Historia de la protección del patrimonio arquitectónico en España. 1933-1985

El trabajo de investigación que presentamos tiene como principal objetivo, la recopilación, el registro, el análisis y la reflexión sobre una época, tan trascendental como poco estudiada desde el ámbito arquitectónico, como es el período comprendido entre las dos normas de mayor relevancia en relación a la protección del Patrimonio Histórico Español del último siglo. Nos referimos a la Ley sobre Defensa, Conservación y Acrecentamiento del Patrimonio Histórico Nacional de 13 de mayo de 1933 y la Ley 13/1985, de 25 de junio, del Patrimonio Histórico Español. A través de la investigación realizada, se pretende aportar una visión integral de esta etapa, desde el enfoque arquitectónico, fundamentando la misma en el desarrollo de pautas metodológicas, abordadas desde la recopilación exhaustiva del material bibliográfico y documental para su posterior análisis. A partir de esta fase inicial, se han identificado los nexos comunes entre los estudios existentes sobre el patrimonio monumental español previos a la Guerra Civil y las investigaciones dedicadas a la historia de las últimas décadas del siglo XX. De esta forma, se ha procurado trazar un “puente” documental, con el que trasponer virtualmente el vacío bibliográfico existente. Históricamente, la protección del patrimonio histórico edificado y urbano, ha preocupado y ocupado a multitud de profesionales que, desde disciplinas dispares, han emprendido la tarea ímproba de comprender y explicar cuáles han sido los avatares, históricos y legales, que han marcado su evolución. Tal preocupación ha generado una bibliografía ingente y diversa, desde la protección formal y precisa, sobre uno u otro material, pasando por el marco historiográfico de las tendencias conservacionistas y las teorías decimonónicas, las filigranas formadas por las cuantiosas normas promulgadas desde la Novísima Recopilación, hasta la incidencia del planeamiento urbano en la tutela del patrimonio, incluidas la trama de competencias y yuxtaposiciones administrativas. Documentos de toda índole y profundidad científica, que como mosaicos hispanomusulmanes, dibujan el panorama patrimonial en el que la criba de material resulta una tarea, en ocasiones, inextricable. El título de este documento, en sí mismo, circunscribe la materia que ha sido el objeto de análisis durante el proceso de investigación, el Patrimonio Arquitectónico Monumental. El eje o núcleo basal de estudio se sitúa en los bienes inmuebles, los edificados, que, a su vez, ostentan la declaración de Bien de Interés Cultural, y que, por ende, pertenecen al Patrimonio Histórico Español. La metodología de trabajo se ha desarrollado de forma concéntrica, desde aspectos generales de la protección del patrimonio monumental, como el marco legal que antecede a la promulgación de la Ley de 1933, y el estado previo de los bienes susceptibles de ser preservados. Reconocemos en el ámbito legislativo, el fundamento orgánico que regula y dirige la tutela del patrimonio histórico español y la acción conservadora, y que delimita el ámbito a partir del cual se condiciona el devenir de los bienes culturales. Del esquema de situación surgido del análisis previo, se han detectado los factores claves en la transición hacia la Ley de Patrimonio Histórico Español; la evolución conceptual del “Patrimonio”, como apreciación genérica, y el testimonio de este progreso a través de los valores históricos, artísticos y culturales. El presente documento de investigación, consta de una primera fase, correspondiente al Capítulo 1, que se ha desarrollado a partir, principalmente, de la ordenación jurídica que rige el Patrimonio Histórico Español, a través de leyes, decretos, órdenes y disposiciones anexas, complementado con el material bibliográfico dedicado a la revisión histórica del proceso legal de la protección del patrimonio histórico-artístico. Si bien no ha sido nuestro propósito realizar un estudio pormenorizado del volumen jurídico e histórico que precede a la Ley de 1933, y que da inicio al período de estudio de la presente investigación, sí lo ha sido centrarnos en la elaboración de un extracto de aquellos elementos de la doctrina de mayor relevancia y repercusión en la protección del patrimonio histórico-artístico y/o monumental español. A lo largo de este estudio hemos comprobado lo que algunos juristas ya habían planteado, acerca de la profunda dispersión, ramificación, y diversificación de esfuerzos, tanto en la legislación específica como en la urbanística. Esta disgregación se ha extendido al ámbito de las medidas de reconocimiento caracterizado por la elaboración de múltiples catálogos e inventarios, con desigual transcendencia, alcance y utilidad. El resultado ha sido una división de esfuerzos, desdibujando el objetivo y convirtiendo