The Impact of Monetary Union on EU-15 Sovereign Debt Yield Spreads

With European Monetary Union (EMU), there was an increase in the adjusted spreads (corrected from the foreign exchange risk) of euro participating countries' sovereign securities over Germany and a decrease in those of non-euro countries. The objective of this paper is to study the reasons for this result, and in particular, whether the change in the price assigned by markets was due to domestic factors such as credit risk and/or market liquidity, or to international risk factors. The empirical evidence suggests that market size scale economies have increased since EMU for all European markets, so the effect of the various risk factors, even though it differs between euro and non-euro countries, is always dependent on the size of the market.

Cost-Based Models of Economic Growth

In this paper we highlight the importance of the operational costs in explaining economic growth and analyze how the industrial structure affects the growth rate of the economy. If there is monopolistic competition only in an intermediate goods sector, then production growth coincides with consumption growth. Moreover, the pattern of growth depends on the particular form of the operational cost. If the monopolistically competitive sector is the final goods sector, then per capita production is constant but per capita effective consumption or welfare grows. Finally, we modify again the industrial structure of the economy and show an economy with two different growth speeds, one for production and another for effective consumption. Thus, both the operational cost and the particular structure of the sector that produces the final goods determines ultimately the pattern of growth.

Theoretical study of elastic electron scattering off stable and exotic nuclei

Results for elastic electron scattering by nuclei, calculated with charge densities of Skyrme forces and covariant effective Lagrangians that accurately describe nuclear ground states, are compared against experiment in stable isotopes. Dirac partial-wave calculations are performed with an adapted version of the ELSEPA package. Motivated by the fact that studies of electron scattering off exotic nuclei are intended in future facilities in the commissioned GSI and RIKEN upgrades, we survey the theoretical predictions from neutron-deficient to neutron-rich isotopes in the tin and calcium isotopic chains. The charge densities of a covariant interaction that describes the low-energy electromagnetic structure of the nucleon within the Lagrangian of the theory are used to this end. The study is restricted to medium- and heavy-mass nuclei because the charge densities are computed in mean-field approach. Because the experimental analysis of scattering data commonly involves parameterized charge densities, as a surrogate exercise for the yet unexplored exotic nuclei, we fit our calculated mean-field densities with Helm model distributions. This procedure turns out to be helpful to study the neutron-number variation of the scattering observables and allows us to identify correlations of potential interest among some of these observables within the isotopic chains.

Influence of disorder strength on phase-field models of interfacial growth

We study the influence of disorder strength on the interface roughening process in a phase-field model with locally conserved dynamics. We consider two cases where the mobility coefficient multiplying the locally conserved current is either constant throughout the system (the two-sided model) or becomes zero in the phase into which the interface advances (one-sided model). In the limit of weak disorder, both models are completely equivalent and can reproduce the physical process of a fluid diffusively invading a porous media, where super-rough scaling of the interface fluctuations occurs. On the other hand, increasing disorder causes the scaling properties to change to intrinsic anomalous scaling. In the limit of strong disorder this behavior prevails for the one-sided model, whereas for the two-sided case, nucleation of domains in front of the invading front are observed.

Classical anisotropies in models of open inflation

In the simplest model of open inflation there are two inflaton fields decoupled from each other. One of them, the tunneling field, produces a first stage of inflation which prepares the ground for the nucleation of a highly symmetric bubble. The other, a free field, drives a second period of slow-roll inflation inside the bubble. However, the second field also evolves during the first stage of inflation, which to some extent breaks the needed symmetry. We show that this generates large supercurvature anisotropies which, together with the results of Tanaka and Sasaki, rule out this class of simple models (unless, of course, Omega0 is sufficiently close to 1). The problem does not arise in modified models where the second field does not evolve in the first stage of inflation.

The Impact of Monetary Union on EU-15 Sovereign Debt Yield Spreads

With European Monetary Union (EMU), there was an increase in the adjusted spreads (corrected from the foreign exchange risk) of euro participating countries' sovereign securities over Germany and a decrease in those of non-euro countries. The objective of this paper is to study the reasons for this result, and in particular, whether the change in the price assigned by markets was due to domestic factors such as credit risk and/or market liquidity, or to international risk factors. The empirical evidence suggests that market size scale economies have increased since EMU for all European markets, so the effect of the various risk factors, even though it differs between euro and non-euro countries, is always dependent on the size of the market.

Cost-Based Models of Economic Growth

In this paper we highlight the importance of the operational costs in explaining economic growth and analyze how the industrial structure affects the growth rate of the economy. If there is monopolistic competition only in an intermediate goods sector, then production growth coincides with consumption growth. Moreover, the pattern of growth depends on the particular form of the operational cost. If the monopolistically competitive sector is the final goods sector, then per capita production is constant but per capita effective consumption or welfare grows. Finally, we modify again the industrial structure of the economy and show an economy with two different growth speeds, one for production and another for effective consumption. Thus, both the operational cost and the particular structure of the sector that produces the final goods determines ultimately the pattern of growth.

