976 resultados para sovereign default
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Aquest estudi s’insereix en un projecte de tesi. L’estudi versa sobre l’ideal egipci de monarquia durant el Regne Mitjà, a partir de l’anàlisi directa de quatre fonts literàries del període. S’ha constatat que la concepció de monarquia resultant, concebuda com a clàssica o modèlica, és la que es transmet en essència fins a l’etapa final de la història antiga egípcia, encara que readaptant-se a les noves realitats polítiques i culturals. L’anàlisi d’aquest ideal teòric de monarquia ha estat fonamental per afrontar l’objectiu essencial del projecte de tesi: l’estudi de la legitimació d’Alexandre el Gran com a faraó d’Egipte, és a dir, l’examen en profunditat del conjunt de mecanismes mitjançant els quals el macedoni va assumir el rol clàssic dels monarques egipcis i que expliciten el procés segons el qual un nou sobirà, que a més era d’origen estranger, fou inserit en la ideologia faraònica tradicional. Per tal de determinar com això es va produir, es fa necessari l’estudi del període en què Alexandre és el titular del tron del país (332-323 aC), és a dir, del moment de gènesi, formulació i desenvolupament de l’entramat ideològic que proporcionarà base teològica al nou govern i l’adequarà a la tradició. Per a l’examen d’aquest període cronològic, la documentació egípcia s’erigeix com la principal font d’informació, i per tant, durant el projecte s’ha compilat i analitzat el conjunt de la documentació de procedència egípcia disponible fins al moment que, datada o no, s’adscriu cronològicament a aquest període.
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Major outputs of the neocortex are conveyed by corticothalamic axons (CTAs), which form reciprocal connections with thalamocortical axons, and corticosubcerebral axons (CSAs) headed to more caudal parts of the nervous system. Previous findings establish that transcriptional programs define cortical neuron identity and suggest that CTAs and thalamic axons may guide each other, but the mechanisms governing CTA versus CSA pathfinding remain elusive. Here, we show that thalamocortical axons are required to guide pioneer CTAs away from a default CSA-like trajectory. This process relies on a hold in the progression of cortical axons, or waiting period, during which thalamic projections navigate toward cortical axons. At the molecular level, Sema3E/PlexinD1 signaling in pioneer cortical neurons mediates a "waiting signal" required to orchestrate the mandatory meeting with reciprocal thalamic axons. Our study reveals that temporal control of axonal progression contributes to spatial pathfinding of cortical projections and opens perspectives on brain wiring.
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Abstract Market prices of corporate bond spreads and of credit default swap (CDS) rates do not match each other. In this paper, we argue that the liquidity premium, the cheapest-to-deliver (CTD) option and actual market segmentation explain the pricing differences. Using the European transaction data from Reuters and Bloomberg, we estimate the liquidity premium that is time- varying and firm-specific. We show that when time-dependent liquidity premiums are considered, corporate bond spreads and CDS rates behave in a much closer way than previous studies have shown. We find that high equity volatility drives pricing differences that can be explained by the CTD option.
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A stylized macroeconomic model is developed with an indebted, heterogeneous Investment Banking Sector funded by borrowing from a retail banking sector. The government guarantees retail deposits. Investment banks choose how risky their activities should be. We compared the benefits of separated vs. universal banking modelled as a vertical integration of the retail and investment banks. The incidence of banking default is considered under different constellations of shocks and degrees of competitiveness. The benefits of universal banking rise in the volatility of idiosyncratic shocks to trading strategies and are positive even for very bad common shocks, even though government bailouts, which are costly, are larger compared to the case of separated banking entities. The welfare assessment of the structure of banks may depend crucially on the kinds of shock hitting the economy as well as on the efficiency of government intervention.
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Les trois recherches (mixed method) que nous avons menées sur les professions supérieures (enseignant.e.-chercheur.e.s du monde académique, cadres de l'administration publique et enseignant.e.s de la scolarité post-obligatoire) ont montré que les organisations professionnelles jouent un rôle important dans la manière dont les deux sexes articulent temps professionnels et temps privé, orientant ainsi leur carrière selon des références prioritaires qui peuvent tenir à l'identité professionnelle ou à celle de genre. Ces résultats nous amènent à discuter du pouvoir d'imposition des « images-guides » de l'orientation temporelle, intériorisées et fortement sexuées du fait d'une socialisation différencielle, et du rôle des contextes professionnels dans leur activation. Dans certains cas l'organisation professionnelle favorise un partage inégal et traditionnel des tâches éducatives alors que ses normes peuvent dans d'autres cas être à la source d'une remise en cause du régime de genre.
