Heterogeneity, saving-investment dynamics and capital mobility in Latin America

The purpose of this paper is to analyze the dynamics of national saving-investment relationship in order to determine the degree of capital mobility in 12 Latin American countries. The analytically relevant correlation is the short-term one, defined as that between changes in saving and investment. Of special interest is the speed at which variables return to the long run equilibrium relationship, which is interpreted as being negatively related to the degree of capital mobility. The long run correlation, in turn, captures the coefficient implied by the solvency constraint. We find that heterogeneity and cross-section dependence completely change the estimation of the long run coefficient. Besides we obtain a more precise short run coefficient estimate compared to the existent estimates in the literature. There is evidence of an intermediate degree of capital mobility, and the coefficients are extremely stable over time.

ON THE DIFFERENCES BETWEEN THE MARGINAL PRODUCT OF CAPITAL ACROSS COUNTRIES

We extended the standard neoclassical model of investment for the case of an open economy. Our model shows that risk premium not only creates a wedge between the marginal product of capital across countries but also reduces an economy`s savings rate. A riskier market thus presents a lower income per capita, ceteris paribus. Our empirical analysis, from 1950 to 2003, lends support to the conclusion that both risk and the correction for output price to investment ratio help to explain the differentials.

Spectroelectrochemistry and investigation of charge transport mechanisms of iron poly(pyridyl) redox polymers

In this work, we describe the characterization of the complex [Fe(tpy-NH2)(2)](PF6)(2) (tpy-NH2 = bis[4`-(3-aminophenyl)-2, 2`:6`,2 ``-terpyridine]. The complex was oxidatively electropolymerized on glassy.-carbon electrodes in CH3CN/0.1 M tetraethylammonium perchlorate (TEAP) to generate polymer films that exhibit reversible oxidative electrochemical behavior in a wide potential range (0.0-1.6 V), as well as high conductivity and stability/durability. In situ spectrocyclic voltammetry of this modified electrode was carried out on a photodiode array spectrophotometer attached to a potentiostat, which provided UV-Vis absorption spectra of the redox species during the potential sweep. We determined charge transport parameters as a function of time and thickness of the modified electrode, and the results showed that poly-[[Fe(tpy-NH2)(2)](2+)](n) can be made to exhibit three regimes of charge transport behavior by manipulation of the film thickness and the experimental time-scale. Morphological characterization of the film was provided by atomic force microscopy. (C) 2008 Elsevier Ltd. All rights reserved.