Recreating the South Sea bubble: Lessons from an experiment in financial history

Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to become very large. We recreate, in a laboratory setting, some of the specific institutional features investors in the South Sea Company faced in 1720. Several factors have been proposed as potentially contributing to one of the greatest periods of asset overvaluation in history: an intricate debt-for-equity swap, deferred payment for these shares, and the possibility of default on the deferred payments. We consider which aspect might have had the most impact in creating the South Sea bubble. The results of the experiment suggest that the company?s attempt to exchange its shares for government debt was the single biggest contributor to the stock price explosion, because of the manner in which the swap affected fundamental value. Issuing new shares with only partial payments required, in conjunction with the debt-equity swap, also had a significant effect on the size of the bubble. Limited contract enforcement, on the other hand, does not appear to have contributed significantly.

BIENESTAR LABORAL EN PROFESIONALES DE LA MEDICINA:UNA COMPARATIVA ENTRE ALGUNOS PAÍSES DE AMÉRICA LATINA Y ESPAÑA

Las megatendencias globalizadoras y postfordistas han inspirado las reformas modernizadoras de los sistemas sanitarios. Esta reorganización empresarial de los servicios de salud ha generado importantes mejoras en los recursos materiales y tecnológicos de los mismos, pero también notables cambios en las condiciones de trabajo de los profesionales de la medicina. Estas transformaciones, combinadas con el aumento de las demandas sociales a la sanidad y de la consiguiente presión asistencial, están en el origen de los procesos actuales de intensificación y sobrecarga del trabajo médico. En este contexto, surge la pregunta sobre la influencia de las nuevas condiciones de trabajo en el bienestar laboral y en la salud ocupacional de los profesionales de la medicina en el contexto español y latinoamericano. Para responderla, se diseñó una investigación que combinó metodología cualitativa y cuantitativa. En ella participaron (voluntariamente) 281 profesionales de la medicina de España (47,7%) y de América Latina (52,3%), empleados en hospitales, a quienes se accedió mediante un muestreo de conveniencia, intencional y estratificado por sexo (55,4% hombres y 44,6% mujeres), edad (X= 43,16 años, SD=11,19), antigüedad en la profesión (X=16,51 años, SD=10,85) y en el centro de trabajo (X=10,75 años, SD 9.97), tipo de contrato (permanente = 70,8%, temporal= 29,2%) y asunción de responsabilidades directivas en el centro (No=70,9%, Sí= 29,1%). Todos ellos contestaron un amplio cuestionario que permitió recoger información sobre las variables principales del estudio: los aspectos materiales, sociales y psicosociales de las condiciones de trabajo y las dimensiones cognitivas, emocionales y somáticas del bienestar laboral. Los resultados pusieron de manifiesto la tendencia general a una valoración moderadamente positiva de las condiciones de trabajo y del bienestar laboral general, contrapesada por sentimientos y percepciones ambivalentes hacia el contexto y la propia experiencia laboral: En la cara positiva, destacó una valoración de los aspectos materiales y tecnológicos del entorno de trabajo, así como el clima social en los grupos de trabajo y el apoyo social horizontal de parte de colegas. En la negativa sobresalió un complejo entramado de sobrecarga laboral y de intensificación y aceleración del tiempo de trabajo, crecientes niveles percibidos de estrés laboral y algunos síntomas menores relacionados con la salud física y mental, todo ello asociado al aumento percibido de la presión asistencial y de los nuevos requerimientos técnicos y administrativos de la información que los profesionales deben producir y gestionar. En esta espiral de ambivalencia, los recursos materiales, técnicos y sociales aparecieron como amortiguadores de los efectos sintomáticos; mientras que el malestar difuso fue percibido como contrapeso de aquellos aspectos positivos de la calidad de vida laboral. En el plano práctico, estos resultados ponen de relieve la doble pertinencia de prevenir los factores de riesgo psicosocial asociados a la sobrecarga de trabajo y a la presión asistencial, y también de promover los dispositivos estructurales y organizacionales facilitadores del sostenimiento de un entorno laboral saludable. Dos procesos de signo contrario dificultan esta tarea: por una parte, el factor percibido como el punto más fuerte de las actuales condiciones de trabajo es el clima social positivo en los equipos de trabajo, que funciona como caldo de cultivo de compañerismo y de apoyo mutuo. Por otra, esta vinculación con colegas y con el grupo aparece como uno de los elementos más amenazados por la sobrecarga de trabajo, ya que el déficit de tiempo disponible afecta indirectamente a las oportunidades de refuerzo de la cohesión grupal. Estas constataciones plantean nuevos desafíos para la investigación y para la intervención en los campos de la organización y gestión de recursos humanos en lo que concierne a los profesionales de la medicina.

