Capital flows to emerging economies : recent developments and drivers

Artículo de revistaEmergingmarkets have gained prominence as recipients of capital flows since the onset of the financial crisis in 2008. This raises their exposure and goes hand in hand with greater dependence on external financing and heightened sensitivity to global shocks. However, some differences can be observed across regions. For example, while the more stable types of capital flows (direct investment) continue to outweigh other types in Latin America, in Asia and the Middle East the recent increase in capital inflows has taken the form of debt, private in the case of Asia and mostly government debt in the Middle East. Against this background, this article examines the impact on the capital flows to these economies of five potential global shocks: an appreciation of the dollar, a fall in commodity prices, an increase in global aversion to risk, expectations of monetary policy tightening in the United States and lower regional growth compared with advanced economies. The findings of this article suggest that the factor with the greatest impact on portfolio flows to emerging markets is the appreciation of the dollar although, in the case of Latin America, commodity prices also play a very significant rol

Towards efficient capital flow management

Artículo de revistaFinancial globalisation has advanced notably in recent decades. In principle, greater integration should raise the degree of economic efficiency. However, the empirical evidence suggests that, for this to occur, countries should have well-designed economic institutions and sufficiently developed local financial markets. Moreover, these flows may jeopardise financial stability in certain circumstances, whereby the economic authorities need to draw on criteria and instruments to withstand such situations. These tools should be used as part of a broader programme of measures that includes the macro and microeconomic adjustments required. Furthermore, international cooperation emerges as a necessary complement to globalisatio

Selective area growth and characterization of InGaN nano-disks implemented in GaN nanocolumns with different top morphologies

This work reports on the morphology control of the selective area growth of GaN-based nanostructures on c-plane GaN templates. By decreasing the substrate temperature, the nanostructures morphology changes from pyramidal islands (no vertical m-planes), to GaN nanocolumns with top semipolar r-planes, and further to GaN nanocolumns with top polar c-planes. When growing InGaN nano-disks embedded into the GaN nanocolumns, the different morphologies mentioned lead to different optical properties, due to the semi-polar and polar nature of the r-planes and c-planes involved. These differences are assessed by photoluminescence measurements at low temperature and correlated to the specific nano-disk geometry

Gossip and competitive altruism support cooperation in a Public Good game

When there is an opportunity to gain a positive reputation, individuals are more willing to sacrifice their immediate self-interest. Partner choice creates opportunities for competitive altruism, i.e. individuals compete to be regarded as more generous and to be chosen for future partnerships. Tests of the competitive altruism hypothesis have focused so far on reputation based on direct observation, whereas the role of gossip has not been theoretically and empirically addressed. Partner choice can create an incentive to cooperate and to send truthful messages, but it can also work in the opposite direction. In order to understand the consequences of partner choice on cooperation and gossip, we designed an experimental study in which participants played a sequence of Public Goods games and gossip rounds. In our two treatments, we observed that cooperation increased when there was an opportunity to be selected, but also that cooperators sent more honest messages than defectors, and that this strategy was prevalent in the treatment in which inter-group competition was implemented. We also found evidence that participants detached themselves from the information more often when lying. Taken together, our study fills a theoretical and empirical gap by showing that partner choice increases both cooperation and honesty of gossip. This article is part of the theme issue ‘The language of cooperation: reputation and honest signalling’

Bifidobacterium asteroides PRL2011 Genome Analysis Reveals Clues for Colonization of the Insect Gut

Botaccini, Francesca et al.Bifidobacteria are known as anaerobic/microaerophilic and fermentative microorganisms, which commonly inhabit the gastrointestinal tract of various animals and insects. Analysis of the 2,167,301 bp genome of Bifidobacterium asteroides PRL2011, a strain isolated from the hindgut of Apis mellifera var. ligustica, commonly known as the honey bee, revealed its predicted capability for respiratory metabolism. Conservation of the latter gene clusters in various B. asteroides strains enforces the notion that respiration is a common metabolic feature of this ancient bifidobacterial species, which has been lost in currently known mammal-derived Bifidobacterium species. In fact, phylogenomic based analyses suggested an ancient origin of B. asteroides and indicates it as an ancestor of the genus Bifidobacterium. Furthermore, the B. asteroides PRL2011 genome encodes various enzymes for coping with toxic products that arise as a result of oxygen-mediated respiration. © 2012 Bottacini et al.This work was financially supported by the Cariparma Bank Foundation to MV. This work was also financially supported by a Federation European Microbiology society (FEMS) Advanced Fellowship 2011 and an Irish Research Council for Science, Engineering & Technology (IRCSET) Embark postdoctoral fellowship to FT. DV is a member of The Alimentary Pharmabiotic Centre and the Alimentary Glycoscience Research Cluster, both funded by Science Foundation Ireland (SFI), through the Irish Government's National Development Plan (grant nos. 07/CE/B1368 and 08/SRC/B1393, respectively).Peer Reviewe

Box 2. Possible channels through which the war in Ukraine may impact the euro area economy

Artículo de revist

OPTIMIZACIÓN DEL PROCESO DE ADSORCIÓN DE HIERRO TOTAL CON QUITINA NATIVA DE EMERITA ANALOGA “MUY MUY”, MEDIANTE ANÁLISIS FACTORIAL

