Deute públic europeu : els Eurobons

En el següent Treball de Fi de Carrera, s’explicarà l’origen i les causes de la crisi de deute sobirà europeu. Observarem també la situació de cada un dels 17 països que composen la unió monetària i veurem possibles solucions a adoptar en el curt, mig i llarg termini. Un cop vistes les possibles solucions, ens centrarem amb els Eurobons, un instrument innovador, el qual s’està valorant la seva implantació a la zona euro. Analitzarem les seves característiques, si seria convenient i quines propostes s’han fet perquè s’implantin.

[Illustrations de Nouveau voyage autour du monde] / Le Roux Durant, grav. ; J.B. Le Gentil de la Barbinais, aut. du texte

Comprend : [Tome III. Carte dépl. en reg. p.55 : Asie. Ile de Sumatra, Java et de Banca.] Fin du détroit de la Sonde. [Cote : G 10895/Microfilm R 122094] ; [Tome III. Pl. en reg. p.206 : Brésil. Nocturne, ou cérémonie religieuse portugaise.] [Cote : G 10895/Microfilm R 122094] ; [Tome III. Pl. en reg. p.216 : Brésil. Fête religieuse portugaise à l'église de Saint-Gonzalès d'Amaranie.] [Cote : G 10895/Microfilm R 122094]

Independent Central Banks: Low inflation at no cost?: A model with fiscal policy

In this article we extend the rational partisan model of Alesina and Gatti (1995) to include a second policy, fiscal policy, besides monetary policy. It is shown that, with this extension, the politically induced variance of output is not always eliminated nor reduced by delegating monetary policy to an independent and conservative central bank. Further, in flation and output stabilisation will be affected by the degree of conservativeness of the central bank and by the probability of the less in flation averse party gaining power. Keywords: rational partisan theory; fiscal policy; independent central bank JEL Classi fication: E58, E63.

The Conservativeness of the Central Bank when Institutional Quality is Poor

We propose an extension of Alesina and Tabellini 's model (1987) to include corruption, which is understood as the presence of weak institutions collecting revenue through formal tax channels. This paper analyses how conservative should an independent central bank be when the institutional quality is poor. When there are no political distortions, we show that the central bank has to be more conservative than the government, except with complete corruption. In this particular case, the central bank should be as conservative as the government. Further, we obtain that the relationship between the optimal relative degree of conservativeness of the central bank and the degree of corruption is affected by supply shocks. Concretely, when these shocks are not important, the central bank should be less conservative if the degree of corruption increases. However, this result may not hold when the shocks are relevant. JEL classi fication: D6, D73, E52, E58, E62, E63. Keywords: Central Bank Conservativeness; Corruption; Fiscal Policy; Monetary Policy; Seigniorage.

A Secure Mobile-based Authentication System

Financial information is extremely sensitive. Hence, electronic banking must provide a robust system to authenticate its customers and let them access their data remotely. On the other hand, such system must be usable, affordable, and portable.We propose a challengeresponse based one-time password (OTP) scheme that uses symmetriccryptography in combination with a hardware security module. The proposed protocol safeguards passwords from keyloggers and phishing attacks.Besides, this solution provides convenient mobility for users who want to bank online anytime and anywhere, not just from their owntrusted computers.

Avaluació de l'efecte causat sobre els valors de potència entre un protocol d'entrenament de càrregues baixes i un amb càrregues submàximes

L’objectiu d’aquest estudi és comparar els efectes que produeixen un protocol d’entrenament orientat amb càrregues lleugeres (40%-60% 1RM) i un protocol d’entrenament amb càrregues altes submàximes (90% 1RM), sobre els nivells de potència muscular. L’estudi ha analitzat a 12 futbolistes masculins pertanyents al mateix equip (22,1 ± 2,9 anys, 72,2 ± 6, 8 kg, 1,77 ± 0,15 m). Els exercicis analitzats foren el ½ squat i el press banca. També es va utilitzar un grup control. Els resultats ens van mostrar que el grup d’entrenament amb càrregues lleugeres va obtenir unes millores més considerables sobre els valors de potència (W) en 40% i 60% 1RM i per altre banda en el grup d’entrenament amb càrregues submàximes es van produir uns increments de potència més alts en càrregues altes (80% 1RM). Els resultats referents a la velocitat mitjana (m/s), es van produir de manera més considerable en el grup que va realitzar el treball amb càrregues lleugeres, en totes les intensitats analitzades.

