Financial liberalization and the capital account : Thailand, 1988-97

The authors examine Thailand's macro-economy and micro-economy for the period 1988-97 to assess the extent to which the country's mix of macroeconomic and financial sector policies contributed to its economic crisis in 1997. They conclude that the crisis was fundamentally one of private sector debt, rooted in private behavior that affected the magnitude and composition of investment and how it was financed. Unlike the Latin American debt crisis, the Thai crisis was not caused by excessive sovereign borrowing. Financial sector weakness--including inadequate regulation and supervision, implicit deposit insurance, concentrated ownership structures, and poor accounting and disclosure--combined with liberalization of the financial sector and capital accounts, increased vulnerability by creating incentives for risk-taking by financial institutions. Many macroeconomic fundamentals were strong, but the combination of tight monetary policy and an inflexible exchange rate created strong incentives for residents to expose themselves to excessive foreign exchange and liquidity risks. Weak corporate governance, including close corporate links to the banking sector, encouraged risky investments and over-diversification in the corporate sector.Payment Systems&Infrastructure,Financial Intermediation,Banks&Banking Reform,International Terrorism&Counterterrorism,Economic Theory&Research,Banks&Banking Reform,Financial Intermediation,Economic Theory&Research,International Terrorism&Counterterrorism,Financial Economics

Estudio y caracterización del crecimiento sistémico y la formación de soros de Ustilago syntherismae en plantas de Digitaria sanguinalis

Digitaria sanguinalis is considered one of the worst weeds because the high economic losses it generates in harvesting crops. Ustilago syntherismae is a fungus which infects the weed and has the capability of substitute the flowers of the weed by smut sori, so it reduces the reproductive capacity of the weed. With this method, the fungus reduce the reproductive capacity of the plant. The objective of this study is to analyse the evolution of the fungus once the plant is infected with a proposal of clarify some doubts on how the fungus interacts with the plant inside it. An experiment is realized to analyse in detail how the fungus mycelium grows and colonises the different tissues, once the infection is done. In the same manner is studied how it colonises the vegetative and reproductive apices, more over how the transformation of the reproductive structures of the plant takes place in reproductive structures of the fungus. Spikelets from 2 different individuals were used and a mixture of spore sera. These spikelets were infected with the mixture, later through the self-pollination of both spikelets. After their germination, the following generation of spikelets and of sera of both plants were obtained. The new generation of spikelets and sera were infected and germinated crosswise, obtaining the four types of spikelets which it has been worked with. The infection is performed through a vacuum infiltration process in order to facilitate the in vitro contact of the spikelets with the spores, and in this way induce the plant fungus interaction artificially. The inoculated seedlings are dyed and observed through the optic microscope to prove the fungus existence in its tissues to follow it progress though the plant different growing phases. This study shows significant differences (P<0,05) of the D. sanguinalis plants infection resistance for U. syntherismae during all the studies stages. The percentage of the infection of each type of spikelet according to the study made are drastically different. As far as the virulence of the spores is concerned the obtained data shows different results depending on the stage. As more advanced stages are studied more significant differences (P<0,05) regarding the virulence appear.Digitaria sanguinalis es considerada una de les pitjors moles herbes que existeixen per les grans pèrdues econòmiques que provoquen als cultius. Ustilago syntherismae es un fong formador de carbó que infecta l'esmentada mala herba, amb la capacitat de substituir les flors de la planta en sorus de carbó. D'aquesta manera el fong redueix la capacitat reproductiva de la planta. Aquest estudi pretén enfocar-se en l'avanç del fong una vegada infectada la planta, amb la finalitat d'aclarir alguns dubtes de com el fong interactua amb la planta dintre d'ella. Es va fer un experiment per estudiar en profunditat i aclarir com el miceli de fong, un cop ha produït la infecció, creix i colonitza els diferents teixits de la planta. De la mateixa manera, s'estudia com arriba a colonitzar els àpexs vegetatius y reproductius i com es produeix la transformació de les estructures reproductives de la planta en estructures reproductives del fong. Es varen utilitzar espiguetes de dos individus diferents y barreja de sorus d'espores, aquestes espiguetes van ser infectades amb la barreja, posteriorment es van autopol·linitzar de les dues espiguetes. Després de la germinació de les espiguetes es va obtenir la següent generació d'espiguetes i de sorus de les dues plantes. Es van infectar i posar a