Current Account imbalances, thriftiness and the real exchange rate in a growing economy

This paper analyses the theoretical relevance of the dynamical aspects of growth on the discussion about the observed positive correlation between per capita real income and real exchange rates. With this purpose, we develop a simple exogenous growth model where the internal, external and intertemporal equilibrium conditions of a typical macroeconomic model are imposed; this last one through the inclusion of a balanced growth path for the foreign assets accumulation. The main result under this consideration is that the relationship defended by the Balassa-Samuelson hypothesis is no more so straightforward. In our particular approach, the mentioned bilateral relationship depends on a parameter measuring thriftiness in the economy. Therefore, the probability of ending up with a positive relationship between growth and real exchange rates -as the classical economic theory predicts- will be higher when the economy is able to maintain a minimum saving ratio. Moreover, given that our model considers a simple Keynesian consumption function, some explosive paths can also be possible.

General equilibrium with asymmetric information: a dual approach

We study markets where the characteristics or decisions of certain agents are relevant but not known to their trading partners. Assuming exclusive transactions, the environment is described as a continuum economy with indivisible commodities. We characterize incentive efficient allocations as solutions to linear programming problems and appeal to duality theory to demonstrate the generic existence of external effects in these markets. Because under certain conditions such effects may generate non-convexities, randomization emerges as a theoretic possibility. In characterizing market equilibria we show that, consistently with the personalized nature of transactions, prices are generally non-linear in the underlying consumption. On the other hand, external effects may have critical implications for market efficiency. With adverse selection, in fact, cross-subsidization across agents with different private information may be necessary for optimality, and so, the market need not even achieve an incentive efficient allocation. In contrast, for the case of a single commodity, we find that when informational asymmetries arise after the trading period (e.g. moral hazard; ex post hidden types) external effects are fully internalized at a market equilibrium.

Material Flow Accounting in Chile, Ecuador, Mexico and Peru (1980-2000)

In this paper we compare the resource flows of Chile, Ecuador, Mexico and Peru between 1980 and 2000. In this time span, the domestic extraction of materials increased in the four countries, mainly due to the mining sector in Chile and Peru, biomass and oil in Ecuador and construction minerals in Mexico. Imports and exports increased too, due to the increasing integration in the international markets, prompted by the liberalization policies undertaken by the four countries between the late 1970s and the late 1990s. The four countries had a negative physical trade balance for most of the period analyzed, meaning that their exports exceeded their imports in terms of weight. However, the increase of imports reduced the physical deficit in Chile, Mexico and Peru. Ecuador’s physical deficit was the highest and did not decrease in the period analyzed. Also, a diversification of exports away from bulk commodities could be observed in Chile and Mexico, and to a lesser extent in Peru, whereas in Ecuador the export sector remained mainly based on oil and biomass. More research is needed to explore the environmental effects of this phenomenon. Also, the indirect flows associated to the direct physical flows deserve to be subject to further analysis.

Una estratègia per a les biblioteques acadèmiques del primer quart del segle XXI

L'extensió de l'aplicació de les tecnologies digitals a les comunicacions acadèmiques ha estat tal que ha alterat el model de servei que les biblioteques acadèmiques havien estat oferint durant el darrer segle. Tenint en compte el creixement explosiu del contingut digital en el web, avui en dia no està gaire clar el que hauria de ser una biblioteca acadèmica. Aquest article és un intent de proporcionar a les biblioteques acadèmiques una estratègia per el que queda del primer quart de segle XXI. El model té cinc elements: 1) completar el pas de les col·leccions en paper a les col·leccions en format electrònic; 2) retirar col·leccions patrimonials ("legacy")impreses; 3) redistribuir l'espai de la biblioteca; 4) modificar l’orientació dels instruments, els recursos i els coneixements tècnics de la biblioteca i la informació; 5) traslladar el focus de les col·leccions de l'adquisició de fons a la gestió del contingut. Es tindran en compte cadascun dels elements de l'estratègia i les seves interaccions. Es d'esperar que el resultat proporcioni un mapa útil per les biblioteques acadèmiques i els campus als quals donen servei.

