Capital Flows and Destabilizing Policy in Latin America

Motivated by the excessive macroeconomic volatility experienced in Latin America, we examine the possible contribution of monetary and fiscal policies to this outcome. In contrast with previous literature, we consider the possible simultaneity between policy and GDP growth by using GMM VAR econometric techniques. Additionally, we explore the direct impact international capital inflows have on these policies. Our evidence suggests that for the group of countries we consider, most practice destabilizing fiscal and monetary policy, and capital inflow consistently influences policy in a pro-cyclical direction.Fiscal and Monetary Policies, Capital Flows, Latin America

Interacting Dark Energy: Possible Explanation for 21-cm Absorption at Cosmic Dawn

A recent observation points to an excess in the expected 21-cm brightness temperature from cosmic dawn. In this paper, we present an alternative explanation of this phenomenon, an interaction in the dark sector. Interacting dark energy models have been extensively studied recently and there is a whole variety of such in the literature. Here we particularize to a specific model in order to make explicit the effect of an interaction.Comment: 5 pages, 2 figures. Discussion improved, new references, conclusions unchanged. Accepted in EPJ

Finance and the Business Cycle: a Kalman Filter Approach with Markov Switching

This paper combines two popular econometric tools, the dynamic factor model and the Markov-Switching model, to consider three segments of the financial system- the stock market, debt, and money- and their contribution to US business cycles over the past four decades. The dynamic factor model identifies a composite factor index for each financial segment, and using Markov-switching models by Hamilton (1989) and Filardo (1994), this paper then estimates the effect of each segment index on business cycle behaviour. This reexamination of the finance-business cycle link provides results that prove strongest for the effect of stock market movements on business cycles.

How to break access control in a controlled manner

The Electronic Medical Record (EMR) integrates heterogeneous information within a Healthcare Institution stressing the need for security and access control. The Biostatistics and Medical Informatics Department from Porto Faculty of Medicine has recently implemented a Virtual EMR (VEMR) in order to integrate patient information and clinical reports within a university hospital. With more than 500 medical doctors using the system on a daily basis, an access control policy and model were implemented. However, the healthcare environment has unanticipated situations (i.e. emergency situations) where access to information is essential. Most traditional policies do not allow for overriding. A policy that allows for Break-The-Glass (BTG) was implemented in order to override access control whilst providing for non-repudiation mechanisms for its usage. The policy was easily integrated within the model confirming its modularity and the fact that user intervention in defining security procedures is crucial to its successful implementation and use

Island spider origins show complex vertical stratification patterns in Macaronesia

1.Spiders are among the most diverse and yet threatened groups of arthropods in Macaronesia. Found in most habitat types, they occupy the vertical gradient of native forests from ground to canopy level. 2. We hypothesize that their vertical distribution is influenced by the colonization origin. As introduced species should arrive using shipping containers and similar means, they should mostly occupy the lower levels in the gradient, with potential negative effects on the indigenous epigean fauna. 3. Spiders were sampled from epigean to arboreal microhabitats (maximum height varying between 2 and 4 m) on 45 sites across five islands belonging to three archipelagos. The mean and range of vertical stratification were obtained for each captured species. These values were then compared between different colonization origins at Macaronesian and archipelagic levels. 4. Native non-endemic species were found at significantly higher vertical strata than both endemic and introduced species. Likewise, native non-endemics had a larger vertical range. These patterns were largely replicated across archipelagos, although there were exceptions. 5. Overall, introduced species do not seem to occur mostly at lower strata in the native forests of Macaronesia (at least in the studied vertical range) but seem to be vertically restricted in most settings with the exception of Madeira.info:eu-repo/semantics/publishedVersio