ITQs, Firm Dynamics and Wealth Distribution: Does full tradability increase inequality?

Concerns over the distributive effects of ITQ’s lead to restrictions on their tradability. We consider a general equilibrium model with firm dynamics. In contrast with the standard framework, the distribution of firms is not exogenous, but is instead determined endogenously by entry/exit decisions made by firms. We show that the stationary wealth distribution depends on whether the ITQs are fully tradable or not. We calibrate our model to match the observed increase in revenue inequality in the Northeast Multispecies (ground-fish) U.S. Fishery. We show that although observed revenue inequality increases, wealth inequality is reduced by 40%

Demografía, educación, cambio estructural y convergencia: Galicia-España, 2001-2050

Notable differences exist between Galicia and Spain: (1) the relative size of the different cohorts of the population is not the same; (2) the Galician labor force is less educated; (3) the weight of the agricultural sector in Galicia is greater than in Spain; and, (4) the labor productivity is 20% lower than the Spanish average. This paper explores which part of the differences in the sectorial composition and in the levels of labor productivity are due to the differences in the structures of age and education. Equalizing the educational levels of the new cohorts, Galicia would experience a strong process of sectorial transformation: the weight of the primary sector is reduced to converge to the Spanish average and the differences of productivity would be reduced by 50%. Nevertheless, this process is slow and the differences are persistent, since it is necessary to wait for the new cohorts to replace the present population

Demografía, educación, cambio estructural y convergencia: Galicia-España, 2001-2050

Notable differences exist between Galicia and Spain: (1) the relative size of the different cohorts of the population is not the same; (2) the Galician labor force is less educated; (3) the weight of the agricultural sector in Galicia is greater than in Spain; and, (4) the labor productivity is 20% lower than the Spanish average. This paper explores which part of the differences in the sectorial composition and in the levels of labor productivity are due to the differences in the structures of age and education. Equalizing the educational levels of the new cohorts, Galicia would experience a strong process of sectorial transformation: the weight of the primary sector is reduced to converge to the Spanish average and the differences of productivity would be reduced by 50%. Nevertheless, this process is slow and the differences are persistent, since it is necessary to wait for the new cohorts to replace the present population

Caps on working hours per vessel: A general equilibrium analysis

General equilibrium analysis shows that regulation based on caps on working hours per vessel affect the entry/exit margin (more low productivity vessels stay in the fishery), wages (a less productive fleet implies lower equilibrium wages) and aggregate employment allocated to the sector. Although the total number of vessels increases, total employment in the fishery is reduced and the aggregate rents generated in the fishery are lower. Moreover, regulatory policies based on input controls also affect capital dynamics across the stock recovery phases. In comparison with a fishery regulated via efficient instruments, we find that those dynamics are characterized by fewer exits of vessels. Finally, using data from the Western Mediterranean Sea, we show that the use of input controls gives rise to a Spanish fleet around 14 percent larger than the one that would result from a non-distortionary instrument

Fleet dynamics and overcapitalization under rational expectations

When individual stay/exit decisions depend on the opportunity cost of exiting, capital malleability is endogenously determined by the instruments used for stock rehabilitation. In a General Equilibrium framework, we characterize the transitional dynamics caused by stock rehabilitation policies. We show that a management policy based on input controls generates less exit, a less productive fleet, and overcapitalization, as input controls require a higher number of firms to achieve the same biological targets. Using data from the Multiannual Plan for the Western Mediterranean, we show that the use of input controls generates a Spanish fleet around 14 percent higher than the one that would result from a non distortionary instrument

Fleet dynamics and capital malleability

When individual stay/exit decisions depend on the opportunity cost of exiting, capital malleability is endogenously determined by the instruments used for stock rehabilitation. In a General Equilibrium framework, we characterize the transitional dynamics caused by stock rehabilitation policies. We show that a management policy based on input controls generates less exit, a less productive fleet, and overcapitalization, as input controls require a higher number of firms to achieve the same biological targets. Using data from the Multiannual Plan for the Western Mediterranean, we show that the use of input controls generates a Spanish fleet around 14 percent higher than the one that would result from a non distortionary instrument