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Introducció: La dieta mediterrània és considerada un dels patrons alimentaris més saludables ja que diversos estudis epidemiològics mostren que protegeix front diverses malalties cròniques com ara les malalties cardiovasculars, la diabetis i alguns càncers. Malauradament al nostre país els patrons alimentaris estan canviant a conseqüència de la modernització de la societat i estan portant a l’allunyament del patró de dieta mediterrània. Això és especialment crític entre la població infantil i juvenil, fet que predisposa a que en un futur augmenti la prevalença de malalties cròniques entre la població adulta. Objectiu: avaluar els hàbits alimentaris i l’estat nutricional d’escolars de 8 a 12 anys de la comarca d’Osona. Mètodes: estudi de disseny observacional i transversal. La mostra estava constituïda per 191 escolars de 4rt i 5è d’ensenyança primària d’escoles de la comarca d’Osona. La informació sobre la dieta es va recollir a través d’una enquesta alimentària, un recordatori de 24 hores, un qüestionari de freqüència de consum alimentari i el test KIDMED. Les determinacions antropomètriques que es van realitzar van ser talla, pes, IMC (Índex de Massa Corporal), plec tricipital, perímetre braquial i perímetre abdominal. L’anàlisi estadística de totes les dades es va portar a terme mitjançant el programa estadístic SPSS per Windows versió 12.0. Resultats: quan es valora la qualitat de l’esmorzar, s’observa que només en el 16.8% dels casos la qualitat era bona, en el 68.6% dels casos la qualitat havia de millorar i en el 12.6% era de qualitat insuficient i en el 2.1% era de mala qualitat. També s’observa que la dieta que segueixen és desequilibrada quantitativament, concretament és baixa en hidrats de carboni, rica en greixos i lleugerament elevada en proteïnes. L’anàlisi qualitativa mostra que hi ha un molt baix consum de verdures i hortalisses i de fruita, mentre que s’arriba a les racions recomanades de carnis i d’olis i greixos. El test KIDMED mostra una puntuació mitjana de 7.21±1.96 punts, el que indica que la dieta de la població és de qualitat millorable. Pel que fa a l’estat nutricional s’observa que un 24,6% presenta valors de baix pes i un 17,8% sobrepès o obesitat, el que indica que un 42,4% de la població estudiada presenta un estat nutricional incorrecte. Conclusions: La dieta del col·lectiu estudiat s’allunya de les recomanacions de la SENC (Sociedad Española de Nutrición Comunitaria). Els resultats del test KIDMED indiquen que només un 44% de la població segueix un patró òptim de Dieta mediterrània i l’anàlisi de l’estat nutricional mostra que un 42,4% presenta un estat nutricional incorrecte, sigui per excés o per defecte de pes. Per tant, es fa necessari dissenyar estratègies d’educació alimentària adequades per millorar els hàbits alimentaris dels escolars i aconseguir en un futur un estat òptim de salut.
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Becker (1968) and Stigler (1970) provide the germinal works for an economic analysis of crime, and their approach has been utilised to consider the response of crime rates to a range of economic, criminal and socioeconomic factors. Until recently however this did not extend to a consideration of the role of personal indebtedness in explaining the observed pattern of crime. This paper uses the Becker (1968) and Stigler (1970) framework, and extends to a fuller consideration of the relationship between economic hardship and theft crimes in an urban setting. The increase in personal debt in the past decade has been significant, which combined with the recent global recession, has led to a spike in personal insolvencies. In the context of the recent recession it is important to understand how increases in personal indebtedness may spillover into increases in social problems like crime. This paper uses data available at the neighbourhood level for London, UK on county court judgments (CCJ's) granted against residents in that neighbourhood, this is our measure of personal indebtedness, and examines the relationship between a range of community characteristics (economic, socio-economic, etc), including the number of CCJ's granted against residents, and the observed pattern of theft crimes for three successive years using spatial econometric methods. Our results confirm that theft crimes in London follow a spatial process, that personal indebtedness is positively associated with theft crimes in London, and that the covariates we have chosen are important in explaining the spatial variation in theft crimes. We identify a number of interesting results, for instance that there is variation in the impact of covariates across crime types, and that the covariates which are important in explaining the pattern of each crime type are largely stable across the three periods considered in this analysis.
