Lessons from the northern hake long-term management plan: Could the economic assessment have accepted it?

An economic expert working group (STECF/SGBRE-07-05) was convened in 2007 for evaluating the potential economic consequences of a Long-Term Management Plan for the northern hake. Analyzing all the scenarios proposed by biological assessment, they found that keeping the F in the status quo level was the best policy in terms of net present values for both yield and profits. This result is counter intuitive because it may indicate that effort costs do no affect the economic reference points. However, it is well accepted that the inclusion of costs affects negatively the economic reference points. In this paper, applying a dynamic agestructured model to the northern hake, we show that the optimal fishing mortality that maximizes the net present value of profits is lower than Fmax.

Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending?

The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up an RBC model of a small open economy, following Mendoza (1991), and introduce the effect of fiscal policy decisions that change over the cycle. We calibrate the model on data for Ireland, and simulate the effect of different spending policies in response to supply shocks. Procyclical fiscal policy distorts intertemporal allocation decisions. Temporary spending boosts in booms spur investment, and hence the need for external finance, and so generates very volatile cycles in investment and the current account. This economic instability is also harmful for the steady state level of output. Our model is able to replicate the relation between the degree of cyclicality of fiscal policy, and the volatility of consumption, investment and the current account observed in OECD countries.

Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.

Osagai eta sistema elektronikoen teknologia

Helburuak: Liburu honetan zehar, osagai, zirkuitu eta sistema elektronikoak gauzatzeko erabiltzen diren teknologiez aritzen gara. Teknologia elektronikoa izugarri garatu da azkeneko berrogei urteotan, batez ere azkeneko bi hamarkadetan, eta ezinezkoa litzateke teknologia elektronikoaren ikuspegi oso eta zabala testuliburu bakarrean ematea. Aldiz, ingeniari elektronikoak osagai elektroniko erabilienen teknologia ulertzeko eta osagaien aukeraketa eta erabilera egokia egiteko beharrezkoak izango dituen ezagutzak testu bakarrean bildu nahi izan ditugu. Norentzat izan daiteke baliagarria: Ingeniaritza elektronikoaren edozein adarretan ikasten ari diren ikasleei zuzenduta dago testu hau batez ere, baina ingeniaritza elektrikoko ikasleentzat ere interesgarria izango delakoan gaude. Bestalde, lanbide heziketan, Elektrizitate eta Elektronika arloan aritzen diren ikasle eta irakasleentzat ere baliogarria izan daiteke kontsultarako testu gisa.

International Support of Climate Change Policies in Developing Countries: Strategic, Moral and Fairness Aspects

33 p.

The Demand for Environmental Quality in Driving Transitions to Low Polluting Energy Sources

38 p.

Industria eta lurraldea

Ikasmaterial honen helburu nagusiak honako hauek dira: Aktibitate ekonomikoen eta bereziki industriaren artean eta lurraldearen artean dagoen harremana ulertzea eta azaltzea. Lurraldearen izaera aktiboa erakustea: enpresak, azpiegiturak eta giza baliabideak erakartzeko.

The impact of economic crises on social inequalities in health: what do we know so far?

Since 2008, Western countries are going through a deep economic crisis whose health impacts seem to be fundamentally counter-cyclical: when economic conditions worsen, so does health, and mortality tends to rise. While a growing number of studies have presented evidence on the effect of crises on the average population health, a largely neglected aspect of research is the impact of crises and the related political responses on social inequalities in health, even if the negative consequences of the crises are primarily borne by the most disadvantaged populations. This commentary will reflect on the results of the studies that have analyzed the effect of economic crises on social inequalities in health up to 2013. With some exceptions, the studies show an increase in health inequalities during crises, especially during the Southeast Asian and Japanese crises and the Soviet Union crisis, although it is not always evident for both sexes or all health or socioeconomic variables. In the Nordic countries during the nineties, a clear worsening of health equity did not occur. Results about the impacts of the current economic recession on health equity are still inconsistent. Some of the factors that could explain this variability in results are the role of welfare state policies, the diversity of time periods used in the analyses, the heterogeneity of socioeconomic and health variables considered, the changes in the socioeconomic profile of the groups under comparison in times of crises, and the type of measures used to analyze the magnitude of social inequalities in health. Social epidemiology should further collaborate with other disciplines to help produce more accurate and useful evidence about the relationship between crises and health equity.

Efecto de la suplementación oral con monohidrato de creatina en la capacidad de sprint en jugadores de fútbol sala

Propósito: Esta investigación examina los efectos de la suplementación con creatina en los esfuerzos de alta intensidad no prolongados en el tiempo, más concretamente en la posible mejora de la capacidad de sprint en jugadores de fútbol sala. Método: el estudio está diseñado con formato doble ciego. Se ha realizado a 10 jugadores varones integrantes de un equipo de fútbol sala, unas mediciones antropométricas (masa total y estatura) y unas pruebas que miden su rendimiento, estrechamente relacionadas con la capacidad de “sprint” (Squat Jump, Counter Movement Jump y Sprint de 20 metros de distancia lanzado).Después de esta primera recogida de datos, los jugadores han sido incluidos en un grupo que ha sido suplementado con CREATINA, o en un grupo PLACEBO. Ambos grupos tomaron durante 6 días, 20 gramos de producto, y una vez finalizado este periodo, se repitieron de nuevo tanto las mediciones antropométricas, como las pruebas de rendimiento. Concluidas estas segundas mediciones, comenzaron a tomar únicamente 5 gramos diarios durante 28 días, y de nuevo, una vez acabado este periodo, se repitieron las pruebas y mediciones. Resultados: No ha habido diferencias significativas que muestren cambios del IMC en ninguno de los dos grupos. Si existen mejoras significativas en las pruebas de rendimiento de las segundas mediciones respecto a las primeras, pero no son achacables a la ingesta de monohidrato de creatina, ya que sujetos de ambos grupos han mejorado. Conclusión: la creatina no ha mejorado la capacidad de sprint de estos deportistas. IDIOMA: ESPAÑOL.

Effects of Small-Sided Games vs. Interval Training in Aerobic Fitness and Physical Enjoyment in Young Elite Soccer Players

The purpose of this study was to compare the effects of Small-Sided Games (SSG) vs. Interval Training (IT) in soccer training on aerobic fitness and physical enjoyment in youth elite soccer players during the last 8 weeks of the season. Seventeen U-16 male soccer players (age = 15.5 +/- 0.6 years, and 8.5 years of experience) of a Spanish First Division club academy were randomized to 2 different groups for 6 weeks: SSG group (n = 9) and IT group (n = 8). In addition to the usual technical and tactical sessions and competitive games, the SSG group performed 11 sessions with different SSGs, whereas the IT group performed the same number of sessions of IT. Players were tested before and after the 6-week training intervention with a continuous maximal multistage running field test and the counter movement jump test (CMJ). At the end of the study, players answered the physical activity enjoyment scale (PACES). During the study, heart rate (HR) and session perceived effort (sRPE) were assessed. SSGs were as effective as IT in maintaining the aerobic fitness in elite young soccer players during the last weeks of the season. Players in the SSG group declared a greater physical enjoyment than IT (P = 0.006; ES = 1.86 +/- 1.07). Coaches could use SSG training during the last weeks of the season as an option without fear of losing aerobic fitness while promoting high physical enjoyment.