Public Deficits in USMCA Economies During the COVID-19 Economic Crisis

This paper aims to evaluate the fiscal policy implemented by the USMCA economies to deal with the COVID-19 economic crisis. We estimate the economic capacity (potential output) and the Cyclical Primary Balance as a percentage of GDP (CPB) of each of the scrutinized economies. Then we obtain the Cyclical Adjusted Primary Balance as a percentage of GDP (CAPB) as the difference between the Primary Balance (PB) and the CPB. Unlike previous CPB estimations, we obtain the potential output reference as the Economic Capacity methodology (Shaikh and Moudud, 2004), which overcome some alternative methodologies problems. According to our empirical analysis, an asymmetric fiscal policy stands across USMCA economies. Canada and the United States are using a countercyclical fiscal policy, while Mexico uses a procyclical one. Mexico should abandon its current fiscal policy, implement an alternative to support households and firms during crisis periods, and execute a progressive fiscal reform. Our paper's limitation is that we use PB and not its components to estimate the CPB; however, we use a more extended time series, contributing to obtaining more robust results.Déficits públicos de los países del T-MEC durante la crisis económica por COVID-19Nuestro objetivo es evaluar la política fiscal implementada por las economías del T-MEC para enfrentar la crisis del COVID-19. Estimamos la capacidad económica (producto potencial) y el Balance Primario Cíclico como porcentaje del PIB (CPB) de estas economías. Obtenemos el Balance Primario Ajustado por el Ciclo como porcentaje del PIB (CAPB) como la diferencia entre el Balance Primario (PB) y el CPB. A diferencia de estimaciones previas del CPB, el producto potencial se obtiene mediante la metodología de la Capacidad Económica (Shaikh y Moudud, 2004), que resuelve problemas asociados con metodologías alternativas. Nuestro análisis empírico muestra que existe una asimetría: en Canadá y Estados Unidos la política fiscal es anticíclica y en México es procíclica. México debería abandonar su política fiscal actual; implementar una alternativa de apoyo a los hogares y empresas durante los períodos de crisis y ejecutar una reforma fiscal progresiva. Una limitación de nuestro artículo es que usamos PB y no sus componentes para estimar el CPB; sin embargo, utilizamos series de tiempo más largas, lo que contribuye a obtener resultados más robustos

La economía de Medellín vista desde sus indicadores económicos intersectoriales

El proposito del presente trabajo es conocer como es el encadenamiento entre los sectores, que terminaronpor definir el crecimiento economico de la ciudad.La precision teorica de la discusion de los encadenamientos y su importancia en el proceso de desarrollo economico se aborda en las dos primeras partes, despues de la introduccion. Para definir, en las dos secciones siguientes, las categorias y procedimientos que permiten acercar empiricamente los encadenamientos, incluyendo los diferentes multiplicadores. Luego, en la cuarta parte, con base en la matriz insumo-producto (MIP) del municipio, se procede a cuantificar los respectivos valores de los encadenamientos y multiplicadores. Por ultimo, se expone una reflexion donde, ademas, se sugieren posibles rutas de trabajo para la ampliacion del analisis aqui presentado

Inversión Reciente en Uruguay: ¿Hacia un Desarrollo Sostenible?

Este trabajo pretende aportar una primera aproximación sectorial al impacto de la inversión promovida en Uruguay entre 2010 y 2014 sobre el patrón de innovación y el mercado de trabajo. Desde una perspectiva de desarrollo sostenible e inclusivo, se concluye que la inversión promovida no se asocia con ningún patrón de innovación de las empresas a nivel sectorial, ni con variables que hacen al mercado laboral. Se identifican resultados primarios que muestran una asociación de los sectores con mayor inversión promovida en el período, con origen del capital, tamaño de las empresas, mayor productividad y promedio salarial del sector

Does sustainability score impact mutual fund performance?

Given that sustainable investing constitutes a major force across global financial markets, in 2016 Morningstar began reporting Morningstar Sustainability scores. We used the 2016, 2017 and 2018 scores to study the e ects of socially responsible investments (SRI) on European equity fund performance. Sustainability scores impacted positively on performance, which was consistent with the idea that the mutual funds invested in companies with better scores generate better risk-adjusted and not-risk adjusted performance. We also tested the relation on mutual fund flows and risk. The sustainability score in the previous year is significant on the flows, so higher-rated funds receive a larger volume of funds. In terms of risk, the level of sustainability is negatively related to the value at risk (VaR) of the fund, supporting that higher scored mutual funds o er better protection against extreme lossesThis research was funded by (1) the Galician Regional Government ED431B 2017/34 and ED431D 2017/19 co-funded by the European Regional Development Fund (ERDF/FEDER) within the period 2014-2020 and (2) the Ministry of Science, Innovation and Universities (MCIU), the Spanish State Research Agency (AEI) and European Regional Development Fund (RTI2018-100702-B-I00 MCIU/AEI/FEDER, UE)S

