930 resultados para European Financial Stability Facility


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X-ray Raman scattering and x-ray emission spectroscopies were used to study the electronic properties and phase transitions in several condensed matter systems. The experimental work, carried out at the European Synchrotron Radiation Facility, was complemented by theoretical calculations of the x-ray spectra and of the electronic structure. The electronic structure of MgB2 at the Fermi level is dominated by the boron σ and π bands. The high density of states provided by these bands is the key feature of the electronic structure contributing to the high critical temperature of superconductivity in MgB2. The electronic structure of MgB2 can be modified by atomic substitutions, which introduce extra electrons or holes into the bands. X ray Raman scattering was used to probe the interesting σ and π band hole states in pure and aluminum substituted MgB2. A method for determining the final state density of electron states from experimental x-ray Raman scattering spectra was examined and applied to the experimental data on both pure MgB2 and on Mg(0.83)Al(0.17)B2. The extracted final state density of electron states for the pure and aluminum substituted samples revealed clear substitution induced changes in the σ and π bands. The experimental work was supported by theoretical calculations of the electronic structure and x-ray Raman spectra. X-ray emission at the metal Kβ line was applied to the studies of pressure and temperature induced spin state transitions in transition metal oxides. The experimental studies were complemented by cluster multiplet calculations of the electronic structure and emission spectra. In LaCoO3 evidence for the appearance of an intermediate spin state was found and the presence of a pressure induced spin transition was confirmed. Pressure induced changes in the electronic structure of transition metal monoxides were studied experimentally and were analyzed using the cluster multiplet approach. The effects of hybridization, bandwidth and crystal field splitting in stabilizing the high pressure spin state were discussed. Emission spectroscopy at the Kβ line was also applied to FeCO3 and a pressure induced iron spin state transition was discovered.

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We demonstrate how endogenous information acquisition in credit markets creates lending cycles when competing banks undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal screening externalities induced by lending market competition as a structural source of instability. We show that uncoordinated screening behavior of competing banks may be not only the source of an important financial multiplier, but also an independent source of fluctuations inducing business cycles. The screening cycle mechanism is robust to generalizations along many dimensions such as the lending market structure, the lending rate determination and the imperfections in the screening technology.

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X-ray synchrotron radiation was used to study the nanostructure of cellulose in Norway spruce stem wood and powders of cobalt nanoparticles in cellulose support. Furthermore, the growth of metallic clusters was modelled and simulated in the mesoscopic size scale. Norway spruce was characterized with x-ray microanalysis at beamline ID18F of the European Synchrotron Radiation Facility in Grenoble. The average dimensions and the orientation of cellulose crystallites was determined using x-ray microdiffraction. In addition, the nutrient element content was determined using x-ray fluorescence spectroscopy. Diffraction patterns and fluorescence spectra were simultaneously acquired. Cobalt nanoparticles in cellulose support were characterized with x-ray absorption spectroscopy at beamline X1 of the Deutsches Elektronen-Synchrotron in Hamburg, complemented by home lab experiments including x-ray diffraction, electron microscopy and measurement of magnetic properties with a vibrating sample magnetometer. Extended x-ray absorption fine structure spectroscopy (EXAFS) and x-ray diffraction were used to solve the atomic arrangement of the cobalt nanoparticles. Scanning- and transmission electron microscopy were used to image the surfaces of the cellulose fibrils, where the growth of nanoparticles takes place. The EXAFS experiment was complemented by computational coordination number calculations on ideal spherical nanocrystals. The growth process of metallic nanoclusters on cellulose matrix is assumed to be rather complicated, affected not only by the properties of the clusters themselves, but essentially depending on the cluster-fiber interfaces as well as the morphology of the fiber surfaces. The final favored average size for nanoclusters, if such exists, is most probably a consequence of these two competing tendencies towards size selection, one governed by pore sizes, the other by the cluster properties. In this thesis, a mesoscopic model for the growth of metallic nanoclusters on porous cellulose fiber (or inorganic) surfaces is developed. The first step in modelling was to evaluate the special case of how the growth proceeds on flat or wedged surfaces.

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Mycobacterium tuberculosis has multiple sigma factors which enable the bacterium to reprogram its transcriptional machinery under diverse environmental conditions. sigma(J), an extracytoplasmic function sigma factor, is upregulated in late stationary phase cultures and during human macrophage infection. sigma(J) governs the cellular response to hydrogen peroxide-mediated oxidative stress. sigma(J) differs from other canonical sigma factors owing to the presence of a SnoaL_2 domain at the C-terminus. sigma(J) crystals belonged to the tetragonal space group I422, with unit-cell parameters a = b = 133.85, c = 75.08 angstrom. Diffraction data were collected to 2.16 angstrom resolution on the BM14 beamline at the European Synchrotron Radiation Facility (ESRF).