Eficacia local de la cooperación europea. El caso de América latina y Perú (2007-2013).

Este estudio analiza en un primer tiempo los conceptos de desarrollo local, de eficacia de la ayuda, de gobernanza, y de cooperación descentralizada. Presenta luego la noción de eficacia local de la cooperación y expone varios modos de valuación de aquella. En un segundo tiempo sintetiza la situación económica y política de los territorios de América latina y de Perú en particular, y en una tercera parte analiza los programas europeos de cooperación y sus implementaciones en la Región en cuanto a su eficacia local.

En el corazón de las tinieblas... del Putumayo, 1890-1932. Fronteras, caucho, mano de obra indígena y misiones católicas en la nacionalización de la Amazonía

Objetivo del artículo es reflexionar sobre el llamado «escándalo del Putumayo» estallado en la primera década del siglo XX, en la región objeto de litigio fronterizo entre Perú y Colombia. La denuncia en la prensa internacional de la explotación de los indígenas amazónicos hecha por la empresa «Peruvian Amazon Company», de la que el principal accionista fue el cauchero Julio C. Arana, presentó la región como un nuevo «Congo peruano» y provocó la intervención de Gran Bretaña, Perú, el Vaticano, Colombia y el propio Arana. A partir de repositorios documentales de la cancillería peruana, de los archivos de la Santa Sede, de la folletística y bibliografía publicada por las partes involucradas se plantea una reflexión sobre el escándalo, incidiendo en los argumentos sostenidos por las partes, en particular la peruanización de la región, defendida por Arana y el gobierno peruano.

Informe del World Library and Information Congress: 73rd IFLA General Conference and Council (Durban, Sud-àfrica, 19-23 d'agost de 2007)

This year, IFLA's World Library and Information Congress (WLIC) was held in Durban, South Africa, under the title ¿Libraries for the future: progress, development and partnerships¿. The association thus continued its policy of holding the event in different continents: Buenos Aires (South America) 2004, Oslo (Europe) 2005, Seoul (Asia) 2006, Durban (Africa) 2007, Quebec (North America) 2008, Milan (Europe) 2009 and Brisbane (Oceania) 2010.

Aportacions per a una bibliografia de l'exili republicà català, valencià i balear als Estats Units d'Amèrica

This article attempts to gather together the work published in the United States and Puerto Rico by Spanish Civil War exiles of Catalan, Valencia and Balearic origin. Included are books, serials, sheet music, sound recordings and domestic movie videos, which have appeared in US territory from 1936 through 2004. The objective of the bibliography is to provide both an overview and a starting point for recovering the intellectual effort carried out by these exiles because this first inventory must still be completed with the addition of journal articles, contributions to monographs, and conference proceedings. There have also been exiles for whom books, music or videos have not been found, but for whom a certain level of intellectual activity is known or suspected. Such potential work would include articles and other contributions to journals in the US or cultural and membership activities of Catalan communities in that country. Without being able to offer definitive conclusions, it appears that exile in North America was a solitary experience, and never as a cohesive group or with the ties of mutual interests as was the case in Mexico or even in France. There were neither readers nor publishers to facilitate publication and to serve for creating group cohesiveness.