Risk-Return Trade-Off for European Stock Markets

This paper adopts dynamic factor models with macro-finance predictors to test the intertemporal risk-return relation for 13 European stock markets. We identify country specific, euro area, and global macro-finance factors to determine the conditional risk and return. Empirically, the risk- return trade-off is generally negative. However, a Markov switching model documents that there is time-variation in this trade-off that is linked to the state of the economy. Keywords: Risk-return trade-off; Dynamic factor model; Macro-finance predictors; European stock markets; Markov switching model JEL Classifications: C22; G11; G12; G17

Idiosyncratic Volatility Puzzle: Influence of Macro-Finance Factors

In this paper, we scrutinize the cross-sectional relation between idiosyncratic volatility and stock returns. As a novelty, the idiosyncratic volatility is obtained by conditioning upon macro-finance factors as well as upon traditional asset pricing factors. The macro-finance factors are constructed from a large pool of macroeconomic and financial variables. Cleaning for macro-finance e§ects reverses the puzzling negative relation between returns and idiosyncratic volatility documented previously. Portfolio analysis shows that the effects from macro-finance factors are economically strong. The relation between idiosyncratic volatility and returns does not vary with the NBER business cycles. The empirical results are highly robust. Keywords: Idiosyncratic volatility puzzle; Macro-finance predictors; Factor analysis; Business cycle. JEL Classifications: G12; G14

Microfinance and credit rationing in Ghana: Does the microfinance type matter?

This study sets out to examine the extent to which access to credit and credit rationing are influenced by the microfinance type based on the major factors determining micro, small and medium enterprises’ access to credit from microfinance institutions in the era of financial liberalization. The data for the study were gleaned from the microfinance institutions’ credit and loan records consisting of the various pieces of information provided by the borrowers in the application process. Our results are puzzling and show that credit rationing is not influenced by the microfinance types but by the individual microfinance institutions. Keywords: Microfinance, Ghana, Credit Rationing. JEL codes: G21

La evolución de la financiación de las comunidades autónomas de régimen común, 2002-2011

En este trabajo se construyen series de financiación a competencias homogéneas e igual esfuerzo fiscal para las comunidades autónomas de régimen común durante el período 2002-11, así como series complementarias de financiación por caja y financiación destinada a competencias singulares. También se recopilan otros agregados de interés que pueden servir para relativizar la financiación autonómica, incluyendo la población ajustada regional. Estas series se utilizan en la segunda parte del trabajo para ilustrar algunos rasgos de interés de la evolución de la financiación agregada regional y de la posición relativa de las distintas comunidades autónomas en términos de financiación por unidad de necesidad.

La financiación autonómica: datos para una negociación complicada

Tras un cierto tira y afloja, el Gobierno ha anunciado que en pocos meses se iniciará el proceso de análisis y negociación que deberá culminar con la reforma del sistema de financiación regional. Trabajando con datos homogeneizados de financiación autonómica, en la presente nota se destacan algunos aspectos de la evolución recient del sistem y de su situación actual que puede ayudar a entender el punto de partida de este proceso y las reivindicaciones de las distintas comunidades.

Earnings quality and performance in the banking industry: a profit frontier approach

The analysis of efficiency and productivity in banking has received a great deal of attention for almost three decades now. However, most of the literature to date has not explicitly accounted for risk when measuring efficiency. We propose an analysis of profit efficiency taking into account how the inclusion of a variety of bank risk measures might bias efficiency scores. Our measures of risk are partly inspired by the literature on earnings management and earnings quality, keeping in mind that loan loss provisions, as a generally accepted proxy for risk, can be adjusted to manage earnings and regulatory capital. We also consider some variants of traditional models of profit efficiency where different regimes are stipulated so that financial institutions can be evaluated in different dimensions—i.e., prices, quantities, or prices and quantities simultaneously. We perform this analysis on the Spanish banking industry, whose institutions have been deeply affected by the current international financial crisis, and where re-regulation is taking place. Our results can be explored in multiple dimensions but, in general, they indicate that the impact of earnings management on profit efficiency is of less magnitude than what might a priori be expected, and that on the whole, savings banks have performed less well than commercial banks. However, savings banks are adapting to the new regulatory scenario and rapidly catching up with commercial banks, especially in some dimensions of performance.