germinar de forma creuada la nova generació d'espiguetes amb la se sorus, obtenint així els quatre grups d'espiguetes amb les que es treballaran. Aquesta infecció es va portar a terme amb un procés de infiltració a vuit per facilitat el contacte in vitro de les espiguetes amb les espores i així induir artificialment la interacció entre la planta i el fong. Les plàntules inoculades es van tenyir i es van observar al microscopi òptic per comprovar l'existència del fong als seus teixits i seguir el seu avanç en les diferents fases del creixement de la planta. Amb aquest estudi es constaten diferencies significatives (P<0,05) per a la resistència a la infecció de U. syntherismae de las plantes de D. sanguinalis, en tots els estadis estudiats. El percentatge d'infecció de cada tipus de espigueta ha sigut dràsticament diferent segons l'estadi. Pel que respecta a la virulència de les espores, els resultats mostren diferents graus de virulència dels fongs segons l'estadi de la planta. A mesura que s'estudia estadis mes avançats, s'expressen diferencies més significatives (P<0,05) amb respecte de la virulència.Digitaria sanguinalis es considerada una de las peores malas hierbas que existen por las grandes pérdidas económicas que provoca en los cultivos. Ustilago syntherismae es un hongo formador de carbón que infecta dicha mala hierba, con la capacidad de sustituir las flores de la planta en soros de carbón. De esta manera el hongo reduce la capacidad reproductiva de la planta. Este estudio pretende enfocarse en el avance del hongo una vez infectada la planta, con el fin de esclarecer algunas dudas de como el hongo interactúa con la planta dentro de ella. Se hizo un experimento para estudiar en profundidad y esclarecer como el micelio de hongo, una vez se ha producido la infección, crece y coloniza los diversos tejidos de la planta. De igual manera se estudia cómo llega a colonizar los ápices vegetativos y reproductivos, y cómo se produce la transformación de las estructuras reproductivas de la planta en estructuras reproductivas del hongo. Se utilizaron espiguillas de dos individuos diferentes y mezcla de soros de esporas, dichas espiguillas fueron infectadas con la mezcla, posteriormente, se autopolinizaron ambas espiguillas. Tras la germinación de dichas espiguillas se obtuvieron la siguiente generación de espiguillas y de soros de ambas plantas. Se infectaron y pusieron a germinar de manera cruzada la nueva generación de espiguillas con la se soros, obteniendo así los cuatro tipos de espiguillas con los que se trabajaron. Esto se realizó con el fin de determinar la importancia y valorar capacidad de infección según individuo. Para ello se observaron los cuatro tipos de espiguillas germinadas según el estadio de crecimiento, su origen tanto de planta como del hongo con el que fue infectada y la combinación de ambos. Dicha infección se llevó a cabo con un proceso de infiltración en vacío para facilitar el contacto in vitro de las espiguillas con las esporas y así inducir artificialmente la interacción entre la planta y el hongo. Las plántulas inoculadas se tiñeron y se observaron en el microscopio óptico para comprobar la existencia del hongo en sus tejidos y seguir su avance en las diferentes fases de crecimiento de la planta. Con este estudio se constatan diferencias significativas (P<0,05) para la resistencia a la infección de U. syntherismae de las plantas de D. sanguinalis, en todos los estadios estudiados. Los porcentajes de infección de cada tipo de espiguilla han sido drásticamente diferente según el estadio. Por lo que respeta a la virulencia de las esporas los resultados muestran diferentes grados de virulencia de los hongos según el estadio. Conforme se estudian, se manifesta que los estadios más avanzados se expresan diferencias más significativas (P<0,05) con respecto a la virulencia

Biology of the razor clam (Ensis magnus Schacher, 1817), in the Ría de Pontevedra (NW Spais): application to fishery management

Small-scale or artisanal fisheries produce nearly half of the world¿s catch and employ 50 million of the 51 million people engaged in fisheries (FAO 2008). However, most scientific studies have focused on the analysis of industrial fisheries, and little attention has been given to small-scale fisheries. Bivalves are among the most important resources in S-fisheries (Small-Scale and Spatially Structured fisheries targeting Sedentary resources with artisanal gears, Orensanz et al., 2005a) worldwide (landings around 3 million t, FAO 2013) and some species have high commercial value in international markets, represent substantial food resources and play important economic and social roles. Razor clams (Bivalvia, Solenoidea) are distributed throughout the world, in the Pacific, the Atlantic and the Mediterranean Sea ranging from tropical to temperate areas inhabiting fine sand, silt or sandy-mud ocean floors (Hayward and Ryland, 1998). These species represent a substantial food resource that has experienced a considerable economic valuation development during the last decade. The species most commonly commercialized are Ensis magnus Schumacher, 1817 [syn. E. arcuatus (Jeffreys, 1865)], E. siliqua (Linnaeus, 1758) and E. directus (Conrad, 1843). The sword razor E. magnus is