Divergent competitiveness in the eurozone and the optimum currency area theory

As the euro is on its second decade, the European sovereign debt crisis and the ever more evident disparities in competitiveness among member states are prompting many to question whether monetary union is bringing more benefits than costs. The optimum currency area (OCA) theory provides a framework with several criteria for such analysis. Most literature focuses either or on OCA individual criteria or on an aggregate analysis of these criteria, using meta-properties. Differently, we start by a descriptive analysis of the first twelve euro countries under six criteria between 1999 and 2009. We detect signs of labour geographic mobility. However, nominal wages growth largely outpaced productivity growth in some periphery countries, resulting in losses of competitiveness. Financial markets seem to be deeply integrated. Total intra-EMU trade increased, though core countries seem to have benefited more, as their relative competitiveness improved. We detect no increased homogeneity of exports structures of EMU countries. Inflation rates alternated between periods of convergence and of divergence, though prices levels consistently converged between EMU countries. Finally, budgetary indiscipline was frequent preventing several countries from having fiscal room to face asymmetrical shocks.We conclude by estimating the impact of five OCA criteria on countries’ relative competitiveness, using real effective exchange rates as a proxy. Differences in the growth of unit labour costs, the dissimilarity of trade and the differences in output growth were found to be significant. With a higher confidence level, bilateral trade is significant and points towards the specialization paradigm. Thus, we identify some causes of the divergent competitiveness between some EMU countries that contributed to weaker economic growth in parts of the euro area.Optimum currency area, Euro Area; Economic and Monetary Union (EMU), Competitiveness

Visual-Quality-Driven Learning for Underwater Vision Enhancement

The image processing community has witnessed remarkable advances in enhancing and restoring images. Nevertheless, restoring the visual quality of underwater images remains a great challenge. End-to-end frameworks might fail to enhance the visual quality of underwater images since in several scenarios it is not feasible to provide the ground truth of the scene radiance. In this work, we propose a CNN-based approach that does not require ground truth data since it uses a set of image quality metrics to guide the restoration learning process. The experiments showed that our method improved the visual quality of underwater images preserving their edges and also performed well considering the UCIQE metric.Comment: Accepted for publication and presented in 2018 IEEE International Conference on Image Processing (ICIP

Incidence, predictors and outcomes of myocardial injury following transcatheter aortic valve replacement

Tableau d’honneur de la Faculté des études supérieures et postdoctorales, 2015-2016L’implantation de valve aortique par cathéter (TAVI) a été développée comme une alternative thérapeutique pour les patients avec une sténose aortique sévère et ayant un risque opératoire élevé ou extrême en cas de chirurgie de remplacement valvulaire standard. Par rapport à la chirurgie à cœur ouvert classique, les procédures de TAVI sont moins invasives, parce qu'elles ne sont pas associées au clampage aortique et à la cardioplégie. Toutefois, la procédure implique un certain degré de dommage myocardique dû à la compression du tissu par le ballonnet et la prothèse transcathéter, ainsi que plusieurs courts épisodes d'hypotension extrême et d’ischémie myocardique globale, au cours de la stimulation ventriculaire rapide et du déploiement de la prothèse. De plus, l'approche transapicale, qui est réalisée lorsque l'approche transfémorale n’est pas possible, comprend la ponction de l'apex du ventricule gauche et l'introduction de larges cathéters ce qui augmente vraisemblablement encore les dommages myocardiques. En conséquence, presque tous les patients subissant un TAVI présentent un certain degré de dommage myocardique, défini par une augmentation des enzymes cardiaques, telles que la créatine kinase-MB (CK-MB), la troponine ou le peptide natriurétique de type B (BNP). Néanmoins, les données sur l'incidence exacte des dommages myocardiques, leur étendue, leurs prédicteurs, ainsi que les résultats échocardiographiques et cliniques associés, en fonction des différentes approches et prothèses sont limitées. Les objectifs généraux de mon projet de doctorat sont d'évaluer l'incidence, les facteurs prédictifs et les résultats des dommages myocardiques après TAVI pour le traitement des patients symptomatiques avec sténose aortique sévère ou bioprothèse dysfonctionnelle et à haut risque chirurgical.Transcatheter aortic valve replacement (TAVR) has emerged as a less invasive therapeutic alternative to surgical aortic valve replacement (SAVR) for patients with severe aortic stenosis at very high-risk or prohibitive perioperative risk. Compared to conventional open-heart surgery, TAVR procedures are less invasive, because they are not associated with aortic cross-clamping and cardioplegia. Even so, the procedure involves some degree of myocardial injury due to tissue compression, caused by the balloon and valve prosthesis, as well as several short episodes of extreme hypotension and global ischemia, during rapid ventricular pacing and valve deployment. Also, the transapical approach, which is an alternative to the transfemoral approach, involves the puncture of the ventricular apex and the introduction of large catheters through it. Accordingly, nearly all patients undergoing TAVR present some degree of myocardial injury, as defined by any increase in cardiac biomarkers, including creatine kinase-MB (CK-MB), troponin or B-type natriuretic peptides (BNP). Nonetheless, data on the exact incidence of myocardial injury, extent, predictors, as well as the associated echocardiographic and clinical outcomes, according to the different type of TAVR procedures and transcatheter valves, have been limited. The general objectives of my PhD project are to evaluate the incidence, predictors and outcomes of myocardial injury following TAVR for the treatment of high-risk patients with severe symptomatic AS or dysfunctional aortic bioprosthesis

