Currency substitution in Latin America - lessons from the 1990s

The authors study how agents in Latin America allocate their balances between dollar-denominated and domestic currency-denominated accounts. They empirically determine the causes of currency substitution, its significance in recent banking crises, and the link between currency substitution, and volatility in macroeconomic aggregates. Their findings: The ratio of dollar deposits to broad money is strongly influenced by expectations of depreciation. They show that depositors in Latin America face some uncertainty and frictions when making their portfolio decisions. They explore the macroeconomic consequences of a dollarized economy. In particular, they find that, in the presence of currency substitution, past banking crises are good predictors of future crises. In other words, having a highly dollarized economy, increases the response of the banking system when there is a bad shock, which halts the outflow of capital. Once an economy is in crisis, however, having more dollar-denominated deposits in the banking system, increases the probability of a longer crisis in the future, because it increases exchange rate exposure in an already weak banking system. Finally, they show that the volatility of macroeconomic variables linked to the financial system, increases whenever the economy becomes more dollarized, which in turn makes the choice of monetary targets more difficult.Macroeconomic Management,Fiscal&Monetary Policy,Economic Theory&Research,Banks&Banking Reform,Settlement of Investment Disputes

Effect of temperature on the phase-separation ability of KCl in aqueous two-phase systems composed of propanols: Determination of the critical temperature and extension of the results to other salts

The phase-forming ability of KCl in propanols has been investigated, aiming to assess its utility in aqueous two-phase extraction. Equilibrium data of the different equilibrium regions (SLLV, SLV, LLV, and LV) of aqueous two-phase systems (ATPSs) of water + KCl + 1-propanol and water + KCl + 2-propanol have been determined at the boiling temperatures of the mixtures and 101.3 kPa. In addition, the lowest critical solution temperature (LCST) for the water + KCl + 1-propanol system was measured to be 271.2 K, and the equilibrium behavior of the system in the vicinity of the LCST (at 268.1 and 273.1 K) was also determined. Finally, using various methods such as the effective excluded volume (EEV) theory, Setchenov-type equations, and the plait point of the liquid-liquid region, different salt and alcohol systems have been studied and classified according to their ability to produce ATPSs.We would like to thank the ‘‘Dirección General de Investigación Científica y Técnica” DGICYT, of Spain for the financial support under project CTQ2014-59496

Influence of the temperature on the equilibrium phase diagram of the ternary system water + ammonium chloride + 2-propanol at 101.3 kPa

The phase equilibrium of the water + NH4Cl + 2-propanol mixture, at a constant pressure of 101.3 kPa, has been determined isothermally at four temperatures, as well as at the boiling temperature. Transitions between the different regions of the isothermal equilibrium diagrams have been studied, and the lowest temperature at which the salt can split water + 2-propanol mixtures into two liquid phases, is found to be 310.1 K. As the temperature is increased from this critical value, the two-liquid-phase region expands until the boiling temperature is reached. Finally, the extended UNIQUAC model for electrolytes has been used to predict the equilibrium diagram of the system. Large discrepancies with the experimental results have been found, and it will, therefore, be necessary to review the parameters of the model based on the experimental data reported in this work.We would like to thank the DGICYT of Spain for the financial support of project CTQ2014-59496

Equilibrium diagram of the water + K2SO4 or Na2SO4 + 1-propanol or 2-propanol systems at boiling conditions and 101.3 kPa

Thermodynamically consistent phase equilibrium data at 101.3 kPa and boiling conditions were determined for the ternary systems water + Na2SO4 + 1-propanol, water + Na2SO4 + 2-propanol, water + K2SO4 + 1-propanol and water + K2SO4 + 2-propanol. In contrast to the systems with Na2SO4, the salting-out effect of K2SO4 was not sufficient to split the miscible propanol + water mixture into two liquid phases. The UNIQUAC equation extended to electrolytes for the liquid phase activity coefficients was used to predict the phase equilibria of all the systems. The model reproduced the experimental results quite well, except for the ternary system water + K2SO4 + 1-propanol. In this case the model predicted liquid-liquid splitting into two liquid phases, when there is not.We would like to thank the DGICYT of Spain for the financial support of project CTQ2014-59496