the razor clam with the highest commercial value in European markets (according to the Eurostat information database) and the most important commercial species of razor clam in Spain. Within Spain E. magnus is mainly exploited in Galicia (NW Spain). The increasing demand and the new capture methods introduced in some regions during the last decades (hydraulic and suction dredging or electrical fishing) leaded to sudden increases of landings and subsequently several razor clams beds showed signs of overexploitation (Hall et al., 1990; Fahy and Carroll, 2007; Hauton et al., 2007; Espinoza et al., 2010, FAO 2015). This situation is enhanced by the recruitment variability (del Piero and Dacaprile, 1998; Szarzi et al., 1995) and the slow turnover of the species (Fahy and Carroll, 2007). Although the Galician razor clams beds are harvested manually by diving with a very selective method, they have also been more heavily exploited in the last years, being their maximum sustainable fishing rate still unknown though. Moreover, in winter, coinciding with reproductive season (Darriba et al., 2004) up to 40% of sword razor specimens break at the foot when harvested, and must be discarded, as they are not marketable. To avoid the sword razor discards, the harvest is totally closed for one-two months during winter. This market shortage is overcome by the importation of razor clams mainly from Argentina and Chile, which are less than a third of the price of the local product. Together with the Spanish economic crisis, this has generated a 50% fall in the market price of the local product. Knowledge of marine resources biology is essential for fisheries management. Although a great effort has been conducted to study E. magnus biology during the last two decades (e.g. Robinson and Richardson, 1998; Fahy et al., 2002; Darriba et al., 2004, 2005a, 2010; da Costa et al., 2008, 2011, 2013; Varela et al., 2009; Ruiz et al., 2011, 2012), some important biological information for fisheries management such as growth parameters or size at first maturity has been little studied. Indeed, none of these features were previously described for the species in the Iberian Peninsula. Moreover, razor clams, which like many other benthic organisms are sedentary, inhabit spatially heterogeneous environments and are distributed in dispersed beds, which generate a spatial variability in their population dynamics between near areas (eg. Robinson and Richardson, 1998; Rabaoui et al., 2007). This variability could even happen within a small spatial range like the Galician rias. This fact complicates the assessment, as reported for other S-fisheries (Cochrane, 1999; Walters and Pearse, 1996; Wilson et al., 2010). Thus, biological studies of the population dynamics need to take into account the spatial variability of this species. Many authors have pointed out that simple assessment and management procedures are needed for small-scale fisheries management. These procedures should be based on indicators determined directly by the catch/landings data or by simple surveys by actively involving fishers (e.g. Orensanz et al., 2005a,b; Prince, 2010). Moreover, S-fisheries need simple local tools to enable adaptive and flexible management that takes into account biological and social aspects (Parada et al., 2012; Prince, 2010; Macho et al., 2013). In Galicia, S-fisheries operate under a co-management system, based on territorial user rights for fishing (TURFs) between cofradías (local fishers¿ guilds) and the fisheries administration (Molares and Freire 2003, Macho et al 2013). These entities cooperate for developing and implementing the annual management plans with the help of a Technical Assistant, an on-site fisheries advisor who design the fisheries management plans according to the status of the resources (Macho et al, 2013). The adaptive character of the management plans allows including the aforementioned simple tools and procedures in daily harvesting strategies (Molares and Freire, 2003; Macho et al., 2013; Parada and Molares, 2013). Of the 26 razor clam harvesting plans in Galicia, which involve a total of 35 cofradías, we have selected as case of study the one developed for E. magnus in the Ría de Pontevedra as a result of the fishers and Technical Assistant demand for biological methods and simple management tools that contributes to the fishery sustainability. Moreover, this razor clam harvesting plan is one of the most productive in Galicia, with landings that accounted for 78 t in 2014, worth ~ 0.52 million € (www.pescadegalicia.com). The Ría de Pontevedra is a partially mixed estuary with a mesotidal and semidiurnal regime located NW of the Iberian Peninsula, at the northern limit of the North Atlantic upwelling system (Wooster et al., 1976). It is a large (25 km long) V-shaped indentation in the coast that gradually widen from the innermost area to the open sea (4 - 12 km wide). According to many studies (e.g. Dale and Prego, 2002) the ria is divided into three well defined zones determined by the presence of the Lérez River, water stratification and topography: the innermost zone, strongly influenced by the Lérez River; the outer zone which has a strong oceanic influence, and the intermediate zone. The sword razor