El crédito al sector privado en España: del crecimiento desbordado a la fuerte restricción

La fuerte contracción del crédito al sector privado constituye un elemento característico de la profunda crisis que actualmente atraviesa la economía española. Este comportamiento no es algo sorprendente, dado que es conocida la existencia de una fuerte correlación positiva entre los ciclos económicos y los ciclos crediticios, tal y como ha sido ampliamente documentado en la literatura económica. Con el fin de comprender la fuerte restricción crediticia a la que en el momento presente se enfrentan las empresas no financieras y las familias españolas, en este artículo se analiza el último ciclo del crédito que se ha registrado en nuestra economía. Se delimita su longitud e intensidad y se compara con otros ciclos crediticios registrados en décadas pasadas. Tras estudiar el comportamiento del crédito en la fase alcista del ciclo y los principales desequilibrios acumulados en ella, centramos el análisis en su fase bajista, evaluando los factores de oferta y demanda crediticia que están incidiendo en la contracción del crédito. Un especial énfasis se da al papel que las entidades bancarias de carácter social han tenido en este proceso cíclico del crédito

El crédito al sector privado en España: del crecimiento desbordado a la fuerte restricción

The deep crisis in the Spanish economy is characterized by the existence of a sharp contraction in private sector credit. This credit behavior is not surprising, since it is known that there is a strong positive correlation between economic cycles and credit cycles, as has been well documented in the literature. In order to understand the strong credit restrictions which Spanish non-financial firms and households are facing at present, this article analyses the last credit cycle that has occurred in Spanish economy. It is defined its length and intensity and compared with other credit cycles in past decades. After studying the behavior of credit in the expansion phase of the cycle and the major imbalances accumulated in it, we focus the analysis in the recession phase, assessing the supply and demand factors that are affecting credit crunch. A special emphasis is given to the role that social banking institutions have had in this cyclical process of credit.La fuerte contracción del crédito al sector privado constituye un elemento característico de la profunda crisis que actualmente atraviesa la economía española. Este comportamiento no es algo sorprendente, dado que es conocida la existencia de una fuerte correlación positiva entre los ciclos económicos y los ciclos crediticios, tal y como ha sido ampliamente documentado en la literatura económica. Con el fin de comprender la fuerte restricción crediticia a la que en el momento presente se enfrentan las empresas no financieras y las familias españolas, en este artículo se analiza el último ciclo del crédito que se ha registrado en nuestra economía. Se delimita su longitud e intensidad y se compara con otros ciclos crediticios registrados en décadas pasadas. Tras estudiar el comportamiento del crédito en la fase alcista del ciclo y los principales desequilibrios acumulados en ella, centramos el análisis en su fase bajista, evaluando los factores de oferta y demanda crediticia que están incidiendo en la contracción del crédito. Un especial énfasis se da al papel que las entidades bancarias de carácter social han tenido en este proceso cíclico del crédito

Los resultados de los estudiantes en un proceso de evaluación con metodologías distintas

When we use a teaching methodology to strengthen different skills, we need to adapt our evaluation procedures to assess to what extend skills have been achieved. A teaching system focused on teaching skills may have an adverse effect on learning. Our goal is to identify if the use of different teaching methodologies has a positive impact on student learning, and if there are particular kinds of tasks that may be more appealing or appropriate for student, so that they pass exams. In order to do this, we use results obtained by students during several academic years.La utilización de una metodología docente basada en el fortalecimiento de distintas competencias exige la aplicación de un sistema de evaluación que permita valorar adecuadamente el logro de las competencias establecidas. Si bien, se suele decir que un sistema de enseñanza de este tipo perjudica el aprendizaje al reducir los conocimientos adquiridos. Nuestro objetivo es averiguar si la utilización de una metodología docente variada es positiva para la formación del alumno, así como si existe algún tipo de actividad que resulte más atractiva o más favorable para superar la asignatura. Para ello nos servimos de los resultados obtenidos por los alumnos de una misma asignatura a lo largo de varios cursos académico

