Determinants of the euro real effective exchange rate: a BEER/PEER approach

This paper presents an empirical analysis of the medium-term determinants of the euro effective exchange rate. The empirical analysis builds on synthetic quarterly data from 1975 to 1998, and derives a Behavioural Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER). Four different model specifications are retained, due to the difficulties encountered in specifying an encompassing model. Results indicate that differentials in real interest rates and productivity, and (in some specifications) the relative fiscal stance and the real price of oil, have a significant influence on the euro effective exchange rate. Assessing the existence and the extent of the over- or undervaluation of the exchange rate is not straightforward, since these different specifications often lead to contrasting findings. However, all four models point unambiguously to the undervaluation of the euro in 2000, although the extent of this undervaluation largely depends on the specification chosen.euro, equilibrium exchange rates, cointegration, gonzalo- granger decomposition, fundamental analysis, BEER, PEER

Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective

This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship between exchange rates and fundamentals for Central and Eastern European acceding countries, focusing on the so-called behavioural equilibrium exchange rate (BEER) approach. Given the limited availability and reliability of data as well as the rapid structural change acceding countries have been undergoing in the transition phase, this paper identifies several pitfalls in following the most straightforward and standard econometric procedures. As an alternative, it looks at the merits of a two-step strategy that consists of estimating the relationship between exchange rates and economic fundamentals in a panel cointegration setting - using a sample which excludes acceding countries - and then "extrapolating" the estimated relationships to the latter. While focusing on the first step of such a strategy, the paper also delves into discussing technical aspects underlying the "extrapolation" stage. As a result, the paper endows the reader with the methodological and empirical ingredients for computing equilibrium exchange rates for acceding countries, providing estimates for the long-run coefficients between real exchange rates and economic fundamentals and a discussion of how to apply these results to acceding countries data. JEL Classification: C23, F31acceding countries, BEER, Equilibrium exchange rates, Panel Cointegration

Determinants of the euro real effective exchange rate: a BEER/PEER approach

This paper presents an empirical analysis of the medium-term determinants of the euro effective exchange rate. The empirical analysis builds on synthetic quarterly data from 1975 to 1998, and derives a Behavioural Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER). Four different model specifications are retained, due to the difficulties encountered in specifying an encompassing model. Results indicate that differentials in real interest rates and productivity, and (in some specifications) the relative fiscal stance and the real price of oil, have a significant influence on the euro effective exchange rate. Assessing the existence and the extent of the over- or undervaluation of the exchange rate is not straightforward, since these different specifications often lead to contrasting findings. However, all four models point unambiguously to the undervaluation of the euro in 2000, although the extent of this undervaluation largely depends on the specification chosen JEL Classification: F31, F32

BAPNE Method, Developmental Dyslexia and Inclusive Education: Cognitive, Socio-Emotional and Psychomotor Stimulation in Secondary School. A Practical Resource for Education within a Cross Curriculum

The strong link between phonological awareness and musical rhythm is widely explored in scientific literature. Interventions based on rhythm are proved to be fundamental for reading and writing skills in dyslexic students. Recent studies highlight the close relation between executive functions and learning circumstances within the school context. Learning is a high cognitive function and involves the socio-emotional processes, the motivational aspects related to reward, self-efficacy, self-esteem, empathy and also the acquisition of values. This study is focused on (1) phonological awareness and musical rhythm in developmental dyslexia; (2) current research on learning environment, executive functions and brain development during adolescence; (3) a practical proposal of inclusive education through body percussion activities – BAPNE Method for cognitive, socio-emotional and psychomotor stimulation within the context of the secondary school classes

Transnational human rights litigations. Kiobel's touch and concern: a test under construction

HURI-AGE Consolider-Ingenio 2010In recent years the international debate on Transnational Human Rights Litigation has mainly focused, although not exclusively, on the role of the Alien Tort Claims Act as a way of redress for serious Human Rights violations. This Act has given the possibility of granting a restorative response to victims, in a Country, such as the United States of America, that assumes the defense of an interest of the International Community as a whole: to guarantee the access to justice to the aforesaid victims. The purpose of this article is to analyze the recent and restrictive position on this Act of the Supreme Court of the United States, in the Kiobel case, and especially when, as a means of modulating the limitative doctrine affirmed there, the Touch and Concern test was introduced. It has generated from its very inception a strong discussion amongst international legal scholars and also great repercussions concerning the practice of the U.S. District and Circuit Courts.This work has been developed within the framework of the Action “Redes de Excelencia”- El Tiempo de los Derechos, DER2014-53503-REDT and the EU Action Grant “Business and Human Rights Challenges for Cross-Border Litigation in the EU”, 2014-2016

