Interactions between Private and Public Sector Wages

We analyse the interactions between public and private sector wages per employee in OECD countries. We motivate the analysis with a dynamic labour market equilibrium model with search and matching frictions to study the effects of public sector employment and wages on the labour market, particularly on private sector wages. Our empirical evidence shows that the growth of public sector wages and of public sector employment positively affects the growth of private sector wages. Moreover, total factor productivity, the unemployment rate, hours per worker, and inflation, are also important determinants of private sector wage growth. With respect to public sector wage growth, we find that, in addition to some market related variables, it is also influenced by fiscal conditions.public wages; private wages; employment.

Interactions between private and public sector wages

We analyse the interactions between public and private sector wages per employee in OECD countries. We motivate the analysis with a dynamic labour market equilibrium model with search and matching frictions to study the effects of public sector employment and wages on the labour market, particularly on private sector wages. Our empirical evidence shows that the growth of public sector wages and of public sector employment positively affects the growth of private sector wages. Moreover, total factor productivity, the unemployment rate, hours per worker, and inflation, are also important determinants of private sector wage growth. With respect to public sector wage growth, we find that, in addition to some market related variables, it is also influenced by fiscal conditions. JEL Classification: E24, E62, H50employment, private wages, public wages

Interactions between Private and Public Sector Wages

We examine the interactions between public and private sector wages per employee in OECD countries. The growth of public sector wages and of public sector employment positively affects the growth of private sector wages. Moreover, total factor productivity, the unemployment rate and the degree of urbanisation are also important determinants of private sector wage growth. With respect to public sector wage growth, we find that it is influenced by fiscal conditions in addition to private sector wages. We then set up a dynamic labour market equilibrium model with two sectors, search and matching frictions and exogenous growth to understand the interaction mechanisms. The model is quantitative consistent with the main estimation findings.public sector wages, private sector wages, employment, fiscal policy

Sovereign credit ratings and financial markets linkages: application to European data

We use EU sovereign bond yield and CDS spreads daily data to carry out an event study analysis on the reaction of government yield spreads before and after announcements from rating agencies (Standard & Poor’s, Moody’s, Fitch). Our results show: significant responses of government bond yield spreads to changes in rating notations and outlook, particularly in the case of negative announcements; announcements are not anticipated at 1-2 months horizon but there is bi-directional causality between ratings and spreads within 1-2 weeks; spillover effects especially from lower rated countries to higher rated countries; and persistence effects for recently downgraded countries. JEL Classification: C23, E44, G15credit ratings, rating agencies, sovereign yields

Sovereign credit ratings and financial markets linkages: application to European data

We use EU sovereign bond yield and CDS spreads daily data to carry out an event study analysis on the reaction of government yield spreads before and after announcements from rating agencies (Standard & Poor’s, Moody’s, Fitch). Our results show: significant responses of government bond yield spreads to changes in rating notations and outlook, particularly in the case of negative announcements; announcements are not anticipated at 1-2 months horizon but there is bi-directional causality between ratings and spreads within 1-2 weeks; spillover effects especially from lower rated countries to higher rated countries; and persistence effects for recently downgraded countries.credit ratings; sovereign yields; rating agencies. Classification-C23; E44; G15.

What “Hides” Behind Sovereign Debt Ratings?

In this paper we study the determinants of sovereign debt credit ratings using rating notations from the three main international rating agencies, for the period 1995-2005. We employ panel estimation and random effects ordered probit approaches to assess the explanatory power of several macroeconomic and public governance variables. Our results point to a good performance of the estimated models, across agencies and across the time dimension, as well as a good overall prediction power. Relevant explanatory variables for a country's credit rating are: GDP per capita, GDP growth, government debt, government effectiveness indicators, external debt, external reserves, and default history.credit ratings; sovereign debt; rating agencies; panel data; random effects ordered probit.

What “hides” behind sovereign debt ratings?

In this paper we study the determinants of sovereign debt credit ratings using rating notations from the three main international rating agencies, for the period 1995-2005. We employ panel estimation and random effects ordered probit approaches to assess the explanatory power of several macroeconomic and public governance variables. Our results point to a good performance of the estimated models, across agencies and across the time dimension, as well as a good overall prediction power. Relevant explanatory variables for a country's credit rating are: GDP per capita, GDP growth, government debt, government effectiveness indicators, external debt, external reserves, and default history. JEL Classification: C23, C25, E44, F30, F34, G15, H63credit ratings, panel data, random effects ordered probit, rating agencies, sovereign debt

Ordered Response Models for Sovereign Debt Ratings

Using ordered logit and probit plus random effects ordered probit approaches, we study the determinants of sovereign debt ratings. We found that the last procedure is the best for panel data as it takes into account the additional cross-section error.ordered probit; ordered logit; random effects ordered probit; sovereign rating.

