TARGET2 Unlimited: monetary policy implications of asymmetric liquidity management within the Euro area. CEPS Policy Brief No. 248, 13 July 2011

This paper analyses the implications of a continued divergence of TARGET2 balances for monetary policy in the euro area. The accumulation of TARGET2 claims (liabilities) would make the ECB’s liquidity management asymmetric once the TARGET2 claims in core countries have crowded out central bank credit in those regions. Then while providing scarce liquidity to banks in countries with TARGET2 liabilities, the ECB will need to absorb excess liquidity in countries with TARGET2 claims. We discuss three alternatives and their implications for absorbing excess liquidity in core regions: 1) using market-based measures might accelerate the capital flight from periphery to core countries and would add to the accumulation of risky assets by the ECB; 2) conducting non-market based measures, such as imposing differential (unremunerated) reserve requirements, would distort banking markets and would support the development of shadow banking; and 3) staying passive would lead to decreasing interest rates in core Europe entailing inflationary pressure and overinvestment in those regions and possibly future instability of the banking system

TARGET2 Unlimited: Monetary Policy Implications of Asymmetric Liquidity Management within the Euro Area

This paper analyses the implications of a continued divergence of TARGET2 balances for monetary policy in the euro area. The accumulation of TARGET2 claims (liabilities) would make ECB’s liquidity management asymmetric once the TARGET2 claims in core countries have crowded out central bank credit in those regions. Then while providing scarce liquidity to banks in countries with TARGET2 liabilities, the ECB will need to absorb excess liquidity in countries with TARGET2 claims. We discuss three alternatives and its implications to absorb excess liquidity in core regions: (1) Using market based measures might accelerate the capital flight from periphery to core countries and would add to the accumulation of risky assets by the ECB. (2) Conducting non-market based measures such as imposing differential (unremunerated) reserve requirements would distort banking markets and would support the development of shadow banking. (3) Staying passive would lead to decreasing interest rates in core Europe entailing inflationary pressure and overinvestment in those regions and possibly future instability of the banking system.TARGET2 balances, monetary policy, euro area, Eurosystem, excess liquidity

Co-existence of two mytilids in a heterogeneous environment: mortality, growth and strength of shell and byssus attachment

14 páginas, 1 apéndice, 5 tablas, 7 figurasThe co-existence patterns of 2 mytilid species were studied in order to evaluate the performance of the alien mussel Xenostrobus securis and the indigenous Mytilus galloprovincialis through monospecific and mixed co-habiting experiments in the Ría de Vigo (northwest Spain). Mytilus galloprovincialis was found to be the best performer in all tests. Shell growth was ~4-fold greater for the indigenous mussel when deployed without interspecific competition and regardless of density. Differences in shell growth were found to be similar within mixed populations wherein M. galloprovincialis showed greater ability for upward migratory movements on the mixed beds and distanced itself from the mud influenced layer. The alien X. securis, however, was found to inhabit underneath the M. galloprovincialis layer, which resulted in higher mortality rates. Species-specific features such as byssus filaments and lifestyle may account for such different behaviour. M. galloprovincialis secreted thicker and stronger shells and byssus regardless of their density in both monospecific and mixed experiments. This might indicate that the indigenous mussel performs better when confronted with abiotic stress or biotic pressure. The alien X. securis is currently found to establish high-density patches of individuals at the confluence of main rivers that flow into the estuary (highly heterogeneous scenario). Such behaviour favours its settlement far from the native mussel influence area. X. securis also colonises hard substrates that are not-fully occupied by other invertebrates, but its range was found to be limited by the presence of the indigenous mussel.This study was funded by the project AGL2010-16464 (Ministerio de Ciencia e Innovación, Spanish Government).Peer reviewe

