A New open economy macroeconomic model with endogenous portfolio diversification and firms entry

This paper provides a new benchmark for the analysis of the international diversi…cation puzzle in a tractable new open economy macroeconomic model. Building on Cole and Obstfeld (1991) and Heathcote and Perri (2009), this model speci…es an equilibrium model of perfect risk sharing in incomplete markets, with endogenous portfolios and number of varieties. Equity home bias may not be a puzzle but a perfectly optimal allocation for hedging risk. In contrast to previous work, the model shows that: (i) optimal international portfolio diversi…cation is driven by home bias in capital goods, independently of home bias in consumption, and by the share of income accruing to labour. The model explains reasonably well the recent patterns of portfolio allocations in developed economies; and (ii) optimal portfolio shares are independent of market dynamics.

Free Flows, Limited Diversification: Explaining the Fall and Rise of Stock Market Correlations, 1890-2001

Using a new dataset on capital account openness, we investigate why equity return correlations changed over the last century. Based on a new, long-run dataset on capital account regulations in a group of 16 countries over the period 1890-2001, we show that correlations increase as financial markets are liberalized. These findings are robust to controlling for both the Forbes-Rigobon bias and global averages in equity return correlations. We test the robustness of our conclusions, and show that greater synchronization of fundamentals is not the main cause of increasing correlations. These results imply that the home bias puzzle may be smaller than traditionally claimed.

The great diversification and its undoing

We investigate the hypothesis that macroeconomic fluctuations are primitively theresults of many microeconomic shocks, and show that it has significant explanatorypower for the evolution of macroeconomic volatility. We define ?fundamental? volatilityas the volatility that would arise from an economy made entirely of idiosyncratic microeconomicshocks, occurring primitively at the level of sectors or firms. In its empiricalconstruction, motivated by a simple model, the sales share of different sectors vary overtime (in a way we directly measure), while the volatility of those sectors remains constant.We find that fundamental volatility accounts for the swings in macroeconomicvolatility in the US and the other major world economies in the past half century. Itaccounts for the ?great moderation? and its undoing. Controlling for our measure offundamental volatility, there is no break in output volatility. The initial great moderationis due to a decreasing share of manufacturing between 1975 and 1985. The recentrise of macroeconomic volatility is due to the increase of the size of the financial sector.We provide a model to think quantitatively about the large comovement generated byidiosyncratic shocks. As the origin of aggregate shocks can be traced to identifiablemicroeconomic shocks, we may better understand the origins of aggregate fluctuations.

Auto- and allopolyploidy in Centaurea sect. Acrocentron s.l. (Asteraceae, Cardueae): karyotype and chromosome banding pattern analyses

Dysploidy and polyploidy are well documented in the large genus Centaurea, especially in sect. Acrocentron and in a small group of species from the Iberian Peninsula described as sect. Chamaecyanus, closely related to Acrocentron. We have explored two interesting cases of polyploid series in both sections: the polyploid series of Centaurea toletana in sect. Chamaecyanus and the series of C. ornata group in sect. Acrocentron. We have carried out a karyological study using both classic karyotype analyses and chromosome banding with fluorochromes.

Molecular phylogenetics and temporal diversification in the genus Aeromonas based on the sequences of five housekeeping genes

Several approaches have been developed to estimate both the relative and absolute rates of speciation and extinction within clades based on molecular phylogenetic reconstructions of evolutionary relationships, according to an underlying model of diversification. However, the macroevolutionary models established for eukaryotes have scarcely been used with prokaryotes. We have investigated the rate and pattern of cladogenesis in the genus Aeromonas (γ-Proteobacteria, Proteobacteria, Bacteria) using the sequences of five housekeeping genes and an uncorrelated relaxed-clock approach. To our knowledge, until now this analysis has never been applied to all the species described in a bacterial genus and thus opens up the possibility of establishing models of speciation from sequence data commonly used in phylogenetic studies of prokaryotes. Our results suggest that the genus Aeromonas began to diverge between 248 and 266 million years ago, exhibiting a constant divergence rate through the Phanerozoic, which could be described as a pure birth process.

The Imprint of Geologic History on Within‐Island Diversification of Woodlouse-­Hunter Spiders (Araneae, Dysderidae) in the Canary Islands.

