Contagion and efficiency in gross and net interbank payment systems

The increased fragility of the banking industry has generatedgrowing concern about the risks associated with the paymentsystems. Although in most industrial countries differentinterbank payment systems coexist, little is really knownabout their propierties in terms of risk and efficiency. Wetackle this question by comparing the two main types ofpayment systems, gross and net, in a framework whereuncertainty arises from several sources: the time ofconsumption, the location of consumption and the return oninvestment. Payments across locations can be made either bydirectly transferrring liquidity or by transferring claimsagainst the bank in the other location. The two mechanism areinterpreted as the gross and net settlement systems ininterbank payments. We characterize the equilibria in the twosystems and identify the trade-off in terms of safety andefficiency.

The wage effect of an indexation clause: Evidence from Spanish manufacturing firms

An endogenous switching model of ex-ante wage changes under indexed and non-indexed settlements is estimated for the Spanish manufacturing sector using collective bargaining firm data for the 1984-1991 period. The likelihood of indexing the settlement is higher for nationwide unions than for other union groups within the works council and increases with the expected level of inflation. For wage change equations, a common structure for indexed and non-indexed settlements is strongly rejected, showing a source of nominal rigidity. For indexed contracts, the expected ex-ante total inflation coverage is nearly complete. It is also shown that workers pay a significant ex-ante wage change premium (differential) to obtain a cost of living allowance clause. However, the realised contingent compensation exceeds such a premium for all industries. Finally, important spillover effects in wage setting and the decision to index the settlement have been detected.

The role of title insurance under recording and registration

This article outlines a transaction cost theory of title insurance andanalyses the role it plays in countries with recording and registrationof land titles. Title insurance indemnifies real estate right holdersfor losses caused by pre-existing title defects that are unknown whenthe policy is issued. It emerged to complement the errors and omissions insurance of professionals examining title quality. Poor organizationof public records led title insurers in the USA to integrate titleexamination and settlement services. Their residual claimant statusmotivates insurers to screen, cure and avoid title defects. Firmsintroducing title insurance abroad produce little information on titlequality, however. Their policies are instead issued on a casualty basis,complementing and enforcing the professional liability of conveyancers.Future development in markets with land registration is uncertainbecause of adverse selection, competitive reactions from establishedconveyancers and the ability of larger banks to self-insure title risks.

How do very open economies adjust to large immigration flows? Recent evidence from Spanish regions

In recent years, Spain has received unprecedented immigration flows. Between 2001 and 2006 the fraction of the population born abroad more than doubled, increasing from4.8% to 10.8%. For Spanish provinces with above-median inflows (relative to population),immigration increased by 24% the number of high school dropouts while only increasingcollege graduates by 11%. We study different channels by which regional labor markets haveabsorbed the large increase in relative supply of low educated workers. We identify theexogenous supply shock using historical immigrant settlement patterns by country of origin.Using data from the Labor Force Survey and the decennial Census, we find a large expansion ofemployment in high immigration regions. Disaggregating by industry, the absorption operatedthrough large increases in the share of low-educated workers, compared to the same industry inlow-immigration regions. We do not find changes in sectoral specialization. Overall, andperhaps surprisingly, the pattern of absorption is very similar to the one found in the US.

Bargaining efficiency and screening: An experimental investigation

This paper investigates whether information about fairness types canbe useful in lowering dispute costs and enhancing bargaining efficiency.An experiment was conducted in which subjects were first screened usinga dictator game, with the allocations chosen used to separate participantsinto two types. Mutually anonymous pairs of subjects then bargained, witha dispute cost structure imposed. Sorting with identification reducesdispute costs; there are also significant differences in bargainingefficiency across pairing types. Information about types is crucial forthese differences and also strongly affects the relative bargainingsuccess of the two types and the hypothetical optimal bargaining strategy.

La Geografia política en Vidal de la Blanche: la France de l'Est

En 1979 Y. Lacoste a publié dans la revue "Hérodote" un article surprenant intitulé "A bas Vidal ... Viva Vidal" qui exhumait la dernière œuvre de Vidal de la Blache: La france de I'Est (Loraine-Alsace) (1917). Dans cet article, Lacoste faisait l'éloge de certains aspects économiques, sociaux et surtout géopolitiques, non traités dans le traditionnel modèle vidalien. Nous tenterons d'approfondir dans cet essai l'une des questions qu'a induite l'article de Lacoste, a savoir la place qu'occupe la Géographie Politique dans l'école vidalienne. Les différents travaux et actions des disciples de Vidal ont fait preuve d’un grand intérêt pour la Géographie Politique en abandonnant provisoirement le schéma descriptif prope à la géographie régionale française. À la fin de la première guerre mondiale, le problème frontalier de l'Alsace-Loraine devient l'axe central de La France de I'Est; On a fait ressortir les éléments géopolitiques de cette œuvre a fin de démontrer que l'aspect géopolitique de l'école vidalienne est méconnu

Tough adults, frail babies: an analysis of stress sensitivity across early life-history stages of widely introduced marine invertebrates

All ontogenetic stages of a life cycle are exposed to environmental conditions so that population persistence depends on the performance of both adults and offspring. Most studies analysing the influence of abiotic conditions on species performance have focussed on adults, while studies covering early life-history stages remain rare. We investigated the responses of early stages of two widely introduced ascidians, Styela plicata and Microcosmus squamiger, to different abiotic conditions. Stressors mimicked conditions in the habitats where both species can be found in their distributional ranges and responses were related to the selection potential of their populations by analysing their genetic diversity. Four developmental stages (egg fertilisation, larval development, settlement, metamorphosis) were studied after exposure to high temperature (30°C), low salinities (26 and 22 ) and high copper concentrations (25, 50 and 100 µg/L). Although most stressors effectively led to failure of complete development (fertilisation through metamorphosis), fertilisation and larval development were the most sensitive stages. All the studied stressors affected the development of both species, though responses differed with stage and stressor. S. plicata was overall more resistant to copper, and some stages of M. squamiger to low salinities. No relationship was found between parental genetic composition and responses to stressors. We conclude that successful development can be prevented at several life-history stages, and therefore, it is essential to consider multiple stages when assessing species' abilities to tolerate stress. Moreover, we found that early development of these species cannot be completed under conditions prevailing where adults live. These populations must therefore recruit from elsewhere or reproduce during temporal windows of more benign conditions. Alternatively, novel strategies or behaviours that increase overall reproductive success might be responsible for ensuring population survival.

Microsatellite markers reveal shallow genetic differentiation between cohorts of the common sea urchin Paracentrotus lividus (Lamarck) in northwest Mediterranean

Temporal variability was studied in the common sea urchin Paracentrotus lividus through the analysis of the genetic composition of three yearly cohorts sampled over two consecutive springs in a locality in northwestern Mediterranean. Individuals were aged using growth ring patterns observed in tests and samples were genotyped for five microsatellite loci. No reduction of genetic diversity was observed relative to a sample of the adult population from the same location or within cohorts across years. FST and amova results indicated that the differentiation between cohorts is rather shallow and not significant, as most variability is found within cohorts and within individuals. This mild differentiation translated into estimates of effective population size of 90100 individuals. When the observed excess of homozygotes was taken into account, the estimate of the average number of breeders increased to c. 300 individuals. Given our restricted sampling area and the known small-scale heterogeneity in recruitment in this species, our results suggest that at stretches of a few kilometres of shoreline, large numbers of progenitors are likely to contribute to the larval pool at each reproduction event. Intercohort variation in our samples is six times smaller than spatial variation between adults of four localities in the western Mediterranean. Our results indicate that, notwithstanding the stochastic events that take place during the long planktonic phase and during the settlement and recruitment processes, reproductive success in this species is high enough to produce cohorts genetically diverse and with little differentiation between them. Further research is needed before the link between genetic structure and underlying physical and biological processes can be well established.

