Financial depth, stock markets and economic growth in the EU-15 countries

The aim of this paper is to assess the impact of financial depth on economic growth in the EU-15 countries from 1970 until 2012, using the two-step System GMM estimator. Even though it might be expected a positive impact, the results show it is negative and sometimes even negative and statistically significant. Among the reasons presented for this, the existence of banking crises seems to better explain these results. In tranquil periods, financial deepening appears to have a positive impact, whereas in banking crises it is persistently negative and statistically significant. Also, after an assessment of the impact of stock markets on economic growth, it appears that more developed countries in the EU-15 have an economy more reliant on this segment of the financial system rather than in bank intermediation.

Microstructural changes befor macroeconomic announcements: Predictability of economic surprises in the U.S. market

Flow of new information is what produces price changes, understanding if the market is unbalanced is fundamental to know how much inventory market makers should keep during an important economic release. After identifying which economic indicators impact the S&P and 10 year Treasuries. The Volume Synchronized Probability of Information-Based Trading (VPIN) will be used as a predictability measure. The results point to some predictability power over economic surprises of the VPIN metric, mainly when calculated using the S&P. This finding appears to be supported when analysing depth imbalance before economic releases. Inferior results were achieved when using treasuries. The final aim of this study is to fill the gap between microstructural changes and macroeconomic events.

Geomorphology and land development in the Maraca area of northern Roraima, Brazil.

The geomorphological materials and forms of the Maraca area of Roraima, Brazil are described, an their sgnificance for land development examined. Significant contrasts are noted in areas presently under rainforest and savanna vegetation. Lateritic gravels and extensive shetwash accumulations in savanna areas constrast with incipient or absent plinthite development, few gravels and limited evidence of colluvium under rainforest. Terrain is in general relatively highly-dissected. Slope profiles are characterised, particularly within the savanna zone, by a relatively steep lower concavity. These contrasts are sharply-demarcated by the present savanna/rainforest bondary, unexpectedly in view of the generally accepted hypothesis of repeated contraction an expansion of Amazonian rainforest throughout the Pleistocene. It is concluded that geomorphological conditions in the Maraca area are not favorable for land develoment.

Monitoring the early stiffness development in epoxy adhesives for structural strengthening

The present work aimed to assess the early-age evolution of E-modulus of epoxy adhesives used for Fibre-Reinforced Polymer (FRP) strengthening applications. The study involved adapting an existing technique devised for continuous monitoring of concrete stiffness since casting, called EMM-ARM (Elasticity Modulus Measurement through Ambient Response Method) for evaluation of epoxy stiffness. Furthermore, monotonic tensile tests according to ISO standards and cyclic tensile tests were carried out at several ages. A comparison between the obtained results was performed in order to better understand the performance of the several techniques in the assessment of stiffness of epoxy resins. When compared to the other methodologies, the method for calculation of E-modulus recommended by ISO standard led to lower values, since in the considered strain interval, the adhesive had a non-linear stress–strain relationship. The EMM-ARM technique revealed its capability in clearly identifying the hardening kinetics of epoxy adhesives, measuring the material stiffness growth during the entire curing period. At very early ages the values of Young׳s modulus obtained with quasi-static tests were lower than the values collected by EMM-ARM, due to the fact that epoxy resin exhibited a significant visco-elastic behaviour.

The impact of PBL on transferable skills development in management education

Attention to transferable skills is growing in higher education. Problem-based learning (PBL) is increasingly used in management education for its promising potential to, amongst others, promote transferable skills, including problem-solving, critical thinking and teamwork skills. However, this relationship is seldom assessed. In this study, I use structural equation modelling to examine the effectiveness of PBL, measured through students’ perceptions of satisfaction and skills development. Results show the development of transferable skills is explained by interaction with tutors and a host company, and defining teamwork rules. Satisfaction is explained by skills development, assessment issues, defining teamwork rules and understanding how organisations work. I draw conclusions and recommendations.

