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.

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.

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.

Reconsidering the analysis of the uses of ICTs by political parties : an application to the Catalan case

For years a literature on the uses that political parties make of information andcommunication technologies (ICTs) has been developed. It is a rapidly increasing, rich,and interesting field in the forefront of the investigation in political science. Generally,these works start from the expectation that the ICTs have a regenerative potential forliberal democracies and for the political parties as well. In developed societies, politicalparties have experienced some transformations that have leaded them to an increasingdivorce with the public. This divorce is shown by the decay of party adscription andmembership, and also by the decay of the conventional political participation. In thetheoretical discussion this situation has been described as ¿the crisis of the democracy¿(Norris, 1999). According to the more radically oriented scholars this crisis reflects theincapacities of liberal democracies. In this sense, ICTs suppose a great opportunity tosurpass the representative institutions and to institutionalize new forms of directdemocracy. More moderate scholars have considered that ICTs offer the opportunity for¿renaissance¿ for representative institutions, as they can reinforce the bonds between thepublic and its representatives.

An update on EMU sovereign yield spread drivers in times of crisis: A panel data analysis

We empirically investigate the determinants of EMU sovereign bond yield spreads with respect to the German bund. Using panel data techniques, we examine the role of a wide set of potential drivers. To our knowledge, this paper presents one of the most exhaustive compilations of the variables used in the literature to study the behaviour of sovereign yield spreads and, in particular, to gauge the effect on these spreads of changes in market sentiment and risk aversion. We use a sample of both central and peripheral countries from January 1999 to December 2012 and assess whether there were significant changes after the outbreak of the euro area debt crisis. Our results suggest that the rise in sovereign risk in central countries can only be partially explained by the evolution of local macroeconomic variables in those countries.

An update on EMU sovereign yield spread drivers in times of crisis: A panel data analysis

We empirically investigate the determinants of EMU sovereign bond yield spreads with respect to the German bund. Using panel data techniques, we examine the role of a wide set of potential drivers. To our knowledge, this paper presents one of the most exhaustive compilations of the variables used in the literature to study the behaviour of sovereign yield spreads and, in particular, to gauge the effect on these spreads of changes in market sentiment and risk aversion. We use a sample of both central and peripheral countries from January 1999 to December 2012 and assess whether there were significant changes after the outbreak of the euro area debt crisis. Our results suggest that the rise in sovereign risk in central countries can only be partially explained by the evolution of local macroeconomic variables in those countries.

Mercado del libro y empresas editoriales entre el Centenario de Independencias y la Guerra Civil española: la editorial Sudamericana

[spa]Las estrategias comerciales de los libreros y editores españoles para desembarcar en los mercados americanos son analizadas en un contexto signado por las tendencias americanistas en el plano político y las iniciativas regeneracionistas en el económico durante el periodo que va del Centenario de las Independencias hasta la Guerra Civil española. Se abordan algunas de las políticas empresariales editoriales implementadas en Cataluña, el liderazgo ejercido por esta región como epicentro del proyecto hispano, y finalmente las condiciones que permitieron la creación de la editorial Sudamericana en Buenos Aires ante la inminencia del triunfo franquista. Los ejes de estudio son las estrategias editoriales y comerciales; el peso de las asociaciones y corporaciones patronales del libro; y los vínculos tejidos con el sector intelectual argentino en las primeras décadas del siglo XX a través de delegaciones consulares, instituciones culturales y cámaras españolas de comercio.

Platinum Electrodeposition in an Ionic Liquid Analogue. Solvent Stability Monitoring

The use of ionic liquid analogues as solvents has increased in order to substitute the aqueous solvents in some applications in which the side reactions are undesirable. However these solvents prepared from the mixture in the eutectic proportion of species establishing hydrogen bonds are susceptible of electrochemical reactions. The study of platinum deposition on vitreous carbon in an ionic liquid analogue (2 urea: choli ne chloride) is presented; the electrochemical study has permitted to interpret the sequence of the metal deposition process and simultaneously to analyze the behavior of the ionic liquid analogue along the process. Reduction reactions of the solvent relat ed both to the electronation of choline and hydrogen formation have been detected. Different substrata have been used in order to test the possibility and the extent of these reactions depending on the nature of material. The results indicate that the feas ible electrochemical window of the substrate/solvent is highly dependent of the kind of substrate; the negative limit is tied by the massive hydrogen reaction, reaction enhanced by the electrocatalytic character of the substrate.

The Child Protection System from the Perspective of Young People: Messages from 3 Studies

This article reports findings and reflections based on the results of three different research projects conducted between 2008 and 2013 and focusing on the perspective of young care leavers in Spain. The overall aim was to examine these young people’s perceptions and evaluations of how they were treated while in the public care system, mainly residential care. Reviewing these qualitative studies, the most common and relevant issues highlighted by young people were related to the following themes: (a) entering care; (b) stability and emotional bonds in care; (c) education; (d) friends; (e) labelling, stigmatization, rights and opportunities; (f) autonomy and responsibility versus overprotection; (g) contact with parents, siblings and extended family; (h) maltreatment in care; and (i) leaving care. One of the main elements used in their assessments was comparison (i) between their previous situation within their birth family and the quality of care experienced in the residential home; and (ii) between what these young people commonly refer to as “normal children” and children in care. Recommendations deriving from their advice and opinions are also debated

Decrease in the diversity of pyrrolizidine alkaloids of Senecio pterophorus after invasion

Pyrrolizidine alkaloids (PAs) are N-based plant secondary metabolites that function as chemical defenses against vertebrate and invertebrate herbivores. PAs can be highly variable at intraspecific level, both in their absolute and relative concentrations. Changes in the chemical composition of exotic plants when they invade a new environment have been poorly explored. Here we studied the biogeographical variation on PAs in Senecio pterophorus (Asteraceae) in the native region in Eastern South Africa, an expanded region in Western South Africa, and two introduced regions in Australia and Europe. PAs in S. pterophorus were represented by the highly toxic 1,2-unsaturated PAs and the less toxic 1,2-saturated PAs. Our results show a change in the plant chemical composition after invasion. Total PAs concentrations were highest in Australia compared to any other region. Plants from Europe contained the highest relative concentrations of 1,2-saturated PAs. The positive correlation between the chemical and the genetic distances estimated between populations suggests that the chemical profiles in the non-native regions were related to the plant dispersal routes. The decrease in the chemical diversity and the change in the absolute PAs concentrations in S. pterophorus after invasion may have consequences in the interactions between plants and herbivores in the novel habitats.