Financial Integration, Financial Deepness and Global Imbalances

Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show that these imbalances can be the outcome of financial integration when countries differ in financial markets deepness. In particular, countries with more advanced financial markets accumulate foreign liabilities in a gradual, long-lasting process. Differences in financial deepness also affect the composition of foreign portfolios: countries with negative net foreign asset positions maintain positive net holdings of non-diversifiable equity and FDI. Abstracting from the potential impact of globalization on financial development, liberalization leads to sizable welfare gains for the more financially-developed countries and losses for the others. Three empirical observations motivate our analysis: (1)financial deepness varies widely even amongst industrial countries, with the United States ranking at the top; (2) the secular decline in the U.S. net foreign asset position started in the early 1980s, together with a gradual process of international capital markets liberalization; (3) net exports and current account balances are negatively correlated with indicators of financial development.

On the Welfare Implications of Financial Globalization without Financial Development

It is widely argued that countries can reap large gains from liberalizing their capital accounts if financial globalization is accompanied by the development of domestic institutions and financial markets. However, if liberalization does not lead to financial development, globalization can result in adverse effects on social welfare and the distribution of wealth. We use a multi-country model with non-insurable idiosyncratic risk to show that, if countries differ in the degree of asset market incompleteness, financial globalization hurts the poor in countries with less developed financial markets. This is because in these countries liberalization leads to an increase in the cost of borrowing, which is harmful for those heavily leveraged, i.e. the poor. Quantitative analysis shows that the welfare effects are sizable and may justify policy intervention.

Breakdown of the mean-field approximation in a wealth distribution model

One of the key socioeconomic phenomena to explain is the distribution of wealth. Bouchaud and M\'ezard have proposed an interesting model of economy [Bouchaud and M\'ezard (2000)] based on trade and investments of agents. In the mean-field approximation, the model produces a stationary wealth distribution with a power-law tail. In this paper we examine characteristic time scales of the model and show that for any finite number of agents, the validity of the mean-field result is time-limited and the model in fact has no stationary wealth distribution. Further analysis suggests that for heterogeneous agents, the limitations are even stronger. We conclude with general implications of the presented results.Comment: 11 pages, 3 figure

Orientational transitions in a nematic confined by competing surfaces

The effect of confinement on the orientational structure of a nematic liquid crystal model has been investigated by using a version of density-functional theory (DFT). We have focused on the case of a nematic confined by opposing flat surfaces, in slab geometry (slit pore), which favor planar molecular alignment (parallel to the surface) and homeotropic alignment (perpendicular to the surface), respectively. The spatial dependence of the tilt angle of the director with respect to the surface normal has been studied, as well as the tensorial order parameter describing the molecular order around the director. For a pore of given width, we find that, for weak surface fields, the alignment of the nematic director is perpendicular to the surface in a region next to the surface favoring homeotropic alignment, and parallel along the rest of the pore, with a interface separating these regions (S phase). For strong surface fields, the director is distorted uniformly, the tilt angle exhibiting a linear dependence with the distance normal to the surface (L phase). Our calculations reveal the existence of a first-order transition between the two director configurations, which is driven by changes in the surface field strength, and also by changes in the pore width. In the latter case the transition occurs, for a given surface field, between the S phase for narrow pores and the L phase for wider pores. A link between the L-S transition and the anchoring transition observed for the semi-infinite case is proposed. We also provide calculations with a phenomenological approach that yields the same main result that DFT in the scale length where this is valid.Comment: submitted to PR

Raman-Mössbauer-XRD studies of selected samples from “Los Azulejos” outcrop: A possible analogue for assessing the alteration processes on Mars

