Instituciones, población y mercados de tierra locales en perspectiva comparada. Los ejidos y colonias agrícolas de Chascomús y Junín [Buenos Aires, Argentina], 1860-1914

El objetivo de esta ponencia es analizar el funcionamiento del mercado de tierras privadas ejidales y de colonias cuando la provincia de Buenos Aires estaba impulsando la mayor expansión territorial del siglo y recibía un importante flujo de inmigrantes, entre 1860 y la primera guerra mundial. Enfocaremos nuestra indagación en los partidos de Chascomús y Junín. Ya hemos estudiado el mercado de tierras de campos y estancias en los partidos elegidos y también hemos comparado esos datos con el único trabajo que se ocupa de un ejido en la provincia (Mercedes), cuyos resultados nos indican un comportamiento diferente en los actores y en la conformación del mercado, nos parece pertinente estudiar el impacto que tuvieron en las transacciones y en la formación del precio el crecimiento demográfico, los cambios institucionales, las políticas públicas sobre tierras (especialmente las relacionadas con las colonias y la expansión de los ejidos). De esta manera podremos estimar las interrelaciones entre los mercados en campos de grandes dimensiones y los más reducidos de los ejidos y colonias

El mundo del trabajo vitivinícola en Mendoza (Argentina) durante la modernización capitalista, 1880-1914

Este artículo traza un breve panorama del proceso de desarrollo de la vitivinicultura capitalista en Mendoza y luego, utilizando diversas fuentes primarias y secundarias, determina la composición del mercado de trabajo vitivinícola y su evolución cuantitativa y cualitativa. La introducción de equipamiento técnico de avanzada obligó a la capacitación de la mano de obra con mejoras en los ingresos de los asalariados. Este mercado se complejizó con el tiempo y aparecieron múltiples jerarquías, desde el peón al enólogo o director técnico de las bodegas, pasando por los contratistas de viñas o los capataces. Muchos trabajadores ascendieron socialmente y se convirtieron en empresarios, en itinerarios que respondieron a diversas estrategias rastreables en las fuentes. Finalmente, las condiciones laborales que tuvieron los trabajadores muestran la precariedad en la que se desenvolvían y la indefensión en la que estaban inmersos por la ausencia de colectivos gremiales que asumieran la representación del trabajo frente al capital.

Instituciones, población y mercados de tierra locales en perspectiva comparada. Los ejidos y colonias agrícolas de Chascomús y Junín [Buenos Aires, Argentina], 1860-1914

El objetivo de esta ponencia es analizar el funcionamiento del mercado de tierras privadas ejidales y de colonias cuando la provincia de Buenos Aires estaba impulsando la mayor expansión territorial del siglo y recibía un importante flujo de inmigrantes, entre 1860 y la primera guerra mundial. Enfocaremos nuestra indagación en los partidos de Chascomús y Junín. Ya hemos estudiado el mercado de tierras de campos y estancias en los partidos elegidos y también hemos comparado esos datos con el único trabajo que se ocupa de un ejido en la provincia (Mercedes), cuyos resultados nos indican un comportamiento diferente en los actores y en la conformación del mercado, nos parece pertinente estudiar el impacto que tuvieron en las transacciones y en la formación del precio el crecimiento demográfico, los cambios institucionales, las políticas públicas sobre tierras (especialmente las relacionadas con las colonias y la expansión de los ejidos). De esta manera podremos estimar las interrelaciones entre los mercados en campos de grandes dimensiones y los más reducidos de los ejidos y colonias

Imperfect Competition and Costly Screening in the Credit Market under Conditions of Asymmetric Information

This article provides an analysis of how banks determine levels of information production when they are in imperfect competition and there is a condition of information asymmetry between borrowers and banks. Specifically, the study concentrates on information production activities of banks in duopoly where they simultaneously determine intensity of pre-loan screening as well as interest rates. The preliminary model of this paper illustrates that due to strategic complementarities between banks, banking competition can result in inferior equilibrium out of multiple equilibria and insufficient information production. Policymakers must take into account the possible adverse effects of competition-enhancing policies on information production activities.

