EMU sovereign debt market crisis: Fundamentals-based or pure contagion?

We empirically investigate whether the transmission of the recent crisis in euro area sovereign debt markets was due to fundamentals-based or pure contagion. To do so, we examine the behaviour of EMU sovereign bond yield spreads with respect to the German bund for a sample of both central and peripheral countries from January 1999 to December 2012. First we apply a dynamic approach to analyse the evolution of the degree of Grangercausality within the 90 pairs of sovereign bond yield spreads in our sample, in order to detect episodes of significantly increased causality between them (which we associate with contagion) and episodes of significantly reduced interconnection (which we associate with immunisation). We then use an ordered logit model to assess the determinants of the occurrence of the episodes detected. Our results suggest the importance of variables proxying market sentiment and of variables proxying macrofundamentals in determining contagion and immunisation outcomes. Therefore, our findings underline the coexistence of “pure” and “fundamentals-based contagion” during the recent European debt crisis.

Diagenetic processes in a partially dolomitized carbonate reservoir: Casablanca oil field, Valencia Trough, offshore Spain.

Mesozoic and Neogene carbonates located in the Valencia Trough (offshore Spain, western Mediterranean Sea)are oil reservoirs. This paper investigates the diagenetic evolution of the Upper Jurassic limestones, currently dolomitized, that constitute the main reservoir of the Casablanca oil field. Core samples from Casablanca-1A well have been studied to determine the diagenetic products and their relation with porosity evolution, and to reconstruct the fluid flow history prior to and during oil emplacement. On the basis of petrological observations and geochemical analyses (major, minor and trace element composition and oxygen, carbon and strontium isotope composition), a major dolomitization event is recognized postdating subaerial exposure, erosion and karstification. The dolomitization event originated two replacive dolomites (RD1 and RD2) and two dolomite cements (saddle dolomite cement, SDC, and milky-white dolomite cement, MDC)which are partially cogenetic. RD1, RD2 and SDC precipitated at increasing temperatures (over 60ºC and below 110ºC), probably from meteoric water mixed with marine water. The last dolomite type milky-white dolomite cement) precipitated with increasing burial conditions and by arrival of hydrothermal fluids during the Miocene. The post-dolomitization sequence comprises precipitation of calcite cement and partial calcitization of all previous dolomites. The oxygen, carbon and strontium isotope compositions suggest that this calcite cementation occurred from meteoric waters mixed with Burdigalian - Langhian marine waters trapped in the sediments and expelled by compaction in the moderate to deep burial realm. Normal faults were the conduits for upward migration of these fluids as well as for later oil expulsion from the Burdigalian - Langhian source rocks. Late corrosion associated with organic acid-enriched fluids took place prior or simultaneously to oil migration during the Pliocene, enhancing porosity and increasing eservoir quality.

The determinants of CAP reform: learning from the European financial crisis and CAP 2013

There is an ongoing debate on which are the determinants of CAP reform. The economic environment has not been contemplated as a direct determinant of CAP reform but its proxy, the budget, has not only been looked at as such but underlined as a key cause of CAP reform. This paper argues, however, that the budget does not affect the modus operandi of the CAP. It affects the quantity of support each farmer is going to get and sometimes even the timing of the reform, but not the form it is going to receive it. Other CAP determinants and international negotiations in particular, have an impact on the substance of CAP reform. This hypothesis is not contradicted by an analysis of CAP 2013 changes.

Changes in the phenolic content of low density lipoprotein after olive oil consumption in men. A randomized crossover controlled trial

Olive oil decreases the risk of CVD. This effect may be due to the fatty acid profile of the oil, but it may also be due to its antioxidant content which differs depending on the type of olive oil. In this study, the concentrations of oleic acid and antioxidants (phenolic compounds and vitamin E) in plasma and LDL were compared after consumption of three similar olive oils, but with differences in their phenolic content. Thirty healthy volunteers participated in a placebo-controlled, double-blind, crossover, randomized supplementation trial. Virgin, common, and refined olive oils were administered during three periods of 3 weeks separated by a 2-week washout period. Participants were requested to ingest a daily dose of 25 ml raw olive oil, distributed over the three meals of the day, during intervention periods. All three olive oils caused an increase in plasma and LDL oleic acid (P,0·05) content. Olive oils rich in phenolic compounds led to an increase in phenolic compounds in LDL (P,0·005). The concentration of phenolic compounds in LDL was directly correlated with the phenolic concentration in the olive oils. The increase in the phenolic content of LDL could account for the increase of the resistance of LDL to oxidation, and the decrease of the in vivo oxidized LDL, observed in the frame of this trial. Our results support the hypothesis that a daily intake of virgin olive oil promotes protective LDL changes ahead of its oxidation.

