Hard peg and monetary unions.Main lessons from the Argentine experience

Currency board (CB) was a corner solution for Argentine hyperinflation, however its balance is controversial. How does a CB work as a long run regime? After evaluating the result of ten years CB regime, we obtain important lessons for a monetary union and for dollarization proposals. We discuss: 1) the capacity of such a regime to deal with real and nominal volatility, 2) fiscal problems and debt dynamics, 3) financial problems under currency substitution, 4) CB regime compared with dollarization and 5) the feasibility of a single–peg CB in a flexible exchange rate world.Currency board, Dollarization, Monetary union, Fiscal policy and Monetary policy

Long Run Determinants of Real Exchange Rates in Latin America

This paper investigates the long run behavior of real exchange rates in nineteen countries of Latin America over the period 1970 - 2006. Our data does not support the Purchasing Power Parity (PPP) hypothesis, implying that real shocks tend to have permanent effects on Latin America's real exchange rates. By exploiting the advantage of non stationary panel econometrics, we are able to determinate factors that drive real exchanges rate in the long run : the Balassa-Samuelson effect, government spending, the terms of trade, the openness degree, foreign capital flows and the de facto nominal exchange regime. The latter effect has policy implications since we find that a fixed regime tends to appreciate the real exchange rate. This finding shows the non neutrality of exchange rate regime regarding its effects on real exchange rates. We also run estimations for country subgroups (South America versus Caribbean and Central America). Regional results highlight that several real exchange rates determinants are specific to one geographic zone. Finally, we compute equilibrium real exchange rate estimations. Two main results are derived from the investigation of misalignments, [i ] eight real exchange rates are quite close to their equilibrium level in 2006, and [ii ] our model shows that a part of currencies crises that arose in Latin America was preceded by a real exchange rate overvaluation.equilibrium real exchange rate ; panel cointegration. ; panel unit roots

Could the Exchange Rate Regime Reduce Macroeconomic Volatility?

This study intends to determine the relationship existing between the exchange rate regime and real volatility. After revising the theoretical and empirical results of previous research, it is proposed a new methodology that corrects deficiencies of previous empirical papers. The results show non-neutrality of the exchange rate regime. Particularly, it is found that the more rigid the regime is the grater real volatility will be. Even when it is performed an exchange rate regime classification that allows a comparison between consistent pegging and consistent floating, the former has a higher volatility. Countries with “fear of floating†behavior exhibit lower volatility than consistent pegsreal volatility, exchange rate regime, panel data

COULD THE EXCHANGE RATE REGIME REDUCE MACROECONOMIC VOLATILITY?

This study intends to determine the kind of relationship existing between the exchange rate regime and real volatility. After carefully revising theoretical and empirical results of previous research, a new methodology is proposed that corrects deficiencies found in previous empirical papers. The results show non-neutrality of the exchange rate regime. Particularly, it is found that the more rigid the regime, the greater the real volatility. Even when a classification of the exchange rate regime is performed allowing a comparison between consistent pegging and consistent floating, the former has a higher volatility. Countries with "fear of floating" or "inability of pegging" behavior exhibit lower volatility than consistent pegs.

Métodos de avaliación da tose en pacientes con afectación do sistema respiratorio: unha revisión bibliográfica