la acción del reconocimiento en múltiples empresas inconexas y de escasa trascendencia. Nuestra investigación avanza en el análisis de la protección del patrimonio, como concepto globalizador, con el desarrollo del Capítulo 2, en el que se incluye una serie de mecanismos directos e indirectos que, individualmente, suelen carecer de la fuerza efectiva que muchos de los monumentos o conjuntos monumentales requieren para sobrevivir al paso del tiempo y sus circunstancias. En primer lugar, en este segundo capítulo nos hemos centrado, específicamente, en el mecanismo regulado por la Ley del Patrimonio Histórico Español, y el régimen general de protección implementado a partir de su promulgación en 1985. En especial, consideraremos la declaración de Interés Cultural como grado máximo de protección y tutela de un bien, y su posterior inscripción en el Registro General correspondiente, dependiente del Ministerio de Educación, Cultura y Deporte. Este mecanismo representa el instrumento por antonomasia que condensa las facultades de tutela del Estado sobre un bien del que se considera poseedor y aglutinador de valores “culturales” —como cohesión de los valores históricos, artísticos, sociales, etc. — representativos de la idiosincrasia española, y sobre el cual no existen dudas sobre la necesidad de garantizar su permanencia a través de su conservación. En segunda instancia, hemos analizado el Planeamiento Urbanístico, como aglutinador de valores culturales contenidos en la ciudad y como contenedor de los efectos generados por el hombre a partir de su interacción con el medio en el que habita y se relaciona. En tercer término, hemos recopilado y estudiado la concepción de los catálogos, como noción genérica de protección. Desde hace siglos, este género ha estado definido como una herramienta capaz de intervenir en la protección del patrimonio histórico, aunque de una manera difícilmente cuantificable, mediante la identificación, enumeración y descripción de una tipología concreta de monumentos o grupos de ellos, contribuyendo al reconocimiento de los valores cualitativos contenidos en éstos. El tercer capítulo analiza el mecanismo directo de tutela que ejerce la Administración en el patrimonio monumental. La declaración de monumentalidad o de Bien de Interés Cultural y su inclusión en el Registro General de Protección. La protección teórica y la protección jurídica de un monumento, analizadas hasta el momento, resultan tan necesarias como pueriles si no van seguidas de su consumación. En el caso de este tipo de patrimonio monumental, toda acción que tenga como objeto resguardar los valores implícitos en un bien mueble o inmueble, y en su materia, implica el cumplimiento de la protección. Por último, el cuarto capítulo se convierte en el punto culminante, y por ende crucial, del proceso de protección del Patrimonio Cultural, el de la consumación de la intervención. La teoría, la crítica, la normativa y hasta las doctrinas más radicales en materia de protección del patrimonio cultural, carecen de sentido si no las suceden los hechos, la acción, en antítesis a la omisión o la desidia. De ello ha dado pruebas elocuentes la propia historia en multitud de ocasiones con la destrucción, por indolencia o desconocimiento, de importantes vestigios del patrimonio arquitectónico español. Por este motivo, y para ser consecuentes con nuestra tesis hemos recuperado, concentrado y analizado la documentación de obra de tres monumentos imprescindibles del patrimonio construido (la Catedral de Burgos, el Palacio-Castillo de la Aljafería en Zaragoza y la Muralla de Lugo). En ocasiones, al examinar retrospectivamente las intervenciones en monumentos de gran envergadura, física y cultural como catedrales o murallas, algunos investigadores han tenido la sospecha o prevención de que las actuaciones no han seguido un plan de actuación premeditado, sino que han sido el resultado de impulsos o arrebatos inconexos producto de la urgencia por remediar algún tipo de deterioro. En oposición a esto, y a través del estudio de las intervenciones llevadas a cabo en los tres monumentos mencionados, hemos podido corroborar que, a excepción de intervenciones de emergencia fruto de circunstancias puntuales, existe coherencia desde el proceso de análisis de situación de un bien a la designación de prioridades, que ha regido el proceso restaurador a lo largo de dos siglos. La evolución de las intervenciones realizadas en los monumentos analizados ha estado definida, además de por su complejidad, magnitud y singularidad constructiva, por el devenir de su estructura y su uso. En conclusión, la efectividad de la protección del patrimonio cultural español, radica en la concomitancia de múltiples aspectos, entre ellos: el cumplimiento acertado de las normas vigentes, específicas y accesorias; el conocimiento del