative CO2 and Er:YAG laser systems. FT was developed as a way for laser surgeons to get closer to ablative laser resurfacing clinical outcomes with less patient downtime and fewer overall adverse events.

Simply stated, FT is the production of an injury pattern to the skin with skip areas repeated over and over again, which, as they heal, promote an improvement in the tone and texture of the skin, in lines and wrinkles, in pigmentary concerns including melasma, and in scars, especially acne and traumatic scars. Recently, studies have looked at the use of FT in the treatment of hypertrophic scars, keloids, and burn hypertrophic scars.

Currently available devices vary in the way in which they produce their injury patterns, their wavelength, and their intensity. In more technical terms, all of these devices produce small columns of thermal injury to the skin, which are known as microthermal zones MTZs.

An active crawl entailed announcing the exchange rate in advance and implementing changes in steps, to manipulate inflation expectations. Other examples include China and Iran. Fixed Parity with Crawling Band Fixed Parity with Crawling Band is a fixed parity arrangement with greater flexibility to allow exit from fixed parity or afford the monetary authority greater latitude in policy execution, such as in Costa Rica.

Managed Float Managed Float or Dirty Float occurs when a nation follows a policy of loose intervention to achieve full employment or price stability with an implicit invitation to other countries with which it conducts business to respond in kind. Independent Float Independent Float or Floating Exchange is evident when exchange rates are subject to market forces.

The monetary authority may intervene to achieve or maintain price stability. Examples are the U. History of Currency Regimes Currency regimes may be both formal and informal. The former entails a treaty and conditions for membership in them. These may entail a limit on the candidate nation's sovereign debt as a percentage of gross domestic product or its budget deficit.

These were conditions of the Maastricht Treaty of during the long march to the ultimate formation of the euro. The currency peg system is somewhat less formal. Indeed, the aforementioned regimes form a continuum and monetary authorities have made policy decisions that could fall into more than one of these categories regime change.

Think of the mids Plaza Accord taken to lower the U. This is conduct atypical of a free-floating currency regime. Currency regimes have been formed to facilitate trade and investment, manage hyperinflation or form political unions. With a common currency, ideally, member nations sacrifice independent monetary policy in favor of a commitment to overall price stability.

Political and fiscal unions are typically prerequisites to a successful monetary union where, for example, olive oil is manufactured in Greece and shipped to Ireland without the need for importers or exporters to employ hedges to lock in favorable exchange rates to control business costs. While the unending to-and-fro of the European Monetary Union plays out on a daily basis, the history of currency regimes has been a checkered one, marked by both success and failure.

The lack of a sole central bank with an attendant monetary policy proved to be the union's undoing. So, too, did the fact that the union's member treasuries minted both gold and silver coins with a coinage restriction per capital and a lack of uniformity in metal content that caused price pressures on the two precious metals and a lack of free circulation of the specie.

However, by World War I, the union was effectively finished. All of the countries had adhered to a silver standard , accepting one another's currencies. To avoid the failure of the LMU, all three ended up being exchangeable for a fixed amount of gold. After about three decades, this union, too, unraveled when Norway declared political independence from Sweden and Denmark adopted more restrictive capital controls. With the advent of the First World War, each of the three members adopted their own monetary and fiscal policies, as there lacked a binding agreement to coordinate monetary and fiscal policies.

The Belgian Central Bank runs monetary policy for both countries. This union has been in effect since Implications of Currency Regimes Though bound in some form by a fixed rate or common monetary unit, the economies of the individual members of a currency regime are a function of their local politics and economic policy. Some nations bear less sovereign debt than others bear and may be called upon to support the weaker members.

Overall, such disparity does not bode well for the currency unit that reflects the mixed complexion of what may appear to be at times currency disunion. A disconnect between common monetary and localized fiscal policies could put pressure on a regional currency bloc, driving down the value of the monetary unit. This occurrence could bode well for exporters, assuming a robust trade environment.

Institutional and individual investors' allocation decisions should continue to be a function of exposure sought by their objectives and constraints.

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