lessons from Brazil and South Korea

As emerging economies experience a boom in capital inflows, governments are increasingly concerned about the downsides of these inflows. Even the IMF (International Monetary Fund), long a stalwart proponent of financial liberalization, is engaging in a new debate on capital flow management. Drawing lessons from empirical case studies on Brazil and South Korea, this paper finds that the new IMF approach remains insufficient in three key respects. First, the organization’s proposed distinction between measures, especially between permanent prudential regulation and temporary policies to shield the exchange rate, is unsustainable, especially in countries with highly sophisticated and internationally integrated financial markets. Second, country-specific factors matter. In the case of Brazil, the most important measures are those that directly address the specific institutions within its derivative market. Third, in order to provide sufficient policy space for emerging markets, the management of international capital flows, including the measures taken by advanced economies, should be permanent and bilateral

Nachhaltige Wasserwirtschaft durch Synergie. - Moegliche Kooperationen bei der Wasserver- und Entsorgung

The function of communal water supply utilities is to provide consumers with high quality drinking water in sufficient quantities. On the other hand communal wastewater disposal utilities have to dispose the wastewater. In addition to this water prices and wastewater charges shall also give financial incentives to water avoidance. The existing cost problem results of the structure of German water supply system and wastewater disposal systemwhich are in contrast to other European countries highly decentralised. Cooperation is one instrument to improve efficiency and effectiveness towards a sustainable water management. Cooperation is mainly directed to relationships between water utilities, independent of size and organization and should be realised on a voluntary basis. A cooperation could take place between two water supply utilities or between two wastewater disposal utilities or and between a water supply utility and a wastewater disposal utility. If necessary, communal and fiscal legislation have to be adapted to open the way for this strategic instrument. The key topic of this paper is to show possibilities for realizing synergies through cooperation in water and wastewater management on the example of the city Augsburg and the municipalities in the administrative districts Augsburg, Aichach-Friedberg, Donau-Ries and Dillingen. Based on an own survey the results are judged by the context of a sustainable water management.Nachhaltigkeit, Wasserwirtschaft, Wasserversorgung, Abwasse-rentsorgung, Wasserpreise, Abwassergebuehren, Kooperation, Synergie, sustainability, water management, water supply, wastewater disposal, water prices, wastewater charges, cooperation, synergies

Die Abfallwirtschaft als Teilbereich der kommunalen Umweltpolitik

The key topic of this paper is to explain the above average increase of local waste charges in Germany, in addition the special importance of local within national environmental policies. The jump of waste charges, especially since 1990, has originated in the changed institutional setting of waste management, for its part a result of increasing waste material. It includes an expansion of waste management services (for instance, waste treatment, waste disposal), higher technical demands referring to waste disposal (waste incineration, waste disposal sites) and excess capacity of municipal incinerators resulting from a higher percentage of waste recycling. In addition to financing disposal and treatment, waste charges shall also give financial incentives to waste avoidance considering the social costs of waste management (for instance, pollutants of waste incineration) ("ecological waste charges"). The authors recommend to apply new approaches to collect charges, that give rise to waste avoidance and recycling. On this economic and legal basis three comparing case studies concerning waste management and waste charges are carried out (city and district of Augsburg and district of Aichach-Friedberg).

GASP XIX: AGN and their outflows at the center of jellyfish galaxies

The GASP survey, based on MUSE data, is unveiling the properties of the gas in the so-called "jellyfish" galaxies: these are cluster galaxies with spectacular evidence of gas stripping by ram pressure. In a previous paper, we selected the seven GASP galaxies with the most extended tentacles of ionized gas, and based on individual diagnostic diagrams concluded that at least five of them present clear evidence for an Active Galactic Nucleus. Here we present a more detailed analysis of the emission lines properties in these galaxies. Our comparison of several emission line ratios with both AGN and shock models show that photoionization by the AGN is the dominant ionization mechanism. This conclusion is strengthened by the analysis of $\rm H\beta$ luminosities, the presence of nuclear iron coronal lines and extended ($>10$ kpc) emission line regions ionized by the AGN in some of these galaxies. From emission line profiles, we find the presence of outflows in four galaxies, and derive mass outflow rates, timescales and kinetic energy of the outflows.Comment: 20 pages, 10 Figure

Currency hierarchy and financial globalisation in emerging economies

How has financial globalisation changed the nature of external vulnerability of emerging economies? To answer this question, we first present an overview of the changes in international capital flows and cross-border stocks involving emerging economies from the 1970s to the COVID-19 crisis, and then identify relevant recent shifts in financial globalisation. We link the concepts of financialisation, subordinated financial integration and currency hierarchy, extending the latter to consider the most recent features of financial globalisation. To better understand the metamorphosis of these economies’ vulnerabilities, we deploy a stylised balance sheet analysis. We find the occurrence of the phenomenon of ‘original sin’ during financial internationalisation, while in more recent times of financial globalisation the diversification of financial flows and investors, and the increase of securities denominated in domestic currency have created additional channels of vulnerability, labelled as ‘original sin redux’. We call for capital account regulation targeting these new complex vulnerabilities

Can Productive Change and Income Redistribution be Compatible with Global Financial Asymmetries?

