Greece, global fault-lines and the disintegrative logics of Germany’s primacy in Europe

Post-Keynesian, heterodox and Marxist political economists have rightly argued that the eurozone crisis is not a fiscal crisis but a balance of payments crisis, mainly caused by the pivotal position of Germany in the European Monetary Union (EMU) and its neo-mercantilist model of growth (low wage, low inflation and export-led). This view, however, sees the split between core and periphery in the European Union as something created with the introduction of the EMU in 1999. This chapter contends that this is not the case. By putting forth a global fault-lines historical perspective and focusing on the case of Greece, it is argued that the problem is not the introduction of the EMU but the geopolitical and macroeconomic asymmetries between core and periphery in Europe since the inception of what vaguely – and even inaccurately – can be defined as ‘European modernity’. Global fault-lines offer a macro-historical and macroeconomic understanding of crises seen as structural events generated by the evolving and contradictory tendencies of capitalism as a world system. It is not just a political economy perspective but a perspective that encompasses many instances of the social, especially geopolitical and geocultural structures.

Business Signage Control in Seattle's Chinatown International District, Pursuing Healthy Balance of Preservation and Commercial Vitalization in a Historic Commercial Districts

Thesis (Master's)--University of Washington, 2016-06

A study on the effect of functional distribution of income on aggregate demand

In this thesis, we study the causal relationship between functional distribution of income and economic growth. In particular, we focus on some of the aspects that might alter the effect of the profit share on growth. After a brief introduction and literature review, the empirical contributions will be presented in Chapters 3,4 and 5. Chapter 3 analyses the effect of a contemporaneous decrease in the wage share among countries that are major trade partners. Falling wage share and wage moderation are a global phenomenon which are hardly opposed by governments. This is because lower wages are associated with lower export prices and, therefore, have a positive effect on net-exports. There is, however, a fallacy of composition problem: not all countries can improve their balance of payments contemporaneously. Studying the country members of the North America Free Trade Agreement, we find that the effect on export of a contemporaneous decrease in the wage share in Mexico, Canada and the United States, is negative in all countries. In other words, the competitive advantage that each country gains because of a reduction in its wage share (to which is associated a decrease in export prices), is offset by a contemporaneous increase in competitiveness in the other two countries. Moreover, we find that NAFTA is overall wage-led: the profit share has a negative effect on aggregate demand. Chapter 4 tests whether it is possible that the effect of the profit share on growth is different in the long run and in the short run. Following Blecker (2014) our hypothesis is that in the short run the growth regime is less wage-led than it is in the long run. The results of our empirical investigation support this hypothesis, at least for the United States over the period 1950-2014. The effect of wages on consumption increases more than proportionally compared to the effect of profits on consumption from the short to the long run. Moreover, consumer debt seem to have only a short-run effect on consumption indicating that in the long run, when debt has to be repaid, consumption depends more on the level of income and on how it is distributed. Regarding investment, the effect of capacity utilization is always larger than the effect of the profit share and that the difference between the two effects is higher in the long run than in the short run. This confirms the hypothesis that in the long run, unless there is an increase in demand, it is likely that firms are not going to increase investments even in the presence of high profits. In addition, the rentier share of profits – that comprises dividends and interest payments – has a long-run negative effect on investment. In the long run rentiers divert firms’ profits from investment and, therefore, it weakens the effect of profits on investment. Finally, Chapter 5 studies the possibility of structural breaks in the relationship between functional distribution of income and growth. We argue that, from the 1980s, financialization and the European exchange rate agreements weakened the positive effect of the profit share on growth in Italy. The growth regime is therefore becoming less profit-led and more wage-led. Our results confirm this hypothesis and also shed light on the concept of cooperative and conflictual regimes as defined by Bhaduri and Marglin (1990).

Does an In-Season Detraining Period Affect the Shoulder Rotator Cuff Strength and Balance of Young Swimmers?