HIERRO PROPIEDADES FISICOQUÍMICAS DEL HIERRO TOXICIDAD BIOPOLIMEROS QUITINA FUENTES DE QUITINA QUITINA NATIVA EN LA NATURALEZA QUITINA DE CRUSTÁCEOS EMERITA ANALOGA MORFOLOGÍA APLICACIONES ASPECTOS DE LA ADSORCIÓN CINÉTICA DE ADSORCIÓN ISOTERMA DE ADSORCIÓN EQUILIBRIO DE ADSORCIÓN ADSORCIÓN CON QUITINA PARA LA REMOCIÓN DE METALES PESADOS DISEÑOS FACTORIAL PERSPECTIVAS FUTURA

Exposición al humo ambiental de tabaco en locales de hostelería de Barcelona: medición de partículas respirables

ResumenObjetivoMedir la concentración de partículas respirables de tamaño igual o menor que 2,5μm (PM2,5) como marcador del humo ambiental de tabaco (HAT) en locales de hostelería de Barcelona 2 años después de la entrada en vigor de la Ley 28/2005.MétodosSe trata de un estudio descriptivo transversal. La población de estudio fueron 40 locales de la ciudad de Barcelona seleccionados por muestreo de ruta aleatoria con representación de los distintos tipos de regulación existentes tras la aplicación de la Ley (permitido fumar, prohibido fumar y locales con zonas para fumadores y no fumadores). El trabajo de campo se realizó entre octubre y diciembre de 2007. El HAT se cuantificó determinando las PM2,5 con un monitor con fotómetro láser (Side Pack AM 510 Personal Aerosol Monitor). Se realizaron mediciones iniciales de 5 minutos en el exterior del local y de 30 minutos en el interior. Además, se recogieron variables de tipo observacional relacionadas con las características del local y los signos de consumo tabaco.ResultadosLa concentración de PM2,5 en los locales donde se permite fumar es cinco veces más alta que en los que se ha prohibido (182μg/m3 y 34μg/m3, respectivamente), y supera la concentración establecida como perjudicial por la Environmental Protection Agency de Estados Unidos (35μg/m3). En aquellos locales en que se ha prohibido fumar, la concentración de PM2,5 no supera este estándar ni muestra diferencias significativas con la concentración en el exterior del local.ConclusionesDos años después de la entrada en vigor de la Ley de medidas sanitarias frente al tabaquismo, la exposición al HAT en los locales de hostelería donde se permitía fumar seguía siendo muy alta. Esto suponía un importante riesgo para la salud de los trabajadores de este sector.AbstractObjectivesTo quantify the concentration of respirable particles equal to or smaller than 2.5μm (PM2.5) as a marker of second-hand smoke (SHS) exposure in a sample of hospitality venues in Barcelona 2 years after the Spanish smoking law came into effect.MethodsWe performed a cross-sectional descriptive study from October to December 2007. The study population consisted of 40 hospitality venues in Barcelona selected by a random route sampling, with representation of the different types of smoking regulation included in the law (smoking allowed, smoking ban and venues with smoking areas). SHS levels were quantified by measuring PM2.5 concentrations, which were measured using a laser photometer (Side Pack AM 510 Personal Aerosol Monitor). The measurements were carried out for 5minutes outside the venue and for 30minutes inside the venue. In addition, observational variables related to the characteristics of the venue and signs of tobacco consumption were recorded.ResultsThe concentration of PM2.5 in venues where smoking was still allowed was five times higher than that in venues where smoking was banned (182μg/m3 and 34μg/m3, respectively) and exceeded the concentration established by the US Environmental Protection Agency (EPA) as harmful (35μg/m3). However, in venues where smoking was banned, the concentration was lower than the EPA standard and there were no significant differences with the outdoor PM2.5 concentration.ConclusionsTwo years after the introduction of the Spanish smoking law, SHS exposure in venues where smoking was allowed was q still very high, representing a significant health risk for hospitality workers

Possible molecular and cellular mechanisms at the basis of atmospheric electromagnetic field bioeffects

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Geminivirus replication protein decreases PCNA sumoylation at two acceptor sites

Geminiviruses are plant viruses with circular, single-stranded DNA (ssDNA) genomes that infect a broad range of plants causing substantial crop diseases worldwide. They replicate in nuclei of infected cells by using host DNA replication machinery and an essential protein encoded in their genome designated Rep (replication-associated protein). This multifunctional protein induces the accumulation of the host factors involved in replication and it is capable of interacting with a lot of plant proteins including PCNA (Proliferating Cell Nuclear Antigen), a processivity factor that coordinates a wide range of processes involved in maintenance, duplication and transmission of the genome, and the sumoylation enzyme that conjugates SUMO to target proteins (SUMO-conjugating enzyme- SCE). PCNA modification by SUMO, and also ubiquitin, has long been known to be of key importance for determining how DNA damage is processed by the replisome and for maintenance of overall genome integrity. In yeast, PCNA sumoylation has been associated to DNA repair involving homologous recombination (HR). Previously, we reported that Rep ectopic expression does not result in broad changes in the sumoylation pattern of plant cells, but it modifies the sumoylation state of selected host proteins. In this work, we show, using a reconstituted sumoylation system in Escherichia coli, that tomato PCNA is sumoylated at two residues, K254 and K164, and that co-expression of the Rep protein suppresses PCNA sumoylation at these lysines. Finally, we confirm that PCNA is sumoylated and that Rep also interferes with PCNA sumoylation in planta.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec