The Global Side of the Investment-Savings Puzzle

In this paper we re-examine the long standing and puzzling correlation between national savings and investment in industrial countries. We apply an econometric methodology that allows us to separate idiosyncratic correlation at the country level from correlation at the global level. In a major break with the existing literature, we find no evidence of a long run relationship in the idiosyncratic components of savings and investment. We also find that the global components in savings and investments comove, indicating that they react to shocks of a global nature.

Do Institutions Matter for Foreign Direct Investment?

In this paper the role of institutions in determining foreign direct investment (FDI) is investigated using a large panel of 107 countries during 1981 and 2005. We find that institutions are a robust predictor of FDI and that the most significant institutional aspects are linked to propriety rights, the rule of law and expropriation risk. Using a novel data set, we also study the impact of institutions on FDI at the sectoral level. We find that institutions do not have a significant impact on FDI in the primary sector but that institutional quality matters for FDI in manufacturing and particularly in services. We also provide policy implications for institutional reform.

Climbing to the top? Foreign Direct Investment and Property Rights.

This paper operates at the interface of the literature on the impact of foreign direct investment (FDI) on host countries, and the literature on the determinants of institutional quality. We argue that FDI contributes to economic development by improving institutional quality in the host country and we attempt to test this proposition using a large panel data set of 70 developing countries during the period 1981 and 2005, and we show that FDI inflows have a positive and highly significant impact on property rights. The result appears to be very robust and is and not affected by model specification, different control variables, or a particular estimation technique. As far as we are aware this is the first paper to empirically test the FDI – property rights linkage.

Creación de una marca cosmética y su comunicación

En aquest treball es pretén desenvolupar el llançament publicitari d’una nova marca per a un determinat grup empresarial, escollint, a l’efecte, com a hipòtesi de treball, el grup PUIG, i dins del mateix, dues de les seves tres divisions, les que tenen com a objecte fragàncies i cosmètica, l’anomenada “Prestige” (selectiu) i la coneguda com a “Beauty” (“mass market”). Es realitzarà, primer, un estudi del client, per comprendre millor les seves necessitats, s’analitzarà, seguidament, l’estat del mercat i de la competència, descobrint aquí que ninguna de les marques que es contemplen és exclusiva per al “target” “senior”, i s’entrarà, després, ja de ple, en el nucli de l’assessorament, escollint “target” (dones “seniors”) i segment (selectiu), apuntant l’oportunitat de dotar a una marca selectiva d’una comunicació agradable. Finalment, es realitzaran els corresponents projecte i “briefing” i es dissenyarà la campanya: “naming”, “packs”, anuncis...

Interest Rate Co-movements, Global Factors and the Long End of the Term Spread

The disconnect between rising short and low long interest rates has been a distinctive feature of the 2000s. Both research and policy circles have argued that international forces, such as global monetary policy (e.g. Rogoff, 2006); international business cycles (e.g. Borio and Filardo, 2007); or a global savings glut (e.g Bernanke, 2005) may be responsible. In this paper, we employ recent advances in panel data econometrics to document the disconnect and link it explicitly to the existence of a global latent factor that dominates the long end of the term spread for the recent period; the saving glut story emerges as the most likely contender for the global factor.

International Capital Flows to Emerging and Developing Countries: National and Global Determinants

This paper examines international capital flows to emerging and developing countries. We assess whether commonalities exist, the permanence of shocks to commonalities and their determinants. Also, we consider individual country coherence with global capital flows and we measure the extent of co-movements in the volatility of capital flows. Our results suggest there are commonalities in capital inflows, although aggregate or disaggregate capital flows respond differently to shocks. We find that the US long run real interest rate is an important determinant of global capital flows, and real commodity prices are relevant but to a lesser extent. We also find a role for human capital in explaining why some countries can successfully ride the wave of financial globalisation.

Primary Commodity Prices: Co-movements, Common Factors and Fundamentals

The behavior of commodities is critical for developing and developed countries alike. This paper contributes to the empirical evidence on the co-movement and determinants of commodity prices. Using nonstationary panel methods, we document a statistically significant degree of co-movement due to a common factor. Within a Factor Augmented VAR approach, real interest rate and uncertainty, as postulated by a simple asset pricing model, are both found to be negatively related to this common factor. This evidence is robust to the inclusion of demand and supply shocks, which both positively impact on the co-movement of commodity prices.