Aims: To compare the physical activity, sedentary activity and health-related quality of life (HRQoL) in institutionalized vs. non-institutionalized elderly, and to establish a pattern of relationship and prediction of physical and sedentary activity with physical and mental components of HRQoL. Methods: The sample consisted of 383 elderly with ≥ 75 years old (n=187 institutionalized and n=196 non-institutionalized). Were administered the International Physical Activity Questionnaire (IPAQ) and Short Form 36 Health Survey (SF-36) for evaluated the physical and sedentary activity and HRQoL. Also was used the Mini Mental State Examination (MMSE) as exclusion criteria for cognitive problems in the elderly. Results: Differences between institutionalized and non-institutionalized elderly were found in moderate-intensity activities and walking, a favour of non-institutionalized. The institutionalized elderly remain more minutes in sedentary activity. Also, were observed differences between both groups in physical component of HRQoL, a favour of non-institutionalized elderly. The mental component remained unchanged. The multivariate regression analyses showed that physical activity predicted the physical (8 to 12%) and mental (5 to 8%) components of HRQoL for institutionalized and non-institutionalized elderly. Conclusions: Non-institutionalized elderly were more physically active, spent less time in sedentary activity and showed better perception physical component of HRQoL that institutionalized elderly. An important and encouraging result of this study was that physical activity is a predictor of improved physical and mental component of HRQoL for institutionalized and non-institutionalized elderly.

Intake, digestibility, and nitrogen balance of rations containing different levels of murumuru meal in sheep diets.

A pesquisa objetivou estudar o potencial de utilização da torta de murumuru (Astrocaryum murumuru var. murumuru, M art.) (TM) em dietas de ovinos, em substituição à gramínea Mombaça (Panicum maximum Jacq) com teores crescentes. Realizou-se ensaio metabólico, com 20 ovinos machos, castrados, na Embrapa Amazônia Oriental, Belém, Pará, durante 26 dias. O delineamento foi inteiramente casualizado, em cinco dietas e quatros repetições. TM0: 100% de gramínea; TM10: 10% de TM e 90% de gramínea; TM20: 20% de TM e 80% de gramínea; TM40: 40% de TM e 60% de gramínea e TM60: 60% de TM e 40% de gramínea. Foram avaliados o consumo e o coeciente de digestibilidade aparente da matéria seca (CMS e CDMS), matéria orgânica (CMO e CDMO), proteína bruta (CPB e CDPB), bra em detergente neutro (CFDN e CDFDN), bra em detergente ácido (CFDA e CDFDA), extrato etéreo (CEE e CDEE), celulose (CCEL e CDCEL), hemicelulose (CHEM e CDHEM) e balanço de nitrogênio (BN) das dietas experimentais. O CMS, CMO, CMM, CPB, CFDN e CFDA apresentaram efeito linear decrescente em função dos teores de substituição da gramínea Mombaça por TM na dieta. O CEE e o CLIG apresentaram efeitos quadráticos em função dos teores de substituição da TM na dieta. O CDMS, CDMO e CDHEM tiveram efeitos lineares crescentes, entre TM0 e TM60. O CDEE, CDFDN, CDFDA e CDCEL apresentaram efeito quadrático, com teores de substituição ótimos de 56,65%, 41%, 31,33% e 27,46%, respectivamente. O balanço de nitrogênio apresentou efeito linear negativo no intervalo de inclusão de 0% a 60% de torta. Conclui-se que a torta de murumuru constitui alternativa para a suplementação alimentar de ruminantes, em substituição à gramínea Mombaça, pois proporciona aumento na digestibilidade dos nutrientes por ovinos. Entretanto, deve-se respeitar um limite de inclusão, considerando-se que a partir de 27,46%, 31,33%, 41% e 56,65% de substituição ocorrem decréscimos, respectivamente da CDCEL, CDFDA, CDFDN e CDEE, embora não ocorra valor negativo para o balanço de nitrogênio.

A methodological framework to assess the carbon balance of tropical managed forests.