bien y de sus valores históricos, artísticos, y culturales; su catalogación o inclusión en los inventarios correspondientes; el compromiso de los agentes e instituciones de los cuales depende; la planificación de las tareas necesarias que garanticen tanto la salvaguarda estructural como la conservación de sus valores; y la incorporación de un plan de seguimiento que permita detectar eventuales peligros que atenten contra su conservación. Pero, la situación óptima estaría dada por un sistema en el que estos mecanismos —regulaciones específicas y urbanísticas, Declaraciones de Bien de Interés Cultural, Catálogos e Inventarios, etc. — funcionaran, de forma parcial o total, como una maquinaria, donde cada pieza operara con independencia relativa, pero en sintonía con los demás engranajes. Hasta el momento, la realidad dista mucho de esta situación, convirtiendo esta convivencia en una utopía. Tanto los legisladores, como las autoridades y los técnicos involucrados, deben tener presente que, de ellos, de los parámetros asignados por la legislación, de la implementación de los instrumentos estipulados por ésta y de las decisiones tomadas por cada uno de los poderes directivos de los órganos competentes, dependerá el alcance y efectividad de la protección, ya que en cada vertiente existe, en mayor o menor medida, un porcentaje de interpretación y subjetividad. ABSTRACT The research that we present has as the main objective to collect, record, analyzed and reflection on a time, that was little studied from the architectural field. It is the period between the two laws of most relevance to the protection of Spanish Historical Heritage of the last century. We refer to the Law on the Protection and Conservation of National Heritage of 1933 and Law 16/1985 of Spanish Historical Heritage. Through this research, it aims to provide a comprehensive view of the stage from the architectural approach, basing it on the development of methodological guidelines. The investigation was initiated by the bibliography and documentary for further analysis. After this initial phase, we have identified the common links between existing studies on the Spanish architectural heritage prior to the Civil War and dedicated research into the history of the late twentieth century. Thus, we have tried to draw a documental bridge, with which virtually transpose the gap that has existed. Historically, professionals from diverse disciplines have been worried and busy of the protection of the built and urban heritage. They have undertaken the daunting task of understanding and explaining the historical and legal difficulties, which have marked its evolution. This concern has generated an enormous and diverse literature, from formal and precise protection, in the framework of conservation historiographical trends and nineteenth-century theories. Also, they have studied the impact of urban planning in the protection of heritage, including the competences and administrative juxtapositions. They have generated a lot of documents of all kinds and scientific depth. The title of this document, in itself, circumscribes the matter that has been analyzed during this research process, the Monumental Architectural Heritage. The basal studio is located in the historical buildings, which, in turn, hold the declaration of cultural interest, and thus belong to the Spanish Historical Heritage. The work methodology was developed concentrically from general aspects of the protection of monuments, such as the legal framework that predates the enactment of the 1933 Act, and the previous state of the monuments that should be preserved. We recognize in the legislative sphere, the organic base that regulates and directs the tutelage of Spanish heritage and conservative action. The situation scheme emerged from the previous analysis, and we detected the key factors in the transition to the Spanish Historical Heritage Act; the conceptual evolution of the Heritage as a generic assessment, and witness this progress through historical, artistic and cultural values. This research paper consists of a first phase, corresponding to Chapter 1, which has developed from the legal regulation governing the Spanish Historical Heritage, through laws, decrees, orders and related provisions, supplemented the bibliography dedicated to the historical review of the legal process of protecting historical and artistic heritage. While it was not our intention to conduct a detailed study of the legal and historical volume preceding the 1933 Act, and that started the study period of this investigation, yes he has been focusing on the production of an extract from those elements of the doctrine with greater relevance and impact on the protection of Spanish art-historical and / or architectural heritage. Throughout our study we have seen what some jurists