Consistency of experimental data in SLLV equilibrium of ternary systems with electrolyte. Application to the water + NaCl + 2-propanol system at 101.3 kPa

The SLLV phase equilibria of the water + NaCl + 2-propanol mixture have been determined experimentally at 101.3 kPa by means of a modified recirculating still. The results obtained allow us to study the shape of the phase diagram of the system, to analyze the evolution with temperature of this equilibrium diagram and to show the differences with a similar system such as water + NaCl + 1-propanol. Moreover, the experimental data obtained have been compared with previously published data showing their important inconsistencies and presenting the rules that must be met by the experimental equilibrium data of water + non-volatile salt + organic solvent type systems in each one of the different SLLV, LLV and SLV equilibrium regions.The authors wish to thank the DGICYT of Spain for the financial support of project CTQ2014-59496

Use of Ultrasound in the Determination of Isobaric LLV, SLV, and SLLV Equilibrium Data. Application to the Determination of the Water + Na2SO4 or K2SO4 + 2-Methylpropan-2-ol Systems at 101.3 kPa and Boiling Conditions

The importance of good dispersion and homogenization of liquid and solid phases in the determination of isobaric liquid–liquid–vapor (LLV), solid–liquid–vapor (SLV), and solid–liquid–liquid–vapor (SLLV) equilibrium data is shown by analyzing the fluctuations observed during the LLV equilibrium determination of the heterogeneous azeotrope of the water + 1-butanol and water + cyclohexane systems, explaining the causes of these fluctuations, studying how to avoid them, and extending them to systems with solid phases. The LLV, SLV, and SLLV equilibrium data of systems that are easily dispersed (similar phase densities and low interfacial tension) can be determined by using the traditional equipment for determination of LV equilibria. In contrast, mixtures that are difficult to homogenize require more sophisticated equipment because it is difficult to obtain good phase dispersion of the liquid phases by mere agitation. In most cases, this type of system could be dispersed by coupling an ultrasonic homogenizer to the boiling flask of the equipment. This apparatus, with ultrasonic waves and modifications to control the temperature of the recirculated phases, has been applied to the determination of the water + Na2SO4 or K2SO4 + 2-methylpropan-2-ol system at 101.3 kPa and boiling conditions. Comparison of both systems shows the size of the LLV region is larger in the system containing Na2SO4. The determined experimental data of these systems were correctly predicted by the extended UNIQUAC model for electrolytes, in spite of several interaction parameters having been obtained without their experimental data.We thank the DGICYT of Spain for the financial support of project CTQ2014-59496

Equilibrium Diagrams of Water + NaCl or KCl + 2-Methyl 2-Propanol at the Boiling Temperature and 101.3 kPa

Experimental equilibrium data of the systems water + NaCl or KCl+ 2-methyl 2-propanol are determined experimentally at boiling conditions and 101.3 kPa. The results obtained permit a study of the shape and different regions of their equilibrium diagrams. A comparison with similar diagrams of other alcohols is made, demonstrating that the ability of NaCl and KCl to split the water + alcohol mixture into two liquid phases increases with temperature and that NaCl splits the alcohols from water in the following order: 2-methyl 2-propanol > 1-propanol > 2-propanol.DGICYT of Spain (project CTQ2014-59496)