Crowding-out and Crowding-in Effects of Government Bonds Market on Private Sector Investment (Japanese Case Study)

This paper reviews the relationship between public sector investment and private sector investment through government expenditures financed by government bonds in the Japanese economy. This study hypothesizes that deficit financing by bond issues does not crowd out private sector investment, and this finance method may crowd in. Thus the government increases bond issues and sells them in the domestic and international financial markets. This method does not affect interest rates because they are insensitive to government expenditures and they depend on interest rates levels in the international financial market more than in the domestic financial market because of globalization and integration among financial markets.

Land and labor reallocation in pre-modern Japan : a case of a northeastern village in 1720-1870

In agricultural societies, adjusting land and labor according to changes of labor endowment that result from family life cycle events is premised on making full use of resources for each farming household and for the economy as a whole. This paper examines how and how well households in pre-modern Japan reallocated land and labor, using a population register covering 150 years from 1720–1870 for a village in the Tohoku region. We find that households reacted to equalize their production factors; land-scarce households tended to acquire or rent-in land and out-migrate their kin members, while land-abundant households tended to release or rent-out land, in-migrate kin members, or employ non-kin members. Estimates suggest that more than 80% of the surplus or deficit area of land was resolved if the household rented or "sold" land. We discuss a potential underlying mechanism; namely, that the village's collective responsibility for tax payment (murauke) motivated both individual households and the village as a whole to reallocate land and labor for the efficient use of resources.

Pre-Feasibility Study of Hybrid Wind Power-H-2 System Connected to Electrical Grid

The growth of wind power as an electric energy source is profitable from an environmental point of view and improves the energetic independence of countries with little fossil fuel resources. However, the wind resource randomness poses a great challenge in the management of electric grids. This study raises the possibility of using hydrogen as a mean to damp the variability of the wind resource. Thus, it is proposed the use of all the energy produced by a typical wind farm for hydrogen generation, that will in turn be used after for suitable generation of electric energy according to the operation rules in a liberalized electric market.

Is there scope for a new project bond market in Europe? A promising opportunity for promoting transnational infrastructure

La Unión Europea acaba de lanzar una iniciativa para fomentar Participaciones Público Privadas (PPPs) mediante bonos de proyecto más atractivos a inversores institucionales para promover proyectos transeuropeos. Esto se logra a través de mecanismos de mejora crediticia como garantías de liquidez o tramos de deuda subordinada facilitados por el Banco Europeo de Inversiones. Esta iniciativa pretende evitar los problemas de liquidez experimentados actualmente por bancos comerciales en Europa para financiar megaproyectos. En este artículo exploramos las ventajas e inconvenientes de esta iniciativa para promover redes de infraestructuras transnacionales en Europa, y analizamos su aplicabilidad a otras áreas como Latino-América. The European Union recently launched an initiative to foster Public Private Partnerships (PPPs) for delivering Trans-European projects by making long-term project-bonds more appealing to institutional investors. This is achieved through credit-enhancement mechanisms such as partial stand-by liquidity guarantees, or layers of subordinated debt provided by the European Investment Bank. This initiative intends to circumvent the liquidity problems currently endured by commercial banks in Europe to fund megaprojects. In this paper we explore the advantages and drawbacks of this initiative for promoting transnational infrastructure networks in Europe, and analyse its applicability to other economic areas such as Latin America.

Return of Equity Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 Period

Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contribution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the companies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nominal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the period of the analysis.The results from this article are consistent with the Pecking Order theory for the Spanish Stock Market also six months after the preferential subscription period. However, there is a positive return after three months.

The college, the market, and the court, or, Woman's relation to education, labor, and law

by Caroline H. Dall.

Restrictions on Aliens in the United Kingdom, 1914-1919 : a Study of the Origins and Political Background of the Aliens Restrictions Acts of 1914 and 1919.