Fleet dynamics and capital malleability

When individual stay/exit decisions depend on the opportunity cost of exiting, capital malleability is endogenously determined by the instruments used for stock rehabilitation. In a General Equilibrium framework, we characterize the transitional dynamics caused by stock rehabilitation policies. We show that a management policy based on input controls generates less exit, a less productive fleet, and overcapitalization, as input controls require a higher number of firms to achieve the same biological targets. Using data from the Multiannual Plan for the Western Mediterranean, we show that the use of input controls generates a Spanish fleet around 14 percent higher than the one that would result from a non distortionary instrument

Economía de Galicia tras el COVID-19: prospectiva de escenarios.

This work estimates the impact of COVID-19 in the year 2020, drawing possible recovery scenarios in the medium term. For this purpose, two methodologies are combined: on the one hand, it anticipates the quarterly evolution throughout 2020 of the 30 branches of activity; on the other, scenario simulation is based on a dynamic general equilibrium model that anticipates the reaction of an economy to an exogenous shock. The results for the Galician economy show that the contraction in economic activity ranges between 8.5% of GDP in an optimistic scenario and 12.7% in a pessimistic one

Prothrombin G20210A gene mutation, factor V Leiden and anticardiolipin antibodies do not influence renal graft survival after transplantation

INTRODUCTION: Thromboembolic complications are important risk factors for graft failure and worse renal transplantation outcome. Patients with thrombophilic disorders have a higher risk of thromboembolic complications. The prevalence of thrombophilic disorders and the associated risk for graft failure and for intravascular thrombosis were analyzed in renal transplant recipients. METHODS: This is a cohort study of 388 adult recipients investigated regarding the presence of thrombophilia, through the search for anticardiolipin antibodies (aCL) via ELISA and FV G1691A and PT G20210A gene mutations by multiplex PCR. RESULTS: Thrombophilic disorders were identified in 25.8% of the patients. The 2-year graft survival was similar among patients with and without thrombophilic disorder (94% versus 94%, p = 0.53), and so was the survival free of intravascular thrombosis (97% versus 97%, p = 0.83). The prevalence of intravascular thrombosis was similar in both groups (3% versus 3.5%, p = 0.82). Patients with previous kidney transplantation had a higher risk of graft failure (OR 20.8, p < 0.001) and of intravascular thrombosis (OR 6.8, p = 0.008). CONCLUSIONS: The prevalences of FV G1691A and PT G20210A gene mutations in this cohort of patients were similar to those of the general non-transplanted population. The prevalence of aCL antibodies was higher in this cohort than that observed in healthy individuals. The thrombophilic markers studied did not predict the medium-term survival of renal transplant.INTRODUÇÃO: Complicações tromboembólicas são importantes fatores de risco para perda do enxerto e pior evolução após o transplante renal. Pacientes com defeito trombofílico apresentam maior risco de complicações tromboembólicas. Foram analisados, entre receptores de transplante renal, a prevalência de defeito trombofílico e o risco atribuído a esta condição para a perda do enxerto e para o desenvolvimento de tromboses intravasculares. MÉTODOS: Estudo do tipo coorte incluindo 388 receptores adultos analisados quanto à presença de trombofilia de acordo com a pesquisa de anticorpos anticardiolipina (aCL) por ELISA e das mutações G1691A no gene do fator V (FV) e G20210A no gene da protrombina (PT) por PCR multiplex. RESULTADOS: Defeito trombofílico foi identificado em 25,8% dos pacientes. As taxas de sobrevida de 2 anos do enxerto foram semelhantes entre os pacientes com e sem defeito trombofílico (94% versus 94%, p = 0,53), bem como a sobrevida dos enxertos livres de tromboses intravasculares (97% versus 97%, p = 0,83). Pacientes com defeito trombofílico apresentaram prevalência de tromboses intravasculares semelhante à do grupo-controle (3% versus 3,5%, p = 0,82). O transplante renal anterior foi associado a maior risco de perda de enxerto (OR 20,8, p < 0,001) e de ocorrência de tromboses intravasculares (OR 6,8, p = 0,008). CONCLUSÕES: As prevalências das mutações FV G1691A e PT G20210A na população estudada foram semelhantes às da população geral não transplantada, e a prevalência de anticorpos aCL superou a observada entre os indivíduos sadios. Não houve associação entre os marcadores de trombofilia estudados e a sobrevida em médio prazo do transplante renal.UNIFESP Departamento de Medicina, Disciplina de HematologiaUNIFESP Departamento de Medicina, Disciplina de NefrologiaUNIFESP Departameto de Medicina, Disciplina de ReumatologiaUNIFESP Departamento de Medicina Preventiva, Disciplina de BioestatísticaUniversidad de Antofagasta Departamento de Tecnologia MedicaUNIFESP, Depto. de Medicina, Disciplina de HematologiaUNIFESP, Depto. de Medicina, Disciplina de NefrologiaUNIFESP, Departameto de Medicina, Disciplina de ReumatologiaUNIFESP, Depto. de Medicina Preventiva, Disciplina de BioestatísticaSciEL

