Efficiency of central banks during financial crisis: quantitative easing's economic impact analysis in European Union

In 2015, the European Central Bank, decides to involve in unconventional monetary policies in order to reinforce economic and monetary European situation after the 2008’s global crisis. This dissertation aims to show the positive as well as the negative impacts that the policy of quantitative easing has had on the European economy and finance. Since these policies have only recently been introduced in the European Union, the method chosen to measure their impacts is to use historical facts such as the use of these policies in Japan, to use the various academic theories and finally to use ECB financial and economic data. Additionally , the thesis shows what other tools could have been used or could be used in the context of non-conventional policies, but also what are the possible outcomes of these policies and how this could affect the independence of the European Central Bank.Em 2015, o Banco Central Europeu, decide envolver políticas monetárias não convencionais para reforçar a situação económica e monetária europeia após a crise global de 2008. Esta dissertação visa mostrar os impactos, positivos e negativos, que a política de flexibilização quantitativa teve na economia e nas finanças europeias. Uma vez que estas políticas foram recentemente introduzidas na União Europeia, o método escolhido é o uso de fatos históricos, como o uso destas políticas no Japão, explicitando as várias teorias académicas e, posteriormente, utilizando dados económicos, em particular do Banco Central Europeu, para medir esses impactos. Finalmente, a tese mostra que outras ferramentas poderiam ter sido usadas ou que podem ser usadas no contexto de políticas não convencionais, mas também quais são os possíveis resultados dessas políticas e como isso poderia afetar a independência do Banco Central Europeu

Reproductive Biology Of The Shi Drum (Umbrina Cirrosa) In Captivity And Induction Of Spawning Using Gnrha

The reproductive biology of the shi drum (Umbrina cirrosa) in culture was histologically exam- ined and sperm quality was monitored during an entire reproductive period. Already in April, the ovary contained oocytes in all stages of maturation, from primary oocytes to full vitellogenesis, as expected from a group-synchronous multiple-batch spawning fish. Vitellogenesis of the first batch of oocytes occurred very rapidly and their mean diameter (500 μm) did not increase sig- nificantly (p>0.05) as the reproductive period proceeded. The spermiation index peaked in May- June, but fish never produced copious amounts of milt upon abdominal pressure. The sperma- tozoa motility percentage remained unchanged throughout the spawning season (80%) and a significant percentage (40%) maintained viability after overnight storage at 4°C. Sperm density and motility duration increased during the reproductive period and varied 13-26 x109 spermato- zoa/ml and 26-40 s, respectively. Spontaneous spawning was not observed during the two-year study. Injection of post-vitellogenic females with an agonist of gonadotropin-releasing hormone (GnRHa) was successful in inducing a single spawning after two days, with fertilization, hatch- ing and 4-day larval survival rates of 65%, 42-76% and 46-80%, respectively. The results under- line the failure of female shi drum in culture to undergo final oocyte maturation and, although GnRHa injection was effective in inducing spawning of viable eggs, multiple treatments did not induce multiple spawns, as was expected from fish with multiple-batch group-synchronous ovar- ian biology

Induction of ovulation and spawning in the Mediterranean red porgy, Pagrus pagrus, by controlled delivery and acute injection of GnRHa

Gonadotropin-releasing hormone analogue (GnRHa) in the form of saline injections or sustained-release microspheres was used to induce oocyte maturation, ovulation, and spawning in captive red porgy (Pagrus pagrus). Individually tagged vitellogenic females (n = 9 or 10) were treated at the beginning of the spawning season (March) with 20 μg/kg body weight (bw) GnRHa-loaded microspheres, a single injection of 20 μg/kg bw dissolved in saline, or physiological saline (control). Females were placed in tanks (one tank per treatment) connected to overflow egg collectors and monitored for 11 days. In addition to the eggs collected from the tank overflow, eggs were stripped from the fish on a daily basis. Only one spawn was obtained from the control fish, probably from a single female, given the small relative fecundity (700 eggs/kg bw). On the contrary, treatment with a GnRHa injection produced two spawns (9 and 11 days after treatment) and 50% of the fish ovulated. Treatment with GnRHa microspheres induced seven spawns (3 and 6-11 days after treatment) and 100% of the females ovulated. Females did not spawn all the eggs ovulated on a particular day, evident from the significant number of eggs obtained by manual stripping. Egg quality did not significantly differ among treatments, whereas number of spawned eggs and total relative fecundity were significantly higher in fish treated with GnRHa microspheres (ANOVA, p<0.05). The results demonstrate the potential of GnRHaloaded microspheres to induce spawning in red porgy, as a method of overcoming spawning failures in commercial hatcheries

Thermal imprinting modifies bone homeostasis in cold-challenged sea bream (Sparus aurata)

Fish are ectotherms and temperature plays a determinant role in their physiology, biology and ecology, and is a driver of seasonal responses. The present study assessed how thermal imprinting during embryonic and larval stages modified the response of adult fish to low water temperature. We targeted the gilthead sea bream, which develops a condition known as winter syndrome when it is exposed to low water temperatures. Eggs and larvae of sea bream were exposed to four different thermal regimes and then the response of the resulting adults to a low temperature challenge was assessed. Sea bream exposed to a high-low thermal regime as eggs and larvae (HLT; 22 degrees C until hatch and then 18 degrees C until larvae-juvenile transition) had increased plasma cortisol and lower sodium and potassium in response to a cold challenge compared with the other thermal history groups. Plasma glucose and osmolality were increased in cold-challenged HLT fish relative to the unchallenged HLT fish. Cold challenge modified bone homeostasis/responsiveness in the low-high thermal regime group (LHT) relative to other groups, and ocn, ogn1/2, igf1, gr and tr alpha/beta transcripts were all downregulated. In the low temperature group (LT) and HLT group challenged with a low temperature, alkaline phosphatase (ALP) and tartrate-resistant acid phosphatase (TRAP) activities were decreased relative to unchallenged groups, and bone calcium content also decreased in the LT group. Overall, the results indicate that thermal imprinting during early development of sea bream causes a change in the physiological response of adults to a cold challenge.Seventh Framework Programme project Lifecycle [EU-FP7 222719