How to manage macroeconomic policies to foster growth and employment and prevent financial and external crises

My presentation focuses on the implementation of a macroeconomic policy regime which, I believe, is capable of simultaneously attaining several targets, including the promotion of growth and employment and the prevention of external and financial crises.

¿Reflejan los índices de riesgo país las variables relevantes en el desencadenamiento de las crisis externas? Un análisis sobre el periodo 1994-2001

[ES] El objetivo de este trabajo es establecer en qué medida los índices de riesgo país más utilizados por la comunidad económica y financiera internacional, en concreto, el índice de Euromoney y el ICRG, recogen las variables relevantes en el desencadenamiento de las crisis monetarias y financieras externas, como un aspecto básico en la evaluación de su capacidad para medir adecuadamente el riesgo de los diferentes países.

Speculative attacks, openness and crises

In this paper we propose a dynamic stochastic general equilibrium model to evaluate financial adjustments that some emerging market economies went through to overcome external crises during the latest decades, such as default and local currency devaluation. We assume that real devaluation can be used to avoid external debt default, to improve trade balance and to reduce the real public debt level denominated in local currency. Such effects increase the government ability to deal with external crisis, but also have costs in terms of welfare, related to expected inflation, reductions in private investments and higher interest to be paid over the public debt. We conclude that openness improves expected welfare as it allows for a better devaluation-response technology against crises. We also present results for 32 middle-income countries, verifying that the proposed model can indicate, in a stylized way, the preferences for default-devaluation options and the magnitude of the currency depreciation required to overcome 48 external crises occurred as from 1971. Finally, as we construct our model based on the Cole-Kehoe self-fulfilling debt crisis model ([7]), adding local debt and trade, it is important to say that their policy alternatives to leave the crisis zone remains in our extended model, namely, to reduce the external debt level and to lengthen its maturity.

Étude de l’attribution de la responsabilité chez des adolescents auteurs d’agression sexuelle : facteurs explicatifs et prise en charge

La présente recherche porte sur « l’attribution de la responsabilité » auprès d’une population de 166 adolescents auteurs d’agression sexuelle âgés de 12 à 19 ans. Le but premier de cette investigation est de déterminer quels aspects psychologiques (âge, stress post-traumatique, distorsion cognitive, estime de soi, aliénation, immaturité) influencent trois types d’attributions de la responsabilité, soit la culpabilité, l’attribution externe et l’attribution interne, et ainsi sur quels niveaux focaliser le traitement. Les résultats des régressions multiples ont mis en avant deux modèles. Pour le modèle prédisant la culpabilité, une seule composante est retenue, le stress post-traumatique. Ce modèle explique 26% (ajusté) de la variance de la culpabilité (R2=0,29, F(6,120)=8,35, p<0,01). Le modèle prédisant l’attribution externe est composé de l’âge et des distorsions cognitives et permet d’expliquer 25% (ajusté) de la variance (R2=0,28, F(6,122)=8,03, p<0,01). L’attribution interne ne présente aucune corrélation avec les variables étudiées. Le deuxième objectif est d’estimer l’efficacité de la prise en charge du jeune pour modifier l’attribution de responsabilité, selon les différentes modalités qui sont le « milieu de prise en charge », la « durée du traitement » et « l’approche thérapeutique » afin de choisir le programme le plus adéquat. En utilisant l’analyse de la variance (ANOVA), il a été possible de déterminer qu’aucune de ces modalités n’influence l’attribution de la responsabilité. Cette étude présente des limites, notamment la puissance statistique. Comme piste pour de futures recherches, le lien entre l’attribution de la responsabilité et la récidive pourrait être examiné.

Efectos de la globalización con medidas monetarias como la dolarización sobre los países latinoamericanos. Estudio de caso: Dolarización en el Ecuador

La globalización está generando la adopción de políticas de choque en los países en vía de desarrollo, lo cual podría traer un mayor estancamiento al interior. Analizar los efectos de la dolarización como medidas sobre los países latinoamericanos

Dynamic capabilities in a sixth generation family firm: entrepreneurship and the Bibby Line

In this paper we draw on the theory of dynamic capabilities to examine development of the only surviving family-owned Liverpool shipping company. The Bibby Line was founded in 1807 to take advantage of the growing sea-trade based in Liverpool. The company remained in shipping until the mid-1960s, when a series of external crises led the owner, Derek Bibby, to begin a process of diversification. In the last 50 years, the Bibby Line has grown into a £1bn business with interests in retail, distribution and financial services as well as a continuing commitment to shipping. Our intention is to demonstrate how multigenerational ownership contributes to the creation of dynamic capabilities in family firms. The distinctive nature of Bibby as a long-standing family business is related to unique assets such as patient capital, flexible governance structures as well as the ability to mobilise social and human capital.