[Resumen] Objetivo. Analizar la literatura existente sobre los diferentes métodos de evaluación de la tos en pacientes con afectación del sistema respiratorio. Material y métodos. Se realizó una búsqueda en las bases de datos Pubmed, PEDro, la biblioteca Cochrane Plus y Scopus, de estudios publicados desde el 2008 a la actualidad, en inglés, español o portugués. Se incluyeron ensayos clínicos, ensayos clínicos aleatorizados, guías de práctica clínica y revisiones sistemáticas. Resultados. Se obtuvieron un total de 27 artículos publicados a partir del 2008 procedentes de Pubmed y Scopus que incluían a sujetos con diversas patologías respiratorias, cuyo tema principal fue la valoración de la tos. Se estudiaron los diferentes protocolos de evaluación de la tos, los puntos de corte del pico flujo tos (PFT) así como las posibles ecuaciones de referencia para su cálculo. Conclusiones. Tras el análisis de los diferentes protocolos en la literatura actual, se sugiere el uso del neumotacógrafo o del medidor de PEF (pico flujo espiratorio) digital junto con la mascarilla orofacial para la valoración de la tos. Han sido varios los autores que han determinado puntos de corte para el PFT, proponiendo, en líneas generales, un valor menor de 160 L/min como indicativo de tos ineficaz. Actualmente, no existen ecuaciones de referencia para el cálculo del PFT, sin embargo, este se relaciona con características intrínsecas del paciente como el sexo, la altura y la edad y otros factores relacionados con la de función pulmonar como la presión inspiratoria máxima, la presión espiratoria máxima y la capacidad vital forzada.[Abstract] Objetive. To analyse the available literature that refers to the various methods of cough evaluation in patients with respiratory system suffering. Methods. A search of studies published from 2008 to the present time in English, Spanish or Portuguese was carried out in the Pubmed databases, PEDro, the Cochrane Plus and Scopus library. Clinical trials, randomized clinical trials, clinical practice guidelines and systematic reviews were included. Outcomes. A total of 27 articles published from 2008 by Pubmed and Scopus that included subjects with diverse respiratory pathologies, whose main subject was cough assessment were obtained. Different protocols of cough assessment, the peak cough flow (PCF) cut-off points as well as possible equations of reference for its calculation have been analysed. Conclusions. After the analysis of the different protocols in the current literature, the use of the pneumotachograph or digital PEF (peak expiratory flow) meter together with the orofacial mask for the assessment of the cough is suggested. There have been several authors who have determinate cut-off points for the PCF, recommending, in general terms, a lower value of 160 L/min like guide of ineffective cough. Nowadays, equations of reference for the calculation PCF cannot be found, however, this is said to be associated to instrinsic characteristics of the patient like sex, height and age and others factors that have to do with lung function such as maximal inspiration pressure, maximal expiratory pressure and forced vital capacity.[Resumo] Obxectivo. Analizar a literatura existente sobre os diferentes métodos de avaliación da tose en pacientes con afectación do sistema respiratorio. Material e métodos. Realizouse unha búsqueda nas bases de datos Pubmed, PEDro, a biblioteca Cochrane Plus e Scopus, de estudos publicados dende o 2008 ata a actualidade en inglés, español ou portugués. Incluíronse ensaios clínicos, ensaios clínicos aleatorizados, guías de práctica clínica e revisións sistemáticas. Resultados. Obtivéronse un total de 27 artigos publicados dende o 2008 procedentes de Pubmed e Scopus que incluían a suxeitos con diversas patoloxías respiratorios cuxo tema principal foi a valoración da tose. Estudiáronse os diferentes protocolos de valoración da tose, os puntos de corte do pico fluxo tose (PFT) así coma as posibles ecuacións de referencia para o seu cálculo. Conclusións. Tras a análise dos diferentes protocolos na literatura actual suxírese o emprego do neumotacógrago ou do medidor de PEF (pico fluxo espiratorio) dixital xunto coa mascarilla orofacial para a valoración da tose. Foron varios autores os que determinaron puntos de corte para o PFT propoñendo, en líneas xerais, un valor menor de 160 L/min como indicativo de tose ineficaz. Na actualidade non existen ecuacións de referencia, sen embargo, o PFT relaciónase con características intrínsecas do paciente coma o sexo, a altura, a idade e outros factores relacionados coa función pulmonar coma a presión inspiratoria máxima, a presión espiratoria máxima e a capacidade vital forzada.Traballo fin de grao (UDC.FCS). Fisioterapia. Curso 2017/201

Long Run Determinants of Real Exchange Rates in Latin America

Working paper GATE 08-11This paper investigates the long run behavior of real exchange rates in nineteen countries of Latin America over the period 1970 - 2006. Our data does not support the Purchasing Power Parity (PPP) hypothesis, implying that real shocks tend to have permanent effects on Latin America's real exchange rates. By exploiting the advantage of non stationary panel econometrics, we are able to determinate factors that drive real exchanges rate in the long run : the Balassa-Samuelson effect, government spending, the terms of trade, the openness degree, foreign capital flows and the de facto nominal exchange regime. The latter effect has policy implications since we find that a fixed regime tends to appreciate the real exchange rate. This finding shows the non neutrality of exchange rate regime regarding its effects on real exchange rates. We also run estimations for country subgroups (South America versus Caribbean and Central America). Regional results highlight that several real exchange rates determinants are specific to one geographic zone. Finally, we compute equilibrium real exchange rate estimations. Two main results are derived from the investigation of misalignments, [i ] eight real exchange rates are quite close to their equilibrium level in 2006, and [ii ] our model shows that a part of currencies crises that arose in Latin America was preceded by a real exchange rate overvaluation

Induction Motor Fault Modeling Based on the Winding Function

The deterioration in electrical equipment, is normal and its process begins as soon as the equipment is installed. Failure to inspect may cause faults. A failure in these devices can represent from thousands of dollars in losses of production to loss of lives, therfore, it is our responsibility as engineers to develop and apply techniques that ensure their optimal operation. There are several maintenance techniques, including condition monitoring which uses vibration and electrical data from motors/generators to diagnose faults. The objective of this work is to develop a computational model of an induction motor based on the winding function technique to model electrical and mechanical faults. This is the first step in order to proceed with a most comprehensive project about condition monitoring of induction machines under fault based on signal processing analysis.Keywords: faults, induction machines, winding functio

An econometric approach to macroeconomic risk. A cross country study

A contribution to the study of volatility and country risk is made in order to achieve a successful crosscountry comparison. We present a methodology for the evaluation of country risk that include endogenous detection of multiple structural breaks (also identifying its different kinds), determination of persistence of shocks through their structural-break free fractional integration order and determination of the adjusted volatility which best characterizes the economy. This methodology is applied to developed and emerging countries' GDPs (taking 9 countries from each group). Although the former have fewer structural breaks than the latter, these breaks are extremely relevant in 14 of the 18 countries. This affects the calculation of the series persistence and volatility. Comparing a traditional risk indicator to our suggested one we find that the cluster of reference of 60% of the countries changes. Most countries present fractional integration (long memory) being the distribution between both groups heterogeneous. Country volatility varies strongly if we isolate structural breaks that present a probabilistic distribution different from intrinsic GDP volatility. Clusters arrangement is different with some risk country evaluation methodologies.Risk, Volatility, Persistence, Structural breaks, Forescastability, Macroeconomic variables, Cross country analysis