Efectos de Valoración en la Posición de Inversión Internacional de España

The international Investment Position (IPP) is a statement that shows the value of external financial assets and liabilities of residents of an economy at a point in time. Its evolution at the end of a specific period reflects balance of payments financial account transactions, valuation changes (in asset prices and exchange rates) and other adjustments, which consist mainly of reclassifications of external financial assets and liabilities. The purpose of this paper is to provide figures on trends of valuation adjustments due to price and exchange rate changes implicit in Spain´s International Investment Position (IIP), and to briefly analyze their limitations. We found that valuation effects depend on the characteristics of the financial instruments involved, and on the sources of information available for each component. In the case of portfolio investment transactions, we used security by security market prices that were available for the years 2003 and 2004. Additionally, in Spain´s international investment position, most foreign direct investment data are not available at market values. As these assets and liabilities have experienced important price increases between 1993 and 2006, we present a new methodology for measuring foreign direct investment positions that includes valuation effects. The results presented in this paper show that in Spain, revaluations of stocks explain a very important part of changes in the IIP during recent years: 55% of the increase in the net liability position of the Spanish economy between 1993 and 2004 reflects changes of value due to variations in prices or in exchange rates of external assets and liabilities. Overall, the sum of these revaluation effects represent 19% of GDP of the year 2004. Between 1997 and 2004, Spain’s net liability position increased 247,930 million euros, of which balance of payments financial account transactions accounted for 52,6%, whereas revaluations and other adjustments explain the remaining 47,3%. The latter is broken own into 27,6% due to price effects, 10,1% to exchange rate changes, and 9,6% to other adjustments.

Genome-wide association analysis of dementia and its clinical endophenotypes reveal novel loci associated with Alzheimer's disease and three causality networks : The GR@ACE project

Introduction: Large variability among Alzheimer's disease (AD) cases might impact genetic discoveries and complicate dissection of underlying biological pathways. Methods: Genome Research at Fundacio ACE (GR@ACE) is a genome-wide study of dementia and its clinical endophenotypes, defined based on AD's clinical certainty and vascular burden. We assessed the impact of known AD loci across endophenotypes to generate loci categories. We incorporated gene coexpression data and conducted pathway analysis per category. Finally, to evaluate the effect of heterogeneity in genetic studies, GR@ACE series were meta-analyzed with additional genome-wide association study data sets. Results: We classified known AD loci into three categories, which might reflect the disease clinical heterogeneity. Vascular processes were only detected as a causal mechanism in probable AD. The meta-analysis strategy revealed the ANKRD31-rs4704171 and NDUFAF6-rs10098778 and confirmed SCIMP-rs7225151 and CD33-rs3865444. Discussion: The regulation of vasculature is a prominent causal component of probable AD. GR@ACE meta-analysis revealed novel AD genetic signals, strongly driven by the presence of clinical heterogeneity in the AD series

Economic evaluation and productive performance of lambs finished with concentrate and corn stover

Objective: To evaluate the effect of two concentrates and corn stover on the productive performance and economic impact of finished hair sheep lambs. Design/methodology/approach: Twenty hair lambs (Dorper × Katahdin) with initial live weight of 33.3 ± 2.9 kg, were grouped into ten blocks where each block had two lambs of similar live weight that were randomly assigned to two treatments: T1) commercial concentrate + corn stover and T2) experimental concentrate + corn stover, in proportion 80 - 20%. Total weight gain (GPT), daily weight gain (GDP), dry matter intake (DMI), feed conversion (FC), feeding costs, gross value of GPT, gross profit margin and economic efficiency (EE). An analysis of variance was performed under a completely randomized block design. The means were compared with the Tukey test at α = 0.05. Results: There were no differences in GPT, GDP, CA and CMS (P>0.05). The T1 has higher costs (US$41.91) per ton of feed. The production costs of diets and feeding costs were lower for T2, and it also showed the best economic efficiency (EE = 26.6 %). Limitations on study/implications: The advantage of using agro-industrial and agricultural by-products such as corn stover in integral diets for finishing sheep is their availability throughout the year. Findings/conclusions: The finishing of lambs is profitable when the producer formulates and elaborates his own diet, reducing production costs for feeding without affecting the productive variables

Reseñas

El modelo neoliberal y su impacto en la sociedad colombiana. / La nueva organización capitalista mundial vista desde el Sur. l. Mundialización y acumulación. / Reingeniería en la gerencia: cómo modificar el trabajo gerencial para rediseñar con éxito. / Tras la universidad: "Ley, cartel y cascabel". / Trust: the social virtues and the creation of prosperity. / Cultura de negociación: la experiencia de la deuda externa. / The heart that bleeds: Latin America now. / Reingeniería de procesos de negocios. / Benchmarking: a singpost to excellence in quality and productivity. / La farsa neoliberal: refutación de los liberales que se creen libertarios. / Reingeniería: cómo aplicarla con éxito en los negocios. / Medellín secreto, cinco reportajes. / Auditoría operacional: factor de productividad empresarial. / ¿A quién beneficia la cocaína? / Lecturas de teoría e investigación contable

