Salt springs from Romania exploited during early archaeological times : a new candidate for World Heritage

Our approach emphasizes on the importance of the first forms of salt springs exploitation meant to obtain recrystallized salt for the development of prehistoric human communities within the continental inlands of Europe. Although it does not compare with the monumental dimension of World Heritage, the exploitation of some salt springs in Eastern Romania goes back around 8 millennia; they may be the oldest such exploitations in the world, as proven by 14C calibrated data. What differentiates Romanian salt springs from other famous similar areas in Europe is the continuity of exploitation and utilization of natural brine. Actually, these resilient behaviours explain the creation of a whole and complex universe of salt, which also represents a unique point of reference within the intangible World Heritage. It is through this association in variable proportions between tangible (non-monumental) and intangible that these salt springs comprising the oldest traces of salt exploitation can be considered elements of World Heritage. Today, important personalities in the fields of archaeology, anthropology and history posit that salt is a major reference for the development of the entire umanity. Obviously, the breakthrough of this idea requires awareness efforts targeting, on one hand, local communities in those areas wand, on the other, national and international scientific and cultural environments concerned with the World Heritage. In this context, a proper motivation is the fact that the last two decades have witnessed an intensification of research on salt, which turned this topic one of the major themes within European archaeology and ethno-archaeology. In terms of local community awareness concerning the importance of salt springs in the economic development of a (micro) area over time, it is worth underlining mostly the specialists’ efforts of presenting this topic in the media. Moreover, the impact of a recent initiative of the two museums in the area (Piatra Neamț and Târgu Neamț)—establishing distinct sections that represent, by using museum-inspired means, both archaeological vestiges and traditional practices of natural brine exploitation and utilization—will prove its extent in time. Certain local authorities and private entrepreneurs have pinpointed that valorising tourist areas comprising the oldest traces of salt exploitation in Romania is an imminent issue. The greatest challenge is finding a balance between the civilization improvements (upgraded access roads, upgrading operating areas, etc.) and thep rotection of still-alive traditional practices of salt exploitation and use, within rural areas. Certain local authorities and private entrepreneurs have pinpointed that valorising tourist areas comprising the oldest traces of salt exploitation in Romania will become, sooner or later, an imminent issue. The greatest challenge is finding a balance between the civilization improvements (upgraded access roads, upgrading operating areas, etc.) and the protection of still-alive traditional practices of salt exploitation and use, within rural areas.

Risk premiumin the global creditMarkets: 2006-2012

¿What have we learnt from the 2006-2012 crisis, including events such as the subprime crisis, the bankruptcy of Lehman Brothers or the European sovereign debt crisis, among others? It is usually assumed that in firms that have a CDS quotation, this CDS is the key factor in establishing the credit premiumrisk for a new financial asset. Thus, the CDS is a key element for any investor in taking relative value opportunities across a firm’s capital structure. In the first chapter we study the most relevant aspects of the microstructure of the CDS market in terms of pricing, to have a clear idea of how this market works. We consider that such an analysis is a necessary point for establishing a solid base for the rest of the chapters in order to carry out the different empirical studies we perform. In its document “Basel III: A global regulatory framework for more resilient banks and banking systems”, Basel sets the requirement of a capital charge for credit valuation adjustment (CVA) risk in the trading book and its methodology for the computation for the capital requirement. This regulatory requirement has added extra pressure for in-depth knowledge of the CDS market and this motivates the analysis performed in this thesis. The problem arises in estimating of the credit risk premium for those counterparties without a directly quoted CDS in the market. How can we estimate the credit spread for an issuer without CDS? In addition to this, given the high volatility period in the credit market in the last few years and, in particular, after the default of Lehman Brothers on 15 September 2008, we observe the presence of big outliers in the distribution of credit spread in the different combinations of rating, industry and region. After an exhaustive analysis of the results from the different models studied, we have reached the following conclusions. It is clear that hierarchical regression models fit the data much better than those of non-hierarchical regression. Furthermore,we generally prefer the median model (50%-quantile regression) to the mean model (standard OLS regression) due to its robustness when assigning the price to a new credit asset without spread,minimizing the “inversion problem”. Finally, an additional fundamental reason to prefer the median model is the typical "right skewness" distribution of CDS spreads...