On The Timing of Default Losses: When and Why?

At the light of what happened in 2010 and 2011, a lot of European countries founded themselves in a difficult position where all the credit rating agencies were downgrading debt states. Problem of solvency and guarantees on the states' bond were perceived as too risky for a Monetary Union as Europe is. Fear of a contagion from Greece as well was threatening the other countries as Italy, Spain, Portugal and Ireland; while Germany and France asked for a division between risky and riskless bond in order to feel more safe. Our paper gets inspiration by Roch and Uhlig (2011), it refers to the Argentinian case examined by Arellano (2008) and examine possible interventions as monetization or bailout as proposed by Cole and Kehoe (2000). We propose a model in which a state defaults and cannot repay a fraction of the old bond; but contrary to Roch and Uhlig that where considering a one-time cost of default we consider default as an accumulation of losses, perceived as unpaid fractions of the old debts. Our contributions to literature is that default immediately imply that economy faces a bad period and, accumulating losses, government will be worse-off. We studied a function for this accumulation of debt period by period, in order to get an idea of the magnitude of this waste of resources that economy will face when experiences a default. Our thesis is that bailouts just postpone the day of reckoning (Roch, Uhlig); so it's better to default before accumulate a lot of debts. What Europe need now is the introduction of new reforms in a controlled default where the Eurozone will be saved in its whole integrity and a state could fail with the future promise of a resurrection. As experience show us, governments are not interested into reducing debts since there are ECB interventions. That clearly create a distortion between countries in the same monetary union, giving to the states just an illusion about their future debtor position.

"Romanzo criminale - la serie". Analisi del sottotitolaggio spagnolo amatoriale.

This dissertation focuses on the phenomenon of amateur subtitling, known as fansubbing. Although this phenomenon began in the late ‘80s, in recent years amateur subtitling has spread worldwide, thanks to both Internet and fan communities, also known as fandoms. At first, amateur subtitling was mainly centred on the translation of Japanese cartoons, but nowadays fandoms also tend to subtitle other kinds of audiovisual products, such as American TV series. Thanks to fansubbing, which is created by fans for other fans, fandoms claim that they would prefer to have subtitled rather than dubbed versions of audiovisual products, which is the norm in Italy and Spain. The dissertation provides a linguistic analysis of the fansubbing in Spanish of the Italian TV series Romanzo Criminale. The purpose of this dissertation is to analyse fansubbing from the linguistic point of view, as well as from the point of view of the translation. Furthermore, it aims to evaluate to what extent this translation can be compared to professional subtitling. The first chapter offers an introduction to the TV series and provides an overview of the main events and characters. The second chapter deals with an analysis of the strategies that fansubbers use to translate cultural elements from Italian into Spanish. The third chapter focuses on linguistic mistakes due to calques and linguistic interference between Italian and Spanish. The fourth chapter provides an analysis of some translation errors which occurred during the decoding of the original text. The aim is to understand if this kind of mistake might jeopardize the comprehension of the original message.