EU Sanctions: A Relevant Foreign Policy Tool? EU Diplomacy Paper No. 3, May 2014

This paper examines an instrument which establishes an explicit link between economic power and foreign policy of the European Union (EU): restrictive measures or sanctions. As the EU is increasingly confronted with situations requiring a firm response, sanctions – arguably the EU’s ‘hardest’ tool – have become somewhat of a standard reaction. To what extent are sanctions a relevant tool for EU external action? By looking at several case studies from a set of 47 autonomous EU sanction cases, this paper acknowledges the many internal and external difficulties the EU faces when using the sanctions tool. However, it also shows that despite those challenges, the ‘hard’ and coercive nature of the sanction instrument nevertheless make it a relevant foreign policy tool which allows the EU to react to external crises.

External validation of the OHTS-EGPS model for predicting the 5-year risk of open-angle glaucoma in ocular hypertensives

To independently evaluate and compare the performance of the Ocular Hypertension Treatment Study-European Glaucoma Prevention Study (OHTS-EGPS) prediction equation for estimating the 5-year risk of open-angle glaucoma (OAG) in four cohorts of adults with ocular hypertension.

External validation of the Hospital-patient One-year Mortality Risk (HOMR) model for predicting death within 1 year after hospital admission

BACKGROUND Predicting long-term survival after admission to hospital is helpful for clinical, administrative and research purposes. The Hospital-patient One-year Mortality Risk (HOMR) model was derived and internally validated to predict the risk of death within 1 year after admission. We conducted an external validation of the model in a large multicentre study. METHODS We used administrative data for all nonpsychiatric admissions of adult patients to hospitals in the provinces of Ontario (2003-2010) and Alberta (2011-2012), and to the Brigham and Women's Hospital in Boston (2010-2012) to calculate each patient's HOMR score at admission. The HOMR score is based on a set of parameters that captures patient demographics, health burden and severity of acute illness. We determined patient status (alive or dead) 1 year after admission using population-based registries. RESULTS The 3 validation cohorts (n = 2,862,996 in Ontario, 210 595 in Alberta and 66,683 in Boston) were distinct from each other and from the derivation cohort. The overall risk of death within 1 year after admission was 8.7% (95% confidence interval [CI] 8.7% to 8.8%). The HOMR score was strongly and significantly associated with risk of death in all populations and was highly discriminative, with a C statistic ranging from 0.89 (95% CI 0.87 to 0.91) to 0.92 (95% CI 0.91 to 0.92). Observed and expected outcome risks were similar (median absolute difference in percent dying in 1 yr 0.3%, interquartile range 0.05%-2.5%). INTERPRETATION The HOMR score, calculated using routinely collected administrative data, accurately predicted the risk of death among adult patients within 1 year after admission to hospital for nonpsychiatric indications. Similar performance was seen when the score was used in geographically and temporally diverse populations. The HOMR model can be used for risk adjustment in analyses of health administrative data to predict long-term survival among hospital patients.

Predicting the past: Understanding the causes of bank distress in the Netherlands in the 1920s

Why do some banks fail in financial crises while others survive? This article answers this question by analysing the effect of the Dutch financial crisis of the 1920s on 142 banks, of which 33 failed. We find that choices of balance sheet composition and product market strategy made in the lead-up to the crisis had a significant impact on banks’ subsequent chances of experiencing distress. We document that high-risk banks – those operating highly-leveraged portfolios and attracting large quantities of deposits – were more likely to fail. Branching and international activities also increased banks’ default probabilities. We measure the effects of board interlocks, which have been characterized in the extant literature as contributing to the Dutch crisis. We find that boards mattered: failing banks had smaller boards, shared directors with smaller and very profitable banks and had a lower concentration of interlocking directorates in non-financial firms.

PREDICTING THE SPATIAL-DISTRIBUTION OF CLIMATE - TEMPERATURE IN GREAT-BRITAIN

1. The prediction and mapping of climate in areas between climate stations is of increasing importance in ecology.

2. Four categories of model, simple interpolation, thin plate splines, multiple linear regression and mixed spline-regression, were tested for their ability to predict the spatial distribution of temperature on the British mainland. The models were tested by external cross-verification.

3. The British distribution of mean daily temperature was predicted with the greatest accuracy by using a mixed model: a thin plate spline fitted to the surface of the country, after correction of the data by a selection from 16 independent topographical variables (such as altitude, distance from the sea, slope and topographic roughness), chosen by multiple regression from a digital terrain model (DTM) of the country.

4. The next most accurate method was a pure multiple regression model using the DTM. Both regression and thin plate spline models based on a few variables (latitude, longitude and altitude) only were comparatively unsatisfactory, but some rather simple methods of surface interpolation (such as bilinear interpolation after correction to sea level) gave moderately satisfactory results. Differences between the methods seemed to be dependent largely on their ability to model the effect of the sea on land temperatures.

5. Prediction of temperature by the best methods was greater than 95% accurate in all months of the year, as shown by the correlation between the predicted and actual values. The predicted temperatures were calculated at real altitudes, not subject to sea-level correction.

6. A minimum of just over 30 temperature recording stations would generate a satisfactory surface, provided the stations were well spaced.

