Cross-country insurance mechanisms in currency unions. Bruegel Working Paper 2014/04, 27 March 2014

Countries in a monetary union can adjust to shocks either through internal or external mechanisms. We quantitatively assess for the European Union a number of relevant mechanisms suggested by Mundell’s optimal currency area theory, and compare them to the United States. For this purpose, we update a number of empirical analyses in the economic literature that identify (1) the size of asymmetries across countries and (2) the magnitude of insurance mechanisms relative to similar mechanisms and compare results for the European Monetary Union (EMU) with those obtained for the US. To study the level of synchronization between EMU countries we follow Alesina et al. (2002) and Barro and Tenreyro (2007). To measure the effect of an employment shock on employment levels, unemployment rates and participation rates we perform an analysis based on Blanchard and Katz (1992) and Decressin and Fatas (1995). We measure consumption smoothing through capital markets, fiscal transfers and savings, using the approach by Asdrubali et al. (1996) and Afonso and Furceri (2007). To analyze risk sharing through a common safety net for banks we perform a rudimentary simulation analysis. |

La querella de México /

[Introdución]--El barro y el oro.--La inconsciencia moral del indigena.--La inmoralidad del criollo.--Bovarismo y crimen.--El concepto de la educación.--El valor de la paz.--La intervención y la guerra.

Traductoras gallegas del siglo XX:reescribiendo la historia de la traducción desde el género y la nación

Within the newly established field of Galician Studies, Feminist Theory has played a major role in revealing how women have contributed to the development of the Galician cultural polysystem. However, it is my contention that the translative facet of many women translators has not yet received enough critical attention. Therefore, within the framework of a growing interest in the roles played both by women and by translation in the development of societies, this article seeks to explore the history of translation in the context of Galicia, with a view to underscoring the contributions of women translators throughout the 20th century. The aim of the article is twofold: firstly, to offer an overview of translators such as Mercedes Vázquez Fernández Pimentel, Mari Luz Morales, Teruca Bouza Vila, María Barbeito, Amparo Alvajar, Xohana Torres, and Teresa Barro, in order to open up new areas for research so that subsequent studies can further examine their contributions in more depth. Secondly, it seeks to analyse the power relations which inform the activity of translation both from a gender and national approach.

Inflation convergence in Europe

Convergence has been a popular theme in applied economics since the seminal papers of Barro (1991) and Barro and Sala-i-Martin (1992). The very notion of convergence quickly becomes problematic from an academic viewpoint however when we try and formalise a framework to think about these issues. In the light of the abundance of available convergence concepts, it would be useful to have a more universal framework that encompassed existing concepts as special cases. Moreover, much of the convergence literature has treated the issue as a zero-one outcome. We argue that it is more sensible and useful for policy decision makers and academic researchers to consider also ongoing convergence over time. Assessing the progress of ongoing convergence is one interesting and important means of evaluating whether the Eastern European New Member Countries (NMC) of the European Union (EU) are getting closer to being deemed “ready” to join the European Monetary Union (EMU), that is, fulfilling the Maastricht convergence criteria.

Államadósság, optimális politika, finanszírozás (State Debt, Optimal Policy, and Financing)

A fejlett ipari országoknak is az államadósság csökkentése vagy akár szinten tartása okozza az egyik legfontosabb gazdaságpolitikai dilemmát. Az euróövezet tagállamai esetében is ez a kritérium tűnik a legkevésbé teljesíthetőnek, de Japán és az Egyesült Államok is leküzdhetetlennek tűnő államadóssággal birkózik. A tanulmány rövid áttekintést ad néhány meghatározó közgazdasági megközelítésről, amelyek az államadósság szintjének hosszú távú alakulása mögött meghúzódó tényezőket, gazdaságpolitikai lépéseket magyarázzák. Végül az elméletek alapján tanulságokat fogalmaz meg a magyar államadósság kezelését illetően az 1990–2010 közötti folyamatok ismeretében. _____ The macroeconomic developments of the last decade have confirmed that one of the most important dilemmas that even developed economies have to face is the reduction or even sustaining of the state debt. In case of the eurozone member states this criterion is the most difficult to be accomplished, furthermore the United States and Japan are among the global powers that have to cope with state debts which seems to be insurmountable. The aim of this paper is to provide a brief overview of some decisive economic approaches (Barro [1979], Lucas and Stokey [1983], Marcet and Scott [2007], Martin [2009] etc.) that explain the factors behind the formation of long-run state debt level and economic policy measures accompanying state debt management. The paper also attempts to draw some lessons for the Hungarian state debt management in view of the 1990-2010 processes.