Geological processes and ecological adaptation are major drivers of diversification on oceanic islands. Although diversification in these islands is often interpreted as resulting from dispersal or island hopping rather than vicariance, this may not be the case in islands with complex geological histories. The island of Tenerife, in the Canary Islands, emerged in the late Miocene as 3 precursor islands that were subsequently connected and reisolated by volcanic cycles. The spider Dysdera verneaui is endemic to the island of Tenerife, where it is widely distributed throughout most island habitats, providing an excellent model to investigate the role of physical barriers and ecological adaptation in shaping within-island diversity. Here, we present evidence that the phylogeographic patterns of this species trace back to the independent emergence of the protoislands. Molecular markers (mitochondrial genes cox1, 16S, and nad1 and the nuclear genes ITS-2 and 28S) analyzed from 100 specimens (including a thorough sampling of D. verneaui populations and additional outgroups) identify 2 distinct evolutionary lineages that correspond to 2 precursor islands, each with diagnostic genital characters indicative of separate species status. Episodic introgression events between these 2 main evolutionary lineages explain the observed incongruence between mitochondrial and nuclear markers, probably as a result of the homogenization of their ITS-2 sequence types. The most widespread lineage exhibits a complex population structure, which is compatible with either secondary contact, following connection of deeply divergent lineages, or alternatively, a back colonization from 1 precursor island to another.

The Imprint of Geologic History on Within‐Island Diversification of Woodlouse-­Hunter Spiders (Araneae, Dysderidae) in the Canary Islands.

Geological processes and ecological adaptation are major drivers of diversification on oceanic islands. Although diversification in these islands is often interpreted as resulting from dispersal or island hopping rather than vicariance, this may not be the case in islands with complex geological histories. The island of Tenerife, in the Canary Islands, emerged in the late Miocene as 3 precursor islands that were subsequently connected and reisolated by volcanic cycles. The spider Dysdera verneaui is endemic to the island of Tenerife, where it is widely distributed throughout most island habitats, providing an excellent model to investigate the role of physical barriers and ecological adaptation in shaping within-island diversity. Here, we present evidence that the phylogeographic patterns of this species trace back to the independent emergence of the protoislands. Molecular markers (mitochondrial genes cox1, 16S, and nad1 and the nuclear genes ITS-2 and 28S) analyzed from 100 specimens (including a thorough sampling of D. verneaui populations and additional outgroups) identify 2 distinct evolutionary lineages that correspond to 2 precursor islands, each with diagnostic genital characters indicative of separate species status. Episodic introgression events between these 2 main evolutionary lineages explain the observed incongruence between mitochondrial and nuclear markers, probably as a result of the homogenization of their ITS-2 sequence types. The most widespread lineage exhibits a complex population structure, which is compatible with either secondary contact, following connection of deeply divergent lineages, or alternatively, a back colonization from 1 precursor island to another.

The Imprint of Geologic History on Within‐Island Diversification of Woodlouse-­Hunter Spiders (Araneae, Dysderidae) in the Canary Islands.

Geological processes and ecological adaptation are major drivers of diversification on oceanic islands. Although diversification in these islands is often interpreted as resulting from dispersal or island hopping rather than vicariance, this may not be the case in islands with complex geological histories. The island of Tenerife, in the Canary Islands, emerged in the late Miocene as 3 precursor islands that were subsequently connected and reisolated by volcanic cycles. The spider Dysdera verneaui is endemic to the island of Tenerife, where it is widely distributed throughout most island habitats, providing an excellent model to investigate the role of physical barriers and ecological adaptation in shaping within-island diversity. Here, we present evidence that the phylogeographic patterns of this species trace back to the independent emergence of the protoislands. Molecular markers (mitochondrial genes cox1, 16S, and nad1 and the nuclear genes ITS-2 and 28S) analyzed from 100 specimens (including a thorough sampling of D. verneaui populations and additional outgroups) identify 2 distinct evolutionary lineages that correspond to 2 precursor islands, each with diagnostic genital characters indicative of separate species status. Episodic introgression events between these 2 main evolutionary lineages explain the observed incongruence between mitochondrial and nuclear markers, probably as a result of the homogenization of their ITS-2 sequence types. The most widespread lineage exhibits a complex population structure, which is compatible with either secondary contact, following connection of deeply divergent lineages, or alternatively, a back colonization from 1 precursor island to another.

Molecular phylogenetics and temporal diversification in the genus Aeromonas based on the sequences of five housekeeping genes

Several approaches have been developed to estimate both the relative and absolute rates of speciation and extinction within clades based on molecular phylogenetic reconstructions of evolutionary relationships, according to an underlying model of diversification. However, the macroevolutionary models established for eukaryotes have scarcely been used with prokaryotes. We have investigated the rate and pattern of cladogenesis in the genus Aeromonas (γ-Proteobacteria, Proteobacteria, Bacteria) using the sequences of five housekeeping genes and an uncorrelated relaxed-clock approach. To our knowledge, until now this analysis has never been applied to all the species described in a bacterial genus and thus opens up the possibility of establishing models of speciation from sequence data commonly used in phylogenetic studies of prokaryotes. Our results suggest that the genus Aeromonas began to diverge between 248 and 266 million years ago, exhibiting a constant divergence rate through the Phanerozoic, which could be described as a pure birth process.

