Solvency Capital estimation and Risk Measures

This paper examines why a financial entity’s solvency capital estimation might be underestimated if the total amount required is obtained directly from a risk measurement. Using Monte Carlo simulation we show that, in some instances, a common risk measure such as Value-at-Risk is not subadditive when certain dependence structures are considered. Higher risk evaluations are obtained for independence between random variables than those obtained in the case of comonotonicity. The paper stresses, therefore, the relationship between dependence structures and capital estimation.

Productivity and human capital: a business-level analysis

This paper aims to analyse the impact of human capital on business productivity, focusing the analysis on the possible effect of the complementarity that exists between human capital and new production technologies, particularly advanced manufacturing technologies (AMTs) for the specific case of small and medium enterprises (SMEs) in Catalonia. Additionally, following the theory of skill-biased technological change, the paper analyses whether technological change produces bias exclusively in the skills required for managers, or whether the bias extends to the skills required of production staff. With this objective, we have compared the possible existence of complementarity between AMTs and the level of human capital for different occupational groups. The results confirm the complementary relationship between human capital and new production technologies. The results by occupational group confirm that to maximise the productivity of new technologies, skilled staff are needed both in management and production, with managers and professionals as well as skilled operatives playing a vital role. Keywords: human capital, process technologies, complementarity, business productivity. (JEL D24, J24, O30).

Wage effects from changes in local human capital in Britain

This paper examines the impact of local human capital on individuals’ wages through external effects. Employing wage regressions, it is found that changes in individuals’ wages are positively associated with changes in the shares of high-paid occupation workers in the British travel-to-work-areas for the late 1990s. I examine this positive association for different occupational groups (defined by pay) in order to disentangle between production function and consumer demand driven theoretical explanations. The wage effect is found to be stronger and significant for the bottom-paid occupational quintile compared to the middle-paid ones, and using also sectoral controls the paper argues to provide evidence for the existence of consumer demand effects.

Ser de donde no soy: identidades en conflicto en el ámbito social y educativo

La incorporación de los adolescentes inmigrados latinoamericanos al sistema educativo español se da en un escenario complejo en el que se presentan diversos componentes. Un ámbito específico corresponde al impacto de la experiencia migratoria en adolescentes y niños inmigrados; enfrentar un sistema educativo desconocido –cuyas reglas han de irse descubriendo paulatina y, a veces, traumáticamente– pone a prueba las bases de la seguridad emocional e intelectual. En este trabajo se presenta algunos hallazgos de un estudio acerca de las formas que adopta la inserción de los adolescentes latinoamericanos en la sociedad española, llevado a cabo con adolescentes entre los 12 y 17 años de edad que asistían a la Educación Secundaria Obligatoria, en el curso 2005-2006, en centros educativos públicos y concertados en Madrid, Murcia y Valladolid. El trabajo muestra, primero, algunos elementos del contexto migratorio en el que ocurren las vivencias de los adolescentes, constituidos en inmigrantes involuntarios; y, en segundo lugar, examina algunas de las experiencias a las que los adolescentes se hallan expuestos en el ámbito educativo y social, que asignan rasgos particulares al proceso de construcción de la identidad. Integrarse en el sistema educativo es uno de los primeros retos que enfrentan chicos y chicas latinos que asisten a la ESO, dado que la escuela constituye para ellos el espacio en el cual se sientan las bases para determinada socialización en la vida española. En esta cobran expresión las dificultades que, en parte provenientes de su origen nacional y familiar, encaran los adolescentes latinoamericanos durante el proceso de inserción social y educativa. Todas las dificultades afloran a través de las formas que adoptan los intercambios con la sociedad de acogida. Y dentro de esos intercambios importan significativamente las condiciones que el alumnado de origen extranjero encuentra en la sociedad y en las escuelas españolas. De una parte, la sociedad española vive con particular sensibilidad la irrupción migratoria y, en algunos sectores de ella, el fenómeno es respondido con manifestaciones de racismo y xenofobia que, en cierta medida, repercuten en la escuela. De otra parte, en el sistema educativo se experimentan desafíos no resueltos, provenientes del intenso cambio social de las últimas décadas, a los que se suma la llegada del contingente de jóvenes inmigrados, para quienes no se ha desarrollado mecanismos de adaptación específicos. Desde una y otra vertiente proceden tensiones que recaen en el proceso de construcción del joven latinoamericano inmigrado, que este trabajo esboza.