La mediació i l'arbitratge de consum: explorar sistemes d'ODR

La utilització dels mitjans alternatius de resolució de conflictes (ADR) en l'àmbit de les reclamacions de consum té un marc legal específic a Espanya -i també a la UE- des del 1993, que deriva de les seves característiques especials. Algunes són d'encuny exclusivament jurídic: es tracta de reclamacions en què el marc legal aplicable és el denominat dret de consum; d'altres tenen un suport bàsicament fàctic: solen tenir poca entitat econòmica, és a dir, entren en la categoria del que denominem small claims, i el fet que les reclamacions -en alguns casos que van en augment- siguin transfrontereres condiciona l'opció entre jurisdicció tradicional i ADR, com també tindrem ocasió d'analitzar. Cal afegir a aquests elements jurídics i fàctics un element important de política legislativa en un àmbit de la UE: els ADR s'entenen com un instrument bàsic per a garantir l'accés dels consumidors a la justícia, però alhora, en l'àmbit del comerç electrònic, són un element de gran transcendència en la creació de la denominada confiança electrònica o e-confidence. Per aquest motiu, s'exploren contínuament proces- sos de resolució en línia de conflictes (on-line dispute resolution, ODR). Els ODR pretenen la màxima eficàcia oferint un suport tècnic capaç de solucionar una controvèrsia amb la intervenció d'un tercer o sense, i dins o fora de l'organització de l'empresari. D'aquesta manera, s'usa un mateix expedient tècnic per a posar en marxa successivament més d'un ADR, o es potencien els mecanismes automàtics que prescindeixen dels conceptes jurídics i, en mig de l'exploració constant, Espanya aposta per l'arbitratge electrònic de consum en el RD 236/2008. A aquests temes ens referirem a continuació.

La mediación y el arbitraje de consumo: explorando sistemas de ODR

La utilización de ADR en el ámbito de las reclamaciones de consumo tiene un marco legal específico en España -y también en la UE- desde 1993, que deriva de sus características especiales. Algunas son de cuño exclusivamente jurídico: se trata de reclamaciones en las que el marco legal aplicable es el denominado derecho de consumo; otras poseen un soporte básicamente fáctico: suelen tener poca entidad económica, es decir, entran en la categoría de lo que denominamos small claims, y el hecho de que las reclamaciones -en algunos supuestos que van en aumento- sean transfronterizas condiciona la opción entre jurisdicción tradicional y ADR, como también tendremos ocasión de analizar. Hay que añadir a estos elementos jurídicos y fácticos un elemento importante de política legislativa en un ámbito de la UE; los ADR se entienden como un instrumento básico para garantizar el acceso de los consumidores a la justicia, pero al mismo tiempo, en el ámbito del comercio electrónico, son un ele- mento de gran trascendencia en la creación de la denominada e-confidence. Por este motivo, se explo- ran continuamente formas de ODR (On-line Dispute Resolution). Los ODR pretenden la mayor eficacia ofreciendo un soporte técnico capaz de solucionar una controversia con o sin la intervención de un tercero, y dentro o fuera de la organización del empresario. De este modo, se usa un mismo expediente técnico para poner en marcha sucesivamente más de un ADR, o se potencian los mecanismos automáticos que prescinden de los conceptos jurídicos y, en medio de la exploración constante, España apuesta por el arbitraje electrónico de consumo en el RD 236/2008. A estos temas vamos a referirnos a continuación.