The outcrop of “Los Azulejos” is visible at the interior of the Cañadas Caldera in Tenerife Island (Spain). It exhibits a great variety of alteration processes that could be considered as terrestrial analogue for several geological processes on Mars. This outcrop is particularly interesting due to the content of clays, zeolite, iron oxides, and sulfates corresponding to a hydrothermal alteration catalogued as “Azulejos” type alteration. A detailed analysis by portable and laboratory Raman systems as well as other different techniques such as X ray diffraction (XRD) and Mössbauer spectroscopy has been carried out (using twin-instruments from Martian lander missions: Mössbauer spectrometer MIMOS-II from the NASA-MER mission of 2001 and the XRD diffractometer from the NASA-MSL Curiosity mission of 2012). The mineral identification presents the following mineral species: magnetite, goethite, hematite, anatase, rutile, quartz, gregoryite, sulphate (thenardite and hexahydrite), diopside, feldspar, analcime, kaolinite and muscovite. Moreover, the in-situ Raman and Micro-Raman measurements have been performed in order to compare the capabilities of the portable system specially focused for the next ESA Exo-Mars mission. The mineral detection confirms the sub-aerial alteration on the surface and the hydrothermal processes by the volcanic fluid circulations in the fresh part. Therefore, the secondary more abundant mineralization acts as the color agent of the rocks. Thus, the zeolite-illite group is the responsible for the bluish coloration, as well as the feldspars and carbonates for the whitish and the iron oxide for the redish parts. The XRD system was capable to detect a minor proportion of pyroxene, which is not visible by Raman and Mössbauer spectroscopy due to the “Azulejos” alteration of the parent material on the outcrop. On the other hand, Mössbauer spectroscopy was capable of detecting different types of iron-oxides (Fe3+/2+-oxide phases). These analyses emphasize the strength of the different techniques and the working synergy of the three different techniques together for planetary space missions.The work was supported by the MICINN with the Project AYA-2008-04529.Peer reviewe

In-situ Mössbauer Spectroscopy with MIMOS II at Rio Tinto, Spain

The Rio Tinto, located in southwest Spain, exhibits a nearly constant, acidic pHvalue along its course. Due to the formation of sulfate minerals, Rio Tinto is considered a potential analogue site for sulfate-rich regions on Mars, in particular at the landing site of the Mars Exploration Rover Opportunity, where the ferric sulfate mineral jarosite was identified with Opportunity's Mössbauer spectrometer. Primary and secondary mineralogy was investigated in situ with portable Raman and Mössbauer spectrometers at four different Rio Tinto sampling sites. The two techniques analyse different sample portions due to their specific field of view and sampling depth and provide complementary mineralogical information

An ontology-based framework for describing discoverable data services

Data-services are applications in charge of retrieving certain data when they are called. They are found in different communities such as the Internet Of Things, Cloud Computing, Big Data, etc. So, there is a real need to discover how can an application that requires some data automatically find a data-service which is providing it. To our knowledge, the problem of automatically discovering these data-services is still open. To make a step forward in this direction, we propose an ontology-based framework to address this problem. In our framework, input and output values of the request are mapped into concepts of the domain ontology. Then, data-services specify how to obtain the output from the input by stating the relationship between the mapped concepts of the ontology.Peer ReviewedPostprint (author's final draft

Raman–Mo¨ssbauer–XRD studies of selected samples from ‘‘Los Azulejos” outcrop: A possible analogue for assessing the alteration processes on Mars

The outcrop of ‘‘Los Azulejos” is visible at the interior of the Can˜adas Caldera in Tenerife Island (Spain). It exhibits a great variety of alteration processes that could be considered as terrestrial analogue for several geological processes on Mars. This outcrop is particularly interesting due to the content of clays, zeolite, iron oxides, and sulfates corresponding to a hydrothermal alteration catalogued as ‘‘Azulejos” type alteration. A detailed analysis by portable and laboratory Raman systems as well as other different techniques such as X-ray diffraction (XRD) and Mo¨ssbauer spectroscopy has been carried out (using twin-instruments from Martian lander missions: Mo¨ssbauer spectrometer MIMOS-II from the NASA-MER mission of 2001 and the XRD diffractometer from the NASA-MSL Curiosity mission of 2012). The mineral identification presents the following mineral species: magnetite, goethite, hematite, anatase, rutile, quartz, gregoryite, sulfate (thenardite and hexahydrite), diopside, feldspar, analcime, kaolinite and muscovite. Moreover, the in-situ Raman and Micro- Raman measurements have been performed in order to compare the capabilities of the portable system specially focused for the next ESA Exo-Mars mission. The mineral detection confirms the sub-aerial alteration on the surface and the hydrothermal processes by the volcanic fluid circulations in the fresh part. Therefore, the secondary more abundant mineralization acts as the color agent of the rocks. Thus, the zeolite–illite group is the responsible for the bluish coloration, as well as the feldspars and carbonates for the whitish and the iron oxide for the redish parts. The XRD system was capable to detect a minor proportion of pyroxene, which is not visible by Raman and Mo¨ssbauer spectroscopy due to the ‘‘Azulejos” alteration of the parent material on the outcrop. On the other hand, Mo¨ ssbauer spectroscopy was capable of detecting different types of iron-oxides (Fe3+/2+-oxide phases). These analyses emphasize the strength of the different techniques and the working synergy of the three different techniques together for planetary space missions