Analysis of Conductance Probes for Two-Phase Flow and Holdup Applications

[EN] In this paper we perform an analysis of the conductance probes used in two-phase flow applications especially for two-phase flow tomography of annular flow, to measure the waves produced in the interface with different boundary conditions without perturbing the flow, and in addition we examine the holdup applications as measuring the average void fraction in a given region. The method used to obtain the detector conductance between the electrodes is to solve analytically the generalized Laplace equation in 3D with the boundary conditions of the problem, and then to obtain the average potential difference between the detector electrodes. Then, dividing the current intensity circulating between the emitter and the receiver electrodes by the average potential difference yields the probe conductance, which depends on the geometric and physical characteristics of the measured system and the probe. This conductance is then non-dimensionalized by dividing by the conductance of the pipe full of water. In this way a set of analytical expression have been obtained for the conductance of two-plate sensors with different geometries and locations. We have performed an exhaustive comparison of the results obtained using the equations deduced in this paper with the experimental data from several authors in different cases with very good agreement. In some cases when the distribution of bubbles is not homogeneous, we have explored the different alternatives of the effective medium theory (EMT) in terms of the self-consistent EMT and the non-consistent EMT.This research was funded by Spain Ministry of Science and Technology previously dependent on MINECO (Ministry of Economy and Competitiveness), grant number ENE2016-79489-C2-1-P under Plan Nacional de I+D.Muñoz-Cobo González, JL.; Rivera-Durán, Y.; Berna Escriche, C.; Escrivá Castells, FA. (2020). Analysis of Conductance Probes for Two-Phase Flow and Holdup Applications. Sensors. 20(24):1-29. https://doi.org/10.3390/s20247042S129202

Alimentos consumidos por la ardilla endémica de Perote (Xerospermophilus perotensis) en el Valle de Perote, Veracruz, México

The Perote ground squirrel (Xerospermophilus perotensis) is a micro-endemic rodent, classified as an endangered species by the Mexican NOM-059-SEMARNAT-2010 and the IUCN. Studies about this species are scarce, with most of the few published studies addressing its distribution and population monitoring. While the unique previous study on its diet, reports only six plant species. Based on direct observations of food consumption, we recorded in our study 25 plant species and four animal sources of food.La ardilla de tierra de Perote (Xerospermophilus perotensis) es un roedor microendémico, clasificado como especie en peligro por la Norma Mexicana NOM-059-SEMARNAT-2010 y la UICN. Los estudios sobre esta especie son escasos y la mayoría de los pocos estudios publicados abordan su distribución y monitoreo poblacional. Mientras que el único estudio previo sobre su dieta, informa solo seis especies de plantas. Basadas en observaciones directas del consumo de alimentos, registramos en nuestro estudio 25 especies de plantas y cuatro fuentes de alimentos animales

Genesis of Preeclampsia: An Epidemiological Approach

There are analyzed some of the main aspects related to the causality of preeclampsia, privileging two types of models: the clinic model and the epidemiologic model, first one represented by the hypothesis of the reduced placental perfusion and the second one considering the epidemiologic findings related to the high levels of psychosocial stress and its association with preeclampsia. It is reasoned out the relevance of raising the causality of the disease from an interdisciplinary perspective, integrating the valuable information generated from both types, clinical and epidemiologic, and finally a tentative explanatory model of preeclampsia is proposed, the subclinical and sociocultural aspects that predispose and trigger the disease are emphasized making aspects to stand out: the importance of reduced placental perfusion as an indicator of individual risk, and the high levels of physiological stress, as a result of the unfavorable conditions of the psychosocial surroundings (indicator of population risk) of the pregnant women

