Financial stress transmission in EMU sovereign bond market volatility: a connectedness analysis

This paper measures the connectedness in EMU sovereign market volatility between April 1999 and January 2014, in order to monitor stress transmission and to identify episodes of intensive spillovers from one country to the others. 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 Yılmaz (2014). Second, we make use of a dynamic analysis to evaluate the net directional connectedness for each country and apply panel model techniques to investigate its determinants. Finally, to gain further insights, we examine the timevarying behaviour of net pair-wise directional connectedness at different stages of the recent sovereign debt crisis.

Volatility spillovers in EMU sovereign bond markets

We analyse volatility spillovers in EMU sovereign bond markets. First, we examine the unconditional patterns during the full sample (April 1999-January 2014) using a measure recently proposed by Diebold and Yılmaz (2012). Second, we make use of a dynamic analysis to evaluate net directional volatility spillovers for each of the eleven countries under study, and to determine whether core and peripheral markets present differences. Finally, we apply a panel analysis to empirically investigate the determinants of net directional spillovers of this kind.

La competitivitat també requereix talent

L'informe Innovation Union Competitiveness Report 2011 indica que l'Estat espanyol està en condicions d'arribar al 3% de despesa en R+D respecte al PIB, objectiu fixat per la Unió Europea per al 2020, però per fer-ho caldria un increment notable de la mitjana de la despesa anual respecte als anys anteriors, especialment en l'àmbit empresarial. Un dels grans dèficits de l'economia espanyola rau en la gran distància entre la inversió empresarial en R+D espanyola i l'europea. La tendència actual fa pensar que Espanya, sense un fort impuls, es quedarà en un 2,2% o per sota a causa de la crisi econòmica.

Infraestructuras y desarrollo económico en España, 1860-1936

Durante el último medio siglo se ha producido un movimiento constante de aproximación entre las economías que hoy forman la Unión Europea. Tan sólo algunas escasas y pasajeras vacilaciones han enturbiado un proceso que ha sido intenso y persistente. El fenómeno en sí mismo ha constituido la mejor confirmación de la teoría del crecimiento neoclásica, según la cual, cuando un conjunto de economías con rasgos estructurales relativamente similares inicia un proceso de integración, es de esperar un movimiento de convergencia entre sus niveles de renta per cápita. Sin embargo, la experiencia de este pasado inmediato contrasta con momentos más remotos en el tiempo, en los cuales el incremento de intercambios entre las economías europeas no se tradujo en absoluto en una aproximación mutua. A lo largo del medio siglo anterior a la Primera Guerra Mundial, a pesar de la intensa profundización en sus relaciones, las economías europeas adolecieron de una marcada incapacidad para converger entre sí. La economía española, en concreto, mantuvo inalterada su distancia relativa con respecto a los países más desarrollados de Europa y fue incapaz de adelantarse mínimamente en la carrera del crecimiento.

Would Fiscal Authorities in the EMU prefer to coordinate?

This article studies whether fiscal authorities would prefer to operate like in the current EMU or to coordinate according to the theoretical literature. The EMU approach will lead to higher volatility of interest rates, output, inflation and average budget deficits, but the SGP deficit target will be breached less often. Keywords: fiscal policy coordination, monetary union, Stability and Growth Pact. JEL No. E61, E63, F33, H0

Europeanization and the Emergence of a European Society

This article examines the European integration process from a sociological perspective, where the main focus is the examination of the social consequences of the integration process. The European Union has advanced significantly in the economic, social, and political integration processes. This has resulted in a rapid Europeanization of behavior. There has hardly been any progress, however, toward the development of European social groups. This article examines the causes of this lag and concludes that it is highly unlikely that in the middle run there be significant progress toward the Europeanization of society.

Addressing the net balances problem as a prerequisite for EU budget reform: a proposal

Conflict among member states regarding the distribution of net financial burdens has been allowed to contaminate the entire design of the EU budget with very negative consequences in terms of equity, efficiency and transparency. To get around this problem and pave the way for a substantive budget reform, we propose to decouple distributional negotiations from the rest of the budget process by linking member state net balances in a rigid manner to relative prosperity. This would be achieved through the introduction of a system of compensating horizontal transfers that would take to its logical conclusion the Commission's proposal for a generalized compensation mechanism. We discuss the impact of the proposed scheme on member states? incentives and illustrate its financial implications using revenue and expenditure projections for 2013 that are based on the current Financial Perspectives and Own Resources Decision.