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In July 2013, the government approved a major overhaul of the Spanish electricity sector to correct existing imbalances that have led to an exponential increase of regulated electricity costs and a huge tariff deficit. The reform addresses the problem of financial sustainability of the sector, severely affected by weak demand and overcapacity. Previous regulation introduced in 2012 and early 2013, also aimed at restoring financial stability of the sector, failed to correct the tariff shortfall and new regulatory measures were needed to reduce the 4.5 billion euros forecasted deficit for 2013. The frequent change of the rules of the game in the sector has created regulatory uncertainty, more so as it is not clear that the present reform will be sufficient to eliminate the deficit. Moreover, the government has left the door open to new regulation that would deal with the price formation system. In general, short run financial criteria have prevailed, while efficiency principles and a long run perspective have little weight in the reform.

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Este estudo, de cunho histórico-social, tem como objeto a inserção de enfermeiras como oficiais da Força Aérea Brasileira (FAB) por meio do pioneiro Quadro Feminino de Oficiais (QFO). O marco inicial do estudo refere-se ao início do Estágio de Adaptação militar, em 02 de agosto de 1982 no Centro de Instrução Especializada da Aeronáutica (CIEAR), localizado na cidade do Rio de Janeiro. O marco final do estudo diz respeito ao término do período inicial obrigatório de dois anos de cumprimento de serviço ativo dessas enfermeiras, que culminou com a promoção das mesmas ao posto de 1Tenente (1984). Os objetivos do estudo são: descrever as circunstâncias de inserção das enfermeiras no processo seletivo do QFO, analisar o processo de incorporação do habitus militar durante o Estágio de Adaptação, e discutir as estratégias de luta das enfermeiras militares para ocuparem seus lugares devidos nos hospitais da FAB. A técnica de coleta de dados utilizada foi a entrevista e ocorreu no período de abril a maio de 2009 em hospitais da FAB da cidade do Rio de Janeiro. Foram entrevistadas cinco enfermeiras militares da primeira turma do QFO. O estudo foi cadastrado no SISNEP e aprovado pelo Comitê de Ética da FAB. Todos os sujeitos assinaram o Termo de consentimento livre e esclarecido e o Termo de doação de depoimento oral. O método utilizado foi o da História oral temática o referencial teórico do estudo foi baseado no pensamento do sociólogo francês Pierre Bourdieu, cujos conceitos de poder simbólico, habitus, campo, espaço social e violência simbólica sustentaram a construção desta dissertação. Para a análise e interpretação dos dados, seguimos os passos propostos por Maria Cecília Minayo de ordenação de dados, que compreendeu a transcrição na íntegra dos depoimentos; classificação cronológica e temática dos documentos escritos; classificação dos dados e a análise final. Evidenciou-se que diversos motivos incentivaram as enfermeiras a almejarem sua inserção na FAB como a boa remuneração, estabilidade financeira, progressão profissional, desbravamento de um novo campo de trabalho, clientela diferenciada, aposentadoria com salário integral e pioneirismo na FAB. O objetivo do Estágio de Adaptação militar foi inculcar do habitus militar nas candidatas a partir de ensinamentos baseados na hierarquia, disciplina, ética, dever e compromisso militar. Ao se inserirem nos hospitais da FAB, as enfermeiras receberam diversos cargos e funções, galgando um poder simbólico sobre a equipe de enfermagem. As inevitáveis lutas simbólicas dessas enfermeiras ocorreram com os médicos militares, com a equipe de enfermagem, com as enfermeiras civis e com a própria administração do hospital, e revelaram aspectos característicos de violência simbólica desencadeada por lutas de gênero e pela manutenção do poder, visto que as enfermeiras, dotadas de status de chefe e de militar, se inseriram num campo eminentemente masculino.

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Lan honetan lehenik eta behin automobilgintza sektorearen analisi orokor bat burutzen da,eta ondoren, SEAT S.A enpresaren analisi ekonomiko-finantzariora joko da, enpresaren hazkundea, egonkortasun finantzarioa, likidezia, errentagarritasuna eta arriskua analizatuko dira, batik bat.