Evaluación continua de conocimientos vs de competencias: Resultados de la aplicación de dos métodos valorativos diferentes

The aim of this article is to compare the effects of changes in the teaching methodology and in the assessment system on overall student performance evaluations. The previous assessment system was a continuous assessment and the new method applied is a formative method in competences, which is closer to a formative process. Thus, based on the experience and results of the past seven years in the subject of Financial Systems, a fourth-year subject in the Economics and Business Administration degree program, we get to the conclusion that the closer assessment systems are, the more similar student results (marks) become. Besides, the pass mark (mark between 5 – 6.5 over 10) is the most frequent grade in the competences assessment system and, at the same time, class attendance becomes more necessary to pass the subject in this assessment system. Finally, we have observed that students are more pleased when teaching methodology assesses competences and not only knowledge.El objetivo de este artículo es determinar el impacto que supone el cambio de metodología docente y de evaluación desde un sistema de valoración sumativo (o de evaluación continua) a un método de formación en competencias (denominado formativo). Así, partiendo de la experiencia y de los resultados obtenidos en la asignatura de Sistema Financiero, de cuarto curso de las licenciaturas en Economía y en Administración y Dirección de Empresas, en los últimos siete años, se concluye que, en la medida que ambos sistemas de valoración se aproximan, los resultados de los estudiantes tienden también a acercarse, aunque se sitúan mayormente en el aprobado cuando el método es formativo, siendo la asistencia a clase cada vez más relevante para poder superar la materia. Igualmente, el alumno se encuentra bastante satisfecho cuando, a pesar del esfuerzo que le supone, su evaluación se realiza no sólo en conocimientos sino también en otras actitude

Planning the teaching methodology adapted to EHEA: a proposal for Applied Economy subjects

Application of teaching methods adapted to the EHEA requires planning and teamwork among teachers of the same subject, but also between teachers of different subject, especially when we have to achieve a student with specific skills. This paper describes the experience of professors who teach Economic Policy and Financial System, and shows how these have coordinated the skills, methodologies and evaluation systems in two different subjects in order to develop the skills in a progressive form. Also, it analyzes the effort, in hours of work, of teachers when they apply a methodology as we have described

EL RESCATE BANCARIO: IMPORTANCIA Y EFECTOS SOBRE ALGUNOS SISTEMAS FINANCIEROS AFECTADOS

El objetivo de este artículo es realizar un análisis del impacto que ha tenido la grave crisis financiera que, desde finales de 2008, hace estragos sobre los sistemas crediticios de algunos de los países que han precisado un rescate para sus sistemas bancarios; en concreto, para España, Alemania, Irlanda, Islandia y Estados Unidos. Para ello, y después de exponer los principales mecanismos de ayuda utilizados en cada uno de ellos, así como su importancia en el conjunto de sus economías, se presentarán los principales cambios que han sufrido sus sistemas bancarios, para lo cual se ha realizado un análisis de la evolución de algunos de sus datos económico-financieros más relevantes y de diversos indicadores de servicio bancario

Event reconstruction for KM3NeT/ORCA using convolutional neural networks

The KM3NeT research infrastructure is currently under construction at two locations in the Mediterranean Sea. The KM3NeT/ORCA water-Cherenkov neutrino detector off the French coast will instrument several megatons of seawater with photosensors. Its main objective is the determination of the neutrino mass ordering. This work aims at demonstrating the general applicability of deep convolutional neural networks to neutrino telescopes, using simulated datasets for the KM3NeT/ORCA detector as an example. To this end, the networks are employed to achieve reconstruction and classification tasks that constitute an alternative to the analysis pipeline presented for KM3NeT/ORCA in the KM3NeT Letter of Intent. They are used to infer event reconstruction estimates for the energy, the direction, and the interaction point of incident neutrinos. The spatial distribution of Cherenkov light generated by charged particles induced in neutrino interactions is classified as shower- or track-like, and the main background processes associated with the detection of atmospheric neutrinos are recognized. Performance comparisons to machine-learning classification and maximum-likelihood reconstruction algorithms previously developed for KM3NeT/ORCA are provided. It is shown that this application of deep convolutional neural networks to simulated datasets for a large-volume neutrino telescope yields competitive reconstruction results and performance improvements with respect to classical approaches

