Loan and bond finance in Argentina, 1985-2005

Loan and bond finance during 1985-2005 can be divided into three sub-periods. After the 1982 debt crisis, which mainly involved domestic and foreign bank loans to both the corporate and government sectors, there was practically no credit. This situation of lack of credit persisted until the domestic economy was stabilized in 1991 with the Convertibility Plan, and foreign debt renegotiation was completed in 1993 with the Brady Plan. Loan finance recovered to unprecedented levels since the 1950s, and bond finance became for the first time an important financing vehicle for both the national government and large firms in the corporate sector. Credit came to a sudden stop in 2001, with widespread default on both corporate and government bonds. The 2001 debt crisis was not followed by runaway domestic inflation, and by 2005 Argentina was able to return to foreign capital markets.bank loans, sovereign bonds, provincial bonds, central bank bonds, corporate bonds, pension funds, yields, liquidity

Corporate bonds, asset-backed securities and deferred checks in Argentina

We describe the evolution of three types of corporate securities in Argentina, namely, corporate bonds, asset-backed securities and deferred checks. Corporate bonds (obligaciones negociables) were legally authorized in 1988, and after a tax reform in 1991 they became an important financing vehicle. Asset backed securities (fideicomisos), legally created in 1995, have been issued since 1996. They typically bundle together small credits of a similar category. Deferred checks (cheques de pago diferido) exist since 1993, alongside standard checks. They can be negotiated on the exchange since 2003, and are akin to commercial paper. Corporate bonds have been overwhelmingly issued by large firms and banks, with an average issue size of 53 million dollars. Asset backed securities have an average value of 9 million dollars. Deferred checks are typically used by smaller firms, and those traded on the exchange of the Buenos Aires board of trade have an average value of 9 thousand dollars.private securities, corporate bonds, asset-backed securities, deferred checks

Globalización y competitividad económica en las ciudades de la región Centro Occidente de México en la última década del siglo XX

Peer Reviewe

Nou aliatge de magnesi per a aplicacions biomèdiques

Científics dels Departaments de Física i de Biologia Cel·lular de la Universitat Autònoma de Barcelona així com de la Institució Catalana de Recerca i Estudis Avançats (ICREA) han desenvolupat una nou aliatge de magnesi no citotòxic amb millors propietats mecàniques i millor comportament davant la corrosió per mitjà de l'addició d'una petita quantitat de pal·ladi. Aquest nou aliatge té una aplicació potencial com a implant biodegradable.Científicos de los Departamentos de Física y Biología Celular de la Universidad Autónoma de Barcelona (UAB) así como de la Institucion Catalana de Investigación y Estudios Avanzados (ICREA) han desarrollado una nueva aleación de magnesio no citotóxica con mejores propiedades mecánicas y mejor comportamiento frente a la corrosión por medio de la adición de una pequeña cantidad de paladio. Esta nueva aleación tiene una aplicación potencial como implantes biodegradables.Scientists from the Physics and the Cellular Biology Departments at the Universitat Autònoma de Barcelona (UAB) and from the Catalan Institution for Research and Advanced Studies (ICREA) have developed a novel noncytotoxic magnesium alloy with improved mechanical performance and delayed corrosion phenomena through small palladium alloying. This novel alloy has potential applications as biodegradable implants

INCEFA-PLUS Programme Overview and Update

INCEFA-PLUS is a five year project supported by the European Commission HORIZON2020 programme which commenced in mid 2015. 16 organisations from across Europe have combined forces to deliver new experimental data and a fatigue assessment procedure which will support the development of improved guidelines for assessment of environmental fatigue damage to ensure safe operation of nuclear power plants. Prior to the start of INCEFA-PLUS, an in-kind study was undertaken by several European organisations with the aim of developing the current state of the art for this technical area. This study identified three experimental variables which required further study in order to support improved assessment methodology for environmental fatigue, namely the effects of mean stress/strain, hold time and surface finish. Within INCEFA-PLUS, the effects of these three variables, plus strain amplitude, on fatigue endurance of austenitic stainless steels in light water reactor environments are therefore being studied experimentally. The data obtained will be collected and standardised in an online environmental fatigue database. In order to facilitate the exchange of fatigue data a standardized data format will be developed in the framework of a CEN workshop, to which international participants are welcome to participate. The outcome of the workshop will be a pre-normative document, a CEN Workshop Agreement (CWA) which will set a standard for enabling the exchange of fatigue data not only within the project but within the fatigue community. Based on the data generated and the resulting improvement in understanding, it is planned that INCEFAPLUS will develop and disseminate methods for including the new insights into assessment procedures for environmental fatigue degradation. This will take better account of the effects of mean strain, hold time and surface finish. This paper will provide more details on the background to this project and the way the project is organized to meet its objectives. Details will be provided as to how uncertainties due to variations in testing practice and specimen preparation have been minimized. Additionally, the choices associated with testing for the effects of surface finish, hold time and mean stress will be described along with the status of decisions so far within the project. The paper will also report current status of the project and when findings are likely to be disseminated

Spatial Regulation of Cdc42 During Cytokinesis

5 pages, 2 figures.-- PMID: 17637568 [PubMed].-- Printed version published on Jul 15, 2007.Cdc42 GTPase plays a critical role in the establishment of cell polarity in most eukaryotic organisms. Cdc42 active state, as that of other GTPases, depends on the bound nucleotide. The protein with GTP is active, and only in this state can it interact with different target effector proteins. The spatio-temporal control of Cdc42 activity is therefore necessary to generate growth polarity. In fission yeast cells, Cdc42 mainly localizes to the division area, and also to the growing tips and to some internal membranes. While the role of Cdc42 in apical growth is well defined, no role has been described for Cdc42 in the process of cell division. Fission yeast Cdc42 activity is regulated by two specific guanidine nucleotide exchange factors (GEFs), Scd1, and Gef1. We discuss here how Hob3, a BAR domain containing protein similar to human BIN3 and S. cerevisiae Rsv161, may be required to recruit Cdc42 to the cell division site as well as for the activation of this GTPase mediated by Gef1. We also discuss the possible role of Cdc42 in the contraction of the actomyosin ring necessary for cytokinesis.This work was supported by Grant BIO2004-0834 from the Comision Interministerial de Ciencia y Tecnología, Spain.Peer reviewe

Stress compensation by gap monolayers for stacked InAs/GaAs quantum dots solar cells

In this work we report the stacking of 10 and 50 InAs quantum dots layers using 2 monolayers of GaP for stress compensation and a stack period of 18 nm on GaAs (001) substrates. Very good structural and optical quality is found in both samples. Vertical alignment of the dots is observed by transmission electron microscopy suggesting the existence of residual stress around them. Photocurrent measurements show light absorption up to 1.2 μm in the nanostructures together with a reduction in the blue response of the device. As a result of the phosphorus incorporation in the barriers, a very high thermal activation energy (431 meV) has also been obtained for the quantum dot emission