La crisis en las políticas de empleo. La modélica Dinamarca y la situación en España

[spa] A través de las siguientes páginas nos adentraremos en la diferencia abismal de dos sistemas de protección del empleo, España y Dinamarca, producto de una concepción y evolución distinta del Estado del bienestar surgido tras la Gran Depresión de los años 30 y la II Guerra Mundial. Las políticas de empleo danesas gozan de una gran estabilidad y eficacia desde la década de 1990. España, por el contrario, tiene una amalgama de políticas desordenada y caótica que pone su acento en los incentivos a la contratación. Mirarse en el espejo danés, de vez en cuando, es una buena idea.

Spain, Economic Crisis, and the New Enclosure of the Reproductive Commons

In the past f ew years numerous authors have examined how the current economic crisis in Spain has dif f erential impacts on women and men.1 While this is important to show, this article’s goal is to make the leap f rom a mere description of the gendered effects of the crisis, to an analysis of some of the very gendered processes that shape it at its core. In other words, the intent is to understand how both the crisis itself and the ways the state manages it are structurally shaped by gender.

Las personas mayores ante la crisis económica

La comunicació consisteix en una anàlisi dels efectes de la crisi sobre les persones grans a partir de l’exploració de dades estadístiques i d’un ampli treball de camp qualitatiu fet amb persones grans durant l’any 2013. S’elabora al seu torn una tipologia temptativa d’impactes de la crisi en aquest grup, discutint com s’insereixen aquests canvis en les trajectòries de vida i les xarxes socials de la gent gran, quins són els elements que generen una major vulnerabilitat i, finalment, en quina mesura les alteracions econòmiques produïdes per la crisi es tradueixen també en transformacions en el seu rol econòmic, social i familiar.

Being Global? La crisis y los museos virtuales en arte público y diseño urbano

Este trabajo surge de la experiencia desarrollada en Barcelona, Zaragoza y Lisboa de puesta en marcha de los respectivos sistemas de información del Arte Público de estas ciudades, así como del desarrollo de investigación posibilitado por los proyectos BHA2002- 00520;HUM2005-00420;HUM2006-12803-C02-01, HAR 2009-13989-C02-01, del Ministerior de Ciencia e Innvoción español y de los proyectos 2005SGR00150 y 2009SGR903 de la Generalitat de Catalunya, así como de los distintos convenios entre la Universidad y el Ayuntamiento de Barcelona. Sorprendentemente, en el panorama de la innovación internacional, son proyectos del sur de Europa los que plantean por primera vez un uso sistemático de Internet para el mejor conocimiento y difusión de esta parte del patrimonio que es el Arte Público de las ciudades, una historia escrita en bronce y piedra que forma parte de la herencia cultural, de las raíces identitarias y del orgullo de ciudad Sin embargo, la crisis internacional supone un frenazo importante a estos proyectos y a la posibilidad de desarrollar un Museo Virtual del Arte Público y el Diseño Urbano.

El capitalismo y sus crisis, ¿qué tipo de crisis?

El capitalismo está hoy atravesando un momento de turbulencias estructurales. Para unos se trata de una crisis económica, para otros de una crisis financiera y, aún para algún otro autor, mas bien debería hablarse de una crisis global de sociedad. ¿Pueden tan diversas opiniones converger en sus análisis? No es tarea fácil ya que cada cual suele hablar desde su propia perspectiva académica, cuando no, incluso circunscrito a un determinado enfoque teórico. Además, la mayoría de los debates han girado en torno a la economía y la corriente principal de la ciencia económica, la teoría neoclásica, por su propia naturaleza es incapaz de aportar más claridad. Los supuestos en los que basa sus modelos y teorías, que tanto cientifismo le han conferido, impiden precisamente captar la dimensión del fenómeno. De ahí salen algunas recetas para intentar paliar nuestros males, como por ejemplo, la sugerencia de que si dejamos actuar a los mercados, su lógica va a conducir a reparar los desajustes que se han venido produciendo. Pero, ¿qué son los mercados? ¿se trata de algo mágico que actúa con finalidad propia y con un objetivo específico?

Los Medios de comunicación : el rol que juegan los medios de comunicación en la crisis de comunicación

La relación entre las organizaciones y la sociedad es muy sutil. Debido a las diferentes motivaciones de las dos, es inevitable que tienen conflictos o disputas entre la organización y los públicos. Estos conflictos o crisis afectan mucho a la imagen corporativa y la credibilidad en el público. Cómo gestionar la crisis y conflictos de comunicación entre las organizaciones y públicos es un problema importante para los gabinetes de comunicación. Se hará la comparación entre el accidente de vuelo de Asiana Airlines y de Malaysia Airlines; y se hablará del accidente nuclear de Fukushima de 2011

La crisis del segle III a l’àrea compresa entre Tarraco i Saguntum: aproximació a partir de les dades arqueològiques

The purpose of this work is to evaluate the possible impact of the so-called “crisis of the 3rd century” in the area between Tarraco (Tarragona) and Saguntum (Sagunt), currently corresponding to the southern limit of Catalonia and the north of Valencia, which during the Roman era made up the southernmost part of the conventus Tarraconensis. The processes of change experienced in rural settlements and cities between the Severan dynasty and the beginning of the tetrarchy are analyzed, and the importance of the city-country relationship is examined to explain these changes. The extent of the Frankish invasion during of the Gallic period, initially substantiated by sources and now by archaeological evidence, is discussed. The study of coin hoards (treasures and deposits) from the second half of the 3rd century, found in abundance in this area, is a very interesting aspect of this topic. In addition, a quantitative approach is used to study the population changes experienced as a result of the rural settlement of this area during the 3rd century, between the High and the Low Empires.