T1-weighted MRI as a substitute to CT for refocusing planning in MR-guided focused ultrasound.

Precise focusing is essential for transcranial MRI-guided focused ultrasound (TcMRgFUS) to minimize collateral damage to non-diseased tissues and to achieve temperatures capable of inducing coagulative necrosis at acceptable power deposition levels. CT is usually used for this refocusing but requires a separate study (CT) ahead of the TcMRgFUS procedure. The goal of this study was to determine whether MRI using an appropriate sequence would be a viable alternative to CT for planning ultrasound refocusing in TcMRgFUS. We tested three MRI pulse sequences (3D T1 weighted 3D volume interpolated breath hold examination (VIBE), proton density weighted 3D sampling perfection with applications optimized contrasts using different flip angle evolution and 3D true fast imaging with steady state precision T2-weighted imaging) on patients who have already had a CT scan performed. We made detailed measurements of the calvarial structure based on the MRI data and compared those so-called 'virtual CT' to detailed measurements of the calvarial structure based on the CT data, used as a reference standard. We then loaded both standard and virtual CT in a TcMRgFUS device and compared the calculated phase correction values, as well as the temperature elevation in a phantom. A series of Bland-Altman measurement agreement analyses showed T1 3D VIBE as the optimal MRI sequence, with respect to minimizing the measurement discrepancy between the MRI derived total skull thickness measurement and the CT derived total skull thickness measurement (mean measurement discrepancy: 0.025; 95% CL (-0.22-0.27); p = 0.825). The T1-weighted sequence was also optimal in estimating skull CT density and skull layer thickness. The mean difference between the phase shifts calculated with the standard CT and the virtual CT reconstructed from the T1 dataset was 0.08 ± 1.2 rad on patients and 0.1 ± 0.9 rad on phantom. Compared to the real CT, the MR-based correction showed a 1 °C drop on the maximum temperature elevation in the phantom (7% relative drop). Without any correction, the maximum temperature was down 6 °C (43% relative drop). We have developed an approach that allows for a reconstruction of a virtual CT dataset from MRI to perform phase correction in TcMRgFUS.

Creació d'una ràdio musical participativa amb difusió online i FM

Aquest projecte té com a propòsit crear una ràdio musical participativa amb difusió online i FM on a partir d’una interfície web l’usuari pugui participar-hi activament votant les cançons que hi sonaran. A més a més els usuaris registrats gaudiran d’una xarxa social on podran fer amistats i deixa’ls-hi comentaris. Primer de tot faig una ràpida introducció a l’estat de l’art de les ràdios actuals, a continuació analitzo els requeriments, especifico el comportament desitjat del sistema, explico detalladament el disseny i l’ implementació i, per últim, faig un seguit de proves de les quals n’extrec les conclusions.

Disseny i caracterització d'estructures RF amb printed electronics per a RFID

En els últims anys printed electronics està aixecant un gran interès entre la indústria electrònica. Aquest tipus de procés consisteix en imprimir circuits amb tècniques d'impressió convencionals utilitzant tintes conductores, resistives, dielèctriques o semiconductores sobre substrats flexibles de baix cost com paper o plàstic. Fer servir aquestes tècniques s'espera que suposi una reducció dels costos de producció degut a que és un procés totalment additiu el que fa que sigui més senzill i es redueixi la quantitat de material emprat. El disseny de dispositius bàsics com resistències, condensadors i bobines per posteriorment veure la relació entre simulacions i valors obtinguts ha ocupat la primera part del projecte. La segona s’ha centrat en fer prototips d’antenes per a RFID (Radio Frequency IDentification) amb la tecnologia que es disposa a CEPHIS (Centre de Prototips i Solucions Hardwre-Software). Tot això ha servit per caracteritzar la tecnologia de la que es disposa i saber en quins apartats s’ha de seguir treballant per aconseguir millors prestacions.

Party competition in regional elections: a framework for analysis

Whilst scholars have long recognised that processes of decentralisation create new regional arenas where distinct patterns of party competition are likely to emerge, there has been little systematic analysis of the dynamics of such competition. This working paper thus proposes a framework for analysing party competition between regional branches of state-wide parties, and autonomist parties, in regional arenas. Firstly, the different strategies political parties may adopt in response to their perceptions of voter preferences and to the strategies pursued by their competitors are identified. Secondly, different factors that impact on parties' strategic choices, and which may constrain a party's ability to select electorally optimal strategies in a given political context, are proposed.