fishery of the Ría de Pontevedra is managed as a joint harvesting plan agreed between seven cofradías of the ria. Exploitation is organized through a rotational harvesting strategy in which six areas are exploited, with a close season of two months during the peak reproductive season (February-March, Darriba et al., 2004) (www.pescadegalicia.com). We selected our sampling sites taking into account the oceanographic divisions of the ria and the exploitation areas of the management plan. In this context, this PhD dissertation aims to support the E. magnus fishery management by studying the spatial heterogeneity in reproduction and growth of the species in the Ría de Pontevedra in order to promote a biologically informed harvesting strategy. We have focused in the main biological aspects that determine the dynamic of the species and that represent the most important features for fishery management: 1) reproduction, essential for the establishment of the close season or the commercial size, and 2) growth, necessary to know the age at which individuals become part of the exploited biomass or to determine how populations respond to exploitation. Both biological features are also fundamental for stablishing the harvesting rotational scheme, a key factor in the management of this fishery. This work was done in close collaboration with the TA and the fishers involved in the management plan. The main objective of the reproductive cycle study is to adapt the rotational harvesting strategy and the close season to the differences of the gonadal cycle development along the ria. This would avoid the foot breakage if its relationship with gonad maturation is confirmed. The study also aims to investigate the relation of the reproductive cycle to the main environmental variables and to estimate the size at first maturity (defined as the length at which 50% of the population is mature, L50). Gametogenic development of E. magnus was studied in six shellfish beds of the Ría de Pontevedra (one in each exploitation area) during two years. Study sites were distributed from the innermost to the outermost part of the ria being separated from each other no more than 15 km. To determine L50, additional razor clams were collected at the innermost part of the ria, where the smallest individuals were found. Results showed that the sword razor started to mature between 60 and 70 mm, reaching L50 at 79.5 mm and L95 at 110 mm, although the observed data confirmed that 100% of the sampled individuals were mature between 100 and 105 mm. This result is in accordance with that obtained in Scotland (Muir and Moore, 2003). The reproductive cycle was characterized by a resting stage during summer and early autumn, initiation of gametogenesis in autumn and a period of successive spawning interspersed with gonad recovery during winter and spring, as previously observed in the Ría de Vigo (Darriba et al., 2004). However, a 15-day to one-month delay in advanced stages of gametogenesis and maturation was observed between the inner and the outermost site of the ria, as well as an extended spawning period in the outermost area. Lower bottom seawater temperatures at the outermost sites appeared to delay maturation and to prolong the spawning periods, whereas salinity fluctuations at the innermost sites appeared to reduce the length of the cycle. Both results are in agreement with the previously reported for E. magnus (Darriba et al., 2004, 2005a) and other species of the Superfamily Solenoidea (Cross et al., 2014; López et al., 2005). Finally, the highest foot breakage was observed throughout winter, during maturity, postspawning and gonad recovery stages, confirming the relationship between foot breakage and gonadal development. In view of these results, and after explaining them to the sector, the razor clam fishery in the Ría de Pontevedra adapted the rotation harvesting scheme and the close period to the gonadal cycle. Nevertheless, the gametogenic cycle may differ from year to year influenced by environmental factors, making impossible to apply the same schemes every year. In order to provide a simple tool that enables adaptation of the exploitation to the gonadal stage of the resource, we develop two rapid, simple and inexpensive methods that provide accurate information about the gonadal stage of E. magnus: percentage coverage of the gonad on and over the digestive gland (gonad coverage hereinafter) and examination of the gonad smear. Although similar gonad coverage scales were established before for other razor clams (Aracena et al., 2003; Remacha-Triviño and Anadón, 2006), no gonad smear scale was previously developed for razor clams. Both methods were validated with most accurate and precise histological and gonadal index methods, to construct a correspondence table between all methods. The correspondence table constitutes a simple tool that can be used in any razor clam fishery to monitor the gonad development stage in order to minimize the discards by foot breakage, caused by extension of the gonad into the foot during maturity and the spawning period, and to allow higher numbers of spawning individuals in the bed. This table can be also used to shorten the close season in the fishery by adapting the rotational