New frontiers of peer review

This news article introduces a new COST Action entitled PEERE (TD1306), which stands for New Frontiers of Peer Review (PEERE). PEERE is a trans-domain proposal which brings together researchers from various different disciplines and science stake-holders for the purpose of reviewing the process of peer review. PEERE officially began in May 2014 and will end in May 2018. Thirty-one countries, including Malta, are currently participating in the Action. In order to set the context in which this COST Action was initiated, we first look very briefly at the history of the process of peer review and various models of peer review currently in use. We then share what this COST Action hopes to achieve.peer-reviewe

Multinational enterprises and human rights: towards the end of impunity? notes on the Canada Supreme Court's decision of Nevsun Resources LTD. v. Araya

Tras una introducción en la que se sitúa en contexto la decisión objeto de estas páginas, se procede a presentarla en sus antecedentes y aspectos principales, referidos al Acto de Estado y al sometimiento de las empresas al Dº internacional consuetudinario. Sigue una evaluación pormenorizada, apoyando la solución que alcanza el Tribunal Supremo del Canadá en el supuesto estudiado, que se proyecta hacia el futuro en fase de conclusiones, integrándola en recientes e importantes tendencias perceptibles entre los grandes operadores económicos y en una vigencia de los derechos humanos consustancial con la propia supervivencia de nuestra especie.After an introduction that contextualizes the decision on which these pages focus, such decision is presented in its background and main aspects, which refer to the Act of State and the submission of companies to customary international law. This is followed by a detailed evaluation supporting the solution reached by the Supreme Court of Canada on the case studied, which is projected into the future in the conclusions phase, integrating it in recent and important, perceptible trends among large economic operators and in a validity of human rights that is consubstantial with the survival of our species

Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective

This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship between exchange rates and fundamentals for Central and Eastern European acceding countries, focusing on the so-called behavioural equilibrium exchange rate (BEER) approach. Given the limited availability and reliability of data as well as the rapid structural change acceding countries have been undergoing in the transition phase, this paper identifies several pitfalls in following the most straightforward and standard econometric procedures. As an alternative, it looks at the merits of a two-step strategy that consists of estimating the relationship between exchange rates and economic fundamentals in a panel cointegration setting - using a sample which excludes acceding countries - and then "extrapolating" the estimated relationships to the latter. While focusing on the first step of such a strategy, the paper also delves into discussing technical aspects underlying the "extrapolation" stage. As a result, the paper endows the reader with the methodological and empirical ingredients for computing equilibrium exchange rates for acceding countries, providing estimates for the long-run coefficients between real exchange rates and economic fundamentals and a discussion of how to apply these results to acceding countries data

An update of the Worldwide Integrated Assessment (WIA) on systemic insecticides. Part 1: new molecules, metabolism, fate, and transport

With the exponential number of published data on neonicotinoids and fipronil during the last decade, an updated review of literature has been conducted in three parts. The present part focuses on gaps of knowledge that have been addressed after publication of the Worldwide Integrated Assessment (WIA) on systemic insecticides in 2015. More specifically, new data on the mode of action and metabolism of neonicotinoids and fipronil, and their toxicity to invertebrates and vertebrates, were obtained. We included the newly detected synergistic effects and/or interactions of these systemic insecticides with other insecticides, fungicides, herbicides, adjuvants, honeybee viruses, and parasites of honeybees. New studies have also investigated the contamination of all environmental compartments (air and dust, soil, water, sediments, and plants) as well as bees and apicultural products, food and beverages, and the exposure of invertebrates and vertebrates to such contaminants. Finally, we review new publications on remediation of neonicotinoids and fipronil, especially in water systems. Conclusions of the previous WIA in 2015 are reinforced; neonicotinoids and fipronil represent a major threat worldwide for biodiversity, ecosystems, and all the services the latter provide