La identidad como eje integrador de una marca ciudad

A City Branding can contribute to a metropolis to reposition itself in diverse planes: cultural, social, economic, tourist, among others. Most of the time, these plans have international projection as their function. However, the most important thing should be that they conform from an integrating and intercultural vision, thus constituting a City Branding that really translates the identity with a goal from and for its citizens; That shows the heart of the city, and from this integrating vision, it could then be transferred to different fields and interests. This paper analyzes the contributions of various work teams in which projects are proposed to redesign and position cities for a better life. Establishing the role of design from an integrating perspective, with a transdiciplinary and intercultural role that can be able to enrich the urban environment and the daily life of citizens, at best. And they will also consider how bad decisions and failed implementations of these projects are translated into cities in decomposition and with an identity that is shown disfigured, fragmented and in many cases weak and incongruent with cultural wealth: case of some Latin American countries.Una marca ciudad debe ayudar a una metrópoli a reposicionarse en diversos planos: cultural, social, económico, turístico, entre otros. La mayoría de las veces, estos planos tienen como función la proyección internacional; sin embargo, lo más importante debería conformarse desde una visión integradora e intercultural, constituyéndose así una marca ciudad que realmente traduzca la identidad con un objetivo desde y para sus ciudadanos; que muestre el corazón de la ciudad, y desde esta visión integradora, pueda entonces ser transferida a diversos campos e intereses. En este trabajo se analizan las aportaciones de dos equipos de trabajo en los que se plantearon proyectos para rediseñar y posicionar a las ciudades para una vida mejor. Estableciendo el papel del diseño desde una visión integradora, con un papel transdiciplinar e intercultural que pueda ser capaz de enriquecer, en el mejor de los casos, el entorno urbano y la vida cotidiana de los ciudadanos. Y se considerará cómo las malas decisiones y fallidas implementaciones de estos proyectos se traducen en ciudades en descomposición, sin identidad. Identidad que se muestra desfigurada, fragmentada y algunas veces, débil e incongruente con la riqueza cultural, caso de los países latinoamericanos.Uma Marca da Cidade pode contribuir para uma metrópole se reposicionar em diferentes planos; cultural, social, econômica, turismo, entre outros. Esses planos têm a projeção internacional na maior parte do tempo. No entanto, o mais importante deve ser baseado em uma visão integradora e intercultural, constituindo assim uma Marca da Cidade que realmente traduza a identidade com um objetivo de e para seus cidadãos; Ele mostra o coração da cidade e, a partir dessa visão integrada, pode ser transferido para diferentes campos e interesses. Este artigo analisa as contribuições de várias equipes de trabalho em que os projetos são propostos para redesenhar e posicionar as cidades para uma vida melhor. Estabelecer o papel do design a partir de uma visão integrada com um trasdiciplinar e papel intercultural para ser capaz de enriquecer o ambiente urbano e na vida quotidiana dos cidadãos, na melhor das hipóteses, e considerar como decisões e implementações fracassadas ruim desses projetos são traduzidos em cidades em decomposição, sem identidade. Identidade desfigurada, fragmentada e em muitos casos fraca e incongruente com a riqueza cultural, caso dos países latino-americanos

Preliminary data on cold-water corals and large sponges by-catch from Spanish/EU bottom trawl groundfish surveys in NAFO Regulatory Area (Divs. 3LMNO) and Canadian EEZ (Div. 3L): 2005-2007 period

Since 2005, by-catch of vulnerable invertebrates, such as cold-water corals and large sponges, has been studied with special attention in the Spanish/EU bottom trawl groundfish surveys in Northwest Atlantic (NAFO Divs. 3LMNO). Based on this research, twenty-nine different taxa of cold-water corals have been preliminarily identified in the study area: five alcyonaceans, ten gorgonaceans, ten pennatulaceans, three solitary scleractinians and one antipatharian. No colonial scleractinians were recorded during these surveys and reef structures are unlikely to occur in the study area. The main large sponges found belong to the family Geodiidae. The volume of cold-water corals and large sponges in the by-catches was generally low in the regularly-used fishing grounds studied. Most of the by-catches were recorded in hauls carried out in areas outside of regular fishing grounds for the bottom trawlers. By-catches of large gorgonians were recorded in three small areas located in Divs. 3LM (two in Div. 3L and one in Div. 3M), indicating that Vulnerable Marine Ecosystems (VMEs) could occur there. Pennatulaceans, solitary scleractinians, alcyonaceans and antipatharians were also observed as part of bycatch in some hauls carried out in Divs. 3LMO, but it is not clear if these by-catches indicate presence of VMEs in the area sampled. Highest diversity of coral species was found in Div. 3M. Large sponges occurred in deep waters, in a narrow band along Northern slope of the Grand Banks (Div. 3N) and Southern Flemish Pass (Div. 3L) as well as in several patches located in North-eastern and Eastern Flemish Cap. The preliminary information presented here, derived solely from bottom trawl survey by-catch records, it is not enough for identification of VMEs accurately, but it is very valuable to give a general view of where VMEs like to occur or not occur. Previous experience from other North Atlantic high-seas fishing grounds (e.g. NEAFC Regulatory Area) suggests that additional geohabitat mapping and information on fishery footprint will be needed for the accurate delineation of VMEs and for the subsequent adoption of suitable habitat conservation measures such as Marine Protected Areas (MPAs) to preserve cold-water corals and large sponges in NAFO Area