Financial Futures Markets and Their Impact on the Real Economy in Middle and Low Income Countries

This project analyses the influence of the futures market on middle and low income countries. In it, I attempt to show that investments made by large investment funds in this market, as well as by certain pension plans, bring major consequences whose effects are more evident in less developed countries. The cornerstones of the work are as follows; to attempt to see the existing relationship between the commodity futures market and its underlying assets; analysing products such as wheat, rice and corn in-depth, because these are the most basic foodstuffs at a global level; to determine how an increase in trading in these markets can affect the lives of people in the poorest countries; to analyse investor concern regarding the consequences that their investments may have. Throughout the project we will see how large speculators use production forecasting models to determine the shortage of a commodity in order to take a position in the futures market to profit from it. In addition we will see how an increase in trading in this market causes an increase in the price of the underlying asset in the spot market. As for investor concern, I can say it is negligible, but the idea of running pension plans or investment funds that follow some social criteria has been welcomed by those interviewed, which makes me think that different legislation is possible. This legislation will only come into existence if it is demanded by the people. A fact that now becomes complicated because without a minimum financial basis, they cannot even know how the large investment funds trade with hunger in the world. The day when most people understand how large speculators profit from famine will be the day to put pressure on governments to begin to put limits on speculation. This makes financial awareness necessary in order to achieve a curb in excessive speculation.

Erretiroaren pentsioa eta adinez langile nagusien lan-bizitzaren luzamena

[Pentsio-sistema honela antolatzen da: lehen maila, kotizaziopeko pentsioak jasotzen ez dituztenei pentsioak ordaintzera bideratzen da; bigarren maila, Gizarte Segurantza edo kotizaziopeko pentsioena da; hirugarren maila, borondatezko gizarte-aurreikuspen osagarriari dagokio Euskal Autonomia Erkidegoan eta pentsio-planei Espainian. Bigarren mailan, Gizarte Segurantza banaketa-sisteman oinarritzen da. 2050ean erretiro-pentsioak finantzatzeko arazoak egotea espero da. Etorkizuneko egoerari aurre egiteko, 27/2011 Legearen eta 5/2013 Errege Lege Dekretuaren bitartez, erreformak burutu dira. Hirugarren mailan, Euskal Autonomia Erkidegoan gizarte-aurreikuspen osagarria Eusko Jaurlaritzaren esku dago eta Borondatezko Aurreikuspen Sozialeko Erakundeen (BASE) aurreikuspen-planak bertako pentsio-plan propioak dira. Lan honetan, batez ere, pentsio-sistemaren bigarren eta hirugarren mailak aztertuko ditut. Lehenengo marko teorikoa, ondoren alde praktikoa, eta azkenean datuetan oinarrituz proposamen batzuk eman eta ondorioak aterako ditut.]

Why Economists Reject Long-Term Fisheries Management Plans?

Most fisheries agencies conduct biological and economic assessments independently. This independent conduct may lead to situations in which economists reject management plans proposed by biologists. The objective of this study is to show how to find optimal strategies that may satisfy biologists and economists' conditions. In particular we characterize optimal fishing trajectories that maximize the present value of a discounted economic indicator taking into account the age-structure of the population as in stock assessment methodologies. This approach is applied to the Northern Stock of Hake. Our main empirical findings are: i) Optimal policy may be far away from any of the classical scenarios proposed by biologists, ii) The more the future is discounted, the higher the likelihood of finding contradictions among scenarios proposed by biologists and conclusions from economic analysis, iii) Optimal management reduces the risk of the stock falling under precautionary levels, especially if the future is not discounted to much, and iv) Optimal stationary fishing rate may be very different depending on the economic indicator used as reference.

Life Expectancy, Human Capital, Social Security and Growth

Revised: 2006-11.-- Published as an article in: Journal of Public Economics 90(12), December, 2006, pp. 2323-2349.