Background: Managed forests are a major component of tropical landscapes. Production forests as designated by national forest services cover up to 400 million ha, i.e. half of the forested area in the humid tropics. Forest management thus plays a major role in the global carbon budget, but with a lack of unified method to estimate carbon fluxes from tropical managed forests. In this study we propose a new time- and spatially-explicit methodology to estimate the above-ground carbon budget of selective logging at regional scale. Results: The yearly balance of a logging unit, i.e. the elementary management unit of a forest estate, is modelled by aggregating three sub-models encompassing (i) emissions from extracted wood, (ii) emissions from logging damage and deforested areas and (iii) carbon storage from post-logging recovery. Models are parametrised and uncertainties are propagated through a MCMC algorithm. As a case study, we used 38 years of National Forest Inventories in French Guiana, northeastern Amazonia, to estimate the above-ground carbon balance (i.e. the net carbon exchange with the atmosphere) of selectively logged forests. Over this period, the net carbon balance of selective logging in the French Guianan Permanent Forest Estate is estimated to be comprised between 0.12 and 1.33 Tg C, with a median value of 0.64 Tg C. Uncertainties over the model could be diminished by improving the accuracy of both logging damage and large woody necromass decay submodels. Conclusions: We propose an innovating carbon accounting framework relying upon basic logging statistics. This flexible tool allows carbon budget of tropical managed forests to be estimated in a wide range of tropical regions

A procura de gasolina em Portugal no período 1960-2008 : cálculo das elasticidades de curto e longo prazo

Dissertação de Mestrado em Ciências Empresariais.

Forward Looking and Myopic Regional Computable General Equilibrium Models. How Significant is the Distinction?

We present a stylized intertemporal forward-looking model able that accommodates key regional economic features, an area where the literature is not well developed. The main difference, from the standard applications, is the role of saving and its implication for the balance of payments. Though maintaining dynamic forward-looking behaviour for agents, the rate of private saving is exogenously determined and so no neoclassical financial adjustment is needed. Also, we focus on the similarities and the differences between myopic and forward-looking models, highlighting the divergences among the main adjustment equations and the resulting simulation outcomes.

O impacto das energias renováveis na economia dos países emergentes: o caso de Cabo Verde

A elevada dependência dos combustíveis fósseis é uma das principais dificuldades sentidas no actual sistema energético de Cabo Verde. O preço dos combustíveis constitui um peso significativo, representando cerca de 70%, da estrutura de custos do preço de energia eléctrica. Com este trabalho, pretende-se analisar o impacto das energias renováveis no sistema energético e na economia de Cabo Verde, destacando a sua contribuição para a formação do PIB, no Preço, na Balança de Pagamentos, no Emprego, e no Serviço da Dívida, e estabelecer uma comparação com as ilhas da Macaronésia, em particular a Região Autónoma dos Açores. Contribuindo assim, para a discussão que poderá demonstrar que o potencial de renováveis por explorar, trará benefícios económicos para o país, pois a expectativa é superar os 50% de taxa de penetração de Energias Renováveis na produção de electricidade em Cabo Verde até 2020. Prevê-se que o consumo de electricidade que em 2010 era de 335 MWh, duplique até o ano de 2020, atingindo os 670 GWh. Segundo estudos efectuados, o país possui um potencial estimado de 2.600 MW de Energias Renováveis, tendo sido analisados mais de 650 MW em projectos concretos com custos de produção possivelmente inferiores aos dos combustíveis fósseis. Cabo Verde goza de boas condições para o aproveitamento de Energias Renováveis, mas a contribuição desse potencial, sobretudo eólica e solar, continuam muito limitado, pelo que o país deverá apostar no incremento da utilização dessas formas de energia para reduzir a dependência externa em matéria de energia. The high dependence on fossil fuels is one of the main difficulties in the current energy system in Cape Verde. The price of fuel is a significant, accounting for about 70%, and the cost structure of the price of electricity. With this work, seeks to analyze the impact of renewable energy in the energy system and the economy of Cape Verde, highlighting their contribution to the formation of BIP, in the Balance of Payments, in Employment, and the Service of Debt, and to draw a comparison with the islands of Macaronésia, in particular the Autonomous Region of Azores. Thus contributing to the discussion that may show that the potential of renewable energy by exploring will bring economic benefits to the country, because the expectation is to exceed the 50% penetration rate of Renewable Energy in the production of electricity in Cape Verde until 2020. It is estimated that the consumption of electricity in 2010 was 335 MWh, will double by the year 2020, reaching the 670 GWh. According to studies carried out, the country has an estimated potential of 2,600 MW of Renewable Energy, having been analyzed more than 650 MW in concrete projects with production costs possibly less than the fossil fuels. Cape Verde enjoys good conditions for the use of renewable energy, but the contribution of this potential, especially wind and solar, are still very limited, so that the country should invest in increasing the use of these forms of energy to reduce the dependence on foreign sources of energy.

