The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. Four times during his reign the king failed to honor his debts and had to renegotiate borrowing contracts. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of debt and revenue. These show that primary surpluses were sufficient to make the king's debt sustainable in most scenarios. Spain's debt burden was manageable up to the 1580s, and its fiscal position only deteriorated for good after the defeat of the "Invincible Armada." We also estimate fiscal policy reaction functions, and show that Spain under the Habsburgs was at least as "responsible" as the US in the 20th century or as Britain in the 18th century. Our results suggest that the outcome of uncertain events such as wars may influence on a history of default more than strict adherence to fiscal rules.

Risk sharing with the monarch: Excusable defaults and contingent debt in the age of Philip II, 1556-1598

Contingent sovereign debt can create important welfare gains. Nonetheless,there is almost no issuance today. Using hand-collected archival data, we examine thefirst known case of large-scale use of state-contingent sovereign debt in history. Philip IIof Spain entered into hundreds of contracts whose value and due date depended onverifiable, exogenous events such as the arrival of silver fleets. We show that this allowedfor effective risk-sharing between the king and his bankers. The data also stronglysuggest that the defaults that occurred were excusable they were simply contingenciesover which Crown and bankers had not contracted previously.

Lending to the borrower from hell: Debt and default in the age of Philip II, 1556-1598

What sustained borrowing without third-party enforcement, in the early days of sovereignlending? Philip II of Spain accumulated towering debts while stopping all payments tohis lenders four times. How could the sovereign borrow much and default often? Weargue that bankers ability to cut off Philip II s access to smoothing services was key. Aform of syndicated lending created cohesion among his Genoese bankers. As a result,lending moratoria were sustained through a cheat the cheater mechanism (Kletzer andWright, 2000). Our paper thus lends empirical support to a recent literature emphasizingthe role of bankers incentives for continued sovereign borrowing.

La vida y la obra de Herbert Marcuse

El brusco descubrimiento y exaltación de MARCUSE como una de las claves de la crisis contemporánea es uno de los fenómenos más notables de nuestro tiempo. [...]

A cooperative appproach to queue allocation of indivisible objects

We consider the allocation of a finite number of indivisible objects to the same number of agents according to an exogenously given queue. We assume that the agents collaborate in order to achieve an efficient outcome for society. We allow for side-payments and provide a method for obtaining stable outcomes.

On games corresponding to sequencing situations with precedence relations

In this paper we study a class of cooperative sequencing games that arise from one-machine sequencing situations in which chain precedence relations are imposed on the jobs. It is shown that these sequencing games are convex.

Contribució de Pietro Mengoli al concepte de límit a través d'una teoria de les quasi proporcions

El treball de recerca que aquí es presenta és l’estudi dels tres primers "elementa" de la "Geometriae Speciosae Elementa" (Bolonya, 1659) de Pietro Mengoli (1625-1686), que fou possiblement el deixeble més original de Bonaventura Cavalieri (1598-1647). En aquesta obra Mengoli desenvolupa un nou mètode per calcular quadratures utilitzant una teoria numèrica anomenada de “quasi proporcions”. Mengoli fonamenta les quasi proporcions en la teoria de proporcions del llibre cinquè dels "Elements" d’Euclides, a la qual hi afegeix unes nocions originals: raó “quasi nul•la”, “quasi infinita” i “quasi un nombre”. Una exhaustiva anàlisi d’aquesta teoria demostra l’originalitat de l’obra de Mengoli tant pel que fa a la seva forma d’exposició com pel que fa al seu contingut.

OpenURL i l'enllaçat SFX

No fa gaires anys de les primeres recerques acadèmiques liderades per Herbert Van de Sompel a la Universitat de Gant a Bèlgica, les quals van donar com a resultat la formulació de l'estàndard OpenURL i el desenvolupament del servidor d'enllaços per a les biblioteques SFX, posant el control dels enllaços en mans del bibliotecari. Aquest article considera breument les primeres iniciatives sobre els enllaços, explica el propòsit i l'estructura d'OpenURL i el paper dels components: les fonts, els objectius i el servidor d'enllaços, centrant-se en el servidor d'enllaços SFX.

Modelling of Mercury’s surface composition and remote detection from the orbit with the BepiColombo Mercury Planetary Orbiter

It can be assumed that the composition of Mercury’s thin gas envelope (exosphere) is related to thecomposition of the planets crustal materials. If this relationship is true, then inferences regarding the bulkchemistry of the planet might be made from a thorough exospheric study. The most vexing of allunsolved problems is the uncertainty in the source of each component. Historically, it has been believedthat H and He come primarily from the solar wind, while Na and K originate from volatilized materialspartitioned between Mercury’s crust and meteoritic impactors. The processes that eject atoms andmolecules into the exosphere of Mercury are generally considered to be thermal vaporization, photonstimulateddesorption (PSD), impact vaporization, and ion sputtering. Each of these processes has its owntemporal and spatial dependence. The exosphere is strongly influenced by Mercury’s highly ellipticalorbit and rapid orbital speed. As a consequence the surface undergoes large fluctuations in temperatureand experiences differences of insolation with longitude. We will discuss these processes but focus moreon the expected surface composition and solar wind particle sputtering which releases material like Caand other elements from the surface minerals and discuss the relevance of composition modelling

Les edicions i traduccions del tractat de vampirisme de Calmet

El llibre més famós sobre vampirs de no ficció és sens dubte les Dissertations de Calmet. Des de la seva primera edició el 1746, s'han publicat vint-i-una edicions completes en diferents llengües, si s¿exclouen les quatre originals que amb esmenes i addicions va escriure Calmet en vida. Cal ressaltar l'existència de nou edicions en alemany. El present article proporciona una revisió sintètica de totes les edicions.

Momentum distribution in nuclear matter and finite nuclei

A simple method is presented to evaluate the effects of short-range correlations on the momentum distribution of nucleons in nuclear matter within the framework of the Greens function approach. The method provides a very efficient representation of the single-particle Greens function for a correlated system. The reliability of this method is established by comparing its results to those obtained in more elaborate calculations. The sensitivity of the momentum distribution on the nucleon-nucleon interaction and the nuclear density is studied. The momentum distributions of nucleons in finite nuclei are derived from those in nuclear matter using a local-density approximation. These results are compared to those obtained directly for light nuclei like 16O.

High-momentum proton removal from 16 O and the (e,e'p) cross section

The cross section for the removal of high-momentum protons from 16O is calculated for high missing energies. The admixture of high-momentum nucleons in the 16O ground state is obtained by calculating the single-hole spectral function directly in the finite nucleus with the inclusion of short-range and tensor correlations induced by a realistic meson-exchange interaction. The presence of high-momentum nucleons in the transition to final states in 15N at 60¿100 MeV missing energy is converted to the coincidence cross section for the (e,e¿p) reaction by including the coupling to the electromagnetic probe and the final state interactions of the outgoing proton in the same way as in the standard analysis of the experimental data. Detectable cross sections for the removal of a single proton at these high missing energies are obtained which are considerably larger at higher missing momentum than the corresponding cross sections for the p-wave quasihole transitions. Cross sections for these quasihole transitions are compared with the most recent experimental data available.

Correlations derived from modern nucleon-nucleon potentials

Various modern nucleon-nucleon (NN) potentials yield a very accurate fit to the nucleon-nucleon scattering phase shifts. The differences between these interactions in describing properties of nuclear matter are investigated. Various contributions to the total energy are evaluated employing the Hellmann-Feynman theorem. Special attention is paid to the two-nucleon correlation functions derived from these interactions. Differences in the predictions of the various interactions can be traced back to the inclusion of nonlocal terms.