Terrace staircases of the Douro and Sabor Rivers (NE of Portugal, Iberia Characterizing the Last stages of the Douro Exhoreic System

In the Iberia Peninsula, the process leading to the fini-Cenozóic exoreic discharge of the Douro basin remains a major geomorphological challenge (Pereira et al, 2010; Anton et al, 2012), particularly, understanding the connection between the geomorphological evolution of the trunk river and its tributaries in the Portuguese sector with the Douro Cenozoic basin in Spain. Good geomorphological and sedimentological data available to interpret the process refers to the last stages of incision and enlargement of the valleys leading to the formation of fill and rocky terraces (Cunha et al., 2010), which are well individualized at confined areas of the Douro and Sabor valleys, as well as on other tributaries rivers of the Portuguese basin. The main objective is to present the research that is being done about the terrace levels present in the valleys of these rivers (Sabor is the second and longest tributary of the exoreic sector), and compare the fluvial staircases of those rivers located at the interface between the endorheic to the exoreic basin. Furthermore, it is interpreted the tectonic conditioning of the areas where the staircases are well preserved. This research is based on the analysis of altimetric and hydrographic data available from the Portuguese Military Maps (scale 1: 25,000), the analysis of detailed geological maps (scale 1: 50000), the analysis of digital terrain models and on the fieldwork performed on the area. The fluvial staircases of both rivers are similar for de first fill terrace above the actual alluvial plain (T1=±10/15m), which is composed mainly by sandy-silt deposits that have Upper Pleistocene/Holocene age and conserve archaeological remains from the Bronze Age (Gaspar et al., 2014). For the upper levels there are big differences in the fill terraces, more levels for the Douro (4-5 levels at Quinta da Canameira site) than for Sabor (2 at Quinta de Barrais), and huge differences in the sedimentary architecture. The second fluvial terrace above actual alluvial plain (T2), tend to be coarser and was explored by the Romans to extract mineral. The differences of the preserved fluvial staircases on the four main sites, Quinta da Canameira and Barca D’Alva sectors for the Douro River, and Quinta de Barrais and Quinta de Crestelos sectors for the Sabor River, despite of local geological/geomorphological conditions, seems to reflect regional tectonic conditioning, since these fill terraces are well preserved in small elongated depressions with NNE-SSW direction. The faults that bound these depressions are also responsible for the conservation on the area of Mio-Pliocene sediments along small sinistral strike-slip basins, which support the hypothesis of a reactivation of old strike-slip faults that are well impressed on the relief of the area

Estágio na empresa Cuore Design & Arquitetura

No âmbito da unidade curricular de estágio, para finalizar o Mestrado em Design de Interiores e Mobiliário, este, foi desenvolvido na empresa Cuore-Design e Arquitetura, em Barcelos, Braga. O estágio visa, principalmente, pôr em prática todos os conhecimentos adquiridos academicamente, levando novos ideais à empresa, e intersectar-se com os conhecimentos que possam ser obtidos na empresa, retirando o máximo de uma experiência real no mercado de trabalho. Num período prévio ao estágio, nota-se fundamental realizar um estudo de campo, ou seja, aprofundar conhecimentos acerca da cronologia da empresa e sobretudo dos seus projetos, bem como analisar a história da cidade e claro as empresas concorrentes. Posteriormente, será essencial compreender as metodologias e os procedimentos da empresa e dos seus parceiros, fornecedores, produtores, construtores e colaborar nos projetos, sendo indispensável para perceber o mercado da área e para o crescimento a nível profissional, de forma a concluir o propósito do estágio. Inicia-se assim o estágio, com a enumeração das principais tarefas a desenvolver e a comunicação das principais etapas de trabalho, através da definição de uma Metodologia/ Plano de trabalho, cuidadosamente calendarizado.Abstract : Under the internship course and in order to finish the Master’s degree of Interior Design and Furniture, this one was developed in the company Cuore-Design e Arquitetura in Barcelos, Braga. The internship mainly aims to put into practice all the knowledge acquired academically, bringing new ideals to the enterprise and intersecting it with the knowledge that can there be obtained, taking full advantage of a real job market experience. In a previous period of the internship, it is essential to carry out a field study, that is to deepen knowledge about the company chronology and especially its projects, as well as to analyze the history of the city and of course the competing companies. Subsequently, it was essential to understand the methodologies and procedures of the company and its partners, suppliers, producers, builders and collaborators of the projects, being indispensable to perceive the market of this area and its professional growth, in order to conclude the purpose of the internship. So begins the internship with the enumeration of the main tasks to be accomplished and the communication of the main work’s stages, through the definition of a Methodology / Work Plan, carefully schedule