Vocabulario del humanista

Texto en español y latín

Innovation and internasionalisation. A focus on the Spanish exporting firms

International markets are very competitive so innovation seems unavoidable. Some authors describe internationalisation as being an innovation of the firm. In this research these two phenomena will be studied, through a multiple case study method, focusing on the existence of a reciprocal relationship between the processes of internationalisation and innovation.

The European Union Police Mission: The Beginning of a New Future for Bosnia and Herzegovina?

The creation, reform and/or restructuring of the police in post-conflict societies remains one of the key challenges for practitioners and scholars in the contemporary fields of peace and security, particularly due to the changing nature of conflicts. Since the 1990s the world has witnessed a proliferation of international police missions, with regional organisations gradually acquiring a prominent role. This paper analyses the 2003-2005 period of the European Union Police Mission (EUPM) in Bosnia and Herzegovina. Much is at stake in this mission, both in terms of the development of the EU´s external identity but also for Bosnia and Herzegovina’s road to EU membership and sustainable peace. This paper will argue that by 2005 the balance sheet was mixed. EUPM fell short of fulfilling its overall goal of ‘Europeanising’ Bosnian police services, and of its desire to be seen as providing that additional ingredient in police matters that would set it apart from the earlier UN mission. Nevertheless, despite its shortcomings, the Mission did not merit the harsh criticisms it was faced with. Its lack of success was not entirely the Mission’s doing. The paper focuses on three aspects: political and economic viability and sustainability, security levels in Bosnia and Herzegovina, and institution and capacity building. The explanatory framework used in this paper is based on the democratic policing discourse. In doing so the argument developed here will also shed light on the nature of so-called “best European practices” in police matters.

When do central banks prefer to intervene secretly?

Central banks often intervene secretly in the foreign exchange market. This secrecy seems to be at odds with the signalling channel. In this article we will analyse when a central bank intervening in the foreign exchange rate market purely through the signalling channel would prefer to act secretly or publicly. By using a microstructure model, we will show that the consistency of the intervention with fundamentals, the volume of noise trading, the weight given to the effectiveness of intervention and the degree of superior information held by the central bank will influence the decision to intervene secretly or publicly. Keywords: foreign exchange intervention, market microstructure. JEL Classifi…cation: D82, E58, F31, G14.

Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Deconstructing Shocks and Persistence in OECD Real Exchange Rates

This paper analyzes the persistence of shocks that affect the real exchange rates for a panel of seventeen OECD developed countries during the post-Bretton Woods era. The adoption of a panel data framework allows us to distinguish two different sources of shocks, i.e. the idiosyncratic and the common shocks, each of which may have di¤erent persistence patterns on the real exchange rates. We first investigate the stochastic properties of the panel data set using panel stationarity tests that simultaneously consider both the presence of cross-section dependence and multiple structural breaks that have not received much attention in previous persistence analyses. Empirical results indicate that real exchange rates are non-stationary when the analysis does not account for structural breaks, although this conclusion is reversed when they are modeled. Consequently, misspecification errors due to the non-consideration of structural breaks leads to upward biased shocks' persistence measures. The persistence measures for the idiosyncratic and common shocks have been estimated in this paper always turn out to be less than one year.

Economic effects of road accessibility in the Pyrenees: user perspective

At present, Spain faces one of the key moments in planning the future design of the infrastructure network. As a consequence of the critical role played by haulage in intra-European trade, the most important investments are those that guarantee that road haulage traffic can move freely at the borders. That is why it is necessary to make serious evaluations of the economic and social profitability of these investments. Normally the most significant social benefit of investment projects in transport infrastructure is time saving, which in turn changes traffic intensity. In this article we analyse the changes in the user excess caused by public investment in transport infrastructure planned by the Spanish government and which will be located on the border between Spain and France. In particular, we study the increase in network user surplus for HGV traffic in the Spanish and French border zones in the Pyrenees.

New evidence of the real interest rate parity for OECD countries using panel unit root tests with breaks

This paper tests for real interest parity (RIRP) among the nineteen major OECD countries over the period 1978:Q2-1998:Q4. The econometric methods applied consist of combining the use of several unit root or stationarity tests designed for panels valid under cross-section dependence and presence of multiple structural breaks. Our results strongly support the fulfillment of the weak version of the RIRP for the studied period once dependence and structural breaks are accounted for.

Treball de recerca: tant tu com jo

Treball de recerca realitzat per alumnes d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. La pastilla anticonceptiva masculina és un producte químicament possible però encara no llençat al mercat. El motiu de la recerca ha estat investigar per comprovar si el disseny d’una campanya de màrqueting tindria èxit en la promoció d’aquest producte. En primer lloc, s’ha dut a terme una recerca teòrica sobre l’anticoncepció i el màrqueting. En segon lloc, s’ha realitzat un treball de camp en dues parts. D’una banda s’han confeccionat enquestes avaluant l’acceptació del producte en la població. De l’altra s’han realitzat entrevistes a professionals: sexòleg-psicòleg, ginecòleg, publicista i farmacèutica.Posteriorment s’ha dissenyat la campanya de màrqueting, gravat l’espot televisiu i dissenyat una pàgina web.