Brain size and evolutionary diversification in birds

The role of behavior in evolution remains controversial, despite that some ideas are over 100 years old. Changes in behavior are generally believed to enhance evolution by exposing individuals to new selective pressures and by facilitating range expansions. However, this hypothesis lacks firm empirical evidence. Moreover, behavioral changes can also inhibit evolution by hiding heritable variation from natural selection. Taking advantage of the complete phylogeny of extant birds, a new species-level measure of past diversification rate and the best existing measures of brain size (n = 1326 species), I show here that relative brain size is associated (albeit weakly) with diversification rates. Assuming that brain relative size reflects behavioral flexibility, an assumption well-supported by evidence, this finding supports the idea that behavior can enhance evolutionary diversification. This view is further supported by the discovery that the most important factor influencing diversification rates is ecological generalism, which is believed to require behavioral flexibility. Thus, behavioral changes that expose animals to a variety of environments can have played an important role in the evolution of birds.

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.

Creación de alternativas productivas al modelo de la soja RR a partir de los criterios definidos por la población de Basavilbaso, Argentina

El consumo desmesurado de energía por parte de los países del Norte lleva a la creación de una deuda ecológica en los países del Sur. Ésta se debe, entre otros factores, al modelo agrario introducido con la “Nueva Revolución Verde”. En Argentina los monocultivos de sojaRR están potenciando la pérdida de la soberanía alimentaria en todo el país. Al mismo tiempo, las políticas energéticas europeas van a provocar una subida en la demanda de materias primas para la producción de biocombustible, lo que llevará a un aumento de la superficie de sojaRR en Argentina. El objetivo de este estudio es la creación de alternativas productivas mediante la implicación de la población de un municipio argentino. A través de la metodología de análisis social “CLIP” se han identificado los diferentes actores implicados en el modelo agrario que a lo largo del trabajo plantean propuestas de cambio para el sector agropecuario de su municipio. El resultado ha sido el planteamiento de cuatro grandes alternativas: la agricultura orgánica, la rotación de actividades, las producciones avícolas y apícolas y la diversificación de cultivos energéticos. Viendo que la tipología de consumo del Norte afecta directamente en la vida de los países del Sur, en todas las alternativas propuestas en este caso de estudio, se acaba por apostar por la creación de redes productivas y comerciales locales que potencien los beneficios en los países productores sin abandonar las posibilidades del mercado internacional.

The biophysical perspective of a middle income economy: material flows in Mexico

We analyse natural resource use dynamics in the Mexican economy during the last three decades. Despite low and uneven economic growth, the extraction and use of materials in the Mexican economy has continuously increased during the last 30 years. In this period, population growth rather than economic growth was the main driving force for biophysical growth. In addition, fundamental changes have taken place in the primary sectors, in manufacturing, and in household consumption and these are reflected in an increasing emphasis on the use of fossil fuels and construction materials. Mexico’s economy has been strongly influenced by international trade since the country commenced competing in international markets. In the 1970s, Mexico mainly exported primary resources. This pattern has changed and manufactured goods now have a much greater importance due to a boom in assembling industries. In contrast with other Latin American countries, Mexico has achieved a diversification of production, moving towards technology-intensive products and a better mix in its export portfolio. However, crude oil exports still represent the single most important export good. Mexico’s material consumption is still well below the OECD average but is growing fast and the current resource use patterns may well present serious social and environmental problems to the medium and long term sustainability of Mexico’s economy and community. Information on natural resource use and resource productivity could provide valuable guidance for economic policy planning in Mexico.

Anàlisi i diagnosi ambiental dels refugis del PNAP

Els refugis de muntanya es troben situats en zones d’interès natural, sovint protegides, com és el cas dels deu refugis del Parc Natural de l’Alt Pirineu. En els darrers anys s’ha observat una diversificació en l’ús dels refugis de muntanya, originalment construïts per donar aixopluc als excursionistes, degut a l’augment del turisme i la popularització dels esports de neu i d’aventura. Els refugis estudiats es poden agrupar en tres tipologies diferents: refugis guardats, refugis alberg i refugis associats a pistes d’esquí, cadascuna de les quals presenta una realitat i unes problemàtiques diferents. Mitjançant una metodologia pròpia, es pretén fer una anàlisi i una diagnosi ambiental de cada cas d’estudi i de les diferents tipologies a partir dels vectors que poden generar un major impacte en l’entorn immediat dels refugis: aspectes socioeconòmics, arquitectura, paisatge i impacte visual, energia elèctrica i tèrmica, aigua potable i residual i residus sòlids. La diagnosi permet identificar els aspectes de cada refugi i tipologia que requereixen propostes de millora. Finalment es fa una proposta d’ecoetiqueta de serveis per a refugis guardats basada en el Distintiu de Garantia de Qualitat Ambiental de la Generalitat de Catalunya, ja aplicat amb èxit a altres establiments de serveis.