Super Bock, striving for a stake in the angolan beer market : a case on Brand Portfolio Management and International Marketing

In the western world the beer industry achieved a mature stage, which, aggravated by the economical depression, led many companies to internationalize their operations. Attracted by the fast paced growth that emerging economies are experiencing, most breweries developed long-term strategies in order to conquer those markets. Unicer, a Portuguese beer producer, has since its creation a commercial relationship with Angola, representing nowadays its second strongest market, after Portugal, with enormous potential to expand. Marcos Pereira, head of the international operations in Angola, is being pressured by the top management back in Portugal, to increase the sales volume of Unicer compensating the losses felt in the domestic market. Marcos and his colleague João Esteves, the marketing director of Unicer, will have to find a way to leverage both beer brands: Cristal and Super Bock, in order to increase the actual sales volume. They both know Cristal, despite being the market leader, does not have the potential to grow significantly, at least on the short run, and therefore they focus their strategies on Super Bock, a recently renovated product that Angolans start to accept quite well. The challenge Marcos and Esteves face is how to develop a market penetration without damaging the actual sales of Cristal. Esteves believes the cannibalization of sales is a consequence they have to accept in order to increase the overall results of Unicer but Marcos has the hope that the product line extension can be a middle term solution, protecting the company from the cannibalization issue.No mundo ocidental, a indústria cervejeira alcançou um estádio de maturidade, que agravado com a depressão económica, levou muitas empresas a internacionalizar as suas operações. Atraídas pelo crescimento galopante registado pelos países emergentes, as cervejeiras desenvolveram estratégias por forma a se estabelecerem nos mesmos de forma duradoura. Unicer, uma cervejeira Portuguesa, mantém, desde a sua fundação, uma relação comercial com Angola, constituíndo este país o seu mercado mais forte depois de Portugal. Marcos Pereira, o chefe das operações em Angola, tem sido pressionado pelo conselho de administração da Unicer, para aumentar o volume de vendas da empresa com o intuito de compensar as perdas domésticas. Marcos e o seu colega João Esteves, diretor de marketing da Unicer, terão que encontrar uma forma de gerir as duas marcas de cerveja: Cristal e Super Bock, por forma a aumentar o volume de vendas atual. Ambos sabem que apesar de ser líder de mercado, a Cristal não tem o potencial de crescimento da Super Bock, uma marca recentemente renovada com o objectivo de se adaptar ao mercado Angolano. Para Marcos e Esteves o desafio reside em como desenvolver uma penetração de mercado sem arruinar as actuais vendas da Cristal. Esteves crê que a canibalização de vendas é uma consequência que estes tem que aceitar caso queiram impulsionar os resultados da Unicer, mas Marcos tem a esperança que uma extensão de linha de produto possa ser uma solução intermedia, protegendo a empresa da problemática da canibalização

How Does the Law Put a Historical Analogy to Work?: Defining the Imposition of “A Condition Analogous to That of a Slave” in Modern Brazil

Over the last decades, the Brazilian state has engaged in concerted legal efforts to identify and prosecute cases of what officials refer to as “slave labor” (trabalho escravo). At a conceptual level, the campaign has paired the constitutional protection of human dignity and the “social value of labor” with an expansive interpretation of the offense described in Article 149 of the Criminal Code as “the reduction of a person to a condition analogous to that of a slave.” At the operational level, mobile teams of inspectors and prosecutors have intervened in thousands of work sites, and labor prosecutors have obtained hundreds of consent agreements and convictions in the labor courts, a civil branch of the judiciary. Between the mid-1990s and the end of 2016, some 51,000 workers were administratively resgatados (“rescued”) from rural and urban workplaces in which inspectors determined that they had been reduced to a condition analogous to slavery. Under the supervision of the inspectors, labor contracts have been administratively cancelled, back pay has been (when possible) extracted from the employer, and unemployment insurance payments have been provided to the rescued workers

Magnetic resonance imaging in the assessment of meniscal anatomic variants and of the perimeniscal ligamentous anatomy: potential interpretation pitfalls

O conhecimento adequado das variações anatômicas meniscais e das estruturas perimeniscais é essencial para uma avaliação adequada dos exames de ressonância magnética do joelho, tanto no diagnóstico das lesões meniscais quanto para se evitar uma série de possíveis erros diagnósticos. Este artigo revê variações anatômicas que alteram o tamanho, a forma e a estabilidade meniscais e que incluem os vários tipos de menisco discoide, outras variações morfológicas meniscais menos frequentes e o ossículo meniscal. Também é revisada a anatomia de estruturas perimeniscais, principalmente ligamentares, que incluem os ligamentos meniscocapsulares, intermeniscais, meniscofemorais e extensões meniscoligamentares.The knowledge of meniscal anatomic variants and of the normal perimeniscal structures is essential to understand magnetic resonance imaging studies of the knee, both for the diagnosis of meniscal lesions and to avoid potential interpretation pitfalls. The present article reviews anatomic variants that change the size, shape and stability of the menisci, including the different types of discoid menisci, other less frequent meniscal malformations and the meniscal ossicle. Additionally, the anatomy of perimeniscal structures, particularly those including the meniscocapsular, intermeniscal, meniscofemoral ligaments and other menisco-ligamentous structures is reviewed