had already raised, about the scattering, branching and diversification of efforts, both in specific law and in urban law. This disaggregation has been extended to the field of recognition measures characterized by the development of multiple catalogs and inventories, with varying significance, scope and usefulness. The result has been a division of efforts, blurring the objective and turning the action of the recognition in multiple attempts little consequence. Our research advances in the analysis of heritage protection, as globalization concept in the Chapter 2, which includes a number of direct and indirect mechanisms that individually, often lack the effective force that many of monuments have required to survive the test of time and circumstances. First, in this second chapter we focused specifically on the mechanism regulated by the Spanish Historical Heritage Act, and the general protection regime implemented since its enactment in 1985 . In particular, we consider the declaration of cultural interest as maximum protection and protection of cultural assets, and their subsequent entry in the relevant General Register under the Ministry of Education, Culture and Sports . This mechanism is the instrument par excellence that condenses the powers of state care about a cultural asset, and which represents the cohesion of the historical, artistic, social values , etc. Secondly, we analyzed the Urban Planning, as a unifying cultural value in the city and as a container for the effects caused by man from its interaction with the environment in which he lives and relates. Thirdly, we have collected and studied the origin of catalogs, as generic notion of protection. For centuries, this genre has been defined as a tool to intervene in the protection of historical heritage, although difficult to quantify, through the identification, enumeration and description of a particular typology of monuments, and that contributing to the recognition of qualitative values contained therein. The third chapter analyzes the direct mechanism of protection performed by the Administration in the monuments with the statement of Cultural asset and inclusion in the General Protection Register. The theoretical and legal protection of a monument is as necessary as puerile if they are not followed by intervention. For this type of architectural heritage, any action which has the aim to safeguard the values implicit in the cultural asset involves protection compliance. Finally, the fourth chapter becomes the highlight, because it treated of the end process of the cultural heritage protection, the consummation of the intervention. The theory, the criticism, the rules and even the radical doctrines on the protection of cultural heritage, are meaningless if they do not take place the facts, the action, in antithesis to the omission. The history of the architectural heritage has given eloquent proof by itself. A lot of vestiges have been lost, in many times, for the destruction, through indolence or unknowledge. For this reason, and to be consistent with our thesis, we have collected and analyzed the projects documentation of three monuments (the Burgos Cathedral, the Aljafería Palace-Castle in Zaragoza and the Wall of Lugo). Sometimes, some researchers have suspected that there had not been planning. They suspect that the projects have been the result of different emergency situations. In opposition of this, we confirm that, except for emergency interventions result of specific circumstances, there have been a process of analysis to conclude in the priorities designation, which has guided the restoration process over two centuries. The complexity, magnitude and constructive uniqueness have defined the evolution of intervention. In conclusion, the effectiveness of the protection of Spanish cultural heritage lies in the conjunction of many aspects, including: the successful implementation of existing, specific and ancillary standards; the knowledge of good and its historical, artistic and cultural values; the cataloging and inclusion in the relevant inventories; and the commitment of the actors and institutions on which it depends. These planning tasks are necessary to ensure both structural safeguards as conservation values; and the introduction of a monitoring plan to detect possible dangers that threaten its conservation. But, the optimal situation would be given by a system in which these urban-regulations and specific mechanisms, would work together like a machine, where each piece operated with relative independence, but in tune with the other gears. So far, the reality is far from this situation, turning this coexistence in a utopia. Both legislators and officials and technicians involved must be aware that the effectiveness and scope of protection depends on your insight and commitment.