Turisme accessible i enoturisme: Una proposta d’introducció de l’accessibilitat al Museu de les Cultures del Vi de Catalunya

El present treball està estructurat al voltant de dos marcs teòrics: l’enoturisme i el turisme accessible, els quals es fusionen en una proposta d’introducció de l’accessibilitat al Museu de les Cultures del Vi de Catalunya. Estudi de les iniciatives d’enoturisme a Catalunya, la idoneïtat de la DO Penedès per a desenvolupar un producte d’aquest tipus i el cas d’estudi de desenvolupament local a les regions franceses d’Alsàcia i Borgonya. El turisme accessible, a partir de la discapacitat, l’accessibilitat, el disseny universal i les xifres relatives. El projecte d’enoturisme al Penedès. Els agents implicats. El cas pràctic d’accessibilitat al Museu

Stock market integration between new EU member states and the Euro-zone

This paper measures the degree in stock market integration between five Eastern European countries and the Euro-zone. A potentially gradual transition in correlations is accommodated by smooth transition conditional correlation models. We find that the correlation between stock markets has increased from 2001 to 2007. In particular, the Czech and Polish markets show a higher correlation to the Euro-zone. However, this is not a broad-based phenomenon across Eastern Europe. We also find that the increase in correlations is not a reflection of a world-wide phenomenon of financial integration but appears to be specific to the European market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; New EU Members.

Progress Towards to Equity Market Integration in Eastern Europe

The advent of the European Union has decreased the diversification benefits available from country based equity market indices in the region. This paper measures the increase in stock integration between the three largest new EU members (Hungary, the Czech Republic and Poland who joined in May 2004) and the Euro-zone. A potentially gradual transition in correlations is accommodated in a single VAR model by embedding smooth transition conditional correlation models with fat tails, spillovers, volatility clustering, and asymmetric volatility effects. At the country market index level all three Eastern European markets show a considerable increase in correlations in 2006. At the industry level the dates and transition periods for the correlations differ, and the correlations are lower although also increasing. The results show that sectoral indices in Eastern European markets may provide larger diversification opportunities than the aggregate market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; Sectoral correlations; New EU Members

Transmisión intergeneracional de la pobreza en Uruguay

El deterioro de los niveles de desigualdad y el empeoramiento de los niveles de pobreza que se registraron en Uruguay durante la crisis de comienzos del siglo XXI, tuvieron una especial repercusión en la infancia y la juventud, haciendo más vulnerable el futuro desempeño socioeconómico de las nuevas generaciones. El presente trabajo pretende ahondar en la existencia y extensión de la transmisión intergeneracional de la pobreza (TIP) en Uruguay. La ausencia de datos de panel impide la utilización de algunas de las metodologías más difundidas, como la correlación intergeneracional de ingresos, por lo cual se opta por centrar el análisis en la correlación intergeneracional educativa, mediante la utilización de la Encuesta Continua de Hogares del año 2005. Los resultados comprueban la existencia de correlación intergeneracional educativa en Uruguay, que se ubica por debajo de la registrada en la mayoría de los países de América Latina, y por encima de la registrada en los países más desarrollados. Para ahondar en los determinantes de la TIP se ha estimado un modelo de selección discreta que permite explicar la probabilidad de los jóvenes de terminar la enseñanza secundaria (umbral que permite situarse fuera de la situación de pobreza) en función de una serie de variables vinculadas con el entorno familiar. Se comprueba así la significativa importancia de la educación de los padres en la explicación de los resultados de los hijos, respaldando los enfoques teóricos del capital humano y de la transmisión de habilidades. El análisis también evidencia el efecto negativo de un mayor número de hermanos en la familia, comprobando la importancia del enfoque de cantidad calidad de Becker. Finalmente, los resultados permiten entrever la importancia de otros mecanismos de la TIP como la segregación residencial, el assortative mating y el embarazo adolescente.