The economic crisis in Portugal and children’s rights to non-discrimination

The consequences that arose from the ‘global economy’ have been significant in Portuguese children’s lives and we believe it is fundamental to reflect on the ongoing structuring of childhood through this global culture/ideology and the concrete implications that they have. It is also important to understand how childhood is constructed and experienced, as well as to consider the impacts of political economic conditions on children’s lives and in childhood in general, taking into account the effects brought on by public policies. The aim of this paper is to reflect on the ways through which the economic crisis affecting the general Portuguese population has impacted children in particular and promoted discrimination and a lack of opportunities in childhood. We will focus on two dimensions: first, on general data about the ongoing policies that have been reducing social rights, increasing poverty rates and threatening basic rights such as educational and health rights, to show their impact on children´s lives. Second, we will discuss some data collected with children throughout different research projects in order to characterize the meanings and impacts of the crisis in their lives from their points of view

Pseudomonas aeruginosa diversification during infection development in cystic fibrosis lungs

Dissertação de mestrado integrado em Engenharia Biomédica (área de especialização em Engenharia Clínica)

Lower NPAS3 expression during the later stages of abnormal lung development in rat congenital diaphragmatic hernia

Purpose Congenital diaphragmatic hernia (CDH) is characterized by a developmental defect in the diaphragm, pulmonary hypoplasia and pulmonary hypertension. NPAS3 is a PAS domain transcription factor regulating Drosophila tracheogenesis. NPAS3 null mice develop pulmonary hypoplasia in utero and die after birth due to respiratory failure. We aimed to evaluate NPAS3 expres- sion during normal and abnormal lung development due to CDH. Methods CDH was induced by administering 100 mg/ml nitrofen to time-pregnant dams on embryonic day (E) 9 of gestation. Lungs were isolated on E15, E18 and E21 and NPAS3 localization was determined by immunohisto- chemistry and quantified using Western blotting. Results We found that only E21 hypoplastic CDH lungs have reduced expression of NPAS3 in the terminal sac- cules. Western blotting confirmed the down-regulation of NPAS3 protein in the nitrofen-induced hypoplastic lungs. Conclusions We demonstrate for the first time that ni- trofen-induced hypoplastic CDH lungs have reduced NPAS3 expression in the terminal saccules during the later stages of abnormal lung development. Our findings suggest that NPAS3 is associated with pulmonary hypoplasia in CDH.

Insights into bacterial colony morphology evolution and diversification during infection development in cystic fibrosis

Tese de Doutoramento em Engenharia Biomédica.

How does banking industry influence economic growth in Latin American countries?

Mestrado em Finanças

Factores Críticos del Desarrollo Local y Regional Integrado zona serrana y Norte de la Provincia de Córdoba-. Validación causal estadística de Modelos de Ecuaciones Estructurales. Identificación de problemas normativos de las OSC.Critical Factors of Local and Regional Development in north of the Province of Córdoba. Causal validation with Structural Equation Modeling. Legal regulations of civil society.

En la investigación anterior -en la zona pampeana de la Provincia de Córdoba- se demostró teórica y empíricamente, que el desarrollo de la Sociedad Civil muchas veces libradas a su suerte y con limitaciones legales apoyan decididamente el desarrollo local, sin embargo han logrado solo parcialmente sus objetivos, por lo que es necesario comenzar un camino de fortalecimiento en los nuevos roles que deben asumir. Los gobiernos locales, a la vez, intentan trabajosamente con contados éxitos detener el procesos de descapitalización social -financiera y humana- de sus comunidades locales y regionales, peregrinando con escaso éxito a los centros concentrados del poder político y económico, para procurar los recursos financieros y humanos necesarios que no alcanzan a reponer los que se fugan desde hace décadas de sus localidades. Las empresas, con ciclos recurrentes de crecimiento y decrecimiento vinculados a los mercados en que colocan sus productos, también se debaten en la búsqueda de los escasos recursos, financieros y humanos, que les permitan consolidar un desarrollo a mediano y largo plazo. El desarrollo alcanzado en Sistemas de información, instrumentos de relevamiento, análisis y elaboración de propuestas para el Desarrollo Local, nos permite avanzar en: 1. La confirmación empírica de las hipótesis iniciales - factores exógenos y endógenos - en la zona Norte y Serrana de la provincia 2. La validación científica -mediante el Análisis de ecuaciones estructurales. de tales supuestos, para el conjunto de las poblaciones analizadas en ambas etapas. 3. La identificación de los problemas normativos que afectan el desarrollo de las Organizaciones de la Sociedad Civil (OSC). METODOLOGÍA Respecto la validación empírica en la zona norte y serrana 1. Selección de las 4 localidades a relevar de acuerdo a las categorías definidas 2. Elaboración de acuerdos con autoridades e instituciones locales. 3. Relevamiento cualitativo con líderes locales y fuentes de datos secundarias. 4. Adaptación de instrumentos de relevamiento a las realidades locales y estudios previos 5. Relevamiento cuantitativo de campo, capacitación de encuestadores y supervisores. 6. Procesamiento y elaboración de informes finales locales. Respecto de la construcción de modelos de desarrollo 1. Desarrollar las dimensiones especificas y las variables (items) de cada factor crítico. 2. Revisar el instrumento con expertos de cada una de las dimensiones. 3. Validar a nivel exploratorio por medio de un Análisis de Componentes Principales 4. Someter a los expertos la evaluación de una serie de localidades que representan cada uno. Respecto de la identificación de las normas legales que afectan a la Sociedad Civil 1.Relevamiento documental de normas 2. Relevamiento con líderes de instituciones de la Sociedad Civil 3. Análisis de las normas vigentes 4. Elaboración de Informes Finales y Transferencia a líderes e instituciones