Contribution of Resource-Based View and Entrepreneurial Orientation on Small Firm Growth

[EN] This research provides a useful framework for identifying a small firms’ propensity to engage in entrepreneurial orientation. We examine the impact of the Entrepreneurial Orientation (EO) as a main resource and capability on small firm’ growth. The growth seems to come out as an important demonstration of the entrepreneurial orientation of small firms (Davidsson, 1989; Green and Brown, 1997; Janney and Gregory, 2006). Thus, this research builds on prior conceptual research that suggests a positive integration between entrepreneurial orientation and resource-based view. In the first instance, the research will focus on reviewing literature in the emerging area of entrepreneurial orientation as it applies to growth oriented small firms and resource-based view of the firm. Secondly, an empirical study was developed based on a stratified sample of small firms of manufacturing industry. Data were submitted to a multivariate statistical analysis and a linear regression model was performed in order to predict the influence of the resources and capabilities on small firms’ growth. In this sense, we consider the construct growth as a dependent variable and the ones relates with resources and capabilities (entrepreneur resources, firm resources, networks and EO) as independent variables. The research results suggest a set of resources and capabilities that promote the growth of the small firms. Also, the EO seems to have a predictive value on growth. Explaining variables related with resources and capabilities and EO were identified as essential in growth oriented small firms. It was still possible to conclude that the entrepreneurial firms which grew seem to have resources and develop more capabilities and take advantage in the search for those competences. This attitude reflects on the EO of the firm. This study has important implication for both researchers and practitioners. It highlights the necessity of firms to develop superior EO of all their members and also to invest on better resources and consequently superior capabilities as a way of reaching higher levels of growth. While previous authors have attempted to analyse certain aspects of this process (linkage between entrepreneurial orientation and growth), this research developed a framework that combines these and others factors (resource-based view) pertinent to growth oriented small firms. The results support the necessity to identify explicative variables of multiple levels to explain the growth of small firms. The adoption of an entrepreneurial orientation as an indispensable variable to the growth oriented small firms seems pertinent.

Pension system's reform in Spain: a dynamic analysis of the effects in Welfare

100 p. : graf.

Sostenibilidad de las propuestas de suelo para nuevos desarrollos residenciales en la planificación territorial de Bizkaia

[ES] Este trabajo analiza la sostenibilidad de la Planificación Territorial de Bizkaia en relación al parámetro consumo de suelo. Para ello se estudian las propuestas realizadas por los Planes Territoriales Parciales en materia de nuevo suelo residencial destinado a acoger las necesidades de vivienda de los municipios incluidos en sus respectivas Áreas Funcionales.

Contribution of Pannexin1 to Experimental Autoimmune Encephalomyelitis

Pannexin1 (Panx1) is a plasma membrane channel permeable to relatively large molecules, such as ATP. In the central nervous system (CNS) Panx1 is found in neurons and glia and in the immune system in macrophages and T-cells. We tested the hypothesis that Panx1-mediated ATP release contributes to expression of Experimental Autoimmune Encephalomyelitis (EAE), an animal model for multiple sclerosis, using wild-type (WT) and Panx1 knockout (KO) mice. Panx1 KO mice displayed a delayed onset of clinical signs of EAE and decreased mortality compared to WT mice, but developed as severe symptoms as the surviving WT mice. Spinal cord inflammatory lesions were also reduced in Panx1 KO EAE mice during acute disease. Additionally, pharmacologic inhibition of Panx1 channels with mefloquine (MFQ) reduced severity of acute and chronic EAE when administered before or after onset of clinical signs. ATP release and YoPro uptake were significantly increased in WT mice with EAE as compared to WT non-EAE and reduced in tissues of EAE Panx1 KO mice. Interestingly, we found that the P2X7 receptor was upregulated in the chronic phase of EAE in both WT and Panx1 KO spinal cords. Such increase in receptor expression is likely to counterbalance the decrease in ATP release recorded from Panx1 KO mice and thus contribute to the development of EAE symptoms in these mice. The present study shows that a Panx1 dependent mechanism (ATP release and/or inflammasome activation) contributes to disease progression, and that inhibition of Panx1 using pharmacology or gene disruption delays and attenuates clinical signs of EAE.

La experiencia como base en la metodología aplicada al desarrollo rural del País Vasco

[EUS] Experitentzia, Eukal Autonomi Erkideko nekazal zonaldeen garapeneko metodologiaren oinarria. Nekazal zonaldeen garapenerako legearen onarpenaren hamarkada baten ondoren, non administrazioaren artean eta Eskualde Planaren bitartez ekiteko eredua definitzen zen, programen gauzapenean hutsune haundiak antzematen dira. Planak berritzeko helburuarekin egindako akatzen inguruan gogoeta bat burutzen da eta metodologi proposamen ezberdinak planteatzen dira. Hauen artean aurreko planen zehaztapen eta konpromesuz kale egin zuten izaera partizipatibo eta irikiaren aurrean asmo induktiboak, erabilgarriak eta ejekutagarriak proposatzen dira orain.