Síntesi i control de qualitat de biodièsel

Treball de recerca realitzat per un alumne d'ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l'any 2009. Aquest treball té com a base donar les pautes necessàries per a l'obtenció de biodièsel i determinar-ne la seva acceptabilitat. Per tal de que això sigui possible, s'han sintetitzat biodièsels provinents d'oli de girasol refinat, d'oli d'oliva refinat, i d'aquests mateixos fregits al emprar-los al cuinar. Un cop sintetitzats se'ls hi ha realitzat una sèrie d'anàlisis fisicoquímics per tal de determinar-ne la seva acceptabilitat mitjançant una comparativa amb els resultats obtinguts amb un dièsel comercial, així com amb els límits que marca la unió europea en l'esborrany final de la norma prEN 14214.

Analysing the innovation process in the EU Integrated Programme, ISAFRUIT

ISAFRUIT is an integrated European Union Project focussed on increasing fruit consumption as a means to improve human health, through evaluating the fruit chain and addressing bottlenecks therein.The innovations which are being developed throughout the ISAFRUIT Project have been analysed to determine both the success factors and the obstacles in reaching the commercialisation stage. Only 9.58% of the deliverables planned within the Project were focussed on developing technological innovations.There is evidence, however, of successes in the development of new innovations arising from the ISAFRUIT Project, with several other potential innovations in the pipeline. Of the technologies identified, 67% are still at the “invention stage”; that is, the stage prior to bridging the so-called “valley of death”, the stage between an invention and an innovation. Those which are considered to have moved over the “valley of death” either had industry partners included in the Project, or had consulted with industry to ensure that the technology was relevant, or met a recognised industry need. Many of the technologies which made less progress did not have the same interactions with industry. A number of other issues were identified which prevented further progress towards innovation. The need for scientists to publish scientific papers, both for their career pathways and to increase their chances of future funding, was identified as one issue, although the filing of patents is now becoming more accepted and recognised. The patenting system is considered complex by many scientists and is not well-understood. Finally, agreements between partners on the sharing of intellectual property rights can cause a delay in the innovation process.

Juridical double taxation by cross border transactions: the Block Case (C-67/08)

Treaty Establishing the European Community, operative until December 1st 2009, had already established in its article 2 the mission of the up until then European Community and actual European Union is to promote an harmonious, equilibrated and sustainable development of the economic activities of the whole Community. This Mission must be achieved by establishing a Common Market, an Economic and Monetary Union and the realization of Common Policies. One of the instruments to obtain these objectives is the use of free circulation of people, services and capitals inside the Common and Interior Market of the European Union. The European Union is characterized by the confirmation of the total movement of capitals, services and individuals and legal peoples’ freedom; freedom that was already predicated by the Maastricht Treaty, through the suppression of whatever obstacles which are in the way of the objectives before exposed. The old TEC in its Title III, now Title IV of the Treaty on the Functioning of the European Union, covered the free circulation of people, services and capitals. Consequently, the inclusion of this mechanism inside one of the regulating texts of the European Union indicates the importance this freedom supposes for the European Union objectives’ development. Once stood up the relevance of the free movement of people, services and capitals, we must mention that in this paper we are going to centre our study in one of these freedoms of movement: the free movement of capital. In order to analyze in detail the free movement of capital within the European framework, we are going to depart from the analysis of the existent case law of the Court of Justice of the European Union. The use of jurisprudence is basic to know how Community legislation is interpreted. For this reason, we are going to develop this work through judgements dictated by the European Union Court. This way we can observe how Member States’ regulating laws and the European Common Law affect the free movement of capital. The starting point of this paper will be the Judgement C-67/08 European Court of Justice of February 12th 2009, known as Block case. So, following the argumentation the Luxemburg Court did about the mentioned case, we are going to develop how free movement of capital could be affected by the current disparity of Member States’ legislation. This disparity can produce double taxation cases due to the lack of tax harmonized legislation within the interior market and the lack of treaties to avoid double taxation within the European Union. Developing this idea we are going to see how double taxation, at least indirectly, can infringe free movement of capital.