Gonad development in females of fiddler crab Uca rapax (Crustacea, Brachyura, Ocypodidae) using macro and microscopic techniques

The morphology of the ovaries in Uca rapax (Smith, 1870) was described based on macroscopic and microscopic analysis. Females were collected in Itamambuca mangrove, Ubatuba, state of São Paulo, Brazil. In the laboratory, 18 females had their ovaries removed and prepared for histology. Each gonad developmental stage was previously determined based on external and macroscopic morphology and afterwards each stage was microscopically described. The ovaries of U. rapax showed a pronounced macroscopic differentiation in size and coloration with the maturation of the gonad, with six ovarian developmental stages: immature, rudimentary, developing, developed, advanced and spent. During the vitellogenesis, the amount of oocytes in secondary stage increases in the ovary, resulting in a change in coloration of the gonad. Oogonias, primary oocytes, secondary oocytes and follicular cells were histologically described and measured. In female’s ovaries of U. rapax the modifications observed in the oocytes during the process of gonad maturation are similar to descriptions of gonads of other females of brachyuran crustaceans. The similarities are specially found in the morphological changes in the reproductive cells, and also in the presence and arrange of follicle cells during the process of ovary maturation. When external morphological characteristics of the gonads were compared to histological descriptions, it was possible to observe modifications that characterize the process in different developmental stages throughout the ovarian cycle and, consequently, the macroscopic classification of gonad stages agree with the modifications of the reproductive cells.

Inputs to the hormonal control of egg development in Rhodnius prolixus

This paper re-examines existing data on the environmental inputs governing egg production in Rhodnius prolixus. Feeding has a direct effect on egg production such that the product of the unfed weight of the female times the weight of the blood meal is a good predictor of the number of eggs produced. Mating modifies this input, so that mated females produce more eggs. Egg production is governed by the corpus allatum, and indirect evidence suggests that the number of eggs producted by a female is a function of the length of time that juvenile hormone is secreted by the corpus allatum. The input which determines the times at which the corpus allatum is switched off originates in the stretch induced by the amount of the meal remaining in the crop, modified by the matedness status of the female. The precise nature of the sensors detecting stretch is not yet clear, but the integrity of the dorsal aorta is essential to the transmission of the information. These data are related to the survival strategy for Rhodnius.

Explaining High Economic Growth in Small Tourism Countries with a Dynamic General Equilibrium Model

This paper shows that tourism specialisation can help to explain the observed high growth rates of small countries. For this purpose, two models of growth and trade are constructed to represent the trade relations between two countries. One of the countries is large, rich, has an own source of sustained growth and produces a tradable capital good. The other is a small poor economy, which does not have an own engine of growth and produces tradable tourism services. The poor country exports tourism services to and imports capital goods from the rich economy. In one model tourism is a luxury good, while in the other the expenditure elasticity of tourism imports is unitary. Two main results are obtained. In the long run, the tourism country overcomes decreasing returns and permanently grows because its terms of trade continuously improve. Since the tourism sector is relatively less productive than the capital good sector, tourism services become relatively scarcer and hence more expensive than the capital good. Moreover, along the transition the growth rate of the tourism economy holds well above the one of the rich country for a long time. The growth rate differential between countries is particularly high when tourism is a luxury good. In this case, there is a faster increase in the tourism demand. As a result, investment of the small economy is boosted and its terms of trade highly improve.