Financial integration, international portfolio choice and the European Monetary Union

We investigate the determinants of bilateral international equity and bond portfolio reallocation across a large cross section of countries over the 1997 to 2001 period. We first argue that financial integration is not a global phenomenon, as equity and bond home biases declined significantly only among European countries, Australia, New Zealand and Singapore. Then, we show that the European Economic and Monetary Union (EMU) eased the access to the equity market and, to a larger extent, the bond market; thereby, enhancing regional financial integration in the euro area. Beside the effect of the EMU, the strongest determinants of the changes in portfolio weights are expected diversification benefits and the initial degree of underweight. JEL Classification: C13, C21, F37, G11EMU, home bias, International portfolio weights, Risk diversification

Wavelets Applied to the Detection of Point Sources of UHECRs

In this work we analyze the effect of smoothing maps containing arrival directions of cosmic rays with a gaussian kernel and kernels of the mexican hat wavelets of orders 1, 2 and 3. The analysis is performed by calculating the amplification of the signal-to-noise ratio for several anisotropy patterns (noise) and different number of events coming from a simulated source (signal) for an ideal detector capable of observing the full sky with equal probability. We extend this analysis for a virtual detector located within the array of detectors of the Pierre Auger Observatory, considering an acceptance law.Comment: 9 pages, 8 figures. Proceedings of the Young Researchers Meeting, 2010. Available in: http://www.ifi.unicamp.br/physicae/ojs-2.1.1/index.php/physicae/article/view/191; Physicae, Proceedings of the Young Researchers Meeting, Vol 1, 201

WHEAT DIFFERENTIATION AND RESPONSE TO POLICY REFORM IN THE EU

Agenda 2000 reduces the bias in favor of low quality wheat in European Union (EU) production, but also improves access for imports of high quality wheat. Therefore, this paper uses a partial equilibrium displacement model that differentiates wheat according to its origin and end use to investigate the impact of Agenda 2000 on wheat supply and demand in France.Agricultural and Food Policy,

Consumption Growth and Agricultural Shocks in Rural Madagascar

The aim of this paper is to evaluate the effect of rainfall and agricultural shocks on consumption growth in Madagascar. We are also interested in the impact of local endowments in infrastructures and social services on consumption growth. To achieve this goal, a micro model of household consumption growth is estimated thanks to household panel data collected by the Reseau des Observatoires Ruraux (ROR) between 1999 and 2004. Additional data sources include the 2001 communes census organized by the Ilo program of Cornell University. Altogether these different data sources make an unusually rich data set, at least when considered with developing country standards. We use panel data fixed effect estimation technique to remove unobserved household and community level time invariant heterogeneity. We find that production shocks have a substantial impact on consumption growth and we find sign of persistence of rainfall shocks. Roads and education seems to improve household’s consumption growth and remotness decreases it.risks, growth, poverty, Food Security and Poverty,

Natural zeolites and white wines from Campania region (Southern Italy): a new contribution for solving some oenological problems

The purpose of this research is to provide a new mixture of Campanian zeolitized tuffs for solving two specific problems in the production of white wines: the protein and tartaric stability. In fact, a very frequent cause of turbidity and formation of organic deposits in white wines is the occurrence of thermolabile and thermostable proteins colloidal suspensions which precipitate in time, especially in summertime and during the storage and transport. Normally, to mitigate this risk wine producers use organic and inorganic stabilizers and clarifiers. The best known treatment, recognized also by the International Organisation of Vine and Wine (OIV) foresees the use of bentonite with a montmorillonite content not lower than 80%. The present paper aims at evaluating the use of two high zeolite grade Italian volcanoclastites such as the Neapolitan Yellow Tuff (NYT) and the Yellow Facies of the Campanian Ignimbrite (YFCI), in the treatment of three peculiar white wines of the Campanian region (Southern Italy): Falanghina, Fiano di Avellino and Greco di Tufo. Granulates were produced starting from tuff blocks as provided by quarries. Some grain size fractions have been prepared to investigate the zeolite content (phillipsite + chabazite + analcime) by X-ray diffraction (XRD). A 2-5 mm grain size fraction was chosen for NYT and a 5-10 mm for YFCI. Three Campanian monocultivar white wines were used for the test: the Falanghina 2006 vintage, the Fiano di Avellino DOCG 2007 vintage, and the Greco di Tufo DOCG 2008 vintage. 48 samples with mixture of the zeolitized tuffs, 1 sample with mixture of a synthetic zeolite A and 1 sample with mixture of a commercial sodium activated bentonite were prepared. ICP-OES analysis for the determination of ECEC, Ion Chromatography (IC) analyses for the determination of some major cations and Turbidimetric tests for the definition of the protein stabilization process before and after treatments were also carried out. It was evidenced that high zeolitized tuff/wine ratios enable the protein stabilization whereas a significant decrease of potassium ion after the treatment with a zeolite-rich powder improves the tartaric stability, a serious problem in all the wine productions. The results of these tests refer to a laboratory scale research. A transfer of the experiment to a pilot plant scale is in progress

