Forward Looking Banking Stress in EMU Countries

Based on contingent claims analysis, CCA, this paper tries to estimate the systemic risk build-up in the European Economic and Monetary Union, EMU countries using a market based measure distance-to-default, DtD. It analyzes the individual and aggregated series for a comprehensive set of banks in each eurozone country over the period 2004-Q4 to 2013-Q2. Given the structural differences in financial sector and banking regulations at national level, the indices provide a useful indicator for monitoring country specific banking vulnerability and stress. We find that average DtD indicators are intuitive, forward-looking and timely risk indicators. The underlying trend, fluctuations and correlations among indices help us analyze the interdependence while cross-sectional differences in DtD prior to crisis suggest banking sector fragility in peripheral EMU countries.

Comunicar la ciudad desde el paisaje: hacia una teoría del landscape branding

The need to decode landscape meanings, the society- landscape interaction (intra- and inter-personal communication) and, more recently, the uses of landscape as a territorial sight linked to advertising communication, citymarketing or place branding (mass communication) highlights the study of landscape persuasion, which includes clear emotional, symbolic and, therefore, communicative aspects. The landscape, as a territory image or face, gathers the essence of the implicit message in the space, thus working as a great metaphor for city communication. Regarding the foregoing, specific communication research with intangible landscapes —together with the recent emergence of emotional geographies— suggests a new territorial message theory based on the union of geographical, landscape, emotional and communicational variables. Landscape has historically been studied by geographers, architects, historians or sociologists, among others researchers, but it has not been analysed from communicational viewpoints. In this sense, the proliferation of analyses highlighting the role played by the territory as a communication mediator in the interaction process between society and its spaces (cognition and/or perception) is also remarkable. Current sales of territorial identities lead to increases in the production of territory brands, which have gathered a noticeable relevance within the last years.