The 2000s have brought a renewed debate on strategies of ‘developmentalism’ in emerging market economies, especially in Latin America. We consider new concepts of developmentalism to be strategies in which the state deliberately pushes the process of development, in terms of structural change, and aims at income redistribution. In our paper, we seek to systematize this debate, comparing the concepts of new developmentalism and social developmentalism. We argue that of particular relevance for this discussion are the policy space constraints for emerging market economies imposed by international monetary and financial asymmetries. We conclude that the latter of the two approaches does not consider appropriately the policy constraints related to these asymmetries, which reduce the space for the implementation of developmentalist policies, while the former sees redistribution as a mere result of export-led industrialization

Genotypic and phenotypic characterization of Bordetella pertussis strains used in different vaccine formulations in Latin America

Aim: To characterize Bordetella pertussis vaccine strains in comparison with current circulating bacteria. Methods and Results: Genomic and proteomic analyses of Bp137 were performed in comparison with other vaccine strains used in Latin America (Bp509 and Bp10536) and with the clinical Argentinean isolate Bp106. Tohama I strain was used as reference strain. Pulse-field gel electrophoresis (PFGE) and pertussis toxin promoter (ptxP) sequence analysis revealed that Bp137 groups with Bp509 in PFGE group III and contains ptxP2 sequence. Tohama I (group II) and Bp10536 (group I) contain ptxP1 sequence, while Bp106 belongs to a different PFGE cluster and contains ptxP3. Surface protein profiles diverged in at least 24 peptide subunits among the studied strains. From these 24 differential proteins, Bp10536 shared the expression of ten proteins with Tohama I and Bp509, but only three with Bp137. In contrast, seven proteins were detected exclusively in Bp137 and Bp106. Conclusions: Bp137 showed more features in common with the clinical isolate Bp106 than the other vaccine strains here included. Significance and Impact of the Study: The results presented show that the old strains included in vaccines are not all equal among them. These findings together with the data of circulating bacteria should be taken into account to select the best vaccine to be included in a national immunization programme.Facultad de Ciencias ExactasInstituto de Biotecnologia y Biologia Molecula

Implications for Macroeconomic Policies in Emerging Economies

We translate the structuralist center-periphery approach to international currency relations and analyze the implications for macroeconomic policies of emerging market countries. While the Post Keynesian literature offers a rather clear concept for growthoriented policies, it is necessary to adapt them for peripheral emerging economies. We base our analysis of an appropriate Keynesian policy mix for these countries on the concept of currency hierarchy, where the currencies of peripheral emerging economies have a lower liquidity premium than the currencies of advanced economies. Under these conditions, we argue that domestic economic policy coordination should lay a major focus on a low policy rate and, especially, a competitive exchange rate for obtaining, at least, a balanced current account, in order to prevent boom-bust-cycles in capital flows with subsequent financial crises and their damaging effects on employment and growth. We conclude that it is a rather ambitious and long term goal to climb up the currency hierarchy, especially under the current conditions of financial globalization

GASP. XVI. Does cosmic web enhancement turn on star formation in galaxies?

Galaxy filaments are a peculiar environment, and their impact on the galaxy properties is still controversial. Exploiting the data from the GAs Stripping Phenomena in galaxies with MUSE (GASP), we provide the first characterisation of the spatially resolved properties of galaxies embedded in filaments in the local Universe. The four galaxies we focus on show peculiar ionised gas distributions: Halpha clouds have been observed beyond four times the effective radius. The gas kinematics, metallicity map and the ratios of emission line fluxes confirm that they do belong to the galaxy gas disk, the analysis of their spectra shows that very weak stellar continuum is associated to them. Similarly, the star formation history and luminosity weighted age maps point to a recent formation of such clouds. The clouds are powered by star formation, and are characterised by intermediate values of dust absorption. We hypothesise a scenario in which the observed features are due to "Cosmic Web Enhancement": we are most likely witnessing galaxies passing through or flowing within filaments that assist the gas cooling and increase the extent of the star formation in the densest regions in the circumgalactic gas. Targeted simulations are mandatory to better understand this phenomenon.Comment: MNRAS in press, 18 pages, 12 figure