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This paper introduces a new database on Irish land bonds listed on the Dublin Stock Exchange from 1891 to 1938: it outlines the nature of these bonds and presents data on their size, liquidity and market returns. These government-guaranteed bonds arose during a period when the possibility of Irish secession from the United Kingdom appeared ever more likely, and were used to finance the transfer of land ownership from landlords to tenants in Ireland (North & South). Movements in the prices of these bonds can help to understand how financial markets responded to events in the early economic and political history of the Irish Free State, including Irish partition, Independence, Civil War and de facto default. Understanding these issues has contemporary relevance for regions in Spain (Catalonia, Euskadi), Great Britain (Scotland) and Belgium (Flanders).
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We develop methods for Bayesian model averaging (BMA) or selection (BMS) in Panel Vector Autoregressions (PVARs). Our approach allows us to select between or average over all possible combinations of restricted PVARs where the restrictions involve interdependencies between and heterogeneities across cross-sectional units. The resulting BMA framework can find a parsimonious PVAR specification, thus dealing with overparameterization concerns. We use these methods in an application involving the euro area sovereign debt crisis and show that our methods perform better than alternatives. Our findings contradict a simple view of the sovereign debt crisis which divides the euro zone into groups of core and peripheral countries and worries about financial contagion within the latter group.
Resumo:
We develop methods for Bayesian model averaging (BMA) or selection (BMS) in Panel Vector Autoregressions (PVARs). Our approach allows us to select between or average over all possible combinations of restricted PVARs where the restrictions involve interdependencies between and heterogeneities across cross-sectional units. The resulting BMA framework can find a parsimonious PVAR specification, thus dealing with overparameterization concerns. We use these methods in an application involving the euro area sovereign debt crisis and show that our methods perform better than alternatives. Our findings contradict a simple view of the sovereign debt crisis which divides the euro zone into groups of core and peripheral countries and worries about financial contagion within the latter group.
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We present an envelope theorem for establishing first-order conditions in decision problems involving continuous and discrete choices. Our theorem accommodates general dynamic programming problems, even with unbounded marginal utilities. And, unlike classical envelope theorems that focus only on differentiating value functions, we accommodate other endogenous functions such as default probabilities and interest rates. Our main technical ingredient is how we establish the differentiability of a function at a point: we sandwich the function between two differentiable functions from above and below. Our theory is widely applicable. In unsecured credit models, neither interest rates nor continuation values are globally differentiable. Nevertheless, we establish an Euler equation involving marginal prices and values. In adjustment cost models, we show that first-order conditions apply universally, even if optimal policies are not (S,s). Finally, we incorporate indivisible choices into a classic dynamic insurance analysis.
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In the presence of cost uncertainty, limited liability introduces the possibility of default in procurement with its associated bank-ruptcy costs. When financial soundness is not perfectly observable, we show that incentive compatibility implies that financially less sound contractors are selected with higher probability in any feasible mechanism. Informational rents are associated with unsound financial situations. By selecting the financially weakest contractor, stronger price competition (auctions) may not only increase the probability of default but also expected rents. Thus, weak conditions are suffcient for auctions to be suboptimal. In particular, we show that pooling firms with higher assets may reduce the cost of procurement even when default is costless for the sponsor.
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Hybrid is often used as a default attribute reflecting lack of clear understanding of the influence of new patterns and actors of structural change beyond states, firms and institutions traditionally involved in regulatory practices across nations. The article argues that the notion of hybrid has a distinct relevance for engaging shortcomings of global governance literature. It explores the lessons to be drawn from ancient mythology by highlighting that ontological ambiguity and emotional ambivalence represent core features of hybrid creatures. It then builds upon critical scholarship in global political economy to conceptualise three generic levels of transfers of authority at which situating the hybrid dimension of governance in contemporary capitalism. Following this approach, the concept of hybrid explicates the ambiguity between formal and informal transfers of authority, which in turn provides an insight into the contested nature of the procedures used to reinforce this type of governance practices.
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ABSTRACT 1. Il existe des données épidémiologiques et expérimentales mettant en lien une carence en fer sans anémie (CF-A) et troubles de la concentration, fatigue, faiblesse musculaire, ainsi que diminution des performances sportives, et ce surtout chez le grand adolescent et l'adulte jeune. Certaines études sont toutefois sujettes à critique, souvent en raison de la présence de facteurs confondants importants associés à la CF-A (niveau d'évidence 1b à 4). Chez l'enfant, les données sont également plus hétérogènes, et d'autant plus difficiles à interpréter que les études à disposition présentent elles-aussi de nombreux facteurs confondants. De manière générale, une certaine prudence doit en conséquence être de mise avant d'attribuer de tels symptômes à une carence en fer (CF).