Comparative Analysis of Firms’ Participation in National and International Programmes to Support Innovation

Innovation is a process that faces several market failure situations. For this reason and for being considered one of the main drivers of economic growth, a large number of governmental and supranational policies are designed to foster technological progress. Along with these policies, there is an increasing concern with their continuous evaluation aiming at providing valuable feedback for these program?s adaptation and adequacy to the firm?s needs. The paper develops an evaluation of the influence of innovation-focused programs in firm¿s innovation and economic performance by means of a comparative analysis of the results obtained by Spanish firms that have participated in R&D national programmes and those achieved by Spanish firms participating in EUREKA international program. Findings show that the programmes were effective in achieving their objective of promoting technological innovation but, as regards the economic effects, the results were less conclusive since some differences were observed depending on the programme. The EUREKA companies displayed better behaviour, with positive differences in their returns on assets and labour productivity. The results also confirm the importance of designing more detailed and rigorous evaluation processes, taking into account the risk variable, in order to draw a more realistic picture of the impact of national and international programmes.

Explanation of changes in real estate stock market

The aim of this study is to explain the changes in the real estate prices as well as in the real estate stock market prices, using some macro-economic explanatory variables, such as the gross domestic product (GDP), the real interest rate and the unemployment rate. Several regressions have been carried out in order to express some types of incremental and absolute deflated real estate lock market indexes in terms of the macro-economic variables. The analyses are applied to the Swedish economy. The period under study is 1984-1994. Time series on monthly data are used. i.e. the number of data-points is 132. If time leads/lags are introduced in the e regressions, significant improvements in the already high correlations are achieved. The signs of the coefficients for IR, UE and GDP are all what one would expect to see from an economic point of view: those for GDP are all positive, those for both IR and UE are negative. All the regressions have high R2 values. Both markets anticipate change in the unemployment rate by 6 to 9 months, which seems reasonable because such change can be forecast quite reliably. But, on the contrary, there is no reason why they should anticipate by 3-6 months changes in the interest rate that can hardly be reliably forecast so far in advance.

Uma formulação por média-variância multi-período para o erro de rastreamento em carteiras de investimento.

Neste trabalho, deriva-se uma política de escolha ótima baseada na análise de média-variância para o Erro de Rastreamento no cenário Multi-período - ERM -. Referindo-se ao ERM como a diferença entre o capital acumulado pela carteira escolhida e o acumulado pela carteira de um benchmark. Assim, foi aplicada a metodologia abordada por Li-Ng em [24] para a solução analítica, obtendo-se dessa maneira uma generalização do caso uniperíodo introduzido por Roll em [38]. Em seguida, selecionou-se um portfólio do mercado de ações brasileiro baseado no fator de orrelação, e adotou-se como benchmark o índice da bolsa de valores do estado de São Paulo IBOVESPA, além da taxa básica de juros SELIC como ativo de renda fixa. Dois casos foram abordados: carteira composta somente de ativos de risco, caso I, e carteira com um ativo sem risco indexado à SELIC - e ativos do caso I (caso II).

Women and Performance in Corporate America

Women and Performance in Corporate America The glass ceiling has been shattered. Women like Indra Nooyi, the CEO of PepsiCo.; Angela Braly, the CEO of Wellpoint; and Patricia Woertz, the CEO of Archer Daniels Midland, are proof that women can achieve top leadership positions in corporate America. However, the scarcity of female leaders occupying the top ranks of corporate America, and the significant wage gap between men and women, suggest that there are significant complications along the path toward success for women in the corporate world.The data show that a disproportionately small number of women are making it to top leadership positions in corporate America. According to the US Department of Labor, in 2007 women accounted for 46% of the total work force, and 51 % of all workers in management, professional, and related occupations. Women outnumbered men in occupations including financial managers, human resource managers, education administrators, medical and health service managers, accountants and auditors, budget analysts, and property, real estate, and social and community association managers (US Department of Labor, 2007). However, women hold only 15.2% of board director positions, 15.7% of corporate officer positions, and 6.2% of top earner positions (Catalyst, 2009b). Additionally, according to a 2008 Corporate Library survey, only 2.6% of Fortune 500 companies currently have female CEOs (as cited in Jones, 2009).The data also show that women earn less than men in the work force. The US Department of Labor found that women working full time in 2007 made only 80% of the salaries of men (US Department of Labor, 2008). Studies designed to control for factors other than gender have not been able to account for the wage gap between men and women (Eagly & Carli, 2007, US Government Accountability Office, 2003). Even among CEO's of fortune 500 companies, female CEO's make only 85% of the salaries of male CEO's (Jones, 2009).