Las relaciones económicas internacionales de la "España Europea"

[eng] Since the year 1986 in which Spain became full member of the European Communities, the quantity and quality of the Spanish international economic relations measured in terms of Balance of Payments have change dramatically. In the past Spanish workers moved to Europe. Now Spain is among the three major countries attracting immigrants from developing countries. In the past Spain received a lot of Foreign Investment, today many Spanish companies are investing abroad. The changes are not only due to membership to the EU but also to the Spanish accommodation to the Globalization.

Foreign trade traps in the european periphery: Spain, 1870-1913

In this article we research into the difficulties that foreign trade imposed onSpanish process of integration into the international economy in the years priorto the First World War. We start out by examining some features of the foreigntrade structure of the country. By means of an econometric analysis of importand export series, it is possible to observe the presence of a trend towards tradedeficit, which was in force when Spain grew at a rate similar to that of itstrading partners. We also check that, in the absence of these compensatorymechanisms, adjustment in foreign payments could be reached by means ofprotective measures and the exchange rate.

Las relaciones económicas internacionales de la "España Europea"

[eng] Since the year 1986 in which Spain became full member of the European Communities, the quantity and quality of the Spanish international economic relations measured in terms of Balance of Payments have change dramatically. In the past Spanish workers moved to Europe. Now Spain is among the three major countries attracting immigrants from developing countries. In the past Spain received a lot of Foreign Investment, today many Spanish companies are investing abroad. The changes are not only due to membership to the EU but also to the Spanish accommodation to the Globalization.

Foreign trade traps in the european periphery: Spain, 1870-1913

In this article we research into the difficulties that foreign trade imposed onSpanish process of integration into the international economy in the years priorto the First World War. We start out by examining some features of the foreigntrade structure of the country. By means of an econometric analysis of importand export series, it is possible to observe the presence of a trend towards tradedeficit, which was in force when Spain grew at a rate similar to that of itstrading partners. We also check that, in the absence of these compensatorymechanisms, adjustment in foreign payments could be reached by means ofprotective measures and the exchange rate.

Suorien ulkomaisten investointien vaikutukset kohdemaassa: Itäisen Euroopan siirtymätaloudet

Tämä kandidaatintyö käsittelee suorien ulkomaisten investointien vaikutuksia itäisen Euroopan siirtymätalouksissa keskittyen erityisesti Puolaan, Viroon ja Ukrainaan. Suorat ulkomaiset investoinnit ovat tärkeä osa kansainvälistä kauppaa ja niillä on suuri rooli monen maan taloudessa. Työ koostuu kolmesta suuremmasta kokonaisuudesta, joista ensimmäisenä on suoran ulkomaisen investoinnin teoria. Toisessa osiossa esitellään lyhyesti kohdemaat, minkä jälkeen kolmannessa osiossa keskitytään suorien ulkomaisten investointien teoreettisiin vaikutuksiin. Teoreettisista vaikutuksista käsitellään tarkemmin vaikutukset talouskasvuun, maksutaseeseen, tuottavuuteen, tuotantoon, teknologiaan, työvoimaan, markkinarakenteeseen ja ympäristöön. Näitä suorien ulkomaisten investointien vaikutuksia havainnollistetaan esimerkeillä kohdemaista.