Reseñas

El modelo neoliberal y su impacto en la sociedad colombiana. / La nueva organización capitalista mundial vista desde el Sur. l. Mundialización y acumulación. / Reingeniería en la gerencia: cómo modificar el trabajo gerencial para rediseñar con éxito. / Tras la universidad: "Ley, cartel y cascabel". / Trust: the social virtues and the creation of prosperity. / Cultura de negociación: la experiencia de la deuda externa. / The heart that bleeds: Latin America now. / Reingeniería de procesos de negocios. / Benchmarking: a singpost to excellence in quality and productivity. / La farsa neoliberal: refutación de los liberales que se creen libertarios. / Reingeniería: cómo aplicarla con éxito en los negocios. / Medellín secreto, cinco reportajes. / Auditoría operacional: factor de productividad empresarial. / ¿A quién beneficia la cocaína? / Lecturas de teoría e investigación contable

Increase of drug use and genotype 3 in HCV-infected patients from Central West and Northeast Mexico

Background. The evolving pattern of HCV genotypes (GTs) and risk factors (RFs) in HCV-infected patients in Mexico is poorly understood. This study aimed to access the temporal trend of HCV GTs and RFs in HCV patients from two care centers.Material and methods. Chronic HCV patients [177 and 153 patients from the Northeast (NE) and Central West (CW) regions, respectively] were selected. Baseline features were demographics, date of birth (DOB), blood transfusion before 1992 (BTb1992), RFs, sexual promiscuity (SP), dental procedure (DP), injection drug use (IDU), viral load (VL), GTs, cirrhosis status and antiviral therapy (AT). Data were analyzed by Chi-square test for trends, unpaired T-test, and logistic regression.Results. HCV GT distribution was: GT1, 67%; GT2, 16%; GT3, 12% and GT4, 1%. RFs were BTb1992, 56%; surgeries, 56%; tattooing, 18% and IDU, 16%. GT1a mostly prevailed in CW than NE patients. GT1b, surgeries, BTb1992 and cirrhosis were more prevalent in older patients (p < 0.05); GT3, male gender IDU, SP, and tattooing showed an upward trend as younger were the patients in both regions (p < 0.05), contrariwise to the prevalence of GT1b. BTb1992 and surgeries were seen in elder women; BTb1992 was an independent RF for GT1. Age ≥ 50 years old, GT1 and exposure to AT (p < 0.05) were associated with cirrhosis. Conclusion. GT1a prevalence in CW Mexico remained stable, whereas GT3 increased and GT1b decreased in younger patients in both regions, along with associated RFs. Further regional molecular epidemiology and RF analyses are required in order to avoid the dissemination of new cases of HCV infection

Suplemento especial reflexiones en una pandemia

En este suplemento especial se presenta una compilación de los artículos, en forma reseñada, y las imágenes que los acompañaron, publicados en el semanario CRUCE, del ITESO, como parte de la serie “Reflexiones éticas en una pandemia”, que se desarrolló como respuesta y aporte de la comunidad universitaria para impulsar la reflexión y comprensión, desde la ética, de la nueva realidad y los desafíos que vinieron aparejados con la llegada de la covid–19 a México.ITESO, A.C

Intraslab Mexican earthquakes of 27 April 2009 (Mw5.8) and 22 May 2009 (Mw5.6): a source and ground motion study

Dos tipos de sismos intraplaca en la placa de Cocos que subduce debajo de la placa Norte America ocurren en Guerrero, México, y áreas adyacentes: (A) inversos de gran echado y (B) de fallamiento normal. Los de tipo A se localizan a ~10-35 km de la costa, a una profundidad de ~35 km, y revelan compresión en la dirección del echado de la placa, probablemente causada por su desdoblamiento. Los de tipo B son ligeramente más profundos que los del tipo A cuando ocurren cerca de la costa, pero si ocurren más adentro del continente, donde la placa se vuelve horizontal, alcanzan profundidades de 40-50 km. Estos eventos revelan extensión en la placa subducida orientada en la dirección de su echado. El análisis de los sismos del 27 de abril y del 22 de mayo de 2009 revela que se trata de eventos intraplaca en la placa de Cocos subducida del tipo A y B, respectivamente. Los espectros de fuente obtenidos a partir de datos locales y regionales dan una caída de esfuerzos de Brune, Δσ, de ~49 y 34 MPa, respectivamente, un poco mayores que la mediana de Δσ de 30 MPa reportada previamente para sismos intraplaca mexicanos. Nuestras estimaciones de energía radiada, ER, son 3.55x1013 J y 2.29x1013 J, lo que arroja un cociente ER/M0 de 5.63x10-5 y 6.54x10-5, y un esfuerzo aparente, σa, de 3.9 MPa y 4.6 MPa, respectivamente (correspondientes al M0 reportado en el catálogo Global de CMT), valores razonables para sismos intraplaca. Las aceleraciones máximas del terreno (PGA), como una función de la distancia están en buen acuerdo con relaciones de atenuación previamente obtenidas para sismos intraplaca mexicanos. Los movimientos del terreno en el Valle de México generados por sismos intraplaca son más ricos en altas frecuencias en comparación con aquéllos de eventos interplaca, especialmente en la zona dura. Esto refleja tanto una naturaleza más energética de las fuentes intraplaca como una distancia más cercana a la fuente de muchos de estos sismos. Los resultados obtenidos en este estudio nos dan confianza en nuestro conocimiento de la naturaleza de las fuentes intraplaca y nuestra habilidad de estimar movimientos fuertes para eventos futuros. doi: https://doi.org/10.22201/igeof.00167169p.2010.49.3.11