Polymorphisms cyclooxygenase-2 -765G>C and interleukin-6 -174G>C are associated with serum inflammation markers in a high cardiovascular risk population and do not modify the response to a Mediterranean diet supplemented with virgin olive oil or nuts

Inflammation is involved in cardiovascular diseases. Some studies have found that the Mediterranean diet (MD) can reduce serum concentrations of inflammation markers. However, none of these studies have analyzed the influence of genetic variability in such a response. Our objective was to study the effect of the -765G.C polymorphism in the cyclooxygenase-2 (COX-2) gene and the -174G.C polymorphism in the interleukin-6 (IL-6) gene on serum concentrations of IL-6, C-reactive protein, intercellular adhesion molecule 1 (ICAM-1) and vascular cell adhesion molecule-1 as well as their influence on the response toa nutritional interventionwithMD.An intervention study ina high cardiovascular riskMediterranean population (314 men and 407 women) was undertaken. Participants were randomly assigned to consume a low-fat control diet or a MD supplementedwith virgin olive oil ornuts.Measureswereobtained at baseline and after a 3-mointervention period.At baseline, the COX-2 -765G.C polymorphismwas associated with lower serum IL-6 (5.85 6 4.82 in GG vs. 4.74 6 4.14 ng/L in C-allele carriers; P ¼ 0.002) and ICAM-1 (265.8 6 114.8 in GG vs. 243.0 6 107.1 mg/L in C-carriers; P ¼ 0.018) concentrations. These differences remained significant aftermultivariate adjustment. The IL-6 -174G.C polymorphism was associatedwith higher (CC vs. G-carriers) serumICAM-1concentrations in bothmenandwomenandwithhigherserumIL-6 concentrations inmen.Following the dietary intervention, no significant gene x diet interactions were found. In conclusion, although COX-2 -765G.C and IL-6 -174G.C polymorphismswere associatedwith inflammation, consuming aMD(either supplemented with virgin olive oil or nuts) reduced the concentration of inflammation markers regardless of these polymorphisms.

Industrial emissions abatement: Untangling the impact of the EU ETS and the economic crisis

In this study we use historical emission data from installations under the European Union Emissions Trading System, -EU ETS- to evaluate the impact of this policy on industrial greenhouse gas emissions during the first two trading phases, 2005-2012. As such the analysis seeks to disentangle two causes of emission abatement: that attributable to the EU ETS and that attributable to the economic crisis that hit the EU in 2008/09. Using a panel data approach the estimated emissions reduction attributable to the EU ETS is about 21 per cent of the total emission abatement during the observation period. These results suggest therefore that the lion’s share of abatement was attributable to the effects of the economic crisis, a finding that has serious implications for future policy adjustments affecting core elements of the EU ETS, including the distribution of EU emission allowances.

El género en el corazón de la crisis: hacia los cuidados como bien común

La presente comunicación parte de la premisa que la actual crisis económica en el Estado español, así como su gestión política, se ven configuradas por el género, adoptando para ello como eje analítico el concepto de acumulación por desposesión. El aumento de la carga total de trabajo de las mujeres, así como la intensificación de sus responsabilidades reproductivas responden a una estrategia político-económica de privatización y re-hogarización de la reproducción en aras de la supervivencia de la economía considerada real o lo que también llamamos cercamiento de la reproducción. Éste toma la forma de un reforzamiento actualizado de la división sexual del trabajo sin por ello reducir el rol económico de las mujeres sino, en realidad, fortaleciéndolo. Un análisis a la crisis actual adoptando la desposesión de la reproducción como punto de partida no sólo nos permite ubicar las desigualdades de género en el centro de los debates en torno a la crisis sino que a su vez abre el camino para pensar en alternativas a la actual organización social de la reproducción teniendo en cuenta, de manera simultánea, las esferas de la familia, de las administraciones públicas y de lo que se viene llamando el ámbito de “lo común”. Es a partir de esta conceptualización que se avanza una categorización de las diferentes tipologías de bienes en que se pueden concebir y convertir los cuidados y se reflexiona sobre la posibilidad, las oportunidades y los riesgos de una nueva organización social del cuidado en tanto que bien común.