El punto que le falta al CAFTA

Aunque la motivación del Tratado de Libre Comercio entre Estados Unidos y Centroamérica (CAFTA) con Estados Unidos es generar beneficios para los exportadores e importadores, es probable que los elevados costos portuarios en la región incidan negativamente en esos beneficios. Los costos elevados, junto con las inquietudes sobre la infraestructura, seguridad, eficiencia y productividad, pueden hacer disminuir los beneficios potenciales del CAFTA. Por lo tanto, Centroamérica debe efectuar reformas jurídicas que permitan la privatización de puertos, dado que el sector privado posee los recursos necesarios para invertir en esos puertos y hacerlos competitivos.

On the emergence of large and complex memory effects in nonequilibrium fluids

Control of cooling and heating processes is essential in many industrial and biological processes. In fact, the time evolution of an observable quantity may differ according to the previous history of the system. For example, a system that is being subject to cooling and then, at a given time $t_{w}$ for which the instantaneous temperature is $T(t_w)=T_{\mathrm{st}}$, is suddenly put in contact with a temperature source at $T_{\mathrm{st}}$ may continue cooling down temporarily or, on the contrary, undergo a temperature rebound. According to current knowledge, there can be only one "spurious" and small peak/low. However, our results prove that, under certain conditions, more than one extremum may appear. Specifically, we have observed regions with two extrema and a critical point with three extrema. We have also detected cases where extraordinarily large extrema are observed, as large as the order of magnitude of the stationary value of the variable of interest. We show this by studying the thermal evolution of a low density set of macroscopic particles that do not preserve kinetic energy upon collision, i.e., a granular gas. We describe the mechanism that signals in this system the emergence of these complex and large memory effects, and explain why similar observations can be expected in a variety of systems.Comment: 15 pages, 5 figure

Structural Breaks, Inflation and Interest Rates: Evidence for the G7 countries

This paper challenges the commonly used unit root/cointegration approach for testing the Fisher effect for the economies of the G7 countries. We first prove that nominal interest and inflation rate can be better represented as being broken trend stationary variables. Later, we use the Bai-Perron procedure to show the existence of structural changes in the Fisher equation. When these characteristics are taken into account the Fisher hypothesis we can only offer evidence in favor of this hypothesis for the US, the French and the Japanese economies.Unit Roots; Structural Breaks; Interest rates; Inflation;\ Fisher Effect

Influencia Luliana en la Lírica mística del Siglo de Oro

Abstract not availabl

Electrorotation of semiconducting microspheres

We study experimentally the electrorotation (ROT) of semiconducting microspheres. ZnO microspheres obtained by a hydrothermal synthesis method are dispersed in KCl aqueous solutions and subjected to rotating electric fields. Two ROT peaks are found in experiments: a counterfield peak and a cofield peak at somewhat higher frequencies. These observations are in accordance with recent theoretical predictions for semiconducting spheres. The counterfield rotation is originated by the charging of the electrical double layer at the particle-electrolyte interface, while the cofield rotation is due to the Maxwell-Wagner relaxation. Additionally, we also found that some microspheres in the sample behaved differently and only showed counterfield rotation. We show that the behavior of these particles can be described by the so-called shell model. The microstructure of the microspheres is analyzed with electron microscope techniques and related to the ROT measurements.Spanish Government Ministry MICINN under Contract No. PGC2018-099217-B-I00Junta de Andalucía Contract No. PEJUS-

Thermal properties of an impurity immersed in a granular gas of rough hard spheres

We study in this work the dynamics of a granular impurity immersed in a low-density granular gas of identical particles. For description of the kinetics of the granular gas and the impurity particles we use the rough hard sphere collisional model. We take into account the effects of non-conservation of energy upon particle collision. We find an (approximate) analytical solution of the pertinent kinetic equations for the single-particle velocity distribution functions that reproduces reasonably well the properties of translational/rotational energy non-equipartition. We assess the accuracy of the theoretical solution by comparing with computer simulations. For this, we use two independent computer data sets, from molecular dynamics (MD) and from Direct Simulation Monte Carlo method (DSMC). Both approach well, with different degrees, the kinetic theory within a reasonable range of parameter values.Comment: 4 pages, 2 figures. Written for Powders and Grains 2017 conference proceedin

What do we know about banks securitisation? the spanish experience

The present work analyses the reasons why Spanish financial entities have carried out securitisation programs in the period 2000-2007 on such a scale that Spain has become the European country with the largest issue volumes, second only to the U.K. The results obtained after the application of a logistic regression model to a sample of 408 observations indicate that liquidity and the search for improved performance are the decisive factors in securitisation. The hypotheses of transfer of credit risk and arbitrage in regulatory capital are not confirmed; therefore the normative development of Basel II cannot be expected to affect the volumes issued in future years. The study is complemented with a more detailed analysis, differentiating between programs of asset and liability securitisatio