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A presente dissertação versa sobre o estudo da regulação financeira sistêmica brasileira e está dividida em quatro capítulos. No primeiro capítulo, descreve-se a essência das atividades financeiras e narra-se a trajetória histórica que deu ensejo à criação de Bancos Centrais e o surgimento da regulação bancária no mundo. Em seguida, discorre-se sobre o processo de expansão do sistema financeiro e sua internacionalização face à globalização financeira dos mercados. Após a exposição de razões políticas, comportamentais, econômicas e técnicas consideradas determinantes para a consumação da última crise financeira mundial (caso subprime), demonstra-se que uma regulação financeira sistêmica adequada constitui um processo complexo, dinâmico e contínuo de gestão pública com vistas a evitar ou atenuar os efeitos de crises sistêmicas. Nesse sentido, são expostos os motivos por que o Brasil enfrentou bem tal crise, através da apresentação da evolução dos processos regulatórios domésticos nos últimos anos. No segundo capítulo, utilizado o marco político-filosófico de John Rawls, sustenta-se a ideia de que a estabilidade financeira sustentável ao longo do tempo é uma questão de justiça básica que deve influenciar o desenho político-institucional em sociedades democráticas constitucionais. Nesse sentido, afirma-se a possibilidade de geração de um consenso sobreposto, segundo o ideal de razão pública, quanto à necessidade de estabelecimento de instituições, relativamente descoladas dos ciclos político-eleitorais e dotadas de especialização técnica, responsáveis pelo planejamento e acompanhamento público e transparente da sustentabilidade da execução da política monetária e da regulação financeira sistêmica propriamente dita no longo prazo. Adicionalmente, em razão da globalização financeira dos mercados, discorre-se sobre os limites e possibilidades do ideal de razão pública nos organismos financeiros internacionais (redes globais de governo), instituídos para definir padrões de regulação financeira sistêmica, e são feitos comentários acerca da existência de um Direito Administrativo Global. No terceiro capítulo, defende-se a ideia de razão prática regulatória como a diretriz adequada de atuação sustentável do Estado na economia com foco em resultados, a fim de estimular o progresso nos processos regulatórios, mediante o uso do better regulation como paradigma de análise de custos e benefícios. Após, expõe-se a noção de juridicidade administrativa como a mais compatível com a Constituição, além de defender-se a legitimidade democrática e o poder normativo das agências reguladoras financeiras. Por fim, com fundamento nas características do desenho institucional da estrutura regulatória brasileira, são formuladas propostas de aprimoramento institucional. No último capítulo, são feitos comentários sobre as vantagens, limites e riscos de judicialização dos processos regulatórios financeiros em democracias constitucionais, o que motiva a construção de parâmetros institucionais e materiais de atuação judicial, posteriormente analisados em precedentes importantes julgados no Brasil nos últimos anos.

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A regulação e supervisão do sistema financeiro sempre foram motivos de apreensão por parte das principais autoridades econômicas mundiais. A globalização, o processo de liberalização financeira e a consequente interconexão econômica entre países maximizaram o risco sistêmico, aumentando a necessidade de marco regulatório e fiscalização mais eficientes. Assim, com a eclosão da crise norte-americana em 2008, o G-20 começou a atuar de forma mais ativa em prol da manutenção da higidez do sistema financeiro mundial. Para os bancos, o G-20 instruiu as principais instituições reguladoras como o Fundo Monetário Internacional, o Conselho de Estabilidade Financeira e o Comitê de Basileia (BCBS) a desenvolverem recomendações a fim de se solucionar o considerado principal problema da regulação dos mercados, o fato destes atualmente serem pró-cíclicos. Diante de tal cenário, em dezembro de 2009, o Comitê publicou um documento que considerou uma série de medidas a fim de solucionar tal problema, entre estas estava a inclusão do buffer de capital contracíclicodo novo marco regulatório proposto pelo Comitê, o Basileia III. O intuito do presente estudo é estudar esse buffer e analisar sua aplicabilidade no sistema bancário brasileiro e, porventura, sugerir metodologias alternativas de cálculo.

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The high-intensity, high-resolution x-ray source at the European Synchrotron Radiation Facility (ESRF) has been used in x-ray diffraction (XRD) experiments to detect intermetallic compounds (IMCs) in lead-free solder bumps. The IMCs found in 95.5Sn3.8Ag0.7Cu solder bumps on Cu pads with electroplated-nickel immersion-gold (ENIG) surface finish are consistent with results based on traditional destructive methods. Moreover, after positive identification of the IMCs from the diffraction data, spatial distribution plots over the entire bump were obtained. These spatial distributions for selected intermetallic phases display the layer thickness and confirm the locations of the IMCs. For isothermally aged solder samples, results have shown that much thicker layers of IMCs have grown from the pad interface into the bulk of the solder. Additionally, the XRD technique has also been used in a temperature-resolved mode to observe the formation of IMCs, in situ, during the solidification of the solder joint. The results demonstrate that the XRD technique is very attractive as it allows for nondestructive investigations to be performed on expensive state-of-the-art electronic components, thereby allowing new, lead-free materials to be fully characterized.