Adaption of Courses and Learning Environment to the User Context in dotLRN

The explosive growth of Internet during the last years has been reflected in the ever-increasing amount of the diversity and heterogeneity of user preferences, types and features of devices and access networks. Usually the heterogeneity in the context of the users which request Web contents is not taken into account by the servers that deliver them implying that these contents will not always suit their needs. In the particular case of e-learning platforms this issue is especially critical due to the fact that it puts at stake the knowledge acquired by their users. In the following paper we present a system that aims to provide the dotLRN e-learning platform with the capability to adapt to its users context. By integrating dotLRN with a multi-agent hypermedia system, online courses being undertaken by students as well as their learning environment are adapted in real time

The emergence of biofuels and the co-movement between crude oil and agricultural prices

Biofuels are becoming an alternative to non-renewable energy sources but we know little about the economic mechanisms influencing their prices. This paper studies the interrelationships between the spot prices of oil and those of agricultural commodities used as biofuel feedstocks. Using daily data since 1988, we identify a co-movement after 2005 that does not appear for other food-related commodities and is not due to general economic variables. We also find traces of the co-movement in the prices of a large biofuel stock. The results amount to the first systematic piece of empirical evidence linking spot oil and agricultural markets via the emergence of biofuels.

New Trends in Public Facility Location Modeling

The past four decades have witnessed an explosive growth in the field of networkbased facility location modeling. This is not at all surprising since location policy is one of the most profitable areas of applied systems analysis in regional science and ample theoretical and applied challenges are offered. Location-allocation models seek the location of facilities and/or services (e.g., schools, hospitals, and warehouses) so as to optimize one or several objectives generally related to the efficiency of the system or to the allocation of resources. This paper concerns the location of facilities or services in discrete space or networks, that are related to the public sector, such as emergency services (ambulances, fire stations, and police units), school systems and postal facilities. The paper is structured as follows: first, we will focus on public facility location models that use some type of coverage criterion, with special emphasis in emergency services. The second section will examine models based on the P-Median problem and some of the issues faced by planners when implementing this formulation in real world locational decisions. Finally, the last section will examine new trends in public sector facility location modeling.

International commodity prices, growth and the outbreak of Civil War in Sub-Saharan Africa

To learn more about the effect of economic conditions oncivil war, we examine whether Sub-Saharan civil wars aremore likely to start following downturns in the internationalprice of countries main export commodities. The data showa robust effect of commodity price downturns on the outbreakof civil wars. We also find that Sub-Saharan countries aremore likely to see civil wars following economic downturnsin their main OECD export destinations.

On the drivers of commodity co-movement: Evidence from biofuels

We use the recent introduction of biofuels to study the effect of industry factors on the relationshipsbetween wholesale commodity prices. Correlations between agricultural products and oilare strongest in the 2005-09 period, coinciding with the boom of biofuels, and remain substantialuntil 2011. We disentangle three possible drivers for the linkage: substitution, energy costs, andfinancialization. The timing and magnitude of the biofuels-to-oil relationships are different to thoseof other commodities, and far higher than can be justified by costs and financialization. Substitutionand costs drive the monthly correlations of long-term futures, and each of the three contributeequally to the daily co-movement of the short-term ones. The findings survive many robustnesschecks and appear in the stock market.

Location models in the public sector

The past four decades have witnessed an explosive growth in the field of networkbased facilitylocation modeling. This is not at all surprising since location policy is one of the mostprofitable areas of applied systems analysis in regional science and ample theoretical andapplied challenges are offered. Location-allocation models seek the location of facilitiesand/or services (e.g., schools, hospitals, and warehouses) so as to optimize one or severalobjectives generally related to the efficiency of the system or to the allocation of resources.This paper concerns the location of facilities or services in discrete space or networks, thatare related to the public sector, such as emergency services (ambulances, fire stations, andpolice units), school systems and postal facilities. The paper is structured as follows: first,we will focus on public facility location models that use some type of coverage criterion,with special emphasis in emergency services. The second section will examine models based onthe P-Median problem and some of the issues faced by planners when implementing thisformulation in real world locational decisions. Finally, the last section will examine newtrends in public sector facility location modeling.