Liquidity provision: lessons from a natural experiment

We study the reaction of more than 60,000 firms to a large unexpected liquidity shock in Spain during a severe recessionary period. The Spanish central government repaid in 2012 almost 30bn euros (approximately 3% of GDP) of arrears that Territorial Administrations had been accumulating for years. We assess the economic impact of the plan using two alternative estimation strategies. First, we use a differences-in-differences (DID) approach that exploits heterogeneity in the size of the liquidity received by firms. Second, we take advantage of the plan's plausibly exogenous disbursement implementation and run a DID procedure using as control group some firms that were paid a year later. Overall, we find that a governmental liquidity injection during a recession increases corporate investment significantly: on average firms use 4% of cash transfers for investment. This effect is stronger for firms with lower default risk and higher investment opportunities. Firms with higher default risk are more prone to repay financial debt. On average, firms use 8% of cash transfers to repay financial debt.Vicente also acknowledges nancial assistance from the International Mobility Program UC3M

MULTIMODAL AND MULTIDIMENSIONAL GEODATA VISUALIZATION SYSTEM

It has been observed that Virtual Geographic Environments (VGEs) has been taking a lot of attention over the last decade, particularly within the domain of geographical information systems (GIS) and geographic analysis area. In this paper, we shed the light on the benefits of implementing archaeological visualization systems through the use of Google Earth application. Our application helps the end users and archaeologists working in data exploration and excavation analysis to deal with new web services that allows them to visualize huge amount of data in a new and usable way. For the purposed of our study, have tested our system with data from The Rocha Castle (an historic castle in the Galicia region (Spain) that was built in the 12th century). The system provides access to the excavation database and automatically updates the visualization, whenever the database is changed. The system can handle various types of Data, which could be, one, two or three-dimensional data. The paper aims to answer four fundamental questions regarding archaeological GIS systems: I. How to integrate a one and three dimensions representation into the same scenes? II. How to adapt data resolution to fit them into a particular Level of Visualization Detail (LOD) III. How to optimize data retrieval for efficient recovery data interpolation or continuous visualization? And finally IV. How to represent many objects in the same coordinates without overlapping

How does easing liquidity constraints affect aggregate employment?

We measure the impact of removing liquidity constraints on aggregate employment by focusing on a sudden and unexpected large liquidity injection to Spanish firms in early 2012, when the Spanish central government paid all invoices of firms to regional and municipal governments that were in arrears. We identify the effect on employment from the cross-sectional variation in the size of the liquidity injection received by Spanish municipalities. Our preliminary finding sindicate that labor market responses can be detected both in the municipality where the liquidity injection occurs and in the municipality where firms are headquartered. We find evidence that the effect on unemployment is stronger where the liquidity injection originates whereas the effect on employment is stronger where the firms are located

Evaluación de resultados en el tratamiento quirúrgico de las fracturas aisladas de cabeza de radio en el adulto

Presentamos una serie de 35 pacientes intervenidos en nuestro servicio por fractura aislada de cabeza de radio. El objetivo ha sido evaluar el resultado funcional del tratamiento quirúrgico de estas fracturas en el adulto, la correlación de los diferentes sistemas de evaluación de resultados y determinar los factores pronóstico. Las fracturas se clasificaron según Mason evaluando los resultados utilizando la escala de valoración del hospital par cirugía especial (HSSA) de Inglis y Pellici, el índice de clasificación funcional de Broberg y Morrey y la escala de evaluación funcional del codo de la Clínica Mayo. En más del 80% de los casos se obtuvieron resultados buenos ó excelentes, con una flexión media de 139% y un déficit de extensión de 10º. Los tres métodos de valoración mostraron un índice de concordancia estadísticamente significativo resultado por tanto ser equiparables. El retraso en la cirugía resultó ser un factor pronóstico en el resultado final (p<0.05) mientras que el tipo de fractura y de cirugía muestran tendencia a influir en el resultado final.Functional outcome after surgery for isolated radial head fractures in adults was assessed using three different outcome assessment approaches and favourable prognostic factors were determined. Thirty-five patients with radial head fractures were operated. Fractures were grouped according to the Mason classification, and the results obtained were assessed by means of the hospital for special surgery assessment (HSSA) system. Broberg and Morrey functional classification index and the Mayor Clinic elbow functional in over 80% of cases, with an average flexion of 139 degrees and an extension defect of 10 degrees. All three assessment system yielded statistically significant concordant scores, and was thus considered to be equivalent. Surgical delay proved to be a significant prognostic factor of the end result (p<0.05), while the type of fracture and surgery employed tended to influence outcome

