Dollarization and the relationship between EMBI and fundamentals Latin American countries

This paper presents empirical evidence on the interrelationship that exists between the evolution of the Emerging Markets Bonds Index (EMBI) and some macroeconomic variables in seven Latin American countries; two of them (Ecuador and Panama), full dollarized. We make use of a Cointegrated Vector framework to analyze the short run effects from 2001 to 2009. The results suggest that EMBI is more stable in dollarized countries and that its evolution influences economic activity in non-dollarized economies; suggesting that investors confidence might be higher in dollarized countries where real and financial economic evolution are less tied than in non-dollarized ones.

Dollarization and the relationship between EMBI and fundamentals Latin American countries

This paper presents empirical evidence on the interrelationship that exists between the evolution of the Emerging Markets Bonds Index (EMBI) and some macroeconomic variables in seven Latin American countries; two of them (Ecuador and Panama), full dollarized. We make use of a Cointegrated Vector framework to analyze the short run effects from 2001 to 2009. The results suggest that EMBI is more stable in dollarized countries and that its evolution influences economic activity in non-dollarized economies; suggesting that investors confidence might be higher in dollarized countries where real and financial economic evolution are less tied than in non-dollarized ones.

El disseny de producte identitari i diferencial

Molt sovint als mitjans de comunicació es parla de com els productes estan subjectes a les modes imperants i, fins i tot, moltes vegades nosaltres mateixos ens deixem anar en aquest sentit i adquirim productes que en altres temps no hauríem adquirit. En el disseny de productes industrials, la creació de qualsevol objecte o producte significa un repte pel que fa a les necessitats de satisfacció del futur usuari, necessitats que, en alguns casos, canvien amb el temps. Amb el producte, l'empresa intenta generar beneficis, per la qual cosa el dissenyador s'enfronta a dos grans reptes: la satisfacció de l'usuari i la rendibilitat per a l'empresa. Per a assolir-los s'han de resoldre, de manera creativa i mitjançant un conjunt d'estudis, problemes de diferent tipus: tècnics, de mercat, d'ús, ergonòmics, funcionals, estètics i formals, que es van modificant segons diferents períodes

The use of flexible quantile-based measures in risk assessment

A new family of distortion risk measures -GlueVaR- is proposed in Belles- Sampera et al. -2013- to procure a risk assessment lying between those provided by common quantile-based risk measures. GlueVaR risk measures may be expressed as a combination of these standard risk measures. We show here that this relationship may be used to obtain approximations of GlueVaR measures for general skewed distribution functions using the Cornish-Fisher expansion. A subfamily of GlueVaR measures satisfies the tail-subadditivity property. An example of risk measurement based on real insurance claim data is presented, where implications of tail-subadditivity in the aggregation of risks are illustrated.

Pass-through in dollarized countries: should Ecuador abandon the U.S. Dollar?

In this article we examine the convenience of dollarization for Ecuador today. As Ecuador is strongly integrated financially and commercially with the United States, the exchange rate pass-through should be zero. However, we sustain that rising rates of imports from trade partners other than the United States and subsequent real effective exchange rate depreciations are causing the pass-through to move away from zero. Here, in the framework of the Vector Error Correction Model, we analyse the impulse response function and variance decomposition of the inflation variable. We show that the developing economy of Ecuador is importing inflation from its main trading partners, most of them emerging countries with appreciated currencies. We argue that if Ecuador recovered both its monetary and exchange rate instruments it would be able to fight against inflation. We believe such an analysis could be extended to other countries with pegged exchange rate regimes.

Estudi per a la determinació de la composició òptima d'una barreja de pastes per a la fabricació de paper tripa industrial

El creixent ritme d’exportacions del Brasil, fa que la demanda de papers d’embalatges’incrementi constantment. El material més utilitzat per al transport són les caixes de cartróondulat (OCC). Aquestes caixes, quan se’ls acaba la vida útil, són recuperades per afabricar nou cartró ondulat. El paper de diari, que un cop llegit es converteix en un residu, nos’acostuma a utilitzar per a la fabricació de nous productes paperers, tot i estar fabricat ambfibres de qualitat elevada.Amb la utilització d’aquests materials com a alternativa es disminueix la demanda defibres verges com és el pi, que al Brasil, es troba en una situació crítica a causa de la malagestió de les plantacions.Cal dir que la part pràctica de l’estudi, que consisteix bàsicament en treball de laboratori,ha estat realitzada al Brasil, d’on provenen també les matèries primeres utilitzades. Peraquest motiu, el context de l’estudi està centrat en el mercat, en les necessitats i en larealitat d’aquest país.Aquest projecte té com a objectiu determinar la composició òptima d’una barreja depastes de pi, sisal, retalls i paper de diari, per a la fabricació de paper tripa industrial. Aquestpaper és el que es col•loca, ondulat, enmig de les capes externes del cartró multicapa

