National and international income dispersion and aggregate expenditures

We examine linkages between aggregate household income, distribution of that income, and aggregate cross-country expenditure patterns. We are able to decompose income effects into international income dispersion effects (from variations in average income) and national income dispersion (income distribution) effects. This yields insights for relevant aggregate household specifications in computational policy models emphasizing household distribution of income. This also yields a consumption-pattern based inequality index that summarizes the projection of inequality through expenditure patterns. Estimation of flexible demand systems with representative expenditures (which reflects income distribution within countries) yields a significant relationship between representative consumption and cross-country demand patterns.income distribution, aggregate demand, demand system estimation, Engel curves

What are the consequences of global banking for the international transmission of shocks? A quantitative analysis

The global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis. In this paper we propose a structural model of global banking that can be used proactively to perform counterfactual analysis on the effects of alternative regulatory policies. The structure of the model mimics the US regulatory framework and highlights the organizational choices that banks face when entering a foreign market: branching versus subsidiarization. When calibrated to match moments from a sample of European banks, the model is able to replicate the response of the US banking sector to the European sovereign debt crisis. Our counterfactual analysis suggests that pervasive subsidiarization, higher capital requirements, or ad hoc monetary policy interventions would have mitigated the effects of the crisis on US lending.https://www.nber.org/papers/w25203Published versio

TRADE THROUGH FDI: investing in services

The type of relationship between different modes of trading services across international borders is of great interest, not only for the academic literature but also for the formulation trade liberalization offers under the GATS. Even more than for trade in goods, it is thus important to know whether cross-border trade and trade through commercial presence abroad act as complements or substitutes in services. The most commonly used analytical tool in the empirical analysis of this question is the gravity model of trade. This paper offers a consistent theoretical foundation for the application of the gravity model to services and to commercial presence, using a composite demand model with offers testable hypothesis about the complementary or substitutive relationship between different modes of supply. It further links the results to policy variables like market regulations which may act directly or implicitly as barriers to trade. Our empirical test for the sample of OECD countries over the decade 1994- 2004 yields robust complementary effects in the short-run, which is reinforced in the long-run by an increased potential for cross-border imports based on previous FDI inflows. A detailed analysis by individual service sectors highlights business, communication and financial services as showing the largest potential for cross-border trade when market regulations are reduced and when commercial presence increases.FDI, imports, services, panel data, substitution and complementary effects

Trade through FDI: investing in services

The type of relationship between different modes of trading services internationally is of great interest, both for the academic literature and for liberalization policies under the GATS, because cross-border and commercial presence abroad might complement or substitute each other. This paper offers a consistent theoretical foundation for the application of the gravity model to services trade, using a composite demand model yielding testable hypothesis about that complementary or substitutive relationship and linking the results to market regulations as trade barriers. For the OECD countries over 1994-2004 a robust complementary effects in the short-run is found, reinforced in the long-run by an increased potential for cross-border imports bases on pervious FDI inflows, highlighting business, communication and financial services.Imports, services, panel data, substitution and complementary effects

La intensificació ramadera i l'abandó, dues tendències dels Pirineus espanyols al començament del segle XXI

SIGLEAvailable from British Library Document Supply Centre-DSC:DXN016420 / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Bioblanqueo de lino mediante el sistema lacasa mediador a presión atmosférica

En este trabajo se estudia el bioblanqueo de pasta de lino basado en el sistema lacasa mediador (L) a presión atmosférica, en concreto, la influencia de la adición de oxigeno y del tiempo de tratamiento en las propiedades de pastas. Los resultados obtenidos muestran que la adición de oxigeno al sistema influye en las propiedades de la pasta tanto después de aplicar la etapa enzimática como después de la posterior realización de una etapa de extraccional calina (E). En la evolución de la blancura de la pasta, se observan diferentes comportamientos después de la etapa L y después de la secuencia LE. A partir de los resultados del estudio de las coordenadas cromáticas CIEL*C*h y las curvas espectrofotométricas, se puede deducir que la etapa de tratamiento enzimático produce una modificación de la estructura de la lignina que lleva a la formación de grupos cromoforos que aportan color a la pasta. Los valores de numero kappa indican que se producen dos fases diferenciadas en el biotratamiento, una primera fase de deslignificacion rápida y una segunda de deslignificación lenta

A Pyrenean landscape of meadows and pastures: Recent changes and perspectives

Los prados y pastos del Pirineo se pueden considerar comunidades herbáceas seminaturales a las que es posible aplicar formas de producción futura que se compaginen con la conservación. Diversos organismos internacionales, europeos, y los gobiernos autonómicos españoles las consideran comunidades interesantes bajo este doble aspecto. Los estudios del banco de semillas del suelo y del origen de la flora de los prados actuales, revelan claramente que la diversidad está muy relacionada con el mantenimiento de paisajes en mosaico. Los suelos sólo han ido incorporando semillas de prado en los primeros 10 cm pero a mayores profundidades se conservan las semillas de comunidades abiertas, típicas de los antiguos campos de cereal. Los pastos se extienden a superficies típicamente forestales por lo que su mantenimiento deberá consistir en un cuidadoso cálculo de cargas ganaderas, distribuidas entre animales de diversas especies y razas, y ocupando superficies adecuadas a lo largo de diferentes periodos de tiempo. Las nuevas demandas turísticas generan nuevas situaciones de intereses en las superficies comunales de pasto, y un reto futuro consistirá en adecuar correctamente los distintos tipos de demandas para que todas puedan satisfacerse sin que unas pocas acaben con las demás.Pastures and meadows of the Pyrenees might be considered as semi-natural herbaceous communities that, in a short time, may be considered as types strongly related with the conservation. Several international organizations, as well as the European and the Spanish autonomic governments, have realized the big interest of these communities under this double point of view. Studies carried on the soil seed bank and on the origin of the current meadows flora, show a strong relationship between diversity and the mosaic landscape organization. The study of the superficial (10 cm) soil seed bank has showed a species composition related with the current meadows flora, but in deeper soil we find seeds of typical open communities as a trace of old cereal fields. Pastures occupy old forestry surfaces and it is necessary to calculate accurately the livestock capacity, distributed between different animal species and breed types through several seasons and surfaces. The new tourist demands originate new perspectives in the communal pastures. To adequate the combined development, avoiding the prevalence of certain demands to the detriment of the others, will be the challenge for the next years

National and International Income Dispersion and Aggregate Expenditures

We examine linkages between aggregate household income, distribution of that income, and aggregate cross-country expenditure patterns. We are able to decompose income effects into international income dispersion effects (from variations in average income) and national income dispersion (income distribution) effects. This yields insights for relevant aggregate household specifications in computational policy models emphasizing household distribution of income. This also yields a consumption-pattern based inequality index that summarizes the projection of inequality through expenditure patterns. Estimation of flexible demand systems with representative expenditures (which reflects income distribution within countries) yields a significant relationship between representative consumption and cross-country demand patterns