Caracterização dos danos pós-colheita em citros procedentes de "packinghouse"

As doenças pós-colheita representam um sério obstáculo à citricultura, uma vez que comprometem a qualidade e quantidade dos frutos colhidos. Este trabalho objetivou caracterizar as injúrias pós-colheita de frutos de laranja 'Pêra', 'Lima' e 'Natal' e de tangor 'Murcott', destinados ao mercado interno, após diferentes etapas do beneficiamento em "packinghouse". Foram coletados cem frutos na chegada ao "packinghouse", na banca de embalagem e no palete, após embalamento em caixas de madeira. Os frutos foram individualizados e submetidos à câmara úmida por 24 horas, permanecendo por mais 20 dias a 25ºC e 85% de umidade relativa. A incidência de podridões foi avaliada visualmente após a retirada da câmara úmida e a cada três dias. Os patógenos fúngicos encontrados tiveram a patogenicidade confirmada através da inoculação em frutos sadios. Não houve diferença significativa na incidência de doenças pós-colheita nas diferentes fases do processamento nas variedades Lima e Natal. Na variedade Pêra e no tangor 'Murcott', a incidência de doenças foi menor nas amostras coletadas na chegada ao "packinghouse". O bolor verde (Penicillium digitatum) foi a principal doença encontrada nos diferentes frutos cítricos. Outras doenças importantes foram a antracnose (Colletotrichum gloeosporioides), as podridões pedunculares (Lasiodiplodia theobromae e Phomopsis citri) e a podridão azeda (Geotrichum candidum).

El desempeño de los partidos confesionales católicos en Argentina: una revisión crítica

El objetivo de este trabajo es de tipo exploratorio y consiste en indagar críticamente en las diversas interpretaciones que la literatura reciente ha dado al escaso éxito electoral y organizativo de los partidos confesionales católicos en la historia argentina. El interrogante acerca del desempeño de estas fuerzas políticas resulta relevante dado que si bien Latinoamérica es una región marcada por el catolicismo como hecho religioso pero también como fenómeno cultural y político - visible a través de la incursión institucionalizada de los actores religiosos en la discusión política como en el caso brasilero y la importancia en el campo electoral de la Democracia Cristiana (DC) en muchos países de la región - en Argentina se detecta una irrelevante presencia de los partidos confesionales católicos en la arena electoral y la inexistencia de una banca confesional. Para ello, se examina la literatura reciente sobre el fenómeno y se relevan los resultados de los partidos confesionales en el país desde 1914 hasta la actualidad.

Traités divers de saint Thomas et de Gilles de Rome.

Contient : I Fol. 1-28. " Expositio Boetii de Trinitate secundum fratrem T[homam]. Ab initio nativitatis mee investigabo et ponam in lucem scienciam illius. Sap. VII. Naturalis mentis humane intuitus pondere corruptibilis corporis... " ; II Fol. 29-44. Divers traités philosophiques, dont plusieurs sont probablement de saint Thomas, savoir : ; 1° Traité dont le commencement manque et dont les premiers mots conservés sont : " Quorum substantie vel nature differentes, horum et operationes differentes et quorum substantia est eadem... " ; 2° " [De generatione.] Eorum que generantur alia generantur in sublimi, alia in ymo. Ea que generantur in sublimi tria habent loca... " ; 3° " [De speculis.] Queritur de forma resultante in speculo que... lumen vel color videtur esse, queritur primo utrum sit vel non... " ; 4° " [De essentia.] Necesse est considerare primo quid essentia, quid substancia... " ; 5° ; 6° ; 7° ; III