SOFT project: a new forecasting system based on satellite data

En: Conference Remote Sensing of the Ocean and Sea Ice 2001, 20-09-2001, Toulouse, France. Eds. Charles R. Bostater, Jr., Rosalia Santoleri.-- 13 pages, 12 figures, 1 table.-- Published Online: 7 April 2003.-- Pre-print archive: http://wwwimedea.uib.es/oceanography/projects/soft/The aim of the SOFT project is to develop a new ocean forecasting system by using a combination of satellite data, evolutionary programming and numerical ocean models. To achieve this objective two steps are proposed: (1) to obtain an accurate ocean forecasting system using genetic algorithms based on satellite data; and (2) to integrate the above new system into existing deterministic numerical models. Evolutionary programming will be employed to build “intelligent” systems that, learning from the past ocean variability (provided by satellite data) and considering the present ocean state, will be able to infer near future ocean conditions. Validation of the forecast skill will be carried out by comparing the forecasts fields with satellite and in situ observations. Validation with satellite observations will provide the expected errors in the forecasting system. Validation with in situ data will indicate the capabilities of the satellite based forecast information to improve the performance of the numerical ocean models. This later validation will be accomplished considering in situ measurements in a specific oceanographic area at two different periods of time. The first set of observations will be employed to feed the hybrid systems while the second set will be used to validate the hybrid and traditional numerical model results.This work has been carried out as part of the SOFT project funded by the E. C. under contract: EVK3-CT-2000-00028. Ananda Pascual holds a doctoral fellowship from Universitat de les Illes Balears. We thank Vicente Fernandez for his fruitful comments on the interpretation of EOFs patterns related to the Mediterranean circulation.Peer reviewe

Phase diagram of the vapor-liquid-liquid-solid equilibrium of the water + NaCl + 1-propanol system at 101.3 kPa

Isobaric vapor-liquid-liquid-solid equilibria for the ternary system water + sodium chloride + 1-propanol have been determined at 101.3 kPa by means of a modified recirculating still. The addition of sodium chloride to the solvent mixture results in the appearance of different equilibrium regions. A detailed quantitative analysis of the evolution with temperature of the phase diagram has been carried out. The experimental data obtained in this way have been compared, on the one hand, with previously published data containing important inconsistencies and, on the other hand, with data calculated by the extended UNIQUAC model.We would like to thank the DGICYT of Spain for the financial support of project CTQ2014-59496

Effectiveness of Thrombectomy in Stroke According to Baseline Prognostic Factors: Inverse Probability of Treatment Weighting Analysis of a Population-Based Registry

Stroke; Thrombectomy; PrognosisIctus; Trombectomia; PronòsticIctus; Trombectomía; PronósticoBackground and purpose: In real-world practice, the benefit of mechanical thrombectomy (MT) is uncertain in stroke patients with very favorable or poor prognostic profiles at baseline. We studied the effectiveness of MT versus medical treatment stratifying by different baseline prognostic factors. Methods: Retrospective analysis of 2,588 patients with an ischemic stroke due to large vessel occlusion nested in the population-based registry of stroke code activations in Catalonia from January 2017 to June 2019. The effect of MT on good functional outcome (modified Rankin Score ≤2) and survival at 3 months was studied using inverse probability of treatment weighting (IPTW) analysis in three pre-defined baseline prognostic groups: poor (if pre-stroke disability, age >85 years, National Institutes of Health Stroke Scale [NIHSS] >25, time from onset >6 hours, Alberta Stroke Program Early CT Score 3), good (if NIHSS <6 or distal occlusion, in the absence of poor prognostic factors), or reference (not meeting other groups' criteria). Results: Patients receiving MT (n=1,996, 77%) were younger, had less pre-stroke disability, and received systemic thrombolysis less frequently. These differences were balanced after the IPTW stratified by prognosis. MT was associated with good functional outcome in the reference (odds ratio [OR], 2.9; 95% confidence interval [CI], 2.0 to 4.4), and especially in the poor baseline prognostic stratum (OR, 3.9; 95% CI, 2.6 to 5.9), but not in the good prognostic stratum. MT was associated with survival only in the poor prognostic stratum (OR, 2.6; 95% CI, 2.0 to 3.3). Conclusions: Despite their worse overall outcomes, the impact of thrombectomy over medical management was more substantial in patients with poorer baseline prognostic factors than patients with good prognostic factors