Vertical Syndication-Proof Competitive Prices in Multilateral Markets

[eng] A multi-sided Böhm-Bawerk assignment game (Tejada, to appear) is a model for a multilateral market with a finite number of perfectly complementary indivisible commodities owned by different sellers, and inflexible demand and support functions. We show that for each such market game there is a unique vector of competitive prices for the commodities that is vertical syndication-proof, in the sense that, at those prices, syndication of sellers each owning a different commodity is neither beneficial nor detrimental for the buyers. Since, moreover, the benefits obtained by the agents at those prices correspond to the nucleolus of the market game, we provide a syndication-based foundation for the nucleolus as an appropriate solution concept for market games. For different solution concepts a syndicate can be disadvantageous and there is no escape to Aumman’s paradox (Aumann, 1973). We further show that vertical syndicationproofness and horizontal syndication-proofness – in which sellers of the same commodity collude – are incompatible requirements under some mild assumptions. Our results build on a self-interesting link between multi-sided Böhm-Bawerk assignment games and bankruptcy games (O’Neill, 1982). We identify a particular subset of Böhm-Bawerk assignment games and we show that it is isomorphic to the whole class of bankruptcy games. This isomorphism enables us to show the uniqueness of the vector of vertical syndication-proof prices for the whole class of Böhm-Bawerk assignment market using well-known results of bankruptcy problems.

Vertical Syndication-Proof Competitive Prices in Multilateral Markets

[eng] A multi-sided Böhm-Bawerk assignment game (Tejada, to appear) is a model for a multilateral market with a finite number of perfectly complementary indivisible commodities owned by different sellers, and inflexible demand and support functions. We show that for each such market game there is a unique vector of competitive prices for the commodities that is vertical syndication-proof, in the sense that, at those prices, syndication of sellers each owning a different commodity is neither beneficial nor detrimental for the buyers. Since, moreover, the benefits obtained by the agents at those prices correspond to the nucleolus of the market game, we provide a syndication-based foundation for the nucleolus as an appropriate solution concept for market games. For different solution concepts a syndicate can be disadvantageous and there is no escape to Aumman’s paradox (Aumann, 1973). We further show that vertical syndicationproofness and horizontal syndication-proofness – in which sellers of the same commodity collude – are incompatible requirements under some mild assumptions. Our results build on a self-interesting link between multi-sided Böhm-Bawerk assignment games and bankruptcy games (O’Neill, 1982). We identify a particular subset of Böhm-Bawerk assignment games and we show that it is isomorphic to the whole class of bankruptcy games. This isomorphism enables us to show the uniqueness of the vector of vertical syndication-proof prices for the whole class of Böhm-Bawerk assignment market using well-known results of bankruptcy problems.

Occurrence of patulin in organic and conventional apple juice. Risk assessment

Organic foods are promoted as environmentally friendly and its consumption has become increasingly popular. Nevertheless,organic farming practices could produce commodities more susceptible to fungal attack and as a result, food with higher levels of mycotoxins. Patulin is a mycotoxin mainly present in apples and apple-based products. In this paper, we report our recent results and an update of the patulin occurrence and their risk in conventional and organic apple juices around Europe.

