Parametric portfolio policies: An application for a global tactical asset allocation model

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Policies, policy-makers and financial flows: An empirical examination

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

A green future for European electricity? :Energy sources, policies and further determinants of the household price of electricity

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

The effects of land-use development policies on forest management

This paper develops a model of a forest owner operating in an open-city environment, where the rent for developed land is increasing concave in nearby preserved open space and is rising over time reflecting an upward trend in households’ income. Thus, our model creates the possibility of switching from forestry to residential use at some point in the future. In addition it allows the optimal harvest length to vary over time even if stumpage prices and regeneration costs remain constant. Within this framework we examine how adjacent preserved open space and alternative development constraints affect the private landowner´s decisions. We find that in the presence of rising income, preserved open space hastens regeneration and conversion cuts but leads to lower density development of nearby unzoned parcels due to indirect dynamic effects. We also find that both a binding development moratorium and a binding minimum-lot-size policy can postpone regeneration and conversion cut dates and thus help to protect open space even if only temporarily. However, the policies do not have the same effects on development density of converted forestland. While the former leads to high-density development, the latter encourages low-density development.

Regional growth in Europe: The role of European and national policies

We conduct a systematic study of the impact of European Union (EU) regional policies on regional economic growth that controls for national policies and geographic characteristics. Special care is taken in distinguishing between the impact of EU policies and of national policies on economic growth. Our empirical study tries to answer two different questions. First, is there convergence across EU regions, and if so, do regions converge to a common European steady-state or to a national one? Second, how do European and national policies affect regional growth? We find evidence of regional convergence at the national level but not at the European level. In addition we find that trade openness at the national level is associated with regional convergence while European regional policies contribute, though weakly, to regional convergence. Our results suggest that policies that foster market integration – and convergence to a common steady-state - such as the promotion of labour and capital movements across countries and common regulatory policies are as important for European-wide regional convergence as regional structural funds.

Policies to improve the lives of Slum Dwellers – from international agreements to local contexts. The Brazilian case-study

Last decades economic development induced massive international and regional migration flows directed to the urban spaces. The magnitude and swiftness of these processes determined that several cities’ authorities would fail to respond to the increasing demands of many social services. The right to an “adequate housing” emerged as a political concern, leading governments and institutions to develop housing programmes directed to improve the lives of slum dwellers. This paper presents a diachronic evolution of these specific housing policies in the paradigmatic case-study of Brazil, critically analysing the evolving roles played by the multiple levels of decision (from international institutions to local communities) in the development and implementation of such measures.

Políticas de financiamento de I&D em Portugal [R&D financing policies in Portugal]

Baseado no relatório para a disciplina de “Avaliação de Ciência e Tecnologia” da responsabilidade do Prof. João Crespo (FCT-UNL) do Programa Doutoral em Avaliação de Tecnologia em 2012

Determinants of Portuguese bank’s provisioning policies: Discretionary behaviour of generic and specific allowances

In this paper we test for the impact of the regulatory environment on a bank’s discretionary provisioning practices. We develop a model that structures the dynamics of the provision policy for the two classes of provisions: generic provisions and specific provisions. The model is tested using a comprehensive database of all financial institutions operating in Portugal for 1990-2000. This unique dataset comprises banks subject to the Portuguese rules as well as bank subsidiaries subject to their home-country regulation and we were able to identify distinct behaviours between them. Our results show the importance of handling he two types of provisions separately. They support the hypothesis that banks have a discretionary behaviour in setting up their provisions, and find evidence of income smoothing and capital management. We also find that the regulatory regime impacts on discretionary provisioning policies because banks when forced to increase one type of provision react by reducing the iscretionary component of the other, a finding we designated as a substitution effect.

Adult learning and education policies in Germany, Portugal and Sweden: An analysis of national reports to CONFINTEA VI

The chapter presents a theoretical proposal of three analytical models of Adult Learning and Education (ALE) policies. Some analytical categories and the corresponding dimensions are organised according to the ALE rationale which is typical of each social policy model. Historical, cultural and educational features are mentioned in connexion with the different policy models and its interpretative capacity to making sense of policies and practices implemented in Germany, Portugal and Sweden. !e analysis includes the states of the art and the official representations of ALE produced by the respective national authorities through national reports which were presented to CONFINTEA VI (2009).

La institucionalización de la Comunidad Regional Punilla (Provincia de Córdoba): estudio y promoción de metodologías de diseño participativo y gestión asociada de políticas públicas para el desarrollo. The institution of Punilla Regional Community: study and promotion of participative metodologies for the associated planning and management of development policies.

