On the impact of exchange rate regimes on tourism

The main objective of this paper is to analyze the effect of the exchange rate arrangements on international tourism. The ambiguity of literature about the effect of exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade. On the basis of a gravity equation we estimate a moderate effect of a currency union on tourism of almost 12%. Furthermore, we estimate a gravity equation for international trade, obtaining that the common currency effect on trade is reduced when tourism is introduced as a regressor. This suggests that tourism flows may contribute to explain the excessive magnitude of the estimated effect of a common currency on trade in this literature. Finally, we analyze the impact of several de facto exchange rate arrangements on tourism, finding that less flexible exchange rates promotes tourism flows.Tourism, Exchange Rate Regime, Common Currency

Revisiting Rose's common currency debate

The main objective of this research is to revisit the estimation of the effect of a common currency on international trade by applying the new methodology proposed by Helpman, Melitz and Rubistein (2008) and incorporating tourism to the theoretical framework. Rose (2000) estimates an empirical model of bilateral trade, finding a significant coefficient for a currency union variable of 1.2, suggesting an effect of currency unions on trade of over a 200%. Rose (2000)’s finding did not receive full acceptance and further research was consequently devoted to find reasons of such high effect. This still remains as a major puzzle in the International Economics. Rose and Van Wincoop (2001) hold that there may still be some omitted factors that drives countries to both participate in currency unions and trade more. In this research a gravity equation for trade is estimated controlling by international tourism.Common currency, tourism, gravity equation

Regímenes cambiarios de iure y de facto. El caso de la peseta/dólar, 1965-1998

En este trabajo se aplican tres procedimientos estadísticos alternativos al tipo de cambio peseta/dólar norteamericano, con el objetivo de conocer el verdadero régimen cambiario al que estuvo sujeto durante el período 1965-1998. El estudio toma la perspectiva que señala la divergencia entre regímenes cambiario de facto y de iure. Los resultados indican que la peseta, al igual que otras monedas, no exhibió el régimen flotante que de iure tenía en relación al dólar durante las tres últimas décadas de su existencia. Por el contrario, el tipo de cambio peseta/dólar se movió dentro de un corredor más bien estrecho en dichos años.In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the aim of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure and de facto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.Apoyo financiero del Ministerio de Educación y Ciencia (Plan Nacional I+D: SEJ-2005 09094/ECON)Publicad

Regímenes cambiarios de iure y de facto. El caso de la Peseta/Dólar, 1965-1998

In this paper we apply three different statistical procedures to the peseta/dollar exchange rate with the objective of discovering the true foreign exchange regime followed by the monetary authorities during the 1965-1998 period. The study´s perspective emphasizes the divergence between de jure and de facto exchange regimes. The results seem to imply that the peseta, as well as other currencies, did not exhibit the floating regime that de jure had in relation to the US dollar in the last three decades of its existence. On the contrary, the peseta/dollar exchange rate moved within rather narrow fluctuation bands during those years.Foreign exchange regime; fluctuation bands; fixed and floating exchange rates, peseta/dollar exchange rate.

EXPECTATIVAS, APRENDIZAJE Y CREDIBILIDAD DE LA POLÍTICA MONETARIA EN ESPAÑA

In this paper we assess the credibility of Bank of Spain’s monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we estimate an index of credibility that recognizes the presence of regime changes from the 1979-1998 period. The results point out the convergence between announcements and market variables. Moreover the marginal credibility increased in the sample period for most of the interest rates studied. Classification-JEL : C22, D83, D84.Monetary policy, credibility, expectations, learning

Mudanças no perfil funcional de pacientes con patologia psiquiátrica resistente submetidos a neurocirurgia funcional estereotáxica