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We examine the trade credit linkages among firms within a supply chain to reckon the effect of such linkages on the propagation of liquidity shocks from downstream to upstream firms. We choose a sample appropriate for this task, consisting of a large data set of Italian firms from the textile industry, a well known example of a comprehensive manufacturing cluster featuring a large number of small and specialized firms at each level of the supply chain. The results of the analysis indicate that the level of trade credit that firms provide to their suppliers is positively related to the level of trade credit granted to their clients: when the level of trade credit granted to clients divided by sales goes up by 1, the level of trade credit provided to suppliers divided by cost-of goods-sold goes up by an amount that varies between 0,22 and 0,52. Since all firms along the chain are linked by trade credit relationships, an increase in the level of trade credit granted by wholesalers generates a liquidity cascade throughout the chain. We designate the overall increase in the level of trade credit among all firms in the chain as a result of a unitary impulse in the level of trade credit granted by wholesalers as the multiplier effect of trade credit for the industry chain. We estimate such multiplier to vary between 1.28 and 2.04. We also investigate the effect of final demand on the level of trade credit sourced by firms at various levels of the chain and, in particular, whether such effect is amplified for firms further up in the chain as a result of liquidity propagation via trade credit linkages. We uncover evidence of such amplification when the links of liquidity transmission along the chain are individually modeled and estimated. An unitary increase in wholesalers’ sales is found to produce an effect on trade payables among firms at the top of the chain (i.e., Preparers and Spinners) that is more than twice as big as the corresponding effect among firms at the bottom of the chain (i.e., Wholesalers).

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In this paper the claim for the market for a new business management to ensure the presence of women in decision -making to respond to new social needs addressed. Thus, this paper analyzes the influence of gender diversity of the directors on the profitability and the level of debt for a sample of 5,199 Spanish cooperatives. Unlike capitalist societies, these organizations have a number of peculiarities in their government, and that the partners are themselves major time, agents and customers. The study focuses on the Spanish context, where there is an open debate on the importance of women's business management, as in other countries, driven by the proliferation of legislation on gender equality, being, in addition, Spain, the pioneer in having specific legislation on Social Economy. The results show that cooperatives with greater female representation in theirs Boards have higher profitability. On the other hand, those Boards with a higher percentage of women show a lower level of indebtedness.

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This research arises due to the current restructuring process in which is immersed the Spanish banking sector. The above mentioned process is carried out to try to reduce the doubts on the viability of the bank companies to average and long term and to be able to return again the confidence in the sector. Though the economic and financial crisis has concerned the whole banking sector, the subsector of the Spanish savings banks is the one that has experienced a major number of integrations (articulated by means of mergers, absorptions and across Institutional Protection Schemes -IPSs-), and the one that has met submitted to the bancarization process. Considering what has been said, the present paper analyses Spanish saving banks to try to discern whether thanks to that process the objectives pursued by the bank rearrangement have been fulfilled. To do this, the evolution of some important financial variables will be studied over a long period of time (1999-2012). The results suggest that not all the savings banks have seen improved their ratios of efficiency, solvency, financial gap and social work, which indicates that there is still much to be done in order to rectify the problems affecting the studied sector.

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Laser accelerated proton beams have been proposed to be used in different research fields. A great interest has risen for the potential replacement of conventional accelerating machines with laser-based accelerators, and in particular for the development of new concepts of more compact and cheaper hadrontherapy centers. In this context the ELIMED (ELI MEDical applications) research project has been launched by INFN-LNS and ASCR-FZU researchers within the pan-European ELI-Beamlines facility framework. The ELIMED project aims to demonstrate the potential clinical applicability of optically accelerated proton beams and to realize a laser-accelerated ion transport beamline for multi-disciplinary user applications. In this framework the eye melanoma, as for instance the uveal melanoma normally treated with 62 MeV proton beams produced by standard accelerators, will be considered as a model system to demonstrate the potential clinical use of laser-driven protons in hadrontherapy, especially because of the limited constraints in terms of proton energy and irradiation geometry for this particular tumour treatment. Several challenges, starting from laser-target interaction and beam transport development up to dosimetry and radiobiology, need to be overcome in order to reach the ELIMED final goals. A crucial role will be played by the final design and realization of a transport beamline capable to provide ion beams with proper characteristics in terms of energy spectrum and angular distribution which will allow performing dosimetric tests and biological cell irradiation. A first prototype of the transport beamline has been already designed and other transport elements are under construction in order to perform a first experimental test with the TARANIS laser system by the end of 2013. A wide international collaboration among specialists of different disciplines like Physics, Biology, Chemistry, Medicine and medical doctors coming from Europe, Japan, and the US is growing up around the ELIMED project with the aim to work on the conceptual design, technical and experimental realization of this core beamline of the ELI Beamlines facility. © 2013 SPIE.

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The global ETF industry provides more complicated investment vehicles than low-cost index trackers. Instead, we find that the real investments of ETFs that do not fully replicate their benchmarks may deviate from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability), to benefit from the securities lending market, to support ETF-affiliated banks’ stock prices, and to help affiliated OEFs through cross-trading. These effects are more prevalent in ETFs domiciled in Europe. Market awareness of such additional risk is reflected in ETF outflows. These results have important normative implications for consumer protection and financial stability.