Anàlisi d'un treball de força explosiva combinant màquines vibratòries i màquines inercials

L’objectiu d’aquest estudi és comparar els efectes de dos mitjans de treball sobre la força explosiva en 9 atletes de nivell autonòmic i nacional (19,6 ± 2,6 anys, 1,76 ± 7 m i 68,9 ± 3,5 kg) que entrenaren durant el període competitiu, 6 setmanes amb una freqüència de 2 cops per setmana, seguint una periodització creixent. Els subjectes varen ser dividits en 3 grups de 3 atletes cada un, però utilitzant diferents mitjans d’entrenament: el grup experimental combinant la plataforma vibratòria i les màquines inercials (1), amb un temps d’exposició a la vibració de 30’’, a una intensitat de 45 Hz i una amplitud de 5 mm amb una pausa d’1’. I de 3 sèries de 8 repeticions executades a màxima velocitat en la fase concèntrica i controlant aquesta en la fase excèntrica, amb una pausa de 3’ en les màquines io-io. El grup experimental de pesos lliures (2), va realitzar 4 exercicis: ½ squat, pliometria (CEE), multisalts horitzontals i acceleracions, seguint les pautes d’un treball de força explosiva proposat per Badillo i Gorostiaga (1995). I un grup control (3), que no realitzà cap entrenament de força. Abans i després del període d’intervenció és realitzaren els següents tests: salt sense contramoviment (SJ) i salt amb contramoviment (CMJ). Els resultats indicaren que el grup (1), (2) i (3) disminuïren significativament el SJ i el CMJ. Es conclou que l’entrenament, tant en el de combinació d’estímuls vibratoris amb màquines inercials com el de pesos lliures pareix ser un mitja que s’ha de controlar i perioditzar molt bé ja que en el període competitiu l’atleta acumula uns nivells de fatiga tant muscular com fisiològics molt superiors que en altres períodes de la temporada.

Valoració de la capacitat de salt i sincronització temporal intergrupal en la Gimnàstica Estètica de Grup

La Gimnàstica Estètica de Grup (GEG) és un esport emergent del qual no existeix gairebé cap treball de camp i/o publicació. En relació al codi de puntuació d’aquesta modalitat, tant les capacitats de salt com la unitat de moviment del cos i la sincronització entre els membres del conjunt, tenen un pes molt important en la puntuació del valor tècnic i de l’execució. En aquest estudi s’ha realitzat la mesura, avaluació i comparació de les manifestacions de la força explosiva, elàstica i reactiva d’un grup de gimnàstica d’estètica d’alt nivell al principi i al final del període competitiu, mitjançant la bateria de tests de salts verticals de Bosco, concretament SJ, CMJ, CMJas i RJ (15” CMJas). També s’ha analitzat la sincronització i/o coordinació temporal intergrupal d’execució de les dificultats tècniques de salt de les coreografies competitives, al llarg del període competitiu d’un conjunt de gimnàstica estètica d’alt nivell, tenint en compte la sincronització en començar la dificultat i en acabar-la. Els resultats obtinguts demostren que la manifestació de força elàsticoexplosiva en CMJ ha disminuït un 0,46 % i la força explosiva SJ (sense reutilització d'energia elàstica ni aprofitament del reflex miotàtic) ha augmentat un 4,63 %. Durant el període competitiu del conjunt sènior de gimnàstica estètica del Club Muntanyenc Sant Cugat, la influència dels braços en la capacitat de salt ha augmentat un 1,32% i la potència anaeròbica alàctica un 4,76%. Tot i que en la majoria de tests, els resultats han estat positius, no es considera que la mostra hagi assolit una millora significativa, atès que no ha superat el 10% proposat en començar l’estudi, i els valors obtinguts són totalment inestables. S’ha vist que en un mateix test el % de pèrdues i de guanys ha estat molt variat, de manera que no es pot establir una relació de millora de la capacitat de salt en funció de l’entrenament. Pel que fa a la sincronització temporal intergrupal, ha millorat entre un 37,50% (sincronització temps inicial) i un 50,00% (sincronització temps final) en relació a les dificultats tècniques. Fet que és relaciona directament amb l’automatització de mecanismes d’execució al llarg de la temporada competitiva. Tot i així no s’ha igualat o superat la millora d’un 70% proposada per les hipòtesis inicials de l’estudi.