Depositional models of lacustrine evaporites in the SE margin of the Ebro basin (Paleogene, NE Spain)

An important evaporitic sedimentation occurred during the Paleogene (Eocene to lower Oligocene) in the Barberà sector of the southeastern margin of the Tertiary Ebro Basin. This sedimentation took place in shallow lacustrine environments and was controlled by a number of factors: 1) the tectonic structuration of the margin; 2) the high calcium sulphate content in the meteoric waters coming from the marginal reliefs; 3) the semiarid climate; and 4) the development of large alluvial fans along the basin margin, which also conditioned the location of the saline lakes. The evaporites are currently composed of secondary gypsum in surface and anhydrite at depth. There are, however, vestiges of the local presence of sodium sulphates. The evaporite units, with individual thicknesses ranging between 50 and 100 m, are intercalated within various lithostratigraphic formations and exhibit a paleogeographical pattern. The units located closer to the basin margin are characterized by a massive gypsum lithofacies (originally, bioturbated gypsum) bearing chert, and also by meganodular gypsum locally (originally, meganodules of anhydrite) in association with red lutites and clastic intercalations (gypsarenites, sandstones and conglomerates). Chert, which is only linked to the thickest gypsum layers, seems to be an early diagenetic, lacustrine product. Cyclicity in these proximal units indicates the progressive development of lowsalinity, lacustrine bodies on red mud flats. At the top of some cycles, exposure episodes commonly resulted in dissolution, erosion, and the formation of edaphic features. In contrast, the units located in a more distal position with regard to the basin margin are formed by an alternation of banded-nodular gypsum and laminated gypsum layers in association with grey lutites and few clastic intercalations. These distal units formed in saline lakes with a higher ionic concentration. Exposure episodes in these lakes resulted in the formation of synsedimentary anhydrite and sabkha cycles. In some of these units, however, outer rims characterized by a lithofacies association similar to that of the proximal units occur (nodular gypsum, massive gypsum and chert nodules).

Toward partial redirection of energy policy for responsible development

This paper addresses the surprising lack of quality control on the analysis and selection on energy policies observable in the last decades. As an example, we discuss the delusional idea that it is possible to replace fossil energy with large scale ethanol production from agricultural crops. But if large scale ethanol production is not practical in energetic terms, why huge amount of money has been invested in it and is it still being invested? In order to answer this question we introduce two concepts useful to frame, in general terms, the predicament of quality control in science: (i) the concept of “granfalloons” proposed by K. Vonnegut (1963) flagging the danger of the formation of “crusades to save the world” void of real meaning. These granfalloons are often used by powerful lobbies to distort policy decisions; and (ii) the concept of Post-Normal science by S. Funtowicz and J. Ravetz (1990) indicating a standard predicament faced by science when producing information for governance. When mixing together uncertainty, multiple-scale and legitimate but contrasting views it becomes impossible to deal with complex issue using the conventional scientific approach based on reductionism. We finally discuss the implications of a different approach to the assessment of alternative energy sources by introducing the concept of Promethean technology.

Models of social networks based on social distance attachment

We propose a class of models of social network formation based on a mathematical abstraction of the concept of social distance. Social distance attachment is represented by the tendency of peers to establish acquaintances via a decreasing function of the relative distance in a representative social space. We derive analytical results (corroborated by extensive numerical simulations), showing that the model reproduces the main statistical characteristics of real social networks: large clustering coefficient, positive degree correlations, and the emergence of a hierarchy of communities. The model is confronted with the social network formed by people that shares confidential information using the Pretty Good Privacy (PGP) encryption algorithm, the so-called web of trust of PGP.

Priorities and hierarchical accounts of translation

This paper is a study of the concept of priority and its use together with the notion of hierarchy in academic writing and theoretical models of translation. Hierarchies and priorities can be implicit or explicit, prescribed, suggested or described. The paper starts, chronologically, wtih Nida and Levý’s hierarchical accounts of translation and follows their legacy in scholars as different as Newmark and Gutt. The concept of priorities is hinted at also in didactic models (Nord) as well as in norm-theoretical and accounts of translation (Toury and Chesterman) within Descriptive Translation Studies. All of these authors are analyzed and commented. The paper calls for a more systematic and straightforward account of translational priorities, and proposes a few conceptual tools that stem from this research model, including the concepts of ambition and richness of a translation. Finally, the paper concludes with an adaptation of Lakoff and Johnson’s view of prototypicality and its potential usefulness in research into and the understanding of translation.

Phenomenological models of holographic superconductors and hall currents

We study general models of holographic superconductivity parametrized by four arbitrary functions of a neutral scalar field of the bulk theory. The models can accommodate several features of real superconductors, like arbitrary critical temperatures and critical exponents in a certain range, and perhaps impurities or boundary or thickness effects. We find analytical expressions for the critical exponents of the general model and show that they satisfy the Rushbrooke identity. An important subclass of models exhibit second order phase transitions. A study of the specific heat shows that general models can also describe holographic superconductors undergoing first, second and third (or higher) order phase transitions. We discuss how small deformations of the HHH model can lead to the appearance of resonance peaks in the conductivity, which increase in number and become narrower as the temperature is gradually decreased, without the need for tuning mass of the scalar to be close to the Breitenlohner-Freedman bound. Finally, we investigate the inclusion of a generalized ¿theta term¿ producing Hall effect without magnetic field.