Leader of the pack? German monetary dominance in Europe prior to EMU

In this paper, the monetary policy independence of European nations in the years before European Economic and Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and ‘lead’ nation Germany, to assess the hypothesis that Germany was the dominant European nation prior to EMU. By and large our econometric investigations support this hypothesis, and lead us to conclude that the only European nation to lose monetary policy independence in the light of monetary union was Germany. Our results have important policy implications. Given that the loss of monetary policy independence is generally viewed as the main cost of monetary unification, our findings suggest a reconsideration of the costs and benefits of monetary integration. A country can only lose what it has, and in Europe the countries that joined EMU — spare Germany — apparently did not have much to lose, at least not in terms of monetary independence. Instead, they actually gained monetary policy influence by getting a seat in the ECB's governing council which is responsible for setting interest policy in the euro area.

Fiscal rules for subnational governments in the EMU context

Includes bibliography

Macroeconomics and regional integration: EMU and the stability programmes: some possible lessons for Latin America

Includes bibliography

150 anos de aporte de metais antropogênicos emu ma reserva da Biosfera: o Estudo de caso do sistema costeiro Cananéia-Iguape, Sudeste do Brasil.

Devido às suas cracaterísticas físico‐químicas e geológicas, estuários e lagunas acham‐se entre os ambientes mais sensíveis para a contaminação de metais e, em vários casos, este aporte de metais está relacionado à atividade mineira nas áreas a montante do curso de água, não raro a muitos quilômetros de distância. O sistema Cananéia‐Iguape consiste em um complexo de canais estuarino‐lagunares, localizados na Reserva da Biosfera do Lagamar. Esses canais são bordejados por vegetação de mangue exuberante, e são um importante criadouro natural de espécies de organismos de interesse commercial, e base da economia da população local.

Työmies and Pappi: A Critical Look at the Finnish Socialist Federation and the Suomi Synod in Early 20th Century Michigan

At the dawn of the 20th century, the burgeoning influence of the Finnish immigrant socialist-unionist movement collided with the authoritative, conservative nature of the Suomi Synod. While the Synod, headquartered in Hancock, Michigan, was attempting to recreate the Finnish state church in America, the quickly radicalizing immigrant socialist-unionist movement was attempting to convert the masses to a materialist message of class struggle manifested by then current conditions in Michigan’s Copper Country and industrial America. The most persuasive voice of class struggle for immigrant Finns at this time was the Finnish-language newspaper Työmies (The Workingman) published in Hancock. Caustic editorials on religion, critical examinations of Christian orthodoxy in translations of Marx and Kropotkin, and ribald cartoons lampooning members of the Synod clergy and laity all demonstrated the overwrought interactions between Työmies and the Synod. This paper will highlight these tense interactions through analysis of doctrine, ideology, and imagery by delving into the primary historical record to reveal the vast gulf between two of the major institutions in early 20th century Finnish immigrant social life.

The location of Z- and W-linked marker genes and sequence on the homomorphic sex chromosomes of the ostrich and the emu

Perhaps the most striking fact about early Cenozoic avian history some 70 million years ago was the rapid radiation of large, flightless, ground-living birds. It has been suggested that, for a time, there was active competition between these large terrestrial birds and the early mammals. Probably reflecting the above noted early start of Ratitae of the infraclass Eoaves, the presumptive sex chromosomes of their present day survivors, such as the emu and the ostrich, largely remained homomorphic. The signs of genetic differentiation between their still-homomorphic Z and W chromosomes were tested by using two marker genes (Z-linked ZOV3 and the gene for the iron-responsive element-binding protein) and one marker sequence of a part of a presumptive pseudogene (W-linked EE0.6 of the chicken). Their homologues, maintaining 71–92% identities to the chicken counterparts, were found in both the emu (Dromaius novaehollandiae) and the ostrich (Struthio camelus). Their locations were visualized on chromosome preparations by fluorescence in situ hybridization. In the case of the emu, these three marker sequences were localized on both members of the fifth pair of a female, thus revealing no sign yet of genetic differentiation between the Z and the W. The finding was the same with regard to both members of the fourth pair of male ostriches. In the female ostrich, however, the sequence of the gene for the iron-responsive element-binding protein was missing from one of the pairs, thus revealing the differentiation by a small deletion of the W from the Z.

Deregulation of PAX-5 by translocation of the Emu enhancer of the IgH locus adjacent to two alternative PAX-5 promoters in a diffuse large-cell lymphoma.

Analyses of the human PAX-5 locus and of the 5' region of the mouse Pax-5 gene revealed that transcription from two distinct promoters results in splicing of two alternative 5' exons to the common coding sequences of exons 2-10. Transcription from the upstream promoter initiates downstream of a TATA box and occurs predominantly in B-lymphocytes, whereas the TATA-less downstream promoter is active in all Pax-5-expressing tissues. The human PAX-5 gene is located on chromosome 9 in region p13, which is involved in t(9;14)(pl3;q32) translocations recurring in small lymphocytic lymphomas of the plasmacytoid subtype and in derived large-cell lymphomas. A previous molecular analysis of a t(9;14) breakpoint from a diffuse large-cell lymphoma (KIS-1) demonstrated that the immunoglobulin heavy-chain (IgH) locus on 14q32 was juxtaposed to chromosome 9p13 sequences of unknown function [Ohno, H., Furukawa, T., Fukuhara, S., Zong, S. Q., Kamesaki, H., Shows, T. B., Le Beau, M. M., McKeithan, T. W., Kawakami, T. & Honjo, T. (1990) Proc. Natl. Acad. Sci. USA 87,628-632]. Here we show that the KIS-1 translocation breakpoint is located 1807 base pairs upstream of exon 1A of PAX-5, thus bringing the potent Emu enhancer of the IgH gene into close proximity of the PAX-5 promoters. These data suggest that deregulation of PAX-5 gene transcription by the t(9;14)(pl3;q32) translocation contributes to the pathogenesis of small lymphocytic lymphomas with plasmacytoid differentiation.

Volatility spillovers in EMU sovereign bond markets

We analyse volatility spillovers in EMU sovereign bond markets. First, we examine the unconditional patterns during the full sample (April 1999-January 2014) using a measure recently proposed by Diebold and Yılmaz (2012). Second, we make use of a dynamic analysis to evaluate net directional volatility spillovers for each of the eleven countries under study, and to determine whether core and peripheral markets present differences. Finally, we apply a panel analysis to empirically investigate the determinants of net directional spillovers of this kind.