The Evolution of the European Regulatory Framework for Electronic Communications

The paper reviews the historical transformation of the European regulatory framework for electronic communications from the era dominated by state-owned enterprises to the presence of regulated competition. In the course of these developments, the vision of the roles of the public and private sectors in electronic communications changed in expected and unexpected ways. While the period is characterized by a shift toward less direct state intervention, the intensity of regulation has increased in many areas. Most recently, in the wake of the financial crisis, new forms of state intervention can be observed, including public investment in communications infrastructure and public-private partnerships. As a result of the reforms, Europe has been able to achieve major successes but it also suffered unanticipated setbacks compared to other regions. The European Union emerged as the global leader in mobile communications during the 1990s and was able to roll-out first-generation broadband access networks more rapidly than many of its peers. Recently, however, Europe as a whole has not performed as well in deploying next-generation networks and advanced mobile communications services. The paper offers a political-economic explanation for these developments and assesses their effects on the performance of the European electronic communications sector and the economy. From this analysis, the European model emerges as a unique institutional arrangement with peculiar advantages and disadvantages. Once these are recognized, sensible next steps to build the strengths while avoiding the weaknesses of the model can be seen more clearly.

Innovation and Regulation in ICT. Keys for Development

The expansion of broadband speed and coverage over IP technology, which extend over transport and terminal access networks, has increased the demand for applications and content which by being provided over it, uniformly give rise to convergence. These shifts in technologies and enterprise business models are giving rise to the necessity for changing the perspective and scope of the Universal Service and of the regulation frameworks, with this last one based in the same principles as always but varying its application. Several aspects require special and renewed attention, such as the definition of relevant markets and dominant operators, the role of packages, interconnection of IP networks, network neutrality, the use of the spectrum with a vision of value for the citizenship, the application of the competition framework, new forms of licensing, treatment of the risk in the networks, changes in the regulatory authorities, amongst others. These matters are treated from the perspective of the actual trends in the world and its conceptual justification.

The Emergence of Regional ICT Regulatory Spaces

This paper examines the role that existing Latin American policy institutions and regulatory coordination mechanisms (otherwise referred to as “regional regulatory spaces”) play in innovation and development of the ICT sector. In doing so, it recognizes that sector regulation does not currently match regional development, thereby limiting its potential progress. In order to shed light on the role that the “regional regulatory space” could potentially play, the author addresses three main questions: · Is there a hierarchy of policies by which it is presumed easy to “coordinate within well-defined technical subjects” but extremely challenging to “agree in matters of public policy?” · What would happen if policy divergence became more important than convergence? Is it reasonable to consider creating “regional regulatory spaces?” or should we focus solely on technological coordination? · Do institutions capable of serving as effective regional regulatory spaces already exist in Latin America or should we consider modifying existing institutions or creating new institutions? After analyzing these three overarching areas of concern, this paper then discusses the need to create a regional space in order to harmonize ICT regulatory frameworks and public policies. Ultimately, this work aims to advance the institutional formulation beyond pre-existing efforts.

Causality and contagion in peripheral EMU public debt markets: a dynamic approach

Our research aims to analyze the causal relationships in the behavior of public debt issued by peripheral member countries of the European Economic and Monetary Union -EMU-, with special emphasis on the recent episodes of crisis triggered in the eurozone sovereign debt markets since 2009. With this goal in mind, we make use of a database of daily frequency of yields on 10-year government bonds issued by five EMU countries -Greece, Ireland, Italy, Portugal and Spain-, covering the entire history of the EMU from its inception on 1 January 1999 until 31 December 2010. In the first step, we explore the pair-wise causal relationship between yields, both for the whole sample and for changing subsamples of the data, in order to capture the possible time-varying causal relationship. This approach allows us to detect episodes of contagion between yields on bonds issued by different countries. In the second step, we study the determinants of these contagion episodes, analyzing the role played by different factors, paying special attention to instruments that capture the total national debt -domestic and foreign- in each country.

Overeducation, skills and wage penalty: Evidence for Spain using PIAAC data

The literature on educational mismatches finds that overeducated workers suffer a wage penalty compared with properly educated workers with the same level of education. Recent literature also suggests that individuals’ skill heterogeneity could explain wage differences between overeducated and properly matched workers. The hypothesis is that overeducated workers earn less due to their lower competences and skills in relative terms. However, that hypothesis has been rarely tested due to data limitations on individuals’ skills. The aim of this paper is to test the individuals’ skill heterogeneity theory in Spain using microdata from PIAAC, because it is one of the developed countries supporting the highest overeducation rates and where its adult population holds the lowest level of skills among a set of developed countries. Our hypothesis is that the wage penalty of overeducation in Spain is explained by the lower skill level of overeducated workers. The obtained evidence confirms this hypothesis but only to a certain extent as skills only explain partially the wage penalty of overeducation.