The Spectral Distribution of Radiation in Two Neotropical Rainforests

The spectral quality of radiation in the understory of two neotropical rainforests, Barro Colorado Island in Panama and La Selva in Costa Rica, is profoundly affected by the density of the canopy. Understory light conditions in both forests bear similar spectral characteristics. In both the greatest changes in spectral quality occur at low flux densities, as in the transition from extreme shade to small light flecks. Change in spectral quality, as assessed by the red: far-red (R:FR) ratio, the ratio of radiant energy 400-700: 300-1100 nm, and the ratio of quantum flux density 400-700:300-1100 nm, is strongly correlated with a drop in percentage of solar radiation as measurable by a quantum radiometer. Thus, by knowing the percentage of photosynthetic photon flux density (PPFD) in relation to full sunlight, it is possible to estimate the spectral quality in the forest at a particular time and microsite.

Essays on investment, growth and income distribution

In this dissertation, I examine both theoretically and empirically the relationship between stock prices and income distribution using an endogenous growth model with social status impatience.^ The theoretical part looks into how status impatience and current economic status jointly determine time preference, savings, future economic status, stock prices, growth and wealth distribution in the steady state. This work builds on Burgstaller and Karayalcin (1996).^ More specifically, I look at (i) the effects of the distribution of status impatience levels on the distribution of steady state assets, incomes and consumption and (ii) the effects of changes in relative levels of status impatience on stock prices. Therefore, from (i) and (ii), I derive the correlation between stock prices, incomes and asset distribution. Also, the analysis of the stack market is undertaken in the presence of adjustment costs to investments.^ The empirical chapter looks at (i) the correlation between income inequality and long run economic growth on the one hand and (ii) the correlation between stock market prices and income inequality on the other. The role of stock prices and social status is examined to better understand the forces that enable a country to grow overtime and to determine why output per capita varies across countries. The data are from Summers and Heston (1988), Barro and Wolf (1989), Alesina and Rodrik (1994), Global financial Database (1997) and the World Bank. Data for social status are collected through a primary sample survey on the internet. Twenty-five developed and developing countries are included in the sample.^ The model developed in this study was specified as a system of simultaneous equations, in which per capita growth rate and income inequality were endogenous variables. Additionally, stock price index and social status measures were also incorporated. The results indicate that income inequality is inversely related to economic growth. In addition, increase in income inequality arising from higher stock prices constrains growth. Moreover, where social status is determined by income levels, it influences long run growth. Therefore, these results support findings of Persson and Tabellini (1994) and Alesina and Rodrik (1994). ^

Perspectivas para construção do documentário dialógico

This research presents an analysis of the issues and dialogic potential present in documentary filmmaking. We seek to identify the use of the elements of visual language as a way of understanding the production of meaning in the documentary. We analyze the documentary film and its construction in a dialogical perspective. To constitute the corpus of our research we selected three filmmakers and their works (one of each) in order to know their experiences and strategies and actions during the process of producing a documentary. Our reflection is to grant the experiences of the filmmakers , the films chosen for analysis and theories of documentary ( LABAKI , 2005; LINS , 2008 NICHOLS , 2005; PENAFRIA , 2009) , culture (HALL , 2003) , dialogism ( BUBER 2001 , FREIRE , 1987) , communication and mediation ( MARTIN-BARBERO , 1997) and reading documentary ( ODIN 1984)

A biotecnologia na propagação e conservação do umbuzeiro (Spondias tuberosa Arr. Cam.) e percepção sobre sua importância por agricultores da comunidade Malhada Vermelha, Campo Redondo (RN-Brasil)