scheme, thus helping to avoid market shortages and reduce the need to import razor clams. Modelling growth is required in many ecological studies and stock assessment applications (Quinn and Deriso, 1999). The age estimation method and the growth model used should be chosen with caution since uncertainties in age estimates lead to uncertainties in management. From the different methods that can be used to estimate the age of razor clams (measurement of growth during culture, length-frequency distribution analyses, examination of shell cross sections by light microscopy, counting surface growth rings, analysis of the internal growth rings by acetate peels, etc.) we selected the culture method to follow the growth of E. magnus early stages (from larvae to juveniles of ~1.5 years old) and the analysis of internal growth rings by the acetate peel method (Richardson et al. 1979) to determine the age and growth of E. magnus population, as it has been described as the most suitable method to ageing razor clams (e.g. Gaspar et al. 1994). We also used the simplest one (counting of surface growth rings by the naked eye and under binocular microscope) to test the possibility of using it as an easy management tool in other exploitation areas. Most marine bivalves exhibit different growth patterns depending on the stage of their life history (Urban, 2002) and consequently different mathematical models must be used. To our knowledge, larval and postlarval growth was never modelled for any razor clam whereas adult growth was always modelled assuming annual growth rings. Besides, usually bivalve growth studies do not evaluate different growth models but they use the von Bertalanffy growth model as default without testing their fitness, which has long been criticized (e.g. Cailliet et al., 2006; Katsanevakis, 2007). Even more, these studies neither consider the growth seasonal variation nor incorporate the influence of environmental variables on growth. The objectives of the growth study in the present PhD dissertation are: to describe with precision the early stages of E. magnus growth cultured on its optimal habitat; to provide sword razor growth parameters; to evaluate the growth variability at mesoscale and the influence of environmental variables on growth and, finally, to test the fitness of different growth models (Logistic, Gompertz, von Bertalanffy and Richards) for each developmental stage. Larval and postlarval culture was conducted in the Estación de Ciencias Mariñas de Toralla (ECIMAT, Universidade de Vigo) while juvenile growth were carried out in a subtidal bed of E. magnus in the Ría de Vigo (SW Galicia) because of the proximity to the ECIMAT. The growth and age study was conducted in three fishing beds of the Ría de Pontevedra in each oceanographic zone of the ria. E. magnus larval and postlarval growth results agreed with those reported by da Costa et al. (2008, 2011). Thus, larvae grew linearly at 10 µm day-1 reaching 250 µm 20 days after fertilisation, when settlement started, while postlarvae grew slowly (length increment, ¿L = 0.04 mm day-1) during the first 10 days after settlement, fast during the next month (¿L = 0.34 µm day-1) and finally declined (¿L = 0.21 µm day-1) in the last month of culture, reaching 750 µm after one month of fertilisation, 10.5 mm at two months old and 25 mm at three months old. Larval growth followed a linear function while postlarval growth was sigmoidal and thereby adequately represented by the Richards model. By contrast, E. magnus juveniles seeded on subtidal bed of the Ría de Vigo showed a higher growth rate than other razor clam culture experiences which used intertidal or suspended culture methods (da Costa and Martínez-Patiño, 2009; da Costa et al., 2011, 2013). Thus, E. magnus was 50 mm at six months old, 67 mm at 1 year old and 82 mm when the experiment finished, 1.5 years after fertilisation. During winter, a growth cessation period was observed probably caused by a combination of downwelling conditions and low seawater temperature values. To model juvenile growth and incorporate the seasonal oscillation we used temperature-dependents growth models previously described on literature (Otterlei et al., 1999; Kielbasa et al., 2010) and developed two upwelling-dependent growth models. Juvenile growth was better described when using growth models that incorporate environmental variables in their functions, especially the von Bertalanffy growth model that included temperature, as the estimated curves reflected better the winter growth cessation period. Optimum temperature for growth was estimated on 15ºC. These results provide important information for aquaculture techniques and confirm that each growth ring is laid down annually, which is crucial to apply indirect ageing methods such as the ones used in the adult growth study. Examination of adult individuals¿ internal shell microgrowth patterns (acetate peel method) proved to be the most suitable method for growth estimate, as observed in other studies (e.g. Gaspar et al. 1994). Similarly to other bivalves, the growth of E. magnus is faster during the first three years of life, declines at about four¿six years old and almost ceases in subsequent years, with the organisms entering into an