Deciding the sale of a life policy in the viatical market: Implications on individual welfare

[cat] En aquest article, es presenta un model econòmic que permet determinar la venda o no d'una pòlissa de vida (total o en part) per part d'un assegurat malalt terminal en el mercat dels viatical settlements. Aquest mercat va aparèixer a finals de la dècada dels 80 a conseqüència de l'epidèmia de la SIDA. Actualment, representa una part del mercat dels life settlements. Les pòlisses que es comercialitzen en el mercat dels viaticals són aquelles on l'assegurat és malalt terminal amb una esperança de vida de dos anys o menys. El model és discret i considera només dos períodes (anys), ja que aquesta és la vida residual màxima que contempla el mercat. L'agent posseix una riquesa inicial que ha de repartir entre consum i herència. S'introdueix en primer lloc la funció d'utilitat esperada del decisor i, utilitzant programació dinàmica, es dedueix l'estratègia que reporta una utilitat més gran (no vendre/vendre (en part) la pòlissa en el moment zero/vendre (en part) la pòlissa en el moment ú). L'òptim depèn del preu de la pòlissa venuda i de paràmetres personals de l'individu. Es troba una expressió analítica per l'estratègia òptima i es realitza un anàlisi de sensibilitat.

Trade policy and regional inequalities

This paper aims to analyse the effects of trade policies in the pattern of regional inequalities within a country. Inspired firstly, by the debate concerning the role of protectionist policies in the settlement of a pattern of striking regional inequalities in the Spanish industrialisation process and secondly, by current evidence of an increase in these inequalities following the entry of Spain in the EU (1986), we set a model that shows that trade liberalisation increases regional inequalities.

Deciding the sale of a life policy in the viatical market: Implications on individual welfare

[cat] En aquest article, es presenta un model econòmic que permet determinar la venda o no d'una pòlissa de vida (total o en part) per part d'un assegurat malalt terminal en el mercat dels viatical settlements. Aquest mercat va aparèixer a finals de la dècada dels 80 a conseqüència de l'epidèmia de la SIDA. Actualment, representa una part del mercat dels life settlements. Les pòlisses que es comercialitzen en el mercat dels viaticals són aquelles on l'assegurat és malalt terminal amb una esperança de vida de dos anys o menys. El model és discret i considera només dos períodes (anys), ja que aquesta és la vida residual màxima que contempla el mercat. L'agent posseix una riquesa inicial que ha de repartir entre consum i herència. S'introdueix en primer lloc la funció d'utilitat esperada del decisor i, utilitzant programació dinàmica, es dedueix l'estratègia que reporta una utilitat més gran (no vendre/vendre (en part) la pòlissa en el moment zero/vendre (en part) la pòlissa en el moment ú). L'òptim depèn del preu de la pòlissa venuda i de paràmetres personals de l'individu. Es troba una expressió analítica per l'estratègia òptima i es realitza un anàlisi de sensibilitat.

Trade policy and regional inequalities

This paper aims to analyse the effects of trade policies in the pattern of regional inequalities within a country. Inspired firstly, by the debate concerning the role of protectionist policies in the settlement of a pattern of striking regional inequalities in the Spanish industrialisation process and secondly, by current evidence of an increase in these inequalities following the entry of Spain in the EU (1986), we set a model that shows that trade liberalisation increases regional inequalities.

El despoblado altomedieval de Cuyacabras (Burgos): Realidad, principios y argumentos

The archaeological site of Cuyacabras (Quintanar de la Sierra, Burgos) is one of main early medieval reference settlements in Upper Arlanza basin lands and it attracts a great amount of visitors. The monumental featured half-caved church and the necropolis consisting of several burials dug into the rock present around the whole area are material evidences of an ancient hill town which has remained uninhabited from middle XIIIth century. New fieldworks on this whole site, excavated during the sixties, have been focused on improving the scientific impact of the site and setting up to date the records and information entries for the necropolis. All obtained data emphasize the weakness of several principles used to put in value the settlement, and they also suggest a revision of several-year-old discussions on one hand, and on the other one, they encourage scholars to propound new up to date theories which will fi t better with our knowledge"s current context.