The umbu tree (Spondias tuberosa Arruda) is a fruit native to the northeast of Brazil with great economic, social and ecological importance for the northeastern semi-arid region. Despite its role, the umbu tree has suffered negative pressure thanks to cluttered extractivism and to negative selection of its fruits, which as the deforestation and the dormancy of seeds contribute to the decrease of its production year after year, making necessary studies that contribute to the improvement of this specie and its conservation. Given the risks to the conservation of the specie and its usefulness to the population, the association between plant biotechnology, for being a tool that can be used to increase its production. and the perception of gathering communities, by valuing the point of view and the knowledge of the population, can facilitate its conservation. This work aimed to develop methods of propagation for umbu tree as well as contribute to its conservation by using biotechnology, with specific objectives to contribute to the conservation of this species; determine concentrations of BAP and ANA in the formation of buds; testing the efficiency of different substrates and concentrations of gibberellic acid on germination in vitro and ex vitro, as well as capture the perception of families in communities that engage in the gathering of umbu. To study the germination, the seeds were inoculated in different substrates (vermiculite, vermiculite + clay, clay, clay + manure and manure + vermiculite) and in different concentrations of gibberellic acid (0 mg, 250 g and 500 mg). For the formation of buds BAP to 0.1 mg-1 was associated with different concentrations of ANA (0.2; 0.4; 0.8mg.L-1). The study of perception was conducted by applying semi-structured questionnaire with Malhada Vermelha community. The experiments resulted in vermiculite and concentration of 500 mg gibberellic acid as the best for germination. The association of 0.1 mg.L-1 of BAP to 0.2 mg.L-1 of ANA provided better formation of buds. As to the application of questionnaires, they revealed that the population understands the decreased amount of umbu plants and umbu fruit in the region, as well as shows concern for its conservation.

Satellites around massive galaxies since z∼ 2

The accretion of minor satellites has been postulated as the most likely mechanism to explain the significant size evolution of massive galaxies over cosmic time. Using a sample of 629 massive (M_star~ 10^11 M_⊙) galaxies from the near-infrared Palomar/DEEP-2 survey, we explore what fraction of these objects have satellites with 0.01 < M_sat/M_central < 1 (1:100) up to z= 1 and what fraction have satellites with 0.1 < M_sat/M_central < 1 (1:10) up to z= 2 within a projected radial distance of 100 kpc. We find that the fraction of massive galaxies with satellites, after background correction, remains basically constant and close to 30 per cent for satellites with a mass ratio down to 1:100 up to z= 1, and close to 15 per cent for satellites with a 1:10 mass ratio up to z= 2. The family of spheroid-like massive galaxies presents a 2–3 times larger fraction of objects with satellites than the group of disc-like massive galaxies. A crude estimation of the number of 1:3 mergers a massive spheroid-like galaxy has experienced since z~2 is around 2. For a disc-like galaxy this number decreases to ~1.

Are luminous radio-loud active galactic nuclei triggered by galaxy interactions?

We present the results of a comparison between the optical morphologies of a complete sample of 46 southern 2 Jy radio galaxies at intermediate redshifts (0.05 < z < 0.7) and those of two control samples of quiescent early-type galaxies: 55 ellipticals at redshifts z ≤ 0.01 from the Observations of Bright Ellipticals at Yale (OBEY) survey, and 107 early-type galaxies at redshifts 0.2 < z < 0.7 in the Extended Groth Strip (EGS). Based on these comparisons, we discuss the role of galaxy interactions in the triggering of powerful radio galaxies (PRGs). We find that a significant fraction of quiescent ellipticals at low and intermediate redshifts show evidence for disturbed morphologies at relatively high surface brightness levels, which are likely the result of past or on-going galaxy interactions. However, the morphological features detected in the galaxy hosts of the PRGs (e.g. tidal tails, shells, bridges, etc.) are up to 2 mag brighter than those present in their quiescent counterparts. Indeed, if we consider the same surface brightness limits, the fraction of disturbed morphologies is considerably smaller in the quiescent population (53 per cent at z < 0.2 and 48 per cent at 0.2 ≤ z < 0.7) than in the PRGs (93 per cent at z < 0.2 and 95 per cent at 0.2 ≤ z < 0.7 considering strong-line radio galaxies only). This supports a scenario in which PRGs represent a fleeting active phase of a subset of the elliptical galaxies that have recently undergone mergers/interactions. However, we demonstrate that only a small proportion (≲20 per cent) of disturbed early-type galaxies are capable of hosting powerful radio sources.

Infrared Excess sources: Compton thick QSOs, low-luminosity Seyferts or starbursts?

