Function and application of the new macroprudential tools available to the Banco de España

Following the global financial crisis, banking regulation incorporated macroprudential policy into the authorities’ toolkit with the aim of mitigating so-called “systemic risk”. This is namely the risk of financial instability becoming so widespread that it hampers the functioning of the financial system, to such an extent that economic growth and citizens’ well-being are adversely affected. One of the distinctive characteristics of this risk is that it is multi-dimensional; accordingly, a broad range of specific tools is needed to be able to tackle each of these dimensions. Up to a year ago Spanish regulations, deriving from European regulations, basically provided for macroprudential tools that could bear on banks’ solvency requirements. Since then it has added other tools, some of which are common to other jurisdictions, that allow action to be taken on specific credit portfolios or on specific characteristics of the loans granted by banks. This article sets out these new tools, discussing their main properties and their potential scope for operating in practice. It also reviews some of the challenges that future revisions or future extensions of the macroprudential toolbox may pose

Sovereign risk and financial stability

Artículo de revist

Drivers of productivity in the Spanish banking sector : recent evidence

Este estudio analiza los determinantes de la productividad total de los factores de los bancos españoles desde el año 2000 hasta el período poscrisis. En particular, analizamos los cambios en la productividad derivados del proceso de reestructuración que ha experimentado el sector bancario español después de la crisis. Encontramos que, tras un período de continuo crecimiento, la productividad se ha reducido desde el comienzo de la crisis, aunque los bancos más grandes se han visto menos afectados. También identificamos que el riesgo, los niveles de capital, la competencia y los precios de los inputs han sido determinantes muy importantes que explican las diferencias en los cambios de productividad entre bancos. Finalmente, nuestros resultados sugieren que, al final de la muestra, existe margen para mejoras adicionales en la productividad, principalmente a través del aprovechamiento de economías de escala y de incrementos de la eficiencia en costes. Identificamos que estas oportunidades son, en general, mayores para los bancos pequeños en nuestra muestraWe analyse the drivers of total factor productivity of Spanish banks from early 2000, including the last financial crisis and the post-crisis period. This allows us to study changes in productivity following a major restructuring process in the banking sector such as the one experienced in Spain. Overall, we find that following a period of continued growth, productivity declined after the height of the crisis, though large banks were less affected. We also find that risk, capital levels, competition and input prices were important drivers of the differences in productivity change between banks. Finally, our results suggest that, by the end of our sample period, there was still some room for potential improvements in productivity via exploiting scale economies and enhancing cost efficiency. These opportunities appear to be generally greater for the smaller banks in our sampl

Completion of Basel III post-crisis reforms: overview and analysis of key features

Artículo de revistaIn December 2017, the Basel Committee published the final revisions to the Basel III regulatory framework. The main objective of these revisions – the outstanding Basel III postcrisis reforms – was to reduce the excessive variability of risk-weighted assets. To further this purpose, a number of extensive changes were introduced to the existing regulatory standards, including the two available approaches for credit risk (the standardised approach and the internal ratings-based approach), the operational risk framework, the credit valuation adjustment framework, and the leverage ratio, among others. In addition, a more robust, risk-sensitive aggregate output floor based on the revised standardised approaches was added to the framework. In parallel, the Basel Committee completed its review of the regulatory treatment of sovereign exposures without changes to the current rules at this stage. This paper provides a general overview of all these developments along with more detailed explanations of their key features, rationale and workings

Measurement of the reliability of virtual tools in learning the English language using variance analysis

