Real exchange rate volatility, financial crises and nominal exchange regimes

This paper examines the sources of real exchange rate (RER) volatility in eighty countries around the world, during the period 1970 to 2011. Our main goal is to explore the role of nominal exchange rate regimes and financial crises in explaining the RER volatility. To that end, we employ two complementary procedures that consist in detecting structural breaks in the RER series and decomposing volatility into its permanent and transitory components. The results confirm that exchange rate volatility does increase with the global financial crises and detect the existence of an inverse relationship between the degree of flexibility in the exchange rate regime and RER volatility using a de facto exchange rate classification.

On the forecast accuracy and consistency of exchange rate expectations: The Spanish PwC Survey.

We examine the predictive ability and consistency properties of exchange rate expectations for the dollar/euro using a survey conducted in Spain by PwC among a panel of experts and entrepreneurs. Our results suggest that the PwC panel have some forecasting ability for time horizons from 3 to 9 months, although only for the 3-month ahead expectations we obtain marginal evidence of unbiasedness and efficiency in the forecasts. As for the consistency properties of the exchange rate expectations formation process, we find that survey participants form stabilising expectations in the short-run and destabilising expectations in the long- run and that the expectation formation process is closer to fundamentalists than chartists.

Volatility transmission between stock and exchange-rate markets: A connectedness analysis

This paper empirically investigates volatility transmission among stock and foreign exchange markets in seven major world economies during the period July 1988 to January 2015. To this end, we first perform a static and dynamic analysis to measure the total volatility connectedness in the entire period (the system-wide approach) using a framework recently proposed by Diebold and Yilmaz (2014). Second, we make use of a dynamic analysis to evaluate the net directional connectedness for each market. To gain further insights, we examine the time-varying behaviour of net pair-wise directional connectedness during the financial turmoil periods experienced in the sample period Our results suggest that slightly more than half of the total variance of the forecast errors is explained by shocks across markets rather than by idiosyncratic shocks. Furthermore, we find that volatility connectedness varies over time, with a surge during periods of increasing economic and financial instability.

La presión fiscal en las cooperativas: una valoración por tamaños, comunidades y sectores para el periodo 2008-2011

Las cooperativas son sociedades con unas características especiales tanto en su regulación como en su tributación, tradicionalmente más ventajosa, a las que se les atribuye importantes funciones sociales. En este trabajo realizamos un cálculo del impuesto sobre sociedades pagado con objeto de medir la presión fiscal de las empresas cooperativas y de esta forma valorar si se producen diferencias estadísticamente significativas entre los diferentes tipos de estas empresas, según tamaños, sectores y comunidades autónomas. Para ello partimos de la información adicional de tipo fiscal que ofrecen los balances anuales a partir del año 2008, como consecuencia de la adaptación de la legislación mercantil a las Normas Internacionales de Contabilidad y trabajamos sobre una muestra de empresas cooperativas durante cuatro años.

Diseño y estudio de situaciones didácticas que favorecen el trabajo con registros semióticos

What’s behind the mistakes and difficulties that appear on the students to understand and study mathematics?are only related to the cognitive complexity of the content or such difficulties are also related to the possible ways to access the different mathematical objects? The mathematical activity generated in many students learning difficulties that are not manifested in cognitive processes related to other areas of knowledge. If something characterizes the processes of teaching and learning of mathematics is that, unlike what happens with the objects of study in the experimental sciences, the only way to access to them is through its different semiotic representations. The coordination among the different systems of representation that refer to the same mathematical concept, needs to move from one register to another (D’Amore, 1998, 2001, 2003, 2004, 2006; Duval, 1993, 1994, 1995, 1996, 2000, 2003, 2004, 2005, 2007, 2008, 2011, 2012; Godino, 2002, 2003, 2012, 2014; Kaput, 1989a, 1989b,1992, 1998; Radford, 1998, 2004a, 2004b, 2004c, 2006a, 2008,2009, 2011, 2013, 2014a). Therefore, the treatments that can be realized within a given register and the conversion of one register into another, play an essential role in the grasp of the object and mathematical concepts. Through this work with representations, students give meanings to the objects of study and are able to understand the underlying mathematical structures, which is the main educational interest of this issue...