Stock market integration between new EU member states and the Euro-zone

This paper measures the degree in stock market integration between five Eastern European countries and the Euro-zone. A potentially gradual transition in correlations is accommodated by smooth transition conditional correlation models. We find that the correlation between stock markets has increased from 2001 to 2007. In particular, the Czech and Polish markets show a higher correlation to the Euro-zone. However, this is not a broad-based phenomenon across Eastern Europe. We also find that the increase in correlations is not a reflection of a world-wide phenomenon of financial integration but appears to be specific to the European market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; New EU Members.

Progress Towards to Equity Market Integration in Eastern Europe

The advent of the European Union has decreased the diversification benefits available from country based equity market indices in the region. This paper measures the increase in stock integration between the three largest new EU members (Hungary, the Czech Republic and Poland who joined in May 2004) and the Euro-zone. A potentially gradual transition in correlations is accommodated in a single VAR model by embedding smooth transition conditional correlation models with fat tails, spillovers, volatility clustering, and asymmetric volatility effects. At the country market index level all three Eastern European markets show a considerable increase in correlations in 2006. At the industry level the dates and transition periods for the correlations differ, and the correlations are lower although also increasing. The results show that sectoral indices in Eastern European markets may provide larger diversification opportunities than the aggregate market. JEL classifications: C32; C51; F36; G15 Keywords: Multivariate GARCH; Smooth Transition Conditional Correlation; Stock Return Comovement; Sectoral correlations; New EU Members

Incidència social i ecològica de l'ús del biodièsel

Treball de recerca realitzat per una alumna d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. S’analitza com pot afectar l’ús dels biocombustibles, i més concretament del biodièsel, en l’economia global i de la Unió Europea; en l’agricultura dels països subdesenvolupats, i en la possible millora ecològica del planeta.

Why the EU does not Have an Independent Competition Agency: French Interests and Transaction Costs in Early European Integration

A major achievement of new institutionalism in economics and political science is the formalisation of the idea that certain policies are more efficient when administered by a politically independent organisation. Based on this insight, several policy actors and scholars criticise the European Community for relying too much on a multi-task, collegial, and politicised organisation, the European Commission. This raises important questions, some constitutional (who should be able to change the corresponding procedural rules?) and some political-economic (is Europe truly committed to free and competitive markets?). Though acknowledging the relevance of legal and normative arguments, this paper contributes to the debate with a positive political-scientific perspective. Based on the view that institutional equilibria raise the question of equilibrium institutions, it shows that collegiality was (a) an equilibrium institution during the Paris negotiations of 1950-51; and (b) an institutional equilibrium for the following 50 years. The conclusion points to some recent changes in the way that European competition policy is implemented, and discusses how these affect the “constitutional” principle of collegial European governance.

Xilax, creació i llançament d'un producte nou

Treball de recerca realitzat per un alumne d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. S’ha desenvolupat el llançament d’un nou producte al mercat farmacèutic, concretament un xiclet. Per començar s’ha estudiat la composició química del xiclet i com actua de vehicle de principis actius des del punt de vista farmacològic. Simultàniament s’ha dissenyat un xiclet amb propietats terapèutiques, assegurant-se que no existeix al mercat i que és innovador. A partir de la definició del producte i de l’anàlisi dels mètodes tradicionals de fabricació, s’ha optimitzat el procés de fabricació per control de variables. Quan s’ha tingut el prototipus del producte, s’ha avaluat en relació amb els objectius marcats. Finalment s’ha estudiat la viabilitat econòmica. Després d’haver refusat diferents idees de nou producte, per no innovadores o per inviables, s’ha pogut optimitzar el procés de fabricació, s’han ajustat les variables i s’ha obtingut el producte definit com a objectiu. L’estudi de viabilitat econòmica el fa rentable, i està a punt per a la comercialització.

Memòria de recerca: paral·lelització dels diccionaris de la Standard Template Library de C++

Estudi elaborat a partir d’una estada a la Universität Karlsruhe entre gener i maig del 2007. Les biblioteques d’estructures de dades defineixen interfícies i implementen algorismes i estructures de dades fonamentals. Un exemple n’és la Satandard Template Library (STL ), que forma part del llenguatge de programació C++. En el marc d’una tesi, s’està treballant per obtenir implementacions més eficients i/o versàtils d’alguns components de la STL. Per a fer-ho s’utilitzen tècniques de la enginyeria d’algorismes. En particular, s’integra el coneixement de la comunitat algorítmica i es té en consideració la tecnologia existent. L’acció durant l’estada s’ha emmarcat en el desenvolupament la Multi Core STL (MCSTL ). La MCSTL és una implementació paral•lela de la STL per a màquines multi-core. Les màquines multi-core són actualment l’únic tipus de màquina disponible al mercat. Per tant, tot i que el paral•lelisme obtingut no sigui òptim, és preferible a tenir els processadors esperant, ja que , la tendència és que el nombre de processadors per computador augmenti.