Does Rigidity of Prices Hide Collusion?

Cartel detection is one of the most basic and most complicated tasks of competition authorities. In recent years, however, variance filters have provided a fairly simple tool for rejecting the existence of price-fixing, with the added advantage that the methodology requires only a low volume of data. In this paper we analyze two aspects of variance filters: 1- the relationship established between market structure and price rigidity, and 2- the use of different benchmarks for implementing the filters. This paper addresses these two issues by applying a variance filter to a gasoline retail market characterized by a set of unique features. Our results confirm the positive relationship between monopolies and price rigidity, and the variance filter's ability to detect non-competitive behavior when an appropriate benchmark is used. Our findings should serve to promote the implementation of this methodology among competition authorities, albeit in the awareness that a more exhaustive complementary analysis is required.

The regional distribution of unemployment. What do micro-data tell us?

Regional disparities in unemployment rates are large and persistent. The literature provides evidence of their magnitude and evolution, as well as evidence of the role of certain economic, demographic and environmental factors in explaining the gap between regions of low and high unemployment. Most of these studies, however, adopt an aggregate approach and so do not account for the individual characteristics of the unemployed and employed in each region. This paper, by drawing on micro-data from the Spanish wave of the Labour Force Survey, seeks to remedy this shortcoming by analysing regional differentials in unemployment rates. An appropriate decomposition of the regional gap in the average probability of being unemployed enables us to distinguish between the contribution of differences in the regional distribution of individual characteristics from that attributable to a different impact of these characteristics on the probability of unemployment. Our results suggest that the well-documented disparities in regional unemployment are not just the result of regional heterogeneity in the distribution of individual characteristics. Non-negligible differences in the probability of unemployment remain after controlling for this type of heterogeneity, as a result of differences across regions in the impact of the observed characteristics. Among the factors considered in our analysis, regional differences in the endowment and impact of an individual’s education are shown to play a major role.

¿Es necesario reformar las politicas activas de mercado de trabajo en España? Algunos elementos para la reflexión

Este trabajo ofrece elementos de reflexión sobre la reforma de las políticas activas en España. La descentralización de las políticas activas entre distintos niveles de gobierno dificulta la coordinación y plantea problemas de riesgo moral que se acentúan por la falta de medios de los servicios públicos de empleo y el escaso número de evaluaciones rigurosas. Se propone, por tanto, dotar de más recursos a los servicios públicos de empleo, aunar esfuerzos entre las distintas administraciones para mejorar la información estadística existente y fomentar la cultura de evaluación de las políticas realizadas para conseguir una mayor eficiencia y una mayor participación y complicidad de los desempleados.

Gestió dels residus alimentaris municipals procedents de les activitats comercials del municipi de Montmeló per tal de reduir, reutilitzar i reciclar-los

En el present treball es proposa com lluitar contra el malbaratament alimentari que es genera al llarg de tota la cadena alimentària, sent aquest degut a causa d'una planificació poc adequada. L'objectiu principal és planificar i implantar un sistema de gestió per tal de recuperar l'excedent alimentari que es genera als comerços i les indústries del municipi de Montmeló, elaborant així un protocol per tal de poder redistribuir aquest aliment als sectors de la població en situacions econòmiques més precàries. Com a objectius secundaris, es pretén conscienciar, fomentar i potenciar el treball en xarxa entre els diferents agents implicats, com ara: la ciutadania, les entitats socials (Càritas Parroquial Montmeló), sector privat (establiments alimentaris del municipi, mercat municipal, indústries del sector alimentari) i el sector públic (departament de serveis socials, medi ambient, comerç i brigada municipal). A l'hora de planificar i implantar un sistema de gestió per tal de recuperar l'excedent alimentari, s'ha analitzat i valorat el camí que hi realitza, des d'on es genera fins al beneficiari final. Aquest s'ha gestionat per etapes, en les que s'han identificat els generadors, el tipus i quantitat d'aliment que malbaraten. S'ha proposat un nou sistema de recollida d'informació i les pautes que han de seguir per garantir el bon estat de l'aliment com: una taula de conservació, un protocol de funcionament, un document d'entrega i una fitxa de control de les condicions d'higiene. Per tal d'assolir una bona coordinació entre totes les parts, s'han realitzat reunions conjuntes entre els generadors, serveis socials i Càritas on s'ha acabat signant un acord de col·laboració. Entre les conclusions més rellevants cal destacar que ha servit per establir un precedent d'aprofitament alimentari al municipi de Montmeló, aconseguint alimentar a un gran nombre de famílies amb greus problemes econòmics. A més s'ha arribat a disminuir la quantitat de residus generats, amb el conseqüent estalvi de recursos econòmics i materials on s'ha recuperat un total de 5.760 Kg d'aliments aptes pel consum.