At first glance the Aliens Restriction Act of 1914, which was introduced and passed on the first day of World War One, seems a hasty and ill-prepared piece of legislation. Actually, when examined in the light of Arthur Marwick's thesis that war is a forcing house for pre-existent social and governmental ideas, it becomes clear that the act was not after all the product of hastily formed notions. In point of fact it followed the precedent of detailed draft clauses produced in 1911 by a sub-committee of the Committee of Imperial Defence established to consider the treatment of aliens in the event of war. Indeed the draft clauses and the restrictions embodied in the 1914 act were strikingly similar to restrictions on aliens legislated in 1793. Hostility to aliens had been growing from 1905 to 1914 and this hostility blossomed into xeno-phobia on the outbreak of war, a crucial precondition for the specifically anti-enemy fears of the time. In 1919 the Aliens Restriction (Amendment) Bill was introduced into parliament to extend temporarily the provisions of the 1914 act thus permitting the Home Secretary to plan permanent, detailed legislation. Two minority groups of MPs with extreme views on the treatment of aliens were prominent in the debates on this bill. The extreme Liberal group which advocated leniency in the treatment of aliens had little effect on the final form of the bill, but the extreme Conservative group, which demanded severe restrictions on aliens, succeeded in persuading the government to include detailed restrictions. Despite its allegedly temporary nature, the Aliens Restriction (Amendment) Act of 1919 was renewed annually until 1971.

Household debt and the European crisis. ECRI Research Report No. 13, June 2013

The fall in economic output all over Europe since 2008 has had important consequences for household liabilities. Major growth in demand and supply for household credit products has generated an increase in household debt, which contributed to growth rates during the pre-crisis period but – in some countries – became household-debt overhangs and helped inflate asset bubbles. In the run-up to the crisis, long-term economic lessons and theories were often overlooked and signs that the economic situation could worsen were ignored. Although not at the core of the crisis, household debt had important consequences for macroeconomic stability, robustness of growth and the depth of recessions. The last ten years in Europe have demonstrated the typical final stage of a household debt cycle: rapid increase and abrupt retrenchment. Widely varying outcomes across Europe enable us to consider the causes of the rapid growth in household debt and draw theoretical lessons that can help policy-makers and academics devise a coherent regulatory response to avoid extremes of the debt cycle in future.

Enforcement in the EU Single Market. CEPS Paperbacks. October 2012

Enforcement of and compliance with laws and regulations in the single market of the European Union are not only legally necessary, but also of crucial economic importance for business, consumers and the EU economy at large. This book provides a comprehensive overview of the current EU enforcement landscape and its functioning. The classical infringement route via the Court of Justice of the European Union remains critical as a last resort, but it is increasingly seen as very slow and costly. The new emphasis relies heavily on a range of pre-infringement as well as preventive initiatives that prevent new technical barriers from arising. They also tend to be far less costly and more rapid, informal and effective in pursuing a properly functioning internal market. These improvements are welcome news for the single market, yet EU enforcement still has problems to solve, for example in the area of public procurement.

ECB Policy and Eurozone Fragility: Was De Grauwe Right? CEPS Working Document No. 397, June 2014

Paul De Grauwe’s fragility hypothesis states that member countries of a monetary union such as the eurozone are highly vulnerable to a self-fulfilling mechanism by which the efforts of investors to avoid losses from default can end up triggering the very default they fear. The authors test this hypothesis by applying an eclectic methodology to a time window around Mario Draghi’s “whatever it takes” (to keep the eurozone on firm footing) pledge on 26 July 2012. This pledge was soon followed by the announcement of the Outright Monetary Transactions (OMT) programme (the prospective and conditional purchase by the European Central Bank of sovereign bonds of eurozone countries having difficulty issuing debt). The principal components of eurozone credit default swap spreads validate this choice of time frame. An event study reveals significant pre announcement contagion emanating from Spain to Italy, Belgium, France and Austria. Furthermore, time-series regression confirms frequent clusters of large shocks affecting the credit default swap spreads of the four eurozone countries but solely during the pre-announcement period. The findings of this report support the fragility hypothesis for the eurozone and endorse the Outright Monetary Transactions programme.

Labour Market Reforms and Current Account Imbalances: Beggar-thy-neighbour policies in a currency union? CEPS Working Document No. 399/September 2014

Member countries of the Economic and Monetary Union (EMU) initiated wide-ranging labour market reforms in the last decade. This process is ongoing as countries that are faced with serious labour market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union. This fosters fears among observers about a beggar-thy-neighbour policy that leaves non-reforming countries with a loss in competitiveness and an increase in foreign debt. Using a two-country, two-sector search and matching DSGE model, we analyse the impact of labour market reforms on the transmission of macroeconomic shocks in both non-reforming and reforming countries. By analysing the impact of reforms on foreign debt, we contribute to the debate on whether labour market reforms increase or reduce current account imbalances.