Financial depth, stock markets and economic growth in the EU-15 countries

The aim of this paper is to assess the impact of financial depth on economic growth in the EU-15 countries from 1970 until 2012, using the two-step System GMM estimator. Even though it might be expected a positive impact, the results show it is negative and sometimes even negative and statistically significant. Among the reasons presented for this, the existence of banking crises seems to better explain these results. In tranquil periods, financial deepening appears to have a positive impact, whereas in banking crises it is persistently negative and statistically significant. Also, after an assessment of the impact of stock markets on economic growth, it appears that more developed countries in the EU-15 have an economy more reliant on this segment of the financial system rather than in bank intermediation.

Carbonation front progress in mortars containing fly ash considering the presence of chloride ions

The incorporation of fly ash (FA) in cementitious matrices have been frequently used in order to make the matrix more resistant to the action of chlorides. On the other hand, it is known that Ca (OH)2 existing in the matrix is partially consumed by the pozzolanic reactions, which facilitates the advancement of carbonation. Given that the combined action between carbonation and chloride penetration is a fact little known, we speculate about the behaviour of the matrix in this context. This study investigates the influence of the presence of chlorides on the carbonation in mortars with FA. Samples with 0% and 40% replacement of cement CEM I 42.5 R for FA were molded with water/binder 0.56 and 0.52 respectively. After 90 days of curing the specimens were subjected to cycles of immersion/drying for 56 days. Half of the samples was subjected to the following cycle: two days in a solution containing NaCl (concentration equal to 3.5 %); 12 days in the carbonation chamber (4% of CO2). The other half was: two days in water; 12 days in the carbonation chamber. Then, the development of carbonation was evaluated. The results indicate that the presence of chlorides influences the carbonation. The specimens submitted to the exclusive action of CO2 showed a greater depth of carbonation compared to that presented by the specimens subjected to combined action. This may be related to changes in properties of the matrix which may lead to further refinement of the pores and related to the presence of the salt that can lead to partial filling of the pores and the increase in moisture content.

Politically driven cycles in fiscal policy: in depth analysis of the functional components of government expenditures

NIPE - WP 02/2016

High-aspect-ratio tridimensional electrode arrays for neural applications

Tese de Doutoramento em Engenharia Biomédica.

A ação combinada da carbonatação e dos cloretos: avaliação do coeficiente de difusão de cloretos em betões carbonatados

Dissertação de mestrado Internacional em Sustentabilidade do Ambiente Construído

Production and characterization of ZrCN-Ag coatings deposited by mganetron sputtering

Tese de Doutoramento (Programa doutoral em Engenharia de Materiais)

A comparative study of the physical, chemical and microbiological status of soils, as influenced by conventional and reduced tillage

Historically, shifts to reduced and no-tillage management for production of crops were fostered by needs to decrease soil erosion and loss of organic matter, reduce fuel and labour costs and conserve soil water, as compared with conventional fallow tillage management. Recent interest in maintaining soil quality has been stimulated by a renewed awareness of the importance of soil condition to both the sustainability of agricultural production systems and environmental quality (Doran and Parkin, 1996). The aim of this project was to determine the impact on the physical, chemical and microbiological status of the soil of conventional and reduced tillage. It has been suggested that the reduced soil disturbance associated with the tine cultivator improves soil structure, increases nutrient content in the top 10cm of soil, increases microbial activity and improves physical characteristics. From this study it was determined that the environmental benefits linked to reduced tillage in literature, did not develop in the first two years of this programmes implementation. The results of this study determined that soil nutrients did not increase in concentration in the top 10 cm of soil under reduced cultivation. The only exception was exchangeable potassium. As potassium is not a mobile nutrient its movement is dependent on soil disturbance, therefore under reduced cultivation its concentration was allowed to accumulate in the upper horizon of the soil profile. Microbial activity was greater in the conventionally tilled treatments, as determined by total aerobic bacterial numbers. This could be due to the increased rates of soil aeration in this treatment. Numbers of aerobic bacteria were greater in the conventional tillage treatments at both incubation temperatures of 22 and 32° C. The physical characteristics of the soil determined, indicate that below the depth of soil cultivation, cone penetration resistance increases. Therefore the reduced cultivation treatments would be more prone to soil compaction, higher in the soil profile.

The distribution of fishes found below a depth of 2000 meters.

v.36:no.2(1956)

Water depth selection during foraging and efficiency in prey capture by the egrets Casmerodius albus and Egretta thula (Aves, Ardeidae) in an urban lagoon in Rio de Janeiro State, Brazil

This study aimed to evaluate the water depth selection during foraging, the efficiency in prey capture, and the food items captured by Casmerodius albus (Linnaeus, 1758) and Egretta thula (Molina, 1782). The work was conducted at an urban lagoon, Lagoa Rodrigo de Freitas, Rio de Janeiro. Four transects were made each month (two in the morning and two in the afternoon) for six months. When the birds were detected foraging, the water depth and the types of prey captured were recorded. There was no significant relationship between the foraging efficiencies of the two species. However, they differed in relation to the water depth when foraging, and also in the food items captured. Casmerodius albus captured mainly fishes while Egretta thula captured mainly invertebrates. The results suggest that the differences in water depth when foraging and the food items captured allow a differential use of the food resources available by C. albus and E. thula at Lagoa Rodrigo de Freitas.