Water tanks as ecosystems. Local ecosystemic perception for integral management of water tanks in Tamil Nadu, South India

Water tanks offer from many centuries ago solutions in South India for several problems related with water scarcity. They are a traditional water harvesting system wide spread in this territory, allowing a potential decentralized and participatory management of the local population on their own resources. Although water tanks¿ main function is irrigation, they have many other uses, functions and natural resources associated, involving stakeholders in the villages apart from those farmers making use of the irrigation. Water tanks provide a variety of landscapes and biodiversity that creates a valuable heterogeneous territory. The complexity of such an ecosystem should be managed with an integral perspective, considering all the elements involved and their relations, and understanding that water tanks are not just water deposits. This multidisciplinary study tries to demonstrate the idea of water tanks as ecosystems, describing and analyzing deeply and in an unprecedentedly way the functions, uses, natural resources and stakeholders. The research also focuses in the assessment of the ecosystemic perception of the local population of some villages in Tamil Nadu, employing diverse anthropological methodology.

La Obra de Cayetano Garviso: 1807- post. 1871: cirujano vasco-navarro liberal en América

L'autor d'aquest llibre dona a conèixer alguns aspectes de l'exercici de la medicina en la dècada de 1840 a la zona del Río de la Plata, a partir de la figura del metge basc-navarrés Cayetano Garviso, cirurgià que emigrà a Argentina durant la Primera Guerra Carlista. Ara bé, tot i que aquest personatge es va moure per bona part de Sudamèrica, el treball es centra en la part de la seva biografia i el seu exercici professional desenvolupada a Espanya, Montevideo i Buenos Aires.

Domicola lithodesi n.gen n.sp. (Amphipoda: Calliopiidae), inhabitant of thepleonal cavity of a South African lithodid crab

Domicola lithodesi, a new genus and species of gammaridean amphipod is described. It is placed in the family Calliopiidae. Two specimens, a male and a preparatory female, were collected in August 1990 from the pleonal cavity of the lithodid crab Lithodes ferox (Filhol, 1885), an anomuran crab caught at 300 m depth from off Namibia. The more relevant characters are: anophtalmous; body smooth, gammarid-like, male smaller than female, urosomite 1 with a prepeduncular spine; telson broad, entire, unlobed and unarmed; short rostrum; accessory flagellum scale-like, calceoli absent; lower lip without inner lobes; coxa 4 posteriorly excavated; gnathopods basic, subequal, with numerous palmar spines; dactyls on P3-7 with specialized adhesive organs; coxal gill 7 present; uropods eusirid type.

A comparison of rapid bioassessment protocols used in 2 regions with Mediterranean climates, the Iberian Peninsula and South Africa

Abstract. The ability of 2 Rapid Bioassessment Protocols (RBPs) to assess stream water quality was compared in 2 Mediterranean-climate regions. The most commonly used RBPs in South Africa (SAprotocol) and the Iberian Peninsula (IB-protocol) are both multihabitat, field-based methods that use macroinvertebrates. Both methods use preassigned sensitivity weightings to calculate metrics and biotic indices. The SA- and IB-protocols differ with respect to sampling equipment (mesh size: 1000 lm vs 250 300 lm, respectively), segregation of habitats (substrate vs flow-type), and sampling and sorting procedures (variable time and intensity). Sampling was undertaken at 6 sites in South Africa and 5 sites in the Iberian Peninsula. Forty-four and 51 macroinvertebrate families were recorded in South Africa and the Iberian Peninsula, respectively; 77.3% of South African families and 74.5% of Iberian Peninsula families were found using both protocols. Estimates of community similarity compared between the 2 protocols were .60% similar among sites in South Africa and .54% similar among sites in the Iberian Peninsula (BrayCurtis similarity), and no significant differences were found between protocols (Multiresponse Permutation Procedure). Ordination based on Non-metric Multidimensional Scaling grouped macroinvertebrate samples on the basis of site rather than protocol. Biotic indices generated with the 2 protocols at each site did not differ. Thus, both RBPs produced equivalent results, and both were able to distinguish between biotic communities (mountain streams vs foothills) and detect water-quality impairment, regardless of differences in sampling equipment, segregation of habitats, and sampling and sorting procedures. Our results indicate that sampling a single habitat may be sufficient for assessing water quality, but a multihabitat approach to sampling is recommended where intrinsic variability of macroinvertebrate assemblages is high (e.g., in undisturbed sites in regions with Mediterranean climates). The RBP of choice should depend on whether the objective is routine biomonitoring of water quality or autecological or faunistic studies.

