Sovereign debt markets in turbulent times: Creditor discrimination and crowding-out effects

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and lowspreads. Then the financial crisis erupted and pushed them into deep recessions, raising theirdeficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocatedfrom the private to the public sectors, reducing investment and deepening the recessions evenfurther. To account for these facts, we propose a simple model of sovereign risk in which debtcan be traded in secondary markets. The model has two key ingredients: creditor discriminationand crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereigndebt offers a higher expected return to domestic creditors than to foreign ones. This providesincentives for domestic purchases of debt. Crowding-out effects arise because private borrowingis limited by financial frictions. This implies that domestic debt purchases displace productiveinvestment. The model shows that these purchases reduce growth and welfare, and may lead toself-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countriesin the Eurozone, and how they may be addressed by policies at the European level.

National Identity and the Preference for State Opting-Out in the Basque Country

We argue that preferences for secession are the expression of a common unobserved mechanisms determining national identity. This paper examines the hypothesis of independence of both preferences for secession (independent Euskadi) and Basque national identity in the light of Akerloff and Kranton (2000). We deal with psychological determinants of individuals' national identity formation as well as those that influence the propensity of individuals to support the secession of their perceived ¿imagined community¿ or nation.. We undertake econometric survey analysis for the Basque Country using a bivariate probit model and publicly available data from the Spanish Centre for Sociological Research. Our results provide robust evidence of a common determination of national identity and political preferences for the secession of the Basque Country consistently with Akerloff and Kranton model.

Nonideal particle distributions from kinetic freeze-out models

In fluid dynamical models the freeze-out of particles across a three-dimensional space-time hypersurface is discussed. The calculation of final momentum distribution of emitted particles is described for freeze-out surfaces, with both spacelike and timelike normals, taking into account conservation laws across the freeze-out discontinuity.

Freeze-out in hydrodynamical models

We study the effects of strict conservation laws and the problem of negative contributions to final momentum distribution during the freeze-out through 3-dimensional hypersurfaces with spacelike normal. We study some suggested solutions for this problem, and demonstrate it in one example.

Covariant description of kinetic freeze-out through a finite spacelike layer

The problem of freeze-out (FO) in relativistic heavy-ion reactions is addressed. We develop and analyze an idealized one-dimensional model of FO in a finite layer, based on the covariant FO probability. The resulting post FO phase-space distributions are discussed for different FO probabilities and layer thicknesses.

Regular wave propagation out of noise in chemical active media

A pacemaker, regularly emitting chemical waves, is created out of noise when an excitable photosensitive Belousov-Zhabotinsky medium, strictly unable to autonomously initiate autowaves, is forced with a spatiotemporal patterned random illumination. These experimental observations are also reproduced numerically by using a set of reaction-diffusion equations for an activator-inhibitor model, and further analytically interpreted in terms of genuine coupling effects arising from parametric fluctuations. Within the same framework we also address situations of noise-sustained propagation in subexcitable media.

Spatiotemporal order out of noise

Experimental observations of self-organized behavior arising out of noise are also described, and details on the numerical algorithms needed in the computer simulation of these problems are given.

Regular wave propagation out of noise in chemical active media

A pacemaker, regularly emitting chemical waves, is created out of noise when an excitable photosensitive Belousov-Zhabotinsky medium, strictly unable to autonomously initiate autowaves, is forced with a spatiotemporal patterned random illumination. These experimental observations are also reproduced numerically by using a set of reaction-diffusion equations for an activator-inhibitor model, and further analytically interpreted in terms of genuine coupling effects arising from parametric fluctuations. Within the same framework we also address situations of noise-sustained propagation in subexcitable media.

Spatiotemporal order out of noise

Experimental observations of self-organized behavior arising out of noise are also described, and details on the numerical algorithms needed in the computer simulation of these problems are given.

National Identity and the Preference for State Opting-Out in the Basque Country

We argue that preferences for secession are the expression of a common unobserved mechanisms determining national identity. This paper examines the hypothesis of independence of both preferences for secession (independent Euskadi) and Basque national identity in the light of Akerloff and Kranton (2000). We deal with psychological determinants of individuals' national identity formation as well as those that influence the propensity of individuals to support the secession of their perceived ¿imagined community¿ or nation.. We undertake econometric survey analysis for the Basque Country using a bivariate probit model and publicly available data from the Spanish Centre for Sociological Research. Our results provide robust evidence of a common determination of national identity and political preferences for the secession of the Basque Country consistently with Akerloff and Kranton model.

