Universal banking, competition and risk in a macro model

A stylized macroeconomic model is developed with an indebted, heterogeneous Investment Banking Sector funded by borrowing from a retail banking sector. The government guarantees retail deposits. Investment banks choose how risky their activities should be. We compared the benefits of separated vs. universal banking modelled as a vertical integration of the retail and investment banks. The incidence of banking default is considered under different constellations of shocks and degrees of competitiveness. The benefits of universal banking rise in the volatility of idiosyncratic shocks to trading strategies and are positive even for very bad common shocks, even though government bailouts, which are costly, are larger compared to the case of separated banking entities. The welfare assessment of the structure of banks may depend crucially on the kinds of shock hitting the economy as well as on the efficiency of government intervention.

The system-wide impacts of the external benefits to higher education on the Scottish economy: An exploratory “micro-to-macro” approach

The private market benefits of education, i.e. the wage premia of graduates, are widely studied at the micro level, although the magnitude of their macroeconomic impact is disputed. However, there are additional benefits of education, which are less well understood but could potentially drive significant macroeconomic impacts. Following the taxonomy of McMahon (2009) we identify four different types of benefits of education. These are: private market benefits (wage premia); private non market benefits (own health, happiness, etc.); external market benefits (productivity spillovers; and external non-market benefits (crime rates, civic society, democratisation, etc.). Drawing on available microeconometric evidence we use a micro-to-macro simulation approach (Hermannsson et al, 2010) to estimate the macroeconomic impacts of external benefits of higher education. We explore four cases: technology spillovers from HEIs; productivity spillovers from more skilled workers in the labour market; reduction in property crime; and the potential overall impact of external and private non-market benefits. Our results suggest that the external economic benefits of higher education could potentially be very large. However, given the dearth of microeconomic evidence this result should be seen as tentative. Our aim is to illustrate the links from education to the wider economy in principle and encourage further research in the field.

Stock Market Liquidity and Macro-Liquidity Shocks: Evidence from the 2007-2009 Financial Crisis

We develop an empirical framework that links micro-liquidity, macro-liquidity and stock prices. We provide evidence of a strong link between macro-liquidity shocks and the returns of UK stock portfolios constructed on the basis of micro-liquidity measures between 1999-2012. Specifically, macro-liquidity shocks, which are extracted on the meeting days of the Bank of England Monetary Policy Committee relative to market expectations embedded in 3-month LIBOR futures prices, are transmitted in a differential manner to the cross-section of liquidity-sorted portfolios, with liquid stocks playing the most active role. We also find that there is a significant increase in shares’ trading activity and a rather small increase in their trading cost on MPC meeting days. Finally, our results emphatically document that during the recent financial crisis the shocks-returns relationship has reversed its sign. Interest rate cuts during the crisis were perceived by market participants as a signal of deteriorating economic prospects and reinforced “flight to safety” trading.

Term Structure Dynamics, Macro-Finance Factors and Model Uncertainty

This paper extends the Nelson-Siegel linear factor model by developing a flexible macro-finance framework for modeling and forecasting the term structure of US interest rates. Our approach is robust to parameter uncertainty and structural change, as we consider instabilities in parameters and volatilities, and our model averaging method allows for investors' model uncertainty over time. Our time-varying parameter Nelson-Siegel Dynamic Model Averaging (NS-DMA) predicts yields better than standard benchmarks and successfully captures plausible time-varying term premia in real time. The proposed model has significant in-sample and out-of-sample predictability for excess bond returns, and the predictability is of economic value.

Caracterização das Comunidades Subtidais de Macroinvertebrados Bentónicos de Substrato Rochoso da Ilha de São Vicente, Cabo Verde

The Cape Verde Archipelago location and its biogeographical features are of special interest for Marine Ecology. However, there’s a lack of knowledge regarding the composition of the coastal ecosystems in this region, especially about benthic macroinvertebrates subtidal communities. Between August and October of 2007, eight locations around the island of São Vicente were sampled. Within each of those spots, fragments of substratum were collected and throughout the processing of the collected data, a total of 4032 individuals were counted, which belong to 81 different species. Shannon’s Entropy and Gini-Simpson’s diversity index were calculated, as the real number of species each one represented. By comparing the results, differences between sampling stations and between indices within the same sampling station were found. With the purpose of clustering the sampled locations according to the number of collected organisms by species, a dendrogram was elaborated and a principal component analysis was carried out. The considered sampling stations didn’t reveal significant differences according to the composition of their benthic macroinvertebrates subtidal communities in terms of great taxonomic groups or functional groups. It’s assumed that they differ only by minute traits.

Caracterização das Comunidades Subtidais de Macroinvertebrados Bentónicos de Substrato Rochoso da Ilha de São Vicente, Cabo Verde

A localização do arquipélago de Cabo Verde e as suas características biogeográficas conferem-lhe um especial interesse no domínio da Ecologia Marinha. Todavia, o conhecimento da composição dos ecossistemas costeiros desta região é incipiente, especialmente no que concerne as comunidades subtidais de macroinvertebrados bentónicos. Entre Agosto e Outubro de 2007, foram amostrados oito locais em redor da ilha de São Vicente. Em cada um desses locais recolheram-se fragmentos do substrato, de onde se contou um total de 4032 indivíduos, pertencentes a 81 espécies diferentes. Calculou-se o valor de índices de diversidade (Entropia de Shannon e Índice de Gini-Simpson) e o número real de espécies que cada um representava. Ao comparar os valores obtidos constataram-se diferenças entre estações e entre valores dos dois índices para o mesmo local. Com o intuito de agrupar as estações prospectadas de acordo com o número de indivíduos recolhidos de cada espécie identificada, elaborou-se um dendrograma e realizou-se uma análise de componentes principais. As estações consideradas para este estudo não mostraram diferenças significativas no que diz respeito à composição das suas comunidades subtidais de macroinvertebrados bentónicos em termos de grandes grupos taxonómicos ou grupos funcionais. Assume-se que as estações diferem apenas por discrepâncias pontuais.