Con el objetivo de evaluar los resultados de la Neurocirugía Funcional Estereotáctica (NFE) sobre el perfil funcional de los pacientes diagnosticados con Patología Psiquiátrica Resistente (PPR), se realizó un diseño pre/post tratamiento. 13 pacientes fueron evaluados ( = 31 ± 8 años): siete mujeres diagnosticadas con algún Trastorno de la Conducta Alimentaria Resistente (TCAR); tres mujeres diagnosticadas con Trastornos Resistentes Obsesivo Compulsivo y Depresivo (TOC y DR) y tres pacientes (dos mujeres y un hombre) diagnosticados con Depresión Resistente (DR). A estos pacientes se les aplicó la Escala de funcionamiento del paciente Eje K, la cual consta de siete subescalas, y una Escala de Evaluación de la Actividad Global (EAG) antes del tratamiento y después de éste (seis meses posteriores a la NFE). Todos los grupos diagnósticos y el total de los pacientes evaluados presentaron cambios clínicos positivos; sin embargo, sólo el grupo de TCAR mostró importantes cambios clínicos de mejoría en el perfil de funcionamiento, siendo esta diferencia estadísticamente significativa (pre Md = 56; post Md = 84; z= - 2.36, p <0.05). Con la evidencia obtenida se observó que la NFE representa una opción terapéutica emergente efectiva orientada a disminuir el sufrimiento de los pacientes con PPR, así como a mejorar el nivel de funcionamiento global y por ende su calidad de vida. Todos los pacientes del estudio presentaban una condición de resistencia a tratamientos convencionales indicados, la cual había sido documentada por un equipo interdisciplinario experto.Con o objetivo de avaliar os resultados da Neurocirurgía Funcional Estereotáxica (NFE) sobre o perfil funcional dos pacientes diagnosticados com Patologia Psiquiátrica Resistente (PPR), realizou-se um desenho pré/pós tratamento. 13 pacientes foram avaliados ( = 31 ± 8 anos): sete mulheres diagnosticadas com algum Transtorno da Conduta Alimentar Resistente (TCAR); três mulheres diagnosticadas com Transtornos Resistentes Obsessivo Compulsivo e Depressivo (TOC e DR) e três pacientes (duas mulheres e um homem) diagnosticados com Depressão Resistente (DR). A estes pacientes foi aplicada a Escala de funcionamento do paciente Eixo K, a qual consta de sete sub-escalas, e uma Escala de Avaliação da Atividade Global (EAG) antes do tratamento e depois dele (seis meses posteriores à NFE). Todos os grupos diagnósticos e o total dos pacientes avaliados apresentaram mudanças clínicas positivas; porém, só o grupo de TCAR mostrou importantes mudanças clínicas de melhoria no perfil de funcionamento, sendo esta diferença estatisticamente significativa (pré Md= 56; pós Md= 84; z= - 2.36, p <0.05). Com a evidência obtida observou-se que a NFE representa uma opção terapêutica emergente efetiva orientada a diminuir o sofrimento dos pacientes com PPR, bem como a melhorar o nível de funcionamento global e portanto sua qualidade de vida. Todos os pacientes do estudo apresentavam uma condição de resistência a tratamentos convencionais indicados, a qual havia sido documentada por uma equipe interdisciplinar de especialistas.In order to evaluate the results of the Stereotactic Functional Neurosurgery (SFN) on the functional profile of patients diagnosed with Resistant Psychiatric Pathology (RPP), a pre / post treatment design was performed. Thirteen patients were assessed ( = 31 ± 8 years): seven women diagnosed with some type of Resistant Eating Disorder (RED); three women diagnosed with Resistant Obsessive Compulsive Disorder and Resistant Depression (TOC and RD), and three patients (two women and one man) diagnosed with Resistant Depression (RD). The Patient's Functioning Scale, axis K, consisting of seven subscales, and the Assessment of Global Activity Scale (AGAS) were applied before and after treatment (6 months after FSN). All diagnostic groups and all the patients assessed showed positive clinical changes. However, only the RED group showed important clinical improvement in the performance profile with a statistically significant difference (pre Md = 56, Md = 84 post , z = - 2.36, p <0.05). With the evidence obtained it was noted that SFN represents an effective therapeutic option aimed at reducing the suffering of patients with RPP and improve their overall level of functioning and therefore their quality of life. All patients in the study had a condition indicating resistance to conventional treatments which had been documented by an expert multidisciplinary team

Desarrollo de productos cárnicos innovadores para el consumidor: percepciones hacia las hamburguesas de cordero enriquecidas con aditivos naturales

El consumo de carne de cordero ha disminuido considerablemente en los últimos años (Rabadán et al., 2020), lo que ha provocado importantes pérdidas para el sector. Esto unido a los cambios en el tipo de alimentación de la población (comida rápida, comida preparada…) ha influido para la posible apertura de nuevos nichos de mercado para la carne de cordero. En el presente trabajo se ha llevado a cabo un estudio a través de la metodología de focus group para valorar las percepciones de los consumidores con respecto a la introducción en el mercado de una hamburguesa de cordero con aditivos naturales (cereza y nuez pecana). Los resultados muestran una elevada frecuencia en el consumo de hamburguesas entre los participantes, el lugar de consumo en los hogares y como principal factor de compra el precio. En cuanto a las hamburguesas propuestas (cordero enriquecidas), los participantes expusieron una reticencia a la carne de ovino, prefiriendo las de vacuno. La mayoría de los participantes mostraron indiferencia hacia los aditivos, aunque, si son naturales como la cereza y la nuez pecana y en la etiqueta se especifica con mayor claridad podrían ser beneficiosos para su venta

