Foreign Direct Investment in a Late Industrialising Country: The Portuguese IDP Revisited

This article uses the investment development path to analyse the evolution of Portugal’s competitiveness in recent years. This is interpreted as the country’s capacity to both attract and engage in foreign direct investment. The estimation of the Portuguese IDP confirms previous claims that Portugal has joined other late industrialising countries as a 'stage 4' country, but that this position may not be consolidated. Outward FDI, albeit limited in terms of the number of firms and destinations, seems to show most characteristics expected at this stage of development. However, the fading of export-oriented inward FDI during the 1990s represents a danger in a country where FDI has been critical for market access and industrial diversification despite a much smaller weight in the economy than in other OECD countries.Investment Development Path, Inward FDI, Outward FDI, Portugal

The Computation of the Logarithmic Cohomology for Plane Curves

We give algorithms of computing bases of logarithmic cohomology groups for square-free polynomials in two variables. (Fixed typos of v1)Comment: 19 page

Biochemical evidence of gene transfer from the Mv genome of Aegilops ventricosa to hexaploid wheat

Endosperm protein and isozyme patterns of Unes derived from the ovoss [Tritioum turgidum (AABB) x Aegilops ventrioosa (DDMVMV)] x T_. aes tivum (AABBDD) were studied. Five bioohemioal oharaoters pvesent in Ae_. ventrioosa (DDM°M°), Ae_. oomosa (MU) and Ae_. uniaris tata (MUMU) , but absent from Ae. squarrosa (DD)t T_. aes tivum (AABBDD) and T_. turgidum (AABB) were investigated. Three of these were identified in several Unes3 indioating gene transfer from the M° genome of Ae. ventrioosa into hexaploid wheat. The wide distribution of one of the markers (CM-4) suggests its previous transfer to the D genome of Ae. ventrioosa

Political Business Cycles and Inflation Stabilization

When the choice of the nominal anchor and timing of inflation stabilization is analyzed with models of political business cycles, there is room for political opportunism of policymakers. The different business cycles associated with exchange rate-based (ERBS) and money-based stabilizations (MBS) imply that the decision regarding the timing and nominal anchor of stabilization may be affected by the timing of elections. Namely, an opportunistic policymaker is more likely to implement an ERBS than a MBS before elections, while the opposite happens after elections. Empirical results obtained when estimating a multinomial logit model for a sample of 35 stabilization programs implemented in chronic inflation countries clearly support this hypothesis.Inflation stabilization, nominal anchors, political business cycles.

Splash singularities for the one-phase Muskat problem in stable regimes

This paper shows finite time singularity formation for the Muskat problem in a stable regime. The framework we found is with a dry region, where the density and the viscosity are set equal to $0$ (the gradient of the pressure is equal to $(0,0)$) in the complement of the fluid domain. The singularity is a splash-type: a smooth fluid boundary collapses due to two different particles evolve to collide at a single point. This is the first example of a splash singularity for a parabolic problem.Comment: Minor comments added, 26 pages, 1 figur