Performing edge detection by difference of Gaussians using q-Gaussian kernels

In image processing, edge detection is a valuable tool to perform the extraction of features from an image. This detection reduces the amount of information to be processed, since the redundant information (considered less relevant) can be unconsidered. The technique of edge detection consists of determining the points of a digital image whose intensity changes sharply. This changes are due to the discontinuities of the orientation on a surface for example. A well known method of edge detection is the Difference of Gaussians (DoG). The method consists of subtracting two Gaussians, where a kernel has a standard deviation smaller than the previous one. The convolution between the subtraction of kernels and the input image results in the edge detection of this image. This paper introduces a method of extracting edges using DoG with kernels based on the q-Gaussian probability distribution, derived from the q-statistic proposed by Constantino Tsallis. To demonstrate the method's potential, we compare the introduced method with the traditional DoG using Gaussians kernels. The results showed that the proposed method can extract edges with more accurate details.Comment: 5 pages, 5 figures, IC-MSQUARE 201

Genes, Economics, and Happiness

We explore the influence of genetic variation on subjective well-being by employing a twin design and genetic association study. In a nationally-representative twin sample, we first show that about 33% of the variation in life satisfaction is explained by genetic variation. Although previous studies have shown that baseline happiness is significantly heritable, little research has considered molecular genetic associations with subjective well-being. We study the relationship between a functional polymorphism on the serotonin transporter gene (5-HTTLPR) and life satisfaction. We initially find that individuals with the longer, transcriptionally more efficient variant of this genotype report greater life satisfaction (n=2,545, p=0.012). However, our replication attempts on independent samples produce mixed results indicating that more work needs to be done to better understand the relationship between this genotype and subjective well-being. This work has implications for how economists think about the determinants of utility, and the extent to which exogenous shocks might affect individual well-being.life satisfaction, twin study, genetic association, serotonin transporter gene, 5-HTTLPR, rs2020933

Genes, Economics and Happiness

A major finding from research into the sources of subjective well-being is that individuals exhibit a "baseline" level of happiness. We explore the influence of genetic variation by employing a twin design and genetic association study. We first show that about 33% of the variation in happiness is explained by genes. Next, using two independent data sources, we present evidence that individuals with a transcriptionally more efficient version of the serotonin transporter gene (SLC6A4) report significantly higher levels of life satisfaction. These results are the first to identify a specific gene that is associated with happiness and suggest that behavioral models benefit from integrating genetic variation.wellbeing, socio-demographics, happiness, genetics, life satisfaction

Association between work related stress and health related quality of life: the impact of socio-demographic variables. A cross sectional study in a region of central Italy

The aim of this work is investigate relationship between health-related quality of life and work-related stress and the impact of gender, education level, and age on this relationship. A cross-sectional study was conducted among workers of various setting in Rome and Frosinone. Work-related stress was measured with a demand-control questionnaire and health-related functioning by SF (short form)-12 health survey. There were 611 participants. Men reported high mental composite summary (MCS) and physical composite summary (PCS). In multivariate analysis age, gender (p < 0.001) and job demand (0.045) predicted low PCS. Low MCS predicted poor PCS. Job demand and educational level resulted negatively associated with MCS. In an analysis stratified for age, gender, and educational level, gender and age resulted effect modifier for MCS, gender and education level for PCS. In women increase of decision latitude predict (p = 0.001) an increase in MCS; a low job demand predict high MCS in male (p ≤ 0.001). In younger workers, a lower level of job demand predicted high MCS (<0.001). For PCS, gender and education level resulted effect modifier. In women, high decision latitude predicted higher PCS (p = 0.001) and lower level of job demand results in higher PCS (p ≤ 0.001). Higher educational level resulted predictor of low PCS. Management of risk about work-related stress should consider socio-demographic factors