Financial Dollarization and the Size of the Fear

Based on the significance of a Minimum Variance Portfolio (MVP) for the understanding of dollarization equilibria, a significant strand of the debate concerned with the driving forces behind this phenomenon has focused on analyzing the determinants of the relative volatility of inflation vis-à-vis real depreciation. This analysis contributes in the identification of those factors by extending the basic CAPM formulation via the introduction of credit risk that is directly linked to the shock that determines real returns for dollar denominated assets: unanticipated shifts in the real exchange rate. We show this ingredient can end up altering the perceived relative volatility of peso and dollar assets in a way that fuels financial dollarization (by increasing the relative hedging opportunities offered by the latter). We calibrate our model using Peruvian data for the period 1998-2004, and its predictions show a better fit with observed financial dollarization ratios than those of the basic CAPM model.Financial dollarization, Minimum Variance Portfolio, Peru

Role of the central cations in the mechanical unfolding of DNA and RNA G-quadruplexes.

Cations are known to mediate diverse interactions in nucleic acids duplexes but they are critical in the arrangement of four-stranded structures. Here, we use all-atom molecular dynamics simulations with explicit solvent to analyse the mechanical unfolding of representative intramolecular G-quadruplex structures: a parallel, a hybrid and an antiparallel DNA and a parallel RNA, in the presence of stabilising cations. We confirm the stability of these conformations in the presence of [Formula: see text] central ions and observe distortions from the tetrad topology in their absence. Force-induced unfolding dynamics is then investigated. We show that the unfolding events in the force-extension curves are concomitant to the loss of coordination between the central ions and the guanines of the G-quadruplex. We found lower ruptures forces for the parallel configuration with respect to the antiparallel one, while the behaviour of the force pattern of the parallel RNA appears similar to the parallel DNA. We anticipate that our results will be essential to interpret the fine structure rupture profiles in stretching assays at high resolution and will shed light on the mechanochemical activity of G-quadruplex-binding machinery

Phosphorus, Sulphur and Micronutrients on Grassland Improvement with White Clover (\u3ci\u3eTrifolium repens\u3c/i\u3e L.) on Basaltic Soils in Uruguay

Grasslands improvement with legumes is a promising technology for increasing forage quality and productivity on basaltic soils, but requires the correction of nutrient deficiencies. Phosphorus is a key element, but usual techniques of soil analysis are not good predictors. An experimental work was conducted in the northern region of the country. Evaluating the response of an improvement with white clover to P. Citric Acid showed a good association between soil P status and legume behavior. In addition there was a positive trend in forage production, in relation to S application, even though this effect was only significant in legume yield during the second year. Neither Mo nor B resulted in significant effects on forage yield. Results should be considered as preliminary, due to climatic problems that limited the experimental work

Desdolarizando la economía peruana: Un enfoque de portafolio

La visión de consenso es que la dolarización financiera complica el diseño de la política económica, al abrir la puerta a un mayor grado de vulnerabilidad financiera. A pesar de esto, en la última década no hubo un esfuerzo explícito por reducir el nivel de dolarización junto con el programa de estabilización. Además de presentar un conjunto de indicadores para cuantificar cada tipo de dolarización, así como sus resultados para la economía peruana, en este estudio se evalúan distintas medidas para combatir el fenómeno de dolarización financiera. Para esto, y atendiendo a los resultados obtenidos, se privilegia el enfoque de portafolio y se analizan los efectos de modificar el grado de cobertura del seguro de depósitos y la varianza relativa de la inflación y la devaluación real. Los resultados permiten adelantar que una reducción en la cobertura de dicho seguro para depósitos en dólares no se traduciría en un menor ratio de dolarización, ya que propiciaría una transferencia de recursos hacia el exterior. La balanza se inclina hacia aquellas medidas orientadas a reducir la volatilidad de la inflación respecto a la de la devaluación real.