Event reconstruction for KM3NeT/ORCA using convolutional neural networks

The KM3NeT research infrastructure is currently under construction at two locations in the Mediterranean Sea. The KM3NeT/ORCA water-Cherenkov neutrino de tector off the French coast will instrument several megatons of seawater with photosensors. Its main objective is the determination of the neutrino mass ordering. This work aims at demonstrating the general applicability of deep convolutional neural networks to neutrino telescopes, using simulated datasets for the KM3NeT/ORCA detector as an example. To this end, the networks are employed to achieve reconstruction and classification tasks that constitute an alternative to the analysis pipeline presented for KM3NeT/ORCA in the KM3NeT Letter of Intent. They are used to infer event reconstruction estimates for the energy, the direction, and the interaction point of incident neutrinos. The spatial distribution of Cherenkov light generated by charged particles induced in neutrino interactions is classified as shower-or track-like, and the main background processes associated with the detection of atmospheric neutrinos are recognized. Performance comparisons to machine-learning classification and maximum-likelihood reconstruction algorithms previously developed for KM3NeT/ORCA are provided. It is shown that this application of deep convolutional neural networks to simulated datasets for a large-volume neutrino telescope yields competitive reconstruction results and performance improvements with respect to classical approaches

CMS physics technical design report : Addendum on high density QCD with heavy ions

Peer reviewe

Alignment of the CMS silicon tracker during commissioning with cosmic rays

This is the Pre-print version of the Article. The official published version of the Paper can be accessed from the link below - Copyright @ 2010 IOPThe CMS silicon tracker, consisting of 1440 silicon pixel and 15 148 silicon strip detector modules, has been aligned using more than three million cosmic ray charged particles, with additional information from optical surveys. The positions of the modules were determined with respect to cosmic ray trajectories to an average precision of 3–4 microns RMS in the barrel and 3–14 microns RMS in the endcap in the most sensitive coordinate. The results have been validated by several studies, including laser beam cross-checks, track fit self-consistency, track residuals in overlapping module regions, and track parameter resolution, and are compared with predictions obtained from simulation. Correlated systematic effects have been investigated. The track parameter resolutions obtained with this alignment are close to the design performance.This work is supported by FMSR (Austria); FNRS and FWO (Belgium); CNPq, CAPES, FAPERJ, and FAPESP (Brazil); MES (Bulgaria); CERN; CAS, MoST, and NSFC (China); COLCIENCIAS (Colombia); MSES (Croatia); RPF (Cyprus); Academy of Sciences and NICPB (Estonia); Academy of Finland, ME, and HIP (Finland); CEA and CNRS/IN2P3 (France); BMBF, DFG, and HGF (Germany); GSRT (Greece); OTKA and NKTH (Hungary); DAE and DST (India); IPM (Iran); SFI (Ireland); INFN (Italy); NRF (Korea); LAS (Lithuania); CINVESTAV, CONACYT, SEP, and UASLP-FAI (Mexico); PAEC (Pakistan); SCSR (Poland); FCT (Portugal); JINR (Armenia, Belarus, Georgia, Ukraine, Uzbekistan); MST and MAE (Russia); MSTDS (Serbia); MICINN and CPAN (Spain); Swiss Funding Agencies (Switzerland); NSC (Taipei); TUBITAK and TAEK (Turkey); STFC (United Kingdom); DOE and NSF (USA)