HSS (F)2004 04/04 - Revised Cost of Capital Rate in Fees and Charges Recovery Policy (PDF 51 KB)

HSS (F)2004 04/04 - Revised Cost of Capital Rate in Fees and Charges Recovery Policy

Factor shares, the price markup, and the elasticity of substitution between capital and labor.

In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the aggregate price mark-up reflecting the degree of imperfect competition in the product market, and provides estimates of the elasticity of substitution under such product market imperfections. We focus on Spain and the U.S. and show that the elasticity of substitution is above one in Spain and below one in the U.S. We also show that the price markup drives the elasticity of substitution away from one, upwards in Spain, downwards in the U.S. These results are used to explain the declining path of the labor income share, common to both economies, and their contrasted patterns in terms of capital deepening.

Adopción internacional : opacidad de los retos en el sistema educativo

El trabajo trata de entender las dificultades de detección, interpretación e intervención de los problemas de adaptación al Sistema Educativo español de muchos de los niños adoptados internacionalmente y la complejidad de la relación entre padres adoptantes y docentes.

Managing Climate Insecurity by Ensuring Continuous Capital Accumulation : 'Climate Refugees' and 'Climate Migrants'

Numerous recent reports by non-governmental organisations (NGOs), academics and international organisations have focused on so-called 'climate refugees'. This article examines the turn from a discourse of 'climate refugees', in which organisations perceive migration as a failure of both mitigation and adaptation to climate change, to one of 'climate migration', in which organisations promote migration as a strategy of adaptation. Its focus is the promotion of climate migration management, and it explores the trend of these discourses through two sections. First, it provides an empirical account of the two discourses, emphasising the differentiation between them. It then focuses on the discourse of climate migration, its origins, extent and content, and the associated practices of 'migration management'. The second part argues that the turn to the promotion of 'climate migration' should be understood as a way to manage the insecurity created by climate change. However, international organisations enacts this management within the forms of neoliberal capitalism, including the framework of governance. Therefore, the promotion of 'climate migration' as a strategy of adaptation to climate change is located within the tendencies of neoliberalism and the reconfiguration of southern states' sovereignty through governance.

Bonding and Bridging Social Capital in Step- and First-Time Families and the Issue of Family Boundaries

Divorce and remarriage usually imply a redefinition of family boundaries, with consequences for the production and availability of social capital. This research shows that bonding and bridging social capitals are differentially made available by families. It first hypothesizes that bridging social capital is more likely to be developed in stepfamilies, and bonding social capital in first-time families. Second, the boundaries of family configurations are expected to vary within stepfamilies and within first-time families creating a diversity of family configurations within both structures. Third, in both cases, social capital is expected to depend on the ways in which their family boundaries are set up by individuals by including or excluding ex-partners, new partner's children, siblings, and other family ties. The study is based on a sample of 300 female respondents who have at least one child of their own between 5 and 13 years, 150 from a stepfamily structure and 150 from a first-time family structure. Social capital is empirically operationalized as perceived emotional support in family networks. The results show that individuals in first-time families more often develop bonding social capital and individuals in stepfamilies bridging social capital. In both cases, however, individuals in family configurations based on close blood and conjugal ties more frequently develop bonding social capital, whereas individuals in family configurations based on in-law, stepfamily or friendship ties are more likely to develop bridging social capital.