Tratado de Libre Comercio con los Estados Unidos: una oportunidad para crecer sostenidamente

Falta poco para finalizar el año 2005 y el gobierno peruano se encuentra frente a una de las decisiones de política comercial más relevantes en los últimos diez años: la firma de un tratado de libre comercio (TLC) con los Estados Unidos. La posibilidad de que este tratado se vuelva realidad ha despertado el entusiasmo y la esperanza de muchos pero, a la vez, también temores y voces airadas de otros que reclaman por lo injusto e inconveniente que podría resultar para los peruanos. Los objetivos de este libro son: recoger por qué el Perú debería apostar a ser parte cada vez más activa del proceso de globalización, a partir de la apertura de su economía al comercio internacional; y por qué el TLC con los Estados Unidos puede ser un mecanismo de importancia para alcanzar este fin

Topological realizations of groups in Alexandroff spaces

We prove that every group can be realized as the homeomorphism group and as the group of (pointed) homotopy classes of (pointed) self-homotopy equivalences of infinitely many non-homotopy-equivalent Alexandroff spaces

Eley-Rideal reaction dynamics between O atoms on β-cristobalite (100) surface: a new interpolated potential energy surface and classical trajectory study

We present a theoretical study of the collisions of atomic oxygen with O-precovered b-cristobalite (100) surface. We have constructed a multidimensional potential energy surface for the O2/b-cristobalite (100) system based mainly on a dense grid of density functional theory points by using the interpolation corrugation reducing procedure. Classical trajectories have been computed for quasithermal (100-1500 K) and state-specific (e.g., collision energies between 0.01-4 eV) conditions of reactants for different O incident angles. Atomic sticking and O2(adsorbed) formation are the main processes, although atomic reflection and Eley-Rideal (ER) reaction (i.e., O2 gas) are also significant, depending their reaction probabilities on the O incident angle. ER reaction is enhanced by temperature increase, with an activation energy derived from the atomic recombination coefficient (gamma_O(0,T)) equal to 0.24±0.02 eV within the 500-1500 K range, in close agreement with experimental data. Calculated gamma_O(0,T) values compare quite well with available experimental gamma_O(T) although a more accurate calculation is proposed. Chemical energy accommodation coefficient beta_O(T) is also discussed as a function of ER and other competitive contributions

Universal Window for Two Dimensional Critical Exponents

Two dimensional condensed matter is realised in increasingly diverse forms that are accessible to experiment and of potential technological value. The properties of these systems are influenced by many length scales and reflect both generic physics and chemical detail. To unify their physical description is therefore a complex and important challenge. Here we investigate the distribution of experimentally estimated critical exponents, $\beta$, that characterize the evolution of the order parameter through the ordering transition. The distribution is found to be bimodal and bounded within a window $\sim 0.1 \le \beta \le 0.25$, facts that are only in partial agreement with the established theory of critical phenomena. In particular, the bounded nature of the distribution is impossible to reconcile with existing theory for one of the major universality classes of two dimensional behaviour - the XY model with four fold crystal field - which predicts a spectrum of non-universal exponents bounded only from below. Through a combination of numerical and renormalization group arguments we resolve the contradiction between theory and experiment and demonstrate how the "universal window" for critical exponents observed in experiment arises from a competition between marginal operators.Comment: 26 pages, 5 figures and 6 tables. Uses longtable packag

Neutrophils Which Migrate to Lymph Nodes Modulate CD4+ T Cell Response by a PD-L1 Dependent Mechanism

It is well known that neutrophils are rapidly recruited to a site of injury or infection and perform a critical role in pathogen clearance and inflammation. However, they are also able to interact with and regulate innate and adaptive immune cells and some stimuli induce the migration of neutrophils to lymph nodes (LNs). Previously, we demonstrated that the immune complex (IC) generated by injecting OVA into the footpad of OVA/CFA immunized mice induced the migration of OVA+ neutrophils to draining LNs (dLNs). Here we investigate the effects of these neutrophils which reach dLNs on CD4+ T cell response. Our findings here strongly support a dual role for neutrophils in dLNs regarding CD4+ T cell response modulation. On the one hand, the CD4+ T cell population expands after the influx of OVA+ neutrophils to dLNs. These CD4+ T cells enlarge their proliferative response, activation markers and IL-17 and IFN-γ cytokine production. On the other hand, these neutrophils also restrict CD4+ T cell expansion. The neutrophils in the dLNs upregulate PD-L1 molecules and are capable of suppressing CD4+ T cell proliferation. These results indicate that neutrophils migration to dLNs have an important role in the homeostasis of adaptive immunity. This report describes for the first time that the influx of neutrophils to dLNs dependent on IC presence improves CD4+ T cell response, at the same time controlling CD4+ T cell proliferation through a PD-L1 dependent mechanism