Why are capital flows so much more volatile in emerging than in developed countries?

The standard deviations of capital flows to emerging countries are 80 percent higher than those to developed countries. First, we show that very little of this difference can be explained by more volatile fundamentals or by higher sensitivity to fundamentals. Second, we show that most of the difference in volatility can be accounted for by three characteristics of capital flows: (i) capital flows to emerging countries are more subject to occasional large negative shocks ( crises ) than those to developed countries, (ii) shocks are subject to contagion, and (iii) the most important one shocks to capital flows to emerging countries are more persistent than those to developed countries. Finally, we study a number of country characteristics to determine which are most associated with capital flow volatility. Our results suggest that underdevelopment of domestic financial markets, weak institutions, and low income per capita, are all associated with capital flow volatility.

Constructive micritic envelope developed in the vadose continental environment in the Pleistocene eoliantes of Mallorca (Spain)

In this study we analyze and explain the formation of the constructive micrite envelope in the vadose continental environment. This constructive micrite envelope shows a wide variety of textural components. The principal textural components are: microorganisms, micritic and microspar LMC cement, whisker crystals, microfibres and aggregates of LMC acicular crystals. The main microorganisms are hyphae fungi, although actynomicetes and bacteries also occur. The constructive micrite envelope is due to the action of calcified filaments (hyphae fungi) which collapse and coalesce forming an intertwined mesh as well as due to the precipitation of micritic and microspar cement. The whisker crystals, microfibres and aggregates of LMC acicular crystals are secondary microtextures. Constructive micrite envelopes does not indicate a specific diagenetic environment. The constructive micrite envelopes present irregularities or bumps at the outer surface of the grains, and the destructive micrite envelopes present irregularities towards the grain interior. This morphologic criterion is useful to differenciate the micrite envelope origin, constructive or destructive, in the fossil record.

Materials developed by mechanical alloying and melt spinning

Materials science is a multidisciplinary research topic related to the development of physics and technology. Mechanical alloying of ribbon flakes is a two steps route to develop advanced materials. In this work, a Fe based alloy was obtained using three pathways: mechanical alloying, melt-spinning and mechanical alloying of previously melt-spun samples. Processing conditions allow us to obtain amorphous or nanocrystalline structures. Furthermore, a bibliographic revision of mechanical alloying is here presented

Factors influencing the evolution of e-commerce : an empirical analysis in a developed market economy

Peer-reviewed