Volcanic stratigraphy of Hannah Point, Livingston Island, South Shetland Islands, Antarctica

The Upper Cretaceous volcanic succession of Hannah Point is the best exposure of the Antarctic Peninsula Volcanic Group on L ivingston Island. The aim of the present paper is to contribute to the characterisation of the stratigr a p hy and petrogr a p hy of this little studied succession, and briefly discuss some aspects of the eru p t ive style of its volcanism. The succession is about 470 m thick and is here subdivided into five lithostratigraphic units (A to E from base to top). Unit A, approximately 120 m thick, is mainly composed of polymict clast-supported volcaniclastic breccias and also includes a dacitic lava laye r. Interstratified in the breccias of this unit, there is a thin laminated devitrified layer which shows some degree of welding. Unit B, approx imately 70 m thick, is almost entirely composed of volcaniclastic breccias, and includes a volcaniclastic conglomerate laye r. Breccias in this unit can be subdivided into two distinct types; polymict clast-supported breccias, and monomict matrix-supported breccias rich in juvenile components and displaying incipient welding. Unit C, about 65 m thick, is mainly composed of basaltic lavas, which are interlayered with minor vo lcaniclastic breccias. Unit D, approximately 65 m thick, is lithologically similar to unit B, composed of an alternation of polymict clasts upported breccias and matrix-supported breccias, and includes a volcaniclastic conglomerate laye r. Unit E, about 150 m thick, is mainly formed of thick andesitic lava layers. Minor basaltic dykes and a few normal faults cut the succession, and the contact betwe e n units A and B can be interpreted both as an unconformity or a fault. The matrix-supported breccias included in the succession of Hannah Point have high contents of juvenile components and incipient welding, which suggest that part of the succession is the result of pyroclastic fragmentation and emplacement from pyroclastic flows. In contrast, the polymict clast-supported breccias suggest reworking of previous deposits and deposition from cool mass flows. The lavas indicate eff u s ive volcanic eruptions, and the absence of features indicative of subaqueous volcanism suggests that at least these portions of the succession were emplaced in a subaerial environment .

Ursinia nana (Anthemideae, Asteraceae), and adventive from South Africa which is becoming naturalized in the Iberian Peninsula. Observations about its reproductive biology and fruit dispersal mechanism.

The presence of Ursinia nana, an Anthemideae of South-African origin which has been introduced into the NE Iberian Peninsula, is reported for the fi rst time in Europe. The data offered cover its precise location, morphology, chromosome number, ecology and a population census, as well as its life cycle, fl oral structure, reproductive biology and fruit dispersal mechanisms. Of special note are the clear predominance of autogamy (geitonogamy) over xenogamy as a reproductive system and the large number of fruits produced with high and immediate germinative capacity. These characteristics permit rapid colonization by the introduced species, which can become invasive. However, fruit predation by the ant Messor barbarus points to a natural mechanism that helps regulate population growth and makes biological control possible. Finally its possibilities of expansion in the colonized area and of naturalization in the NE Iberian Peninsula are assessed.

Perdida toda coherencia: El Descubrimiento de América en la 'crisis de la conciencia europea'

Este trabajo estudia de qué modo el Descubrimiento del Nuevo Mundo contribuyó no sólo a la descomposición del Viejo Mundo, sino, más aún, a la desaparición del"mundo" o"cosmos" mismo, entendido como un todo definido y ordenado jerárquicamente según valores trascendentes. ABSTRACT: This paper studies how the Discovery of the New World contributed not only to the decomposition of the Old World, but moreover to the disappearance of the"world" or"cosmos" itself, understood as a whole defined and ordered hierarchically according to trascendent values

Taxonomic study of the isopod crustaceans from the Spanish expedition 'Antartida 1986-11' in the Scotia Sea, South Atlantic

This paper summarizes the results of a taxonomic study of the isopods collected during the 'Antártida 1986-11' expedition. A total of 123 specimens were studied, of which 99 were in the adult or juvenile phases and 24 were in the postmanca phase. The specimens were attributed to 11 species, 9 genera, 5 families and 4 suborders. The most abundant species were Glyptonotus antarcticus and Ceratoserolis trilobitoides. Several records are reported for the first time from the archipelagos of the Scotia Arc.