Canagliflozin and renal outcomes in type 2 diabetes and nephropathy

BACKGROUND Type 2 diabetes mellitus is the leading cause of kidney failure worldwide, but few effective long-term treatments are available. In cardiovascular trials of inhibitors of sodium–glucose cotransporter 2 (SGLT2), exploratory results have suggested that such drugs may improve renal outcomes in patients with type 2 diabetes. METHODS In this double-blind, randomized trial, we assigned patients with type 2 diabetes and albuminuric chronic kidney disease to receive canagliflozin, an oral SGLT2 inhibitor, at a dose of 100 mg daily or placebo. All the patients had an estimated glomerular filtration rate (GFR) of 30 to &lt;90 ml per minute per 1.73 m2 of body-surface area and albuminuria (ratio of albumin [mg] to creatinine [g], &gt;300 to 5000) and were treated with renin–angiotensin system blockade. The primary outcome was a composite of end-stage kidney disease (dialysis, transplantation, or a sustained estimated GFR of &lt;15 ml per minute per 1.73 m2), a doubling of the serum creatinine level, or death from renal or cardiovascular causes. Prespecified secondary outcomes were tested hierarchically. RESULTS The trial was stopped early after a planned interim analysis on the recommendation of the data and safety monitoring committee. At that time, 4401 patients had undergone randomization, with a median follow-up of 2.62 years. The relative risk of the primary outcome was 30% lower in the canagliflozin group than in the placebo group, with event rates of 43.2 and 61.2 per 1000 patient-years, respectively (hazard ratio, 0.70; 95% confidence interval [CI], 0.59 to 0.82; P=0.00001). The relative risk of the renal-specific composite of end-stage kidney disease, a doubling of the creatinine level, or death from renal causes was lower by 34% (hazard ratio, 0.66; 95% CI, 0.53 to 0.81; P&lt;0.001), and the relative risk of end-stage kidney disease was lower by 32% (hazard ratio, 0.68; 95% CI, 0.54 to 0.86; P=0.002). The canagliflozin group also had a lower risk of cardiovascular death, myocardial infarction, or stroke (hazard ratio, 0.80; 95% CI, 0.67 to 0.95; P=0.01) and hospitalization for heart failure (hazard ratio, 0.61; 95% CI, 0.47 to 0.80; P&lt;0.001). There were no significant differences in rates of amputation or fracture. CONCLUSIONS In patients with type 2 diabetes and kidney disease, the risk of kidney failure and cardiovascular events was lower in the canagliflozin group than in the placebo group at a median follow-up of 2.62 years