Assessment of diastolic chamber properties of the right ventricle by global fitting of pressure-volume data and conformational analysis of 3D + T echocardiographic sequences

Assessment of diastolic chamber properties of the right ventricle by global fitting of pressure-volume data and conformational analysis of 3D + T echocardiographic sequence

Clinical Benefit of Tamsulosin and the Hexanic Extract of Serenoa Repens, in Combination or as Monotherapy, in Patients with Moderate/Severe LUTS-BPH: A Subset Analysis of the QUALIPROST Study

To investigate whether tamsulosin (TAM) and the hexanic extract of Serenoa repens (HESr) are more effective in combination than as monotherapy in men with moderate-to-severe lower urinary tract symptoms associated with benign prostatic hyperplasia (LUTS/BPH). Subset analysis of data from a 6-month, multicenter observational study. Patients received either tamsulosin (0.4 mg/day) or HESr (320 mg/day) alone or in combination. Primary endpoints were change in symptoms and quality of life. Tolerability was also assessed. Seven hundred and nine patients were available for intention to treat (ITT) analysis, 263 treated with tamsulosin, 262 with HESr, and 184 with TAM + HESr. After 6 months, International Prostate Symptom Score (IPSS) scores improved by a mean (standard deviation) of 7.2 (5.0) points in the TAM + HESr group compared to 5.7 (4.3) points with TAM alone and 5.4 (4.6) points with HESr (p < 0.001). Quality of life showed greatest improvement with combination therapy (p < 0.02). Adverse effects were reported by 1.9% of patients receiving HESr, 13.3% receiving TAM, and 12.0% receiving TAM + HESr (p < 0.001). In men with moderate/severe LUTS/BPH, combination treatment with TAM + HESr produced more effective symptom relief and greater improvement in quality of life than with either treatment alone, with acceptable tolerability

Efficacy and safety of a hexanic extract of Serenoa repens (Permixon (R)) for the treatment of lower urinary tract symptoms associated with benign prostatic hyperplasia (LUTS/BPH): systematic review and meta-analysis of randomised controlled trials and observational studies

Objectives To comprehensively evaluate the efficacy and safety of the hexanic extract of Serenoa repens (HESr, Permixon (R); Pierre Fabre Medicament, Castres, France), at a dose of 320 mg daily, as monotherapy for the treatment of lower urinary tract symptoms associated with benign prostatic hyperplasia (LUTS/BPH). Materials and methods We conducted a systematic review and meta-analysis of randomised controlled trials (RCTs) and prospective observational studies in patients with LUTS/BPH identified through searches in Medline, Web of Knowledge (Institute for Scientific Information), Scopus, the Cochrane Library, and bibliographic references up to March 2017. Articles studying S. repens extracts other than Permixon were excluded. Data were collected on International Prostate Symptom Score (IPSS), maximum urinary flow rate (Qmax), nocturia, quality of life, prostate volume, sexual function, and adverse drug reactions (ADRs). Data obtained from RCTs and observational studies were analysed jointly and separately using a random effects model. A sub-group analysis was performed of studies that included patients on longer-term treatment (= 1 year). Results Data from 27 studies (15 RCTs and 12 observational studies) were included for meta-analysis (total N = 5 800). Compared with placebo, the HESr was associated with 0.64 (95% confidence interval [CI] -0.98 to -0.31) fewer voids/ night (P < 0.001) and an additional mean increase in Q(max) of 2.75 mL/s (95% CI 0.57 to 4.93; P = 0.01). When compared with a-blockers, the HESr showed similar improvements on IPSS (weighted mean difference [WMD] 0.57, 95% CI -0.27 to 1.42; P = 0.18) and a comparable increase in Q(max) to tamsulosin (WMD -0.02, 95% CI -0.71 to 0.66; P = 0.95). Efficacy assessed using the IPSS was similar after 6 months of treatment between the HESr and 5a-reductase inhibitors (5ARIs). Analysis of all available published data for the HESr showed a mean improvement in IPSS from baseline of -5.73 points (95% CI -6.91 to -4.54; P < 0.001). HESr did not negatively affect sexual function and no clinically relevant effect was observed on prostate-specific antigen. Prostate volume decreased slightly. Similar efficacy results were seen in patients treated for = 1 year (n = 447). The HESr had a favourable safety profile, with gastrointestinal disorders being the most frequent ADR (mean incidence of 3.8%). Conclusion The present meta-analysis, which includes all available RCTs and observational studies, shows that the HESr (Permixon) reduced nocturia and improved Q(max) compared with placebo and had a similar efficacy to tamsulosin and short-term 5ARI in relieving LUTS. HESr (Permixon) appears to be an efficacious and well-tolerated therapeutic option for the longterm medical treatment of LUTS/BPH