Aspectos constructivos y decorativos de la villa romana de Puente de la Olmilla (Albaladejo, Ciudad Real)

El esquema constructivo de esta villa responde al modelo típico romano: una serie de estancias distribuidas alrededor de un patio central, que las ilumina y desde el que se accede a ellas mediante los pasillos circundantes, cubiertos con pisos de mosaico, al igual que varias habitaciones (dos de ellas adornadas con mosaicos figurativos). Puente de la Olmilla tenía un pórtico en la fachada, combinación que corresponde a un tipo de construcción poco común en Hispania. Esta villa es un claro testimonio del profundo proceso romanizador sufrido por el medio rural en este territorio. Sin duda, este ámbito de la Meseta Sur tenía para los romanos un carácter estratégico por su privilegiado emplazamiento geográfico dentro de la Península Ibérica y esa fue una de las causas de que lo incluyeran en su red viaria.

Kinetic Model for Micro Algae Cell Concentration and Size Distribution: Application to Nannochloropsis gaditana

The cell concentration and size distribution of the microalgae Nannochloropsis gaditana were studied over the whole growth process. Various samples were taken during the light and dark periods the algae were exposed to. The distributions obtained exhibited positive skew, and no change in the type of distribution was observed during the growth process. The size distribution shifted to lower diameters in dark periods while in light periods the opposite occurred. The overall trend during the growth process was one where the size distribution shifted to larger cell diameters, with differences between initial and final distributions of individual cycles becoming smaller. A model based on the Logistic model for cell concentration as a function of time in the dark period that also takes into account cell respiration and growth processes during dark and light periods, respectively, was proposed and successfully applied. This model provides a picture that is closer to the real growth and evolution of cultures, and reveals a clear effect of light and dark periods on the different ways in which cell concentration and diameter evolve with time.

Dynamic Social and Media Content Syndication for Second Screen

Social networking apps, sites and technologies offer a wide range of opportunities for businesses and developers to exploit the vast amount of information and user-generated content produced through social networking. In addition, the notion of second screen TV usage appears more influential than ever, with viewers continuously seeking further information and deeper engagement while watching their favourite movies or TV shows. In this work, the authors present SAM, an innovative platform that combines social media, content syndication and targets second screen usage to enhance media content provisioning, renovate the interaction with end-users and enrich their experience. SAM incorporates modern technologies and novel features in the areas of content management, dynamic social media, social mining, semantic annotation and multi-device representation to facilitate an advanced business environment for broadcasters, content and metadata providers, and editors to better exploit their assets and increase their revenues.

[Questions about real estate, 1799]

One leaf containing handwritten research questions regarding the holding of real estate and related tax exemptions, the College charters and temporary orders, and the tutors of the College.

An Evaluation of Personal and Contextual Factors in Competitive Youth Sport

Because millions of youth are involved in sport, the sport context is important to consider in advancing the growth experiences of young people (Cˆot´e et al., 2007; Fraser-Thomas et al., 2005). Furthermore, research in developmental psychology has highlighted the value of structured programs, including sport, in helping to promote positive youth development (Fredricks & Eccles, 2006). Youth sport involvement has been linked to high levels of enjoyment (Scanlan et al., 1989), however, negative outcomes, such as burnout, have also been reported (Gould et al., 1996). In the present study, the Developmental Assets Profile (Search Institute, 2004) was used to explore personal (internal assets) and contextual (external assets) outcomes associated with youth sport. Results suggest that three particular assets (positive identity, empowerment, and support) are important to focus on in youth sport programs to decrease burnout symptoms and enhance enjoyment. Path analyses were also conducted to test a proposed model and exploratory results confirmed links of particular assets to sport outcomes. The results are discussed in terms of integration with Bronfenbrenner’s ecological theory (1999) and recommendations are suggested for sport programmers to consider to develop these assets within youth sport.

