The political economy of international private insurance and fiscal policy.

We consider a two-country model in which international risk-sharing is beneficial. Even though complete contingent markets exist to trade private wealth, the fact that fiscal policy voting decisions have an impact on contingent wealth prices implies that government spending will be inflated in good states and deflated in bad ones, with the following general implications: (i) Prices of contingent wealth are distorted; (ii) Volatility of public spending increases; (iii) Incomplete insurance arises. An example shows that apart from the increase in the volatility of public spending, it is also possible that average spending increases in both countries. These distortions are shown to be stronger the more similar the two countries are in ex ante terms . We compare the decentralized system with a fiscal union contrasting eqUilibrium properties in terms of government spending and allocation of risk.Private international insurance; Market; Fiscal Union; Decentralized fiscal policy; Risksharing;

Inflation in open economies with complete markets

This paper uses an overlapping generations model to analyze monetary policy in a two-country model with asymetric shocks. Agents insure against risk through the exchange of a complete set of real securities. Each central bank is able to commit to the contingent monetary policy rule that maximizes domestic welfare. In an attempt to improve their country's terms of trade of securities, central banks may choose to commit to costly inflation in favorable states of nature. In equilibrium the effects on the terms of trade wash out, leaving both countries worse off. Countries facing asymmetric shocks may therefore gain from monetary cooperation

Fiscalidad de la cultura: incentivos fiscales autonómicos al patrimonio cultural

Este trabajo tiene como objetivo analizar uno de los instrumentos que el Estado español utiliza para fomentar la participación privada en la conservación y difusión del Patrimonio Cultural: el establecimiento de incentivos fiscales a las actividades relacionadas con el Patrimonio Histórico Español realizadas por particulares y empresas. Concretamente, este trabajo se centra en los incentivos fiscales establecidos por las Comunidades Autónomas en el ejercicio de sus competencias normativas en materia impositiva. Como punto de partida necesario, se delimita el campo de la intervención pública en este ámbito en nuestro país, esto es, los bienes integrantes del Patrimonio Histórico Español existentes en cada Comunidad Autónoma, y se justifica y analiza las formas que puede adoptar la intervención pública en este ámbito. Posteriormente se analiza la evolución y configuración actual del sistema de incentivos fiscales al Patrimonio Cultural tanto estatal como autonómico, realizando un estudio comparativo de la utilización de estas medidas como instrumento de las políticas de Patrimonio AutonómicasThe aim of this work is to analyze one of the resources that the Spanish State uses to encourage private participation in the conservation and promotion of Cultural Heritage: the establishing of tax incentives for the activities related to the Spanish Historical Heritage carried out by individuals and companies. Specifically, this work focuses on the tax incentives established by the Autonomous Communities in the exercise of their regulatory competences in tax matters. As a necessary starting point, the field of public intervention in this ambit is delimited in our country, that is, the integral property of the Spanish Historical Heritage existing in each Autonomous Community, and the ways that public intervention can adopt are justified and analyzed in this ambit. Subsequently, the 3 evolution and current configuration of the system of tax incentives for the Cultural Heritage both state and autonomous is analyzed, making a comparative study of the use of these measures as instrument of the Autonomic Heritage policiesDepartamento de Economía AplicadaGrado en Administración y Dirección de Empresa

The role of network interactions in timing-dependent plasticity within the human motor cortex induced by paired associative stimulation

Spike timing-dependent plasticity (STDP) has been suggested as one of the key mechanism underlying learning and memory. Due to its importance, timing-dependent plasticity studies have been approached in the living human brain by means of non-invasive brain stimulation (NIBS) protocols such as paired associative stimulation (PAS). However, contrary to STDP studies at a cellular level, functional plasticity induction in the human brain implies the interaction among target cortical networks and investigates plasticity mechanisms at a systems level. This thesis comprises of two independent studies that aim at understanding the importance of considering broad cortical networks when predicting the outcome of timing-dependent associative plasticity induction in the human brain. In the first study we developed a new protocol (ipsilateral PAS (ipsiPAS)) that required timing- and regional-specific information transfer across hemispheres for the induction of timing-dependent plasticity within M1 (see chapter 3). In the second study, we tested the influence of individual brain structure, as measured with voxel-based cortical thickness, on a standard PAS protocol (see chapter 4). In summary, we observed that the near-synchronous associativity taking place within M1 is not the only determinant influencing the outcome of PAS protocols. Rather, the online interaction of the cortical networks integrating information during a PAS intervention determines the outcome of the pairing of inputs in M1

Mineralogy of supports and selected pigments in mediaeval churches of Slovenia

FEDER MAT2002-0254

Early Retirement and Social Security: A Long Term Perspective

We provide a long-term perspective on the individual retirement behaviour and on the future of retirement. In a Markovian political economic theoretical framework, in which incentives to retire early are embedded, we derive a political equilibrium with positive social security contribution rates and early retirement. Aging has two opposite effects: it leads to lower taxes and fewer (early) retirees, while a poorer median voter will push for higher contributions. The model highlights the existence of crucial income effects: a decrease of the income of young people will induce them to postpone retirement and to vote for less social security.pensions, income effect, tax burden, politico-economic Markovian equilibrium

Early Retirement and Social Security: A Long Term Perspective

We provide a long term perspective on the individual retirement behavior and on the future of retirement. In a Markovian political economic theoretical framework, in which incentives to retire early are embedded, we derive a political equilibrium with positive social security contribution rates and early retirement. While aging has opposite economic and political effects on social security contributions, it may lead to postponing retirement -- by reducing the generosity of pension benefits -- unless the political effect leads to a large increase in contribution and hence higher benefits. Economic slowdowns, captured by a reduction in wage income in youth, will also induce workers to postpone retirement and to vote for less social securitypensions, income effect, tax burden, politico-economic Markovian equilibrium

Multivariate Statistical Analysis of Phyllite Samples Based on Chemical (XRF) and Mineralogical Data by XRD

It is presented the results obtained of a multivariate statistical analysis concerning the chemical and phase composition, as a characterization purpose, carried out with 52 rock phyllite samples selected from the provinces of Almería and Granada (SE Spain). Chemical analysis was performed by X-ray fluorescence (XRF). Crystalline phase analysis was performed by X-ray powder diffraction (XRD) and the mineralogical composition was then deduced. Quantification of weight loss (100° and 1000°C) was carried out by thermal analysis. The aims of this investigation were to analyze and compare the chemical and mineralogical composition of all these samples and to find similarities and differences between them to allow a classification. Several correlations between results of the characterization techniques have been also investigated. All the data have been processed using the multivariate statistical analysis method. The XRF macroelements (10) and microelements (39) data generate one macrogroup with two new subgroups (1 and 2), and an isolated sample. In subgroup 1 of macroelements, a positive correlation was found between XRF results and geographic location characterized by lower MgO content, which is associated to its geological origins. When multivariate statistical analysis is applied to results obtained by XRD, two groups appear: the first one with a sample with zero percentage of iron oxide and the second one with the rest of the samples, which is classified in two groups. A correlation is observed between the alkaline content (XRF) and illite (XRD), CaO and MgO with dolomite and indirectly between the weight loss after heating at 1000°C and the contents of phase minerals that lose structural water (illite + chlorite) or carbon dioxide (dolomite). The present investigation has interest and implications for geochemistry and analytical chemistry concerning earth rocks and silicate raw material