Out-of-sample forecast tests robust to the choice of window size

This paper proposes new methodologies for evaluating out-of-sample forecastingperformance that are robust to the choice of the estimation window size. The methodologies involve evaluating the predictive ability of forecasting models over a wide rangeof window sizes. We show that the tests proposed in the literature may lack the powerto detect predictive ability and might be subject to data snooping across differentwindow sizes if used repeatedly. An empirical application shows the usefulness of themethodologies for evaluating exchange rate models' forecasting ability.

Els manlleus en la revista “Time Out Barcelona”

El present treball constitueix un estudi i una anàlisi sobre les dades obtingudes del buidatge dels manlleus recollits en dos números de la revista catalana Time Out Barcelona. L’objectiu és aprofundir en el tema dels préstecs i extreure algunes conclusions sobre els tipus d’unitats manllevades i el seu tractament.

Standardized enforcement: Access to justice vs. contractual innovation

We model the effect of contract standardization on the development of markets andthe law. In a setting in which biased judges can distort contract enforcement, we findthat the introduction of a standard contract reduces enforcement distortions relative toreliance on precedents, exerting two effects: i) it statically expands the volume of trade,but ii) it crowds out the use of open-ended contracts, hindering legal evolution. We shedlight on the large-scale commercial codification undertaken in the nineteenth centuryin many countries (even common-law ones) during a period of booming commerce andlong-distance trade.

In & Out – 180 habitatges per a gent jove i gent gran Camí Antic de València al Poblenou

Estratègies d’ordenació: L’ordenació proposada vol recollir la hibridesa i complexitat d’espais típica del Poble Nou. Caracteritzat pels espais lliures de mida intermèdia –a cavall entre els dels teixits i els del eixamples – i per la riquesa en les seves articulacions (mitjançant passatges, a través d’edificis,…) ; per la permeabilitat cap a l’interior de l’illa: la connexió dels buits interiors amb els carrers i espais públics annexes o per la variabilitat del gra edificat.És per això que l’edificació no s’entén com una sèrie de blocs aïllats sinó que està concebuda com una gran peça articulada, amb una alçada constant en el volum a carrer i una lleugera variabilitat volumètrica en altura en els diferents volums interiors de igual mòdul i de gra menor, homòleg al del seu context urbà més pròxim.És essencial al projecte la definició de l’espai buit interior de l’illa en relació als habitatges, i la seva relació –a una escala major- amb els espais lliures de l’entorn. L’ordenació proposada configura dos paisatges diferents: un pati més urbà, delimitat en planta baixa per un equipament del barri i al que s’hi aboquen els habitatges per a joves i un altre més tranquil i més tou, un jardí per als més grans, accessible des del carrer i des de l’espai públic contiguEl volum més llarg afegeix una nova inflexió a les que ja té el carrer, ampliant-lo amb un espai amb funció de vestíbul i recuperant així, a partir d’una traça parcel•laria històrica, la direcció de l’Eixample.Els diferents volums es relacionen/articulen mitjançant corredors i espais col•lectius de distintes mesures i qualitats. Espais de relació, de dimensió variable, en diferents situacions relatives –respecte al ple, al sòl- i amb distints caràcters, que van del privat al públic...passant pel col•lectiu.Les galeries i els corredors d'accés als habitatges, protagonistes d'aquests espais híbrids (privats-semiprivats-col•lectius/ interiors-exteriors/ tancats-oberts), es converteixen gràcies a la flexibilitat en el tancament de la unitat d'habitació en espais d'intercanvi, on la variabilitat en l'ús permet diferents apropiacions de l'espai col•lectiu.La superposició en altura d'aquests espais funciona com una estructura lleugera adossada a la façana, és una epidermis complexa amb aparença de bastida.L’edificació té la voluntat de tancar-se a carrer amb una façana poc perforada, que llisca indiferent al carrer, i d’obrir-se a l’interior de l’illa, a sud, on es torna complexa, amb successives pells i tamisos...

Redefining dropping out in online higher education: a case study from the UOC

In recent years, studies into the reasons for dropping out of higher education (including online education) have been undertaken with greater regularity, parallel to the rise in the relative weight of this type of education, compared with brick-and-mortar education. However, the work invested in characterising the students who drop out of education, compared with those who do not, appears not to have had the same relevance as that invested in the analysis of the causes. The definition of dropping out is very sensitive to the context. In this article, we reach a purely empirical definition of student dropping out, based on the probability of not continuing a specific academic programme following several consecutive semesters of "theoretical break". Dropping out should be properly defined before analysing its causes, as well as comparing the drop-out rates between the different online programmes, or between online and on-campus ones. Our results show that there are significant differences among programmes, depending on their theoretical extension, but not their domain of knowledge.