The changing landscape of financial markets in Europe, the United States and Japan. Bruegel Working Paper 2013/02, 18 March 2013

We compare the structure of the financial sectors of the EU27, Japan and the United States, looking at a set of 23 indicators. We find a large variation within the European Union in the structure of the financial sector. Using principal components analysis, we identify robust groups of EU countries. One group consists of the eastern European members that entered the EU more recently.These have substantially smaller financial sectors than the old member states. A second group can be classified as market-based (MBEU) and the third group is more bank-based (BBEU). We compare US, MBEU, BBEU, Eastern EU and Japan with the following main results. First, the groups within Europe are geographically related. Second, in many indicators, MBEU countries are closer to the (market-based) US, while BBEU countries more closely resemble Japan. Paradoxically, however, market-based EU countries also have large banking sectors. Banks in market-based countries have larger cross-border assets and liabilities, and derive a larger fraction of their income from fees, rather than interest income, than banks in bank-based countries. Finally, for most indicators, the ordering of groups of countries is quite stable over time, but while the crisis has had no impact on the relative ordering of the groups, it has slightly widened the gap between the US and all EU regions insome respects. We also find that during the crisis, substitution between market-based and bank-based sources of finance occurred in the US, and to a lesser extent in MBEU and BBEU countries.

Freedom of movement of persons - the building block of European growth. CHALLENGE EUROPE Issue 22 - Challenges and new beginnings: Priorities for the EU's new leadership, September 2014.

The European integration project is founded on values and principles which are simple, equal, and advantageous for all. Freedom of movement of persons is one of the main cornerstones of EU success. It is a fundamental, cherished right of EU citizens. Thanks to this liberty, European citizenship is real, concrete and attractive. Moreover, it spurs economic growth and technological development. But because freedom of movement has become an obvious feature of our day-to-day lives, some of us tend to underestimate its consequences. Important recent developments mean that we must renew our commitment to defend this building-block of a Europe whole and free.

Agricultural and Rural Capital Markets in the EU Candidate Countries: Croatia, the Former Yugoslav Republic of Macedonia and Turkey. Factor Markets Working Paper No. 8, October 2011

This paper analyses agricultural and rural capital factor markets in the three European Union candidate countries: Croatia, the Former Yugoslav Republic (FYR) of Macedonia and Turkey. Aggregate capital market indicators and their dynamics, and factors driving agricultural and rural capital markets are analysed and compared in these countries. In general, agricultural and rural capital markets show similarities with general capital market developments, but agricultural and rural capital markets are facing specific credit constraints related to agricultural assets and rural fixed asset specificities, which constrain their mortgages and collateral use. Credit market imperfections have limited access to the investment credits necessary for the restructuring of small-scale individual farms. Government transfers are used to differing extents in the candidate countries, but generally tend to increase over time. Remittances and donor funds have also played an important role in agricultural and rural economy investments.

The European Central Bank’s quantitative easing programme: limits and risks. Bruegel Policy Contribution Issue 2016/04, February 2016

The European Central Bank (ECB) has made a number of significant changes to the original guidelines of its quantitative easing (QE) programme since the programme started in January 2015. These changes are welcome because the original guidelines would have rapidly constrained the programme’s implementation. The changes announced expand the universe of purchasable assets and give some flexibility to the ECB in the execution of its programme. However, this might not be enough to sustain QE throughout 2017, or if the ECB wishes to increase the monthly amount of purchases in order to provide the necessary monetary stimulus to the euro area to bring inflation back to 2 percent. To increase the programme’s flexibility, the ECB could further alter the composition of its purchases. The extension of the QE programme also raises some legitimate questions about its potential adverse consequences. However, the benefits of this policy still outweigh its possible negative implications for financial stability or for inequality. The fear that the ECB’s credibility will be undermined because of its QE programme also seems to be largely unfounded. On the contrary, the primary risk to the ECB’s credibility is the risk of not reaching its 2 percent inflation target, which could lead to expectations becoming disanchored.

Capital Markets Union: A Work in Progress: Quick and high impact measures for the Capital Markets Union. European Policy Brief No. 37, September 2015

Capital Markets Union has three objectives. The first objective is to improve access to finance for all businesses but especially SMEs; the second is to increase the share of capital markets in the funding mix of the real economy; and the third is to make capital markets more effective and integrate them more closely across borders. This paper examines the best impact measures for the Capital Markets Union to proceed successfully.