Making object-oriented databases more knowledgeable (From ADAM to ABEL)

Tesis leida en la Universidad de Aberdeen. 178 p.

La inversión socialmente responsable en los fondos de pensiones y en las EPSV de empleo

Máster en Dirección Empresarial desde la Innovación y la internacionalización. Curso 2013/2014

Analysing the contribution of ATM/ATR pathway activation in establishing the premature senescence of E2F1/E2F2-/- bone-marrow-derived macrophages

E2F1 and E2F2 transcription factors have an important role during the regulation of cell cycle. In experiments done with E2F1/E2F2 knockout mice, it has been described that bone-marrow-derived macrophages (BMDM) undergo an early rapid proliferation event related to DNA hyper-replication. As a consequence, DNA damage response (DDR) pathway is triggered and E2F1/E2F2 knockout macrophages enter premature senescence related to G2/M phase arrest. The exact mechanism trough which DNA hyper-replication leads to DDR in absence of E2F1 and E2F2 remains undiscovered. To determine whether the ATR/ATM pathway, the master regulator of G2/M checkpoint, might be the surveillance mechanism in order to regulate uncontrolled proliferation in the DKO model, we monitored and analysis biochemical properties of BMDM cultures in the presence of caffeine, a potent inhibitor of ATM/ATR activity. Our results show that the addition of caffeine abolishes premature senescence in DKO BMDM, stimulates γ-H2AX accumulation and decreases Mcm2 expression.

CONTRIBUTION TO THE DEVELOPMENT OF INTELLIGENT CONVERSATIONAL ASSISTANTS IN AUTOMOTIVE ENVIRONMENTS

Esta tesis presenta el diseño y desarrollo del Asistente Conversacional del Automóvil, Voice User Help en inglés, un sistema conversacional basado en el paradigma pregunta-respuesta y diseñado para consultar documentación del vehículo duartne la conducción. Este trabajo recoge investigaciones realizadas en los campos de la documentación técnica, recuperación de información, procesamineto de lenguaje natural, diseñode interfaces de usuario para vehículos, experiencia del usuario y computación afectiva con el fin de crear un asistente adaptativo y dinámico que modifica su comportamiento conversacional dependiendo del estado emocional del usuario.

Osteometric analysis of the scapula and humerus of Rangifer tarandus and Cervus elaphus : A contribution to the discrimination of Late Pleistocene cervids

Fossil remains of reindeer (Rangifer tarandus) occurring outside their present range are an important indicator of formerly cold climatic conditions, but are easily confused with those of the red deer (Cervus elaphus). The locality of Kiputz IX has yielded one of the best-preserved Late Pleistocene reindeer populations of the southern Pyrenees, occurring in association with Bison priscus and the much more abundant Cervus elaphus. Fossil remains from this site are mostly complete and not affected by human intervention, thus creating the perfect conditions for reliable osteometric analyses. Here, we quantify diagnostic morphological features of the scapula and the humerus of Cervus elaphus and Rangifer tarandus to establish the potential of these bones to aid in interspecific discrimination. In the case of the scapula, the best species discriminator is the ratio of the minimum anteroposterior diameter of the scapular neck and the development of the articular process, while the breadth of the trochlea is the best discriminator in the case of the humerus.

Diseño e implementación de complemento OpenFlow para ejecución de mensajes en un tiempo predefinido en Software Defined Networks.

[ES]El objetivo de este trabajo es el diseño e implementación de un complemento adicional a OpenFlow que permita la ejecución de los mensajes en el switch dentro de un espacio de tiempo concreto que previamente ha sido definido. El primer paso será la definición de objetivos y especificaciones del trabajo, para posteriormente realizar el diseño de un escenario mediante el análisis de posibles alternativas, y que permitirá la consecución de dichos objetivos. A continuación se añadirá el código necesario para que los equipos sean capaces de realizar el envío y ejecución de los mensajes en el tiempo programado y se finalizará realizando simulaciones y pruebas tanto del funcionamiento como del formato que utilizan los mensajes intercambiados entre el controlador y los switches que maneja, con el objetivo de verificar la viabilidad del módulo desarrollado.