7. Maps of mean daily temperature, using the best overall methods are provided; further important variables, such as continentality and length of growing season, were also mapped. Many of these are believed to be the first detailed representations at real altitude.

8. The interpolated monthly temperature surfaces are available on disk.

Paving the way for the use of the SDQ in economic evaluations of school-based population health interventions: an empirical analysis of the external validity of SDQ mapping algorithms to the CHU9D in an educational setting

Purpose
The Strengths and Difficulties Questionnaire (SDQ) is a behavioural screening tool for children. The SDQ is increasingly used as the primary outcome measure in population health interventions involving children, but it is not preference based; therefore, its role in allocative economic evaluation is limited. The Child Health Utility 9D (CHU9D) is a generic preference-based health-related quality of-life measure. This study investigates the applicability of the SDQ outcome measure for use in economic evaluations and examines its relationship with the CHU9D by testing previously published mapping algorithms. The aim of the paper is to explore the feasibility of using the SDQ within economic evaluations of school-based population health interventions.
Methods
Data were available from children participating in a cluster randomised controlled trial of the school-based roots of empathy programme in Northern Ireland. Utility was calculated using the original and alternative CHU9D tariffs along with two SDQ mapping algorithms. t tests were performed for pairwise differences in utility values from the preference-based tariffs and mapping algorithms.
Results
Mean (standard deviation) SDQ total difficulties and prosocial scores were 12 (3.2) and 8.3 (2.1). Utility values obtained from the original tariff, alternative tariff, and mapping algorithms using five and three SDQ subscales were 0.84 (0.11), 0.80 (0.13), 0.84 (0.05), and 0.83 (0.04), respectively. Each method for calculating utility produced statistically significantly different values except the original tariff and five SDQ subscale algorithm.
Conclusion
Initial evidence suggests the SDQ and CHU9D are related in some of their measurement properties. The mapping algorithm using five SDQ subscales was found to be optimal in predicting mean child health utility. Future research valuing changes in the SDQ scores would contribute to this research.

Predicting intention to work with social robots

The growing number of robotic solutions geared to interact socially with humans, social robots, urge the study of the factors that will facilitate or hinder future human robot collaboration. Hence the research question: what are the factors that predict intention to work with a social robot in the near future. To answer this question the following socio-cognitive models were studied, the theory of reasoned action, the theory of planned behavior and the model of goal directed behavior. These models purport that all the other variables will only have an indirect effect on behavior. That is, through the variables of the model. Based on the research on robotics and social perception/ cognition, social robot appearance, belief in human nature uniqueness, perceived warmth, perceived competence, anthropomorphism, negative attitude towards robots with human traits and negative attitudes towards interactions with robots were studied for their effects on attitude towards working with a social robot, perceived behavioral control, positive anticipated emotions and negative anticipated emotions. Study 1 identified the social representation of robot. Studies 2 to 5 investigated the psychometric properties of the Portuguese version of the negative attitude towards robots scale. Study 6 investigated the psychometric properties of the belief in human nature uniqueness scale. Study 7 tested the theory of reasoned action and the theory of planned behavior. Study 8 tested the model of goal directed behavior. Studies 7 and 8 also tested the role of the external variables. Study 9 tested and compared the predictive power of the three socio-cognitive models. Finally conclusion are drawn from the research results, and future research suggestions are offered.

Rethinking crises and the accretion of executive power: the “War on Terror” and conditionality evidence from seven political systems

External shocks to democratic systems are likely to threaten the stability of relations between the executive and the representative assembly. This article investigates the impact of the so-called “war on terror” on executive-assembly relations in comparative perspective. We analyze data from seven countries, which varied in terms of form of government, level of democracy, culture, social structure, and geographic location, to evaluate its effects. We find that whereas in some systems the “war on terror” altered the balance of power between the executive and the assembly, in other cases the extant balance of power was preserved. We postulate various conditions under which the constitutionally sanctioned balance of power is most likely to be preserved in times of crisis.

Effect of disease-selective predation on prey infected by contact and external sources

We propose and analyze a simple mathematical model for susceptible prey (S)–infected prey (I)–predator (P) interaction, where the susceptible prey population (S) is infected directly from external sources as well as through contact with infected class (I) and the predator completely avoids consuming the infected prey. The model is analyzed to obtain different thresholds of the key parameters under which the system exhibits stability around the biologically feasible equilibria. Through numerical simulations we display the effects of external infection and the infection through contact on the system dynamics in the absence as well as in the presence of the predator. We compare the system dynamics when infection occurs only through contact, with that when it occurs through contact and external sources. Our analysis demonstrates that under a disease-selective predation, stability and oscillations of the system is determined by two key parameters: the external infection rate and the force of infection through contact. Due to the introduction of external infection, the predator and the prey population show limit-cycle oscillations over a range parametric values. We suggest that while predicting the dynamics of such an eco-epidemiological system, the modes of infection and the infection rates might be carefully investigated.