Is there scope for a new project bond market in Europe? A promising opportunity for promoting transnational infrastructure

La Unión Europea acaba de lanzar una iniciativa para fomentar Participaciones Público Privadas (PPPs) mediante bonos de proyecto más atractivos a inversores institucionales para promover proyectos transeuropeos. Esto se logra a través de mecanismos de mejora crediticia como garantías de liquidez o tramos de deuda subordinada facilitados por el Banco Europeo de Inversiones. Esta iniciativa pretende evitar los problemas de liquidez experimentados actualmente por bancos comerciales en Europa para financiar megaproyectos. En este artículo exploramos las ventajas e inconvenientes de esta iniciativa para promover redes de infraestructuras transnacionales en Europa, y analizamos su aplicabilidad a otras áreas como Latino-América. The European Union recently launched an initiative to foster Public Private Partnerships (PPPs) for delivering Trans-European projects by making long-term project-bonds more appealing to institutional investors. This is achieved through credit-enhancement mechanisms such as partial stand-by liquidity guarantees, or layers of subordinated debt provided by the European Investment Bank. This initiative intends to circumvent the liquidity problems currently endured by commercial banks in Europe to fund megaprojects. In this paper we explore the advantages and drawbacks of this initiative for promoting transnational infrastructure networks in Europe, and analyse its applicability to other economic areas such as Latin America.

Subjective comparison of consumer television technologies for 3D visualization

This paper presents a comparison among different consumer 3D display technologies by means of a subjective assessment test. Therefore, four 55-in displays have been considered: one autostereoscopic display, one stereoscopic with polarized passive glasses, and two with active shutter glasses. In addition, a high-quality 3D video database has been used to show diverse material with both views in high definition. To carry out the test, standard recommendations have been followed considering also some modifications looking for a test environment more similar to real home viewing conditions, with the objective of obtaining more representative conclusions. Moreover, several perceptual factors have been considered to study the performance of the displays, such as picture quality, depth perception, and visual discomfort. The obtained results show interesting issues, like the performance improvement of active shutter glasses technology, the high performance of the polarized glasses technology in terms of quality and comfort, and the need of improvement of the autostereoscopic displays to complement the visual comfort to reach a global high-quality visual experience.