Durante el período 2006-2008, las actividades de investigación y asistencia técnica de este equipo enfatizaron en la necesaria práctica social y política de horizontalidad en las relaciones, en la 'dimensión intersubjetiva o relacional de la regionalización' (Cáceres, 2006) en el marco de la Comunidad Regional Punilla (CRP), considerando a la identidad regional como un condicionante relevante de la 'construcción de la región como unidad de acción(Boisier, 2003). Así, durante ese período, se ha ido conformando un espacio 'regional' de composición multiactoral, social y gubernamental, para el trabajo asociativo (PROFIM, SIP, UCC 2007, 2008). Con el propósito de profundizar el Programa, este proyecto propone el fortalecimiento institucional de la CRP a través de la formalización del escenario participativo regional (Poggiese, 2001, 2002) para el diseño y gestión asociada de políticas de desarrollo. Tales propósitos y mecanismos están previstos en la Ley Orgánica de Regionalización de la Provincia de Córdoba (9.206/04) y en las normativas regionales derivadas de ésta a través de la figura del 'Consejo de la Sociedad Civil'. Con base en la observación del proceso desarrollado en Punilla desde el año 2006, esta propuesta suscribe el carácter interdisciplinario e intersectorial de la red social y política en la que se sustentará el Consejo y la lógica 'procesal y consensual' de su construcción, considerando, además, la nueva configuración del mapa político de la CRP a partir de los resultados electorales del año 2008 en tanto cambios estructurales en la relación gobierno y oposición que se presentan como una oportunidad para desarrollar los espacios públicos participativos que la sociedad regional puede ocupar para canalizar institucionalmente sus demandas. El proyecto busca 'analizar' pero también 'promover' el proceso de cambio político y social en marcha para facilitar su 'ampliación democrática' (Redín y Moroni, 2003), reflexionado críticamente y poniendo en cuestión algunos de los supuestos que han caracterizado a la retórica de la regionalización provincial: la existencia de una sociedad civil debidamente organizada en cada una de las regiones, cuya concurrencia al proceso decisorio puede asegurarse una vez 'abiertos' -formalizados- los canales de participación; la superación de la dirección bottom up en los procesos de toma de decisiones y la preeminencia de modalidades de 'articulación intermunicipal' para la gestión de políticas allí donde la Ley y las ordenanzas locales declaran establecida una 'Comunidad Regional'. El cuestionamiento de dichos supuestos sustenta, en definitiva, las preguntas que delimitan los temas- problema que se abordarán a partir de este trabajo.

Producción de información para las políticas públicas: observatorio de salud mental y derechos humanos en la provincia de córdoba. Documented information and indicators for the pubic policies in mental health: human rights obseratory in córdoba