En el año 2020 la declaración por la emergencia sanitaria a causa del Coronavirus obliga a los centros educativos para introducir como estrategia de aprendizaje las aulas virtuales.  En este contexto, los investigadores diseñan un plan de aprendizaje en línea para asistir a sus estudiantes. Este artículo tiene el propósito de dar a conocer los resultados de este plan en varios ámbitos. Por una parte, en la forma como los estudiantes respondieron y participaron en la plataforma virtual; y por otra, su rendimiento académico, en relación al entorno del curso presencial equivalente anterior (grupo control). Este artículo revela los resultados de una investigación cuantitativa. Los investigadores realizaron experimentos para evaluar el efecto del material didáctico sobre el rendimiento académico. Para probar este supuesto, se ha elegido una muestra de 45 estudiantes asignados al azar en tres grupos. Los estudiantes del grupo 1 revisan el documento con los contenidos programados y la guía del docente. Los estudiantes del grupo 2 recibieron el documento y una canción. Los estudiantes del grupo 3 revisaron los contenidos utilizando una película y una canción. Los estudiantes del grupo 2 presen una mejora significativa en su rendimiento, este resultado muestra que la aplicación de las herramientas tecnológicas contribuye al aprendizaje; siempre que lleven la guía del docente. Este evento se ha podido verificar mediante el análisis de varianza con tres grupos independientes.In 2020, the declaration of the health emergency due to the Coronavirus obliges schools to introduce virtual classrooms as a learning strategy. In this context, researchers design an online learning plan to assist their students. This article want to publicize the results of this plan in various areas. On the one hand, in the way the students responded and participated in the virtual platform; and on the other, their academic performance, in relation to environment of the previous equivalent face-to-face course (control group). This article reveals the results of a quantitative investigation. The researchers conducted experiments to assess the effect of the teaching material on academic performance. To test this assumption, a sample of 45 students randomized into three groups. Group 1 students review the document with the programmed contents and the teacher's guide. Group 2 students received the document and a song. Group 3 students reviewed the content using a movie and a song. Group 2 students present a significant improvement in their performance; this result shows that the application of technological tools contributes to learning as long as they have the teacher's guide. This event verified by analysis of variance with three independent groups

Impactos en la cadena de valor del cacao en Ecuador como consecuencia del Reglamento (UE) No. 488/2014

Este informe hace parte de los productos del componente socioeconómico del proyecto Clima-LoCa y presenta los resultados agregados de una serie de análisis y estudios desarrollados por miembros de la Alianza Bioversity International y CIAT, ESPOL y KU LEUVEN durante los años 2020 y 2021 relacionados a los efectos del reglamento UE No 488/2014 en la cadena de valor de cacao en el Ecuador y las medidas adelantadas para mitigarlos. El informe inicia presentando una contextualización de la cadena del cacao y chocolate en Ecuador, así como de la problemática del cadmio, las iniciativas adelantadas a nivel nacional para hacer frente a esta situación y los resultados de una revisión de la literatura disponible relacionada a los impactos del reglamento en la cadena. Con el fin de complementar, validar y actualizar dicha información, este informe presenta un análisis que combina diversas metodologías y fuentes, apalancándose en la multiplicidad de enfoques, fuentes de información y perspectivas de las organizaciones participantes. *Clima-LoCa es un proyecto regional liderado por la Alianza de Bioversity International y el Centro Internacional de Agricultura Tropical (CIAT), implementado en colaboración con socios en investigación de América Latina y Europa y financiado por la Comisión Europea. https://climaloca.org

Production of phenolic metabolites by Deschampsia antarctica shoots using UV-B treatments during cultivation in a photobioreactor

Abstract Deschampsia antarctica (DA), the only species in the Gramineae family endemic to the Antarctic territory, is characterized by a combination of high levels of free endogenous phenylpropanoid compounds under normal in situ and in vitro growth conditions. In this article, we describe the design and use of a specific temporary immersion photobioreactor to produce both increased DA biomass and secondary metabolite accumulation by UV-B elicitation during cultivation. Three min-long immersions in an induction medium applied every 4 hrs at 14\ubaC \ub1 1 and 20/4 hrs light/darkness photoperiod increased DA biomass production over previous in vitro reports. Biomass duplication was obtained at day 10.7 of culturing, and maximum total phenolics and antioxidant activity were observed after 14 day of culturing. The addition of UV-B radiation pulses for 0.5 hrs at 6 hrs intervals increased total phenolics and antioxidant activity more than 3- and 1.5- fold, respectively, compared to controls with no UV-B. Significant accumulation of scopoletin, chlorogenic acid, gallic acid and rutin was found in these plantlets. This is the first bioreactor designed to optimize biomass and phenylpropanoid production in DA

Programa vaso de leche en el asentamiento humano Torres de San Borja, municipalidad de moche, Trujillo, Perú