Pasiones de la filología

Este artículo propone una defensa de la filología que toma como punto de partida la relación entre el “amor al lenguaje” y el “amor al saber” en la cultura griega antigua. En la retórica psicagógica de Platón y en la lógica de Aristóteles la palabra es concebida como una forma de pathos, símbolo de las pasiones del alma o de las afecciones de la mente. Esta idea determina una larga tradición de filosofía del lenguaje que llega a la filología de época romántica e idealista, cuando Friedrich Schlegel proyecta una “Filosofía de la Filología” inspirada en el pensamiento kantiano, cuyos postulados fragmentarios han influido en algunas tendencias posteriores de los estudios filológicos y literarios. De esta moderna tradición de filología crítica (o filología filosófica) se deriva una nueva comprensión de las últimas teorías del lenguaje y la literatura, desde la deconstrucción de Jacques Derrida y Paul de Man hasta los recientes programas neofilológicos de Hans Ulrich Gumbrecht y Werner Hamacher.This article suggests an approach to philology that examines the relationships between “love of language” and “love of knowledge” in the cultural context of Ancient Greece. In accordance with Plato’s view of rhetoric as an art of “psychagogia” (soul-leading), and with Aristotle’s logic, words are conceived as symbols of the soul’s passions and the mind’s dispositional affects. These ideas have engendered an enduring tradition in the philosophy of language that extends to the philological program in Romantic Idealism, specifically Friedrich Schlegel’s project of a “philosophy of philology”, inspired by Kantian thought and its influence on subsequent methodologies and critical approaches in literary studies. Emerging from this modern tradition of critical philology is a new understanding of contemporary theories of language and literature, encompassing Jacques Derrida’s and Paul de Man’s Deconstruction, as well as the insights of Hans Ulrich Gumbrecht and Werner Hamacher

Self-assembly of ClAlPc molecules on moiré-patterned graphene grown on Pt(111)

Phthalocyanines are promising molecules for the development of organic electronic devices, for instance, molecular heterojunctions in organic solar cells or organic field-effect transistors. For an optimum performance of these devices, the molecular ordering on the substrate and the molecular electronic level alignment have been shown as crucial factors. In this work, the self-assembled structure and the electronic structure of chloroaluminum phthalocyanines (ClAlPc) on graphene grown on Pt(111) surfaces have been studied by scanning tunneling microscopy (STM) under ultrahigh vacuum (UHV) and low-temperature conditions. Graphene grown on Pt(111) exhibits multiple moiré patterns with different periodicities, offering a benchmark to investigate the influence of the graphene and the moiré patterns in the ClAlPc ordering. This surface allows to extend previous works performed on graphite and graphene on Cu(100), where no moiré patterns are found. Well-ordered molecular islands exhibiting rotational domains have been observed in the submonolayer regime. The orientation of individual ClAlPc molecules within the structure unit cell has been characterized pointing out to a Cl-Up configuration adopted by the molecules. Our measurements show a correlation between the molecular lattice orientation and the graphene directions, whereas no influence of the underlying moiré patterns has been found. Finally, the ClAlPc electronic structure has been characterized indicating a weak graphene-molecule interactionFinancial support from the Spanish Ministerio de Economía y Competitividad (MINECO) and Fondo Europeo de Desarrollo Regional (FEDER) under grant No. MAT2016-77852-C2-2-R and from the Spanish Ministerio de Ciencia e Innovación, through the “María de Maeztu” Programme for Units of Excellence in R&D (grant No. CEX2018-000805- M) is gratefully acknowledge