Distribuição de abundância e tamanho do corpo de invertebrados do folhiço em uma floresta de terra firme na Amazônia Central, Brasil

Abundace and body size distribution of invertebrates of leaf litter in Amazonian forest, Brazil. Based on 605 invertebrates sampled of the litter in an Amazonian Forest, some basic macroecological patterns for this assemblage were described. The relationship between abundance and body size, at logarithmic scale, was triangular, and the distribution of species was constrained in an asymmetric triangular envelope, that was tested using null model procedures in ECOSIM (P= 0,0002). The most abundant species were at an intermediated body size. The relationship between maximum abundance with different mean body size classes confirmed the Energetic Equivalent Rule (b = -1,069; t-0,75 = -2,13; P = 0.079). This way, species tend to consume energy from the community independent of their body size, since requirements are compensated by local population density.

O acervo de mosquitos (Diptera, Culicidae) de Nelson L. Cerqueira na Coleção de Invertebrados do Instituto Nacional de Pesquisas da Amazônia, Manaus, Brasil

Registra-se a descoberta de espécimes de mosquitos que pertenciam a Nelson L. Cerqueira, e estão sendo depositados na coleção de Invertebrados do Instituto Nacional de Pesquisas da Amazônia. A coleção contém 2.046 espécimes adultos e 387 lâminas representando 261 espécies, 22 gêneros, incluindo 51 parátipos de 34 espécies. Mais de 90% dos espécimes foram coletados no Brasil dos quais metade são do Estado do Amazonas. As espécies representadas neste acervo são listadas indicando o número de espécimes para cada tipo de preparação e as localidades de coleta. O material tipo também é listado, incluindo os dados dos rótulos de identificação e de procedência, bem como outras informações pertinentes.

Creative accounting: Some ethical issues of macro- and micro-manipulation

This paper examines two principal categories of manipulative behaviour. The term'macro-manipulation' is used to describe the lobbying of regulators to persuadethem to produce regulation that is more favourable to the interests of preparers.'Micro-manipulation' describes the management of accounting figures to produce abiased view at the entity level. Both categories of manipulation can be viewed asattempts at creativity by financial statement preparers. The paper analyses twocases of manipulation which are considered in an ethical context. The paperconcludes that the manipulations described in it can be regarded as morallyreprehensible. They are not fair to users, they involve an unjust exercise ofpower, and they tend to weaken the authority of accounting regulators.

New evidence on inflation persistence and price stickiness in the Euro area: Implications for macro modelling

This paper evaluates new evidence on price setting practices and inflation persistence in the euro area with respect to its implications for macro modelling. It argues that several of the most commonly used assumptions in micro-founded macro models are seriously challenged by the new findings.

Evaluación del uso del chinchorro mecanizado en las zonas de Lomas - Mollendo

Evalúa el uso del chinchorro mecanizado y su relación con el deterioro del medio ambiente, teniendo en cuenta que su estilo de operación se asemeja a una red de arrastre de fondo que opera en zonas de mar abierto y/o en grandes ensenadas, cerca a la orilla de fondos someros, arenosos y planos; las cuales son zonas muy productivas por estar en áreas de intenso afloramiento que permiten el desarrollo de una gran variedad de invertebrados bentónicos (muy muy, machas. poliquetos, entre otros).

Ampliación de la distribución de algunos peces e invertebrados durante el fenómeno El Niño 1982 - 1983

Analiza la información procedente de los cruceros 8211-12 efectuados por el BIC "Humboldt", el cual proporciona una lista de 51 especies que han ampliado su área de distribución.

Efecto de El Niño 1997-98 sobre la pesquería de los invertebrados marinos en Lambayeque

Determina las probables respuestas de los invertebrados del litoral del departamento de Lambayeque frente a las perturbaciones ambientales producidas por El Niño 1997-98, cuantificando sus efectos sobre las capturas y desembarques de los invertebrados marinos.

Procedimiento estandarizado de operación: Método de determinación del consumo de oxígeno en invertebrados acuáticos (PEO-IMP-CO-001)

Expone el procedimiento estándar de operación (PEO) para el método de determinación del consumo de oxígeno de invertebrados acuáticos, aplicable por los analistas de la Línea de Investigación en Ecotoxicología Acuática (LIEA). Describe el equipamiento, materiales necesarios, procedimientos de campo y laboratorio, y análisis e interpretación de los datos.

Identificación y delimitación de bancos naturales de invertebrados marinos, zonas de pesca artesanal y areas propuestas para maricultura en el Litoral de la Región Áncash

Se presentan los resultados de la prospección biooceanográfica, realizada en el litoral de la Región Áncash, orientada a identificar y delimitar tres aspectos: (1) los bancos naturales de invertebrados marinos, (2) las zonas de pesca artesanal y (3) las áreas propuestas para maricultura.