El problema que enfrenta la institucionalidad estatal argentina es que existe un serio déficit de información no solamente en el momento de evaluar un resultado, sino ya al momento de diseñar la política. Las estadísticas oficiales de hechos vitales, salud y educación son difundidas en el mejor de los casos con un año de atraso. La información de indicadores de salud por su nivel de desagregación no permite conocer las realidades locales. Es posible constatar la falta de información sobre las medidas tomadas para asegurar el cumplimiento de las obligaciones del Estado en lo relativo a políticas y programas de salud mental. Del mismo modo que los organismos internacionales determinan los deficits de los sistemas de atención a la salud mental a través de las brechas de tratamiento y aun cuando no se dispone de estimaciones precisas se habla de brechas de información, que expresarían la distancia entre la información necesaria y la efectivamente disponible (OPS, 2009). Desde el mes de diciembre de 2007 se conforma la Mesa de Trabajo Permanente en Salud Mental y Derechos Humanos, con el objeto de instalar en agenda la necesidad de contar con una legislación que brinde el marco normativo para la transformación del sector. En los meses de octubre y noviembre de 2010 se aprobaron sendas leyes de salud mental en la Provincia de Córdoba y a nivel nacional. Ambas proponen la transformación progresiva en los sistemas de atención a los problemas de salud mental de la población. Desde la Mesa de Trabajo Permanente en Salud Mental y Derechos Humanos se afirma que la legislación es un marco necesario pero no suficiente, en tanto se constata que las princiales violaciones a los derechos humanos se producen en situaciones concretas. El presente proyecto nace de la necesidad de contar con un sistema de información que permita conocer la transformación de los servicios de salud mental en la provincia de Córdoba a partir de la sanción de la ley 9848 de Salud Mental en el mes de octubre de 2010. Una vez logrado este objetivo legislativo, se pretende monitorear la gestión con la formulación de los siguientes interrogantes: ¿a través de qué indicadores medir, evaluar y monitorear si la producción de los servicios de salud mental se lleva adelante desde la perspectiva del enfoque de derechos sancionada en el marco normativo vigente?; ¿cuáles son los indicadores que desde dicha perspectiva los organismos estatales de producción de servicios deben elaborar para el compromiso de acción y la rendición de cuentas frente a la ciudadanía? ¿cuáles son los indicadores que la ciudadanía debe reclamar a los fines de monitorear el cumplimiento de dichos compromisos? La puesta en marcha del Observatorio de Salud Mental y Derechos Humanos permitirá analizar las políticas y programas de salud mental desde la perspectiva de los derechos humanos y avanzar en el monitoreo de la producción de los servicios de salud mental. Objetivo General: analizar y hacer visible el cumplimiento de los objetivos sancionados en la ley 9848 de Salud Mental a través de la observación, el monitoreo y la incidencia en las políticas de salud mental de la provincia de Córdoba. Metodología: la construcción de indicadores de derechos humanos para la salud mental. El Observatorio de Salud Mental y Derechos Humanos pretende dar cuenta de las transformaciones que van a ocurrir a partir de la sanción de la ley 9848. Los resultados esperados están ligados a la producción y difusión de información sistematizada sobre las transformaciones en salud mental, a la vigilancia y el análisis del efecto/impacto de las políticas e incidir en las decisiones. El Observatorio pretende reconocer e integrar la información disponible y proponer indicadores que den cuenta de la situación inicial al momento de la implementación de los marcos normativos y permitir el monitoreo de las transformaciones emergentes. This project stems from the need for an information system designed to show the transformation of mental health services in the province of Cordoba after the enactment of the Mental Health Act 9848 in October 2010. Once achieved this legislative objective is to monitor the management with the formulation of the following questions: through which indicators to measure, evaluate and monitor whether the production of mental health services are carried forward from the perspective of rights-based approach enacted in two laws?, What are the indicators from that perspective the production agencies should develop services for the commitment to action and accountability to the public? What are the indicators that the public should demand that the purpose of monitoring compliance with these commitments? The launch of the Centre for Mental Health and Human Rights will review the policies and mental health programs from the perspective of human rights and progress in monitoring the production of mental health services. General Objective: to analyze and highlight the achievement of the objectives sanctioned by the Mental Health Act 9848 through the observation, monitoring and impact on mental health policy in the province of Cordoba. Methodology: building human rights indicators for mental health Mental Observatory Health and Human Rights aims to account for the changes that will occur after the enactment of Law 9848. The expected results are linked to production and dissemination of systematic information about changes in mental health, surveillance and analysis of the effect / impact and influence policy decisions. The Centre aims to recognize and integrate the available information and propose indicators that account for the initial situation at the time of implementation of regulatory frameworks and allow monitoring of change emerging.

Energy policies for rural electrification: a social multi-criteria evaluation approach

In this article, a real-world case- study is presented with two general objectives: to give a clear and simple illustrative example of application of social multi-criteria evaluation (SMCE) in the field of rural renewable energy policies, and to help in understanding to what extent and under which circumstances solar energy is suitable for electrifying isolated farmhouses. In this sense, this study might offer public decision- makers some insight on the conditions that favour the diffusion of renewable energy, in order to help them to design more effective energy policies for rural communities.

The private and fiscal returns to schooling and the effect of public policies on private incentives to invest in education: a general framework and some results for the EU

This paper develops a comprehensive framework for the quantitative analysis of the private and fiscal returns to schooling and of the effect of public policies on private incentives to invest in education. This framework is applied to 14 member states of the European Union. For each of these countries, we construct estimates of the private return to an additional year of schooling for an individual of average attainment, taking into account the effects of education on wages and employment probabilities after allowing for academic failure rates, the direct and opportunity costs of schooling, and the impact of personal taxes, social security contributions and unemployment and pension benefits on net incomes. We also construct a set of effective tax and subsidy rates that measure the effects of different public policies on the private returns to education, and measures of the fiscal returns to schooling that capture the long-term effects of a marginal increase in attainment on public finances under c

Labour market frictions, social policies, and barriers to technology adoption

Barriers to technological changes have recently been shown to be a key element in explaining differences in output per worker across countries. This study examines the role that labour market features and institutions have in explaining barriers to technology adoption. I build a model that includes labour market frictions, capital market imperfections and heterogeneity in workers' skills. I found that the unemployment rate together with the welfare losses that workers experiment after displacement are key factors in explaining the existence of barriers to technology adoption. Moreover, I found that none of these factors alone is sufficient to build these barriers. The theory also suggests that welfare policies like the unemployment insurance system may enhance these kinds of barriers while policies like a severance payment system financed by an income tax seem to be more effective in eliminating them.