RESUMEN En el Perú, actualmente existen muchas organizaciones sin fines de lucro que buscan apoyar a los sectores menos favorecidos con el fin de cambiar y reducir esa realidad tan adversa que tienen estas comunidades, estas organizaciones necesitan ser aprobadas por los municipios para trabajar junto con estos órganos del estado, para poder así financiar sus actividades y ser administrados de la manera más eficaz. Sin embargo muchas veces se presentan casos de insatisfacción por parte de las comunidades que reciben este apoyo, lo que genera bastante incertidumbre en el sector, cómo es el funcionamiento de estas Organizaciones No Gubernamentales (ONG). Anteriormente el objetivo del informe era poder plasmar las acciones realizadas en la gestión de un proyecto de Responsabilidad Social dentro del A.A.H.H Las Torres de San Borja, en Moche-La Libertad. No obstante, la investigación tomó otro camino al percibir que uno de los problemas con la comunidad era la constante queja e insatisfacción con uno de los programas que brinda apoyo a este Asentamiento Humano; como es el “ Programa Vaso de Leche” a partir de esto, se decidió investigar el porqué de toda esta problemática existente

Impact of safety-related dose reductions or discontinuations on sustained virologic response in HCV-infected patients: Results from the GUARD-C Cohort

BACKGROUND: Despite the introduction of direct-acting antiviral agents for chronic hepatitis C virus (HCV) infection, peginterferon alfa/ribavirin remains relevant in many resource-constrained settings. The non-randomized GUARD-C cohort investigated baseline predictors of safety-related dose reductions or discontinuations (sr-RD) and their impact on sustained virologic response (SVR) in patients receiving peginterferon alfa/ribavirin in routine practice. METHODS: A total of 3181 HCV-mono-infected treatment-naive patients were assigned to 24 or 48 weeks of peginterferon alfa/ribavirin by their physician. Patients were categorized by time-to-first sr-RD (Week 4/12). Detailed analyses of the impact of sr-RD on SVR24 (HCV RNA <50 IU/mL) were conducted in 951 Caucasian, noncirrhotic genotype (G)1 patients assigned to peginterferon alfa-2a/ribavirin for 48 weeks. The probability of SVR24 was identified by a baseline scoring system (range: 0-9 points) on which scores of 5 to 9 and <5 represent high and low probability of SVR24, respectively. RESULTS: SVR24 rates were 46.1% (754/1634), 77.1% (279/362), 68.0% (514/756), and 51.3% (203/396), respectively, in G1, 2, 3, and 4 patients. Overall, 16.9% and 21.8% patients experienced 651 sr-RD for peginterferon alfa and ribavirin, respectively. Among Caucasian noncirrhotic G1 patients: female sex, lower body mass index, pre-existing cardiovascular/pulmonary disease, and low hematological indices were prognostic factors of sr-RD; SVR24 was lower in patients with 651 vs. no sr-RD by Week 4 (37.9% vs. 54.4%; P = 0.0046) and Week 12 (41.7% vs. 55.3%; P = 0.0016); sr-RD by Week 4/12 significantly reduced SVR24 in patients with scores <5 but not 655. CONCLUSIONS: In conclusion, sr-RD to peginterferon alfa-2a/ribavirin significantly impacts on SVR24 rates in treatment-naive G1 noncirrhotic Caucasian patients. Baseline characteristics can help select patients with a high probability of SVR24 and a low probability of sr-RD with peginterferon alfa-2a/ribavirin

Energy Estimation of Cosmic Rays with the Engineering Radio Array of the Pierre Auger Observatory

The Auger Engineering Radio Array (AERA) is part of the Pierre Auger Observatory and is used to detect the radio emission of cosmic-ray air showers. These observations are compared to the data of the surface detector stations of the Observatory, which provide well-calibrated information on the cosmic-ray energies and arrival directions. The response of the radio stations in the 30 to 80 MHz regime has been thoroughly calibrated to enable the reconstruction of the incoming electric field. For the latter, the energy deposit per area is determined from the radio pulses at each observer position and is interpolated using a two-dimensional function that takes into account signal asymmetries due to interference between the geomagnetic and charge-excess emission components. The spatial integral over the signal distribution gives a direct measurement of the energy transferred from the primary cosmic ray into radio emission in the AERA frequency range. We measure 15.8 MeV of radiation energy for a 1 EeV air shower arriving perpendicularly to the geomagnetic field. This radiation energy -- corrected for geometrical effects -- is used as a cosmic-ray energy estimator. Performing an absolute energy calibration against the surface-detector information, we observe that this radio-energy estimator scales quadratically with the cosmic-ray energy as expected for coherent emission. We find an energy resolution of the radio reconstruction of 22% for the data set and 17% for a high-quality subset containing only events with at least five radio stations with signal.Comment: Replaced with published version. Added journal reference and DO