World class healthcare for London. Mind the gap! A briefing on equity of health and healthcare in the capital

This briefing provides an overview of equity of access to some of the essential elements of healthcare in the capital

Paleopathology of the commoners at Tell Amarna, Egypt, Akhenaten's capital city

The Egyptian Pharaoh Akhenaten initiated worship of a single god and established a new capital city (Tell Amarna) that was built and occupied only once from 1350-1330 BCE. This single short occupation offers a unique opportunity to study a short time period. The royal tombs have long been known and studied, but the location of graves for the common inhabitants has been an archaeological puzzle for more than 50 years. Recently four cemeteries have been located and the analysis of commingled bones from the South Tombs cemetery is presented here. The remains yield the following demographic profile: 53 adults with 19 females and 18 males; 14 juveniles between the ages of 5 and 17; and 3 infants. Arthritis and degenerative joint disease of the spine and joints indicates that DJD was not excessive. Only 2 to 8% of the adult population exhibits arthritis. There are 3 healed fractures of the arm (2 to 8% of the adult sample). There is 1 healed compressed fracture of the skull suggesting violence. The adult infection rate is between 2 and 8% with 3 healed and 1 active case of periostitis and no severe infections. Anemia is implicated by 23% of adult frontals exhibiting cribra orbitalia. Life for the common residents of Amarna appears to not have been as good as initially postulated.

Innovación, financiación y mercados financieros : análisis de las relaciones entre inversión en I+D, estructura de capital y señalización contable

Aquest treball té com a objectiu determinar l'existència de restriccions en el finançament de projectes empresarials de recerca i desenvolupament (R+D) i analitzar-ne les causes. Els resultats de la investigació mostren els fets següents: en primer lloc, hi ha restriccions financeres per a la realització d'inversions en R+D i es manifesten en la necessitat de les empreses de recórrer a recursos interns i a fons aliens a curt termini; en segon lloc, les restriccions esmentades fonamentalment sorgeixen a causa de dos factors, el desequilibri entre les característiques econòmiques de les inversions d'R+D i el comportament dels agents finançadors en els mercats de capitals, i l'existència d'asimetries d'informació entre agents gestors i finançadors; finalment, en tercer lloc, la formulació per part de les empreses de més informació comptable sobre l'R+D desenvolupada comporta la millora de la valoració de l'empresa en els mercats financers i, per tant, l'assignació de fons als processos d'innovació.

El paper del capital social en l'organització d'esdeveniments

La intenció d'aquest article és detallar l'abast del capital social als esdeveniments culturals celebrats a Catalunya i analitzar la influència sobre l'atracció turística dels mateixos. Es pretén determinar també quin és l'impacte que tres elements de capital social que intervenen en l'organització d'esdeveniments (elements de motivació, creació de xarxes internes i lideratge) tenen sobre el sector turístic local. L'estudi parteix d'una mostra de 263 esdeveniments als quals s'ha adreçat una enquesta per determinar la presència i pes dels factors de capital social. Aquesta informació s'ha creuat amb dades sobre impactes i atracció turística obtingudes també a partir de la mateixa enquesta i, a partir de l'aplicació del test del chi quadrat, s'ha contrastat si les diferències existents entre els diferents factors del capital social són estadísticament significatives. Les conclusions principals obtingudes indiquen que els esdeveniments que tenen elements de capital social que els reforça la seva cohesió social entenen i justifiquen la celebració com a fet socialitzador, independentment del seu abast turístic. A més es detecta que la creació de xarxes de relació enforteix la cohesió interna, la representativitat i el sentit d'identitat de la comunitat. Finalment es constata que la presència d'elements de lideratge que donen visibilitat i vinculen l'esdeveniment amb xarxes externes explica la diferència existent en la capacitat d'atracció i impactes turístics dels esdeveniments. La principal aportació del treball és posar de manifest el paper del capital social com a factor que incideix en la repercussió social i turística dels esdeveniments catalans. La diagnosi efectuada permet recomanar la incorporació del capital social com un actiu estratègic per a la gestió i per a la creació de nous productes i polítiques turístiques centrades en els esdeveniments culturals.