We explore the nature of Infrared Excess sources (IRX), which are proposed as candidates for luminous [L_X(2–10 keV) > 10^43 erg s^−1] Compton thick (NH > 2 × 1024 cm−2) QSOs at z≈ 2. Lower redshift, z≈ 1, analogues of the distant IRX population are identified by first redshifting to z= 2 the spectral energy distributions (SEDs) of all sources with secure spectroscopic redshifts in the AEGIS (6488) and the GOODS-North (1784) surveys and then selecting those that qualify as IRX sources at that redshift. A total of 19 galaxies are selected. The mean redshift of the sample is z≈ 1. We do not find strong evidence for Compton thick QSOs in the sample. For nine sources with X-ray counterparts, the X-ray spectra are consistent with Compton thin active galactic nucleus (AGN). Only three of them show tentative evidence for Compton thick obscuration. The SEDs of the X-ray undetected population are consistent with starburst activity. There is no evidence for a hot dust component at the mid-infrared associated with AGN heated dust. If the X-ray undetected sources host AGN, an upper limit of L_X(2–10 keV) = 10^43 erg s^−1 is estimated for their intrinsic luminosity. We propose that a large fraction of the z≈ 2 IRX population is not Compton thick quasi-stellar objects (QSOs) but low-luminosity [L_X(2–10 keV) < 10^43 erg s^−1], possibly Compton thin, AGN or dusty starbursts. It is shown that the decomposition of the AGN and starburst contribution to the mid-IR is essential for interpreting the nature of this population, as star formation may dominate this wavelength regime.

Spitzer's contribution to the AGN population

Infrared selection is a potentially powerful way to identify heavily obscured AGNs missed in even the deepest X-ray surveys. Using a 24 μm-selected sample in GOODS-S, we test the reliability and completeness of three infrared AGN selection methods: (1) IRAC color-color selection, (2) IRAC power-law selection, and (3) IR-excess selection; we also evaluate a number of IR-excess approaches. We find that the vast majority of non-power-law IRAC color-selected AGN candidates in GOODS-S have colors consistent with those of star-forming galaxies. Contamination by star-forming galaxies is most prevalent at low 24 μm flux densities (~100 μJy) and high redshifts (z ~ 2), but the fraction of potential contaminants is still high (~50%) at 500 μJy, the highest flux density probed reliably by our survey. AGN candidates selected via a simple, physically motivated power-law criterion ("power-law galaxies," or PLGs), however, appear to be reliable. We confirm that the IR-excess methods successfully identify a number of AGNs, but we also find that such samples may be significantly contaminated by star-forming galaxies. Adding only the secure Spitzer-selected PLG, color-selected, IR-excess, and radio/IR-selected AGN candidates to the deepest X-ray-selected AGN samples directly increases the number of known X-ray AGNs (84) by 54%-77%, and implies an increase to the number of 24 μm-detected AGNs of 71%-94%. Finally, we show that the fraction of MIR sources dominated by an AGN decreases with decreasing MIR flux density, but only down to f_24 μ m = 300 μJy. Below this limit, the AGN fraction levels out, indicating that a nonnegligible fraction (~10%) of faint 24 μm sources (the majority of which are missed in the X-ray) are powered not by star formation, but by the central engine. The fraction of all AGNs (regardless of their MIR properties) exceeds 15% at all 24 μm flux densities.

UROBORO

Segundo os dados mais recentes, em Portugal, 59% dos Resíduos Urbanos Biodegradáveis (RUB) acabam em aterros, misturados com contaminantes químicos, tornando-se, consequentemente, inúteis para utilização posterior. Apesar das melhorias significativas em 2013 face a 1995, este continua a ser um problema que merece mais soluções que acompanhem a crescente produção de resíduos em cidades. De acordo com o Plano Estratégico para os Resíduos Urbanos (PERSU 2020), deverá ser reduzida em 35% a deposição de RUB em aterros até ao ano de 2020. É neste contexto que se desenvolveu um equipamento que permite a prática de vermicompostagem em meios urbanos desviando resíduos biodegradáveis dos aterros e transformando-os em matéria-prima útil e reutilizável. Este desenvolvimento sensível a questões ambientais utiliza o desenho das peças e o barro vermelho para otimizar o processo de vermicompostagem e auxiliar o utilizador na sua prática e compreensão, fazendo com que este tome simultaneamente consciência das ações quotidianas com efeitos nefastos para a biosfera. Dos ensaios realizados em contexto real, concluiu-se que o projeto apresentado (Uroboro) permite o processamento de resíduos biodegradáveis vegetais dentro de casa sem perturbar o normal quotidiano das famílias e sem pôr em causa a segurança e conforto habitacional.