Trade-off between formal and informal care in Spain

The remarkable growth of older population has moved long term care to the front ranks of the social policy agenda. Understanding the factors that determine the type and amount of formal care is important for predicting use in the future and developing long-term policy. In this context we jointly analyze the choice of care (formal, informal, both together or none) as well as the number of hours of care received. Given that the number of hours of care is not independent of the type of care received, we estimate, for the first time in this area of research, a sample selection model with the particularity that the first step is a multinomial logit model. With regard to the debate about complementarity or substitutability between formal and informal care, our results indicate that formal care acts as a reinforcement of the family care in certain cases: for very old care receivers, in those cases in which the individual has multiple disabilities, when many care hours are provided, and in case of mental illness and/or dementia. There exist substantial differences in long term care addressed to younger and older dependent people and dependent women are in risk of becoming more vulnerable to the shortage of informal caregivers in the future. Finally, we have documented that there are great disparities in the availability of public social care across regions.

The EU strategy of policy convergence with its neighbours in the area of trade

The objective of this paper is to ascertain whether the EU is seeking policy convergence with its neighbours in the area of trade by means of EU regulations. For each trade- related topic, we carried out a content analysis of the available official documents to identify the model of relations that has been established between the EU and four neighbouring countries (Morocco, Algeria, Ukraine and Georgia). The findings indicate that Europeanization is the EU strategy in most cases. However, adaptation to European regulations is only a long-term aim. When international regulations exist in a specific area, the EU usually demands the internationalization of a country¿s regulations as a first step. When there are no international regulations, the convergence process is established on the basis of bilaterally developed norms. EU strategy also varies depending on the country. Its relations with Algeria are the most particular. We conclude that the EU is promoting policy convergence with its neighbours in the area of trade mainly on the basis of international and bilaterally-developed regulations.

The EU strategy of policy convergence with its neighbours in the area of trade

The objective of this paper is to ascertain whether the EU is seeking policy convergence with its neighbours in the area of trade by means of EU regulations. For each trade- related topic, we carried out a content analysis of the available official documents to identify the model of relations that has been established between the EU and four neighbouring countries (Morocco, Algeria, Ukraine and Georgia). The findings indicate that Europeanization is the EU strategy in most cases. However, adaptation to European regulations is only a long-term aim. When international regulations exist in a specific area, the EU usually demands the internationalization of a country¿s regulations as a first step. When there are no international regulations, the convergence process is established on the basis of bilaterally developed norms. EU strategy also varies depending on the country. Its relations with Algeria are the most particular. We conclude that the EU is promoting policy convergence with its neighbours in the area of trade mainly on the basis of international and bilaterally-developed regulations.

Stable isotopes unveil habitat partitioning among the marine mammals off NW Africa and reveal unique trophic niches for two globally threatened species.

Stable isotope abundances of carbon (δ13C) and nitrogen (δ15N) in the bone of 13 species of marine mammals from the northwest coast of Africa were investigated to assess their positions in the local trophic web and their preferred habitats. Also, samples of primary producers and potential prey species from the study area were collected to characterise the local isotopic landscape. This characterisation indicated that δ13C values increased from offshore to nearshore and that δ15N was a good proxy for trophic level. Therefore, the most coastal species were Monachus monachus and Sousa teuszii, whereas the most pelagic were Physeter macrocephalus and Balaenoptera acutorostrata. δ15N values indicated that marine mammals located at the lowest trophic level were B. acutorostrata, Stenella coeruleoalba and Delphinus sp., and those occupying the highest trophic level were M. monachus and P. macrocephalus. The trophic level of Orcinus orca was similar to that of M. monachus, suggesting that O. orca preys on fish. Conservation of coastal and threatened species (M. monachus and S. teuszii) off NW Africa should be a priority because these species, as the main apex predators, cannot be replaced by other marine mammals.

Risk-Return Trade-Off for European Stock Markets

This paper adopts dynamic factor models with macro-finance predictors to test the intertemporal risk-return relation for 13 European stock markets. We identify country specific, euro area, and global macro-finance factors to determine the conditional risk and return. Empirically, the risk- return trade-off is generally negative. However, a Markov switching model documents that there is time-variation in this trade-off that is linked to the state of the economy. Keywords: Risk-return trade-off; Dynamic factor model; Macro-finance predictors; European stock markets; Markov switching model JEL Classifications: C22; G11; G12; G17

Deep-water macroalgal-dominated coastal detritic assemblages on the continental shelf off Mallorca and Menorca (Balearic Islands, Western Mediterranean)

We present a quantitative physiognomic characterization of major macroalgal-dominated assemblages on coastal detritic bottoms of the continental shelf off Mallorca and Menorca (Balearic Islands, Western Mediterranean). In late spring of 2007 and 2008, 29 samples were collected by bottom trawling at depths between -52 and -93 m. These samples were then sorted and identified to their lowest taxonomic level. Statistical analyses distinguished six different assemblage types: shallower water environments (-52 to -65 m in depth) were characterized by Osmundaria volubilis and Phyllophora crispa meadows and two types of Peyssonnelia beds; two assemblage types, Laminaria rodriguezii beds and maërl beds, were only present in deep-water environments (-77 to -81 m); and an assemblage dominated by P. crispa and Halopteris filicina was found in both shallow and deep waters (-57 to -93 m). We assess the distribution of these six assemblage types through the studied area.