The unbounded dead-end depth propertie is not a group invariant

Vegeu el resum a l'inici del document del fitxer adjunt

Mobile termination and mobile penetration

In this paper, we study how access pricing affects network competition when subscription demand is elastic and each network uses non-linear prices and can apply termination-based price discrimination. In the case of a fixed per minute termination charge, we find that a reduction of the termination charge below cost has two opposing effects: it softens competition but helps to internalize network externalities. The former reduces mobile penetration while the latter boosts it. We find that firms always prefer termination charge below cost for either motive while the regulator prefers termination below cost only when this boosts penetration. Next, we consider the retail benchmarking approach (Jeon and Hurkens, 2008) that determines termination charges as a function of retail prices and show that this approach allows the regulator to increase penetration without distorting call volumes.

Involvement of regional lymph nodes after penetration of Schistosoma mansoni cercariae in naive and infected mice

The parotid lymph nodes of naive and previously infected Balb/c mice were studied after, respectively, infection and re-infection with cercariae of Schistosoma mansoni via the ears. Schistosomula were able to pass through the lymph node by following the lymph flow or by penetrating the veins of the medullary cords. The number of nodal mast cells was higher from day 2 to 6 of primary infection; and from day 5 to 11 of re-infection. The amount of degranulating mast cells was significantly higher at day 4 of infection and at day 1 of re-infection. Eosinophils characterized the nodal inflammatory processes observed after day 5 in both primarily-infected and re-infected mice. However, only in the latter the eosinophils were able to adhere to the larval surface. In primarily-infected mice, no intranodal larva presented signs of degeneration. In contrast, in re-infected animals, some degenerating larvae were found inside eosinophilic infiltrates. The eosinophils reached the nodal tissue by migrating through the high endothelial venules and their collecting veins.

Calling vs receiving party pays: market penetration and the importance of the call externality

In this paper we study how the access price affects the choice of the tariff regime taken by the network operators. We show that for high values of the access price, that is taken as a parameter by the firms, networks decide to charge only the callers. Otherwise, for low values of the access charge, networks charge also the receivers. Moreover, we compare market penetration and total welfare between the two price regimes. Our model suggests that, for high values of call externality, market penetration and total welfare are larger in Receiving Party Pays regime when the access charge is close to zero.

Life histories and distribution of ostracods with depth in western Lake Geneva (Petit-Lac), Switzerland: A reconnaissance study

Because environmental conditions within a given basin are different for each season and at different water depth, knowledge of the life history and depth distribution of target species is important for environmental and palaeoenvironmental interpretations based on ostracod species assemblages and/or the geochemical compositions of their valves. In order to determine the distribution of species with depth as well as the life history of species from Lake Geneva, a one year sampling campaign of living ostracods was conducted at five sites (2, 5, 13, 33 and 70 m water depth) on a monthly basis in the Petit-Lac (western basin of Lake Geneva, Switzerland). Based on the results, the different species can be classified into three groups. Littoral taxa are found at 2 and 5 m water depth and include, in decreasing numbers of individuals, Cypridopsis vidua (O. F.Müller, 1776), Pseudocandona compressa (Koch, 1838), Limnocythere inopinata (Baird, 1843), Herpetocypris reptans (Baird, 1835), Potamocypris smaragdina (Vávra, 1891), Potamocypris similis (G. W. Müller, 1912), Plesiocypridopsis newtoni (Brady & Robertson, 1870), Prionocypris zenkeri (Chyzer & Toth, 1858) and Ilyocypris sp. Brady & Norman, 1889. Sublittoral species are found in a majority at 13 m water depth and to a lesser extend at 33 m water depth and include, in decreasing numbers of individuals, Fabaeformiscandona caudata (Kaufmann, 1900), Limnocytherina sanctipatricii, Candona candida (O. F. Müller, 1776) and Isocypris beauchampi (Paris, 1920). Profundal species are found equally at 13, 33 and 70 m water depth and includes, in decreasing numbers of individuals, Cytherissa lacustris (Sars, 1863), Candona neglecta Sars, 1887 and Cypria lacustris Lilljeborg, 1890. The occurrence of Limnocytherina sanctipatricii (Brady & Robertson, 1869) is restricted from late winter to late spring when temperatures are low, while C. vidua, L. inopinata, P. smaragdina, P. similis, P. newtoni and Ilyocypris sp. occur predominantly from spring to early autumn when temperatures are high. Individuals of C. neglecta, C. candida, F. caudata, P. compressa, C. lacustris, H. reptans and Cp. lacustris occur throughout the year with juveniles and adults occurring during the same period (C. neglecta at 70 m, C. lacustris at 13, 33 and 70 m, and H. reptans at 2, 5 and 13 m water depth) or with juveniles occurring during a different period of the year than adults (C. neglecta at 13 and 33 m and C. candida, F. caudata and P. compressa at their respective depth of occurrence). Among the environmental parameters investigated, an estimate of the relationship between ostracod autoecology and environmental parameters suggests that in the Petit-Lac: (i) water temperature and substrate characteristics are important factors controlling the distribution of species with depth, (ii) water temperature is also important for determining the timing of species development and, hence, its specific life history, and (iii) water oxygen and sedimentary organic matter content is less important compared to the other environmental parameter monitored.