asymptotic phase around the age of eight-nine years. The mean population length is attained at four-five years. Within this general pattern, there was significant variation among study sites. Sword razor growth was slower in the intermediate zone (L¿ = 140.4, k = 0.40) followed by the innermost zone (L¿ = 151.91, k = 0.40) and the outermost zone (L¿ = 172.7, k = 0.33). As a result, razor clams reached commercial size in 1.7, 2.3 and 2.8 years in the outer, innermost and intermediate zones of the ria, respectively. The growth pattern obtained for the sword razor population in the Ría de Pontevedra is consistent with the one of the sword razor individuals reared in the Ría de Vigo and the growth parameters are similar to those obtained for other Ensis spp. populations by the same ageing technique (e.g. Gaspar et al., 1994; Henderson and Richardson, 1994; Robinson and Richardson, 1998). The influence of environmental factors on the growth of E. magnus in the Ría de Pontevedra is difficult to determine because of the synergistic interactions among environmental factors in highly dynamic systems such as the rias. However, our results indicate that growth is negatively correlated with mud content at all of the sites under study. In addition, we suggest that growth is positively correlated with current speed and negatively correlated with salinity oscillations. The present PhD dissertation provides the first estimation of the size and age at which E. magnus reaches sexual maturity in the Iberian Peninsula (L50 = 79.5 mm, attained between the first and second year of life) and confirmed that the European legal commercial size for E. magnus (>100 mm) is consistent with the reproductive biology of the species. It is also the first work that determines the mesoscale variation in gonadal development of any species of the superfamily Solenoidea and the first that estimates growth parameters for the species in the Iberian Peninsula. The findings of the reproductive cycle study are being applied since 2011 in the rotation scheme of the fishery management plan of the Ría de Pontevedra, leading to a more efficient and sustainable exploitation, and have been also employed to determine the size at first maturity of other sword razor populations. Besides, the proposed management tool enables consideration of gonadal cycle differences between beds and years in the daily fishery management of any razor clam fishery. Finally, the growth rates estimated for each site enable to establish a rotational harvest strategy of subareas of the same exploited bed to allow individuals to grow to a certain size or orient fishing effort to areas of highest growth rate or productivity. The results highlight the importance of carrying out mesoscale studies of the biology in coastal fisheries resources and lay the foundation for further research in other Galician shellfisheries.Xunta de Galici

Volatility and contagion in a financially integrated world : lessons from East Asia's recent experience

The buildup of vulnerabilities in East Asia is shown here to be mainly the result of weaknesses in financial intermediation, poor corporate governance, and deficient government policies, including pro-cyclical macroeconomic policy responses to large capital inflows. Weak due diligence by external creditors, fueled partly by ample global liquidity, also played a role but global factors were more important in triggering the crises than in causing them. The crisis occurred partly because the economies lacked the institutional and regulatory structure to cope with increasingly integrated capital markets. Trouble arose from private sector decisions (by both borrowers and lenders) but governments created incentives for risky behavior and exerted little regulatory authority. Governments failed to encourage the transparency needed for the market to recognize and correct such problems as unreported mutual guarantees, insider relations, and nondisclosure of banks'and companies'true net positions. Domestic weaknesses were aggravated by poorly disciplined foreign lending. The problem was not so much overall indebtedness as the composition of debt; a buildup of short-term unhedged debt left the economics vulnerable to a sudden loss of confidence. The same factors made the crisis's economic and social impact more severe than some anticipated. The loss of confidence directly affected by private demand - both investment and consumption - which could not be offset in the short run by net external demand. The effect on corporations and financial institutions has been severe because of the high degree of leveraging and the unhedged, short-term nature of foreign liabilities, which has led to a severe liquidity crunch. Domestic recession, financial and corporate distress, liquidity constraints, and political uncertainty were self-reinforcing, leading to a severe downturn.International Terrorism&Counterterrorism,Economic Theory&Research,Fiscal&Monetary Policy,Payment Systems&Infrastructure,Banks&Banking Reform,Macroeconomic Management,Banks&Banking Reform,Financial Crisis Management&Restructuring,Economic Theory&Research,Financial Intermediation

Historia y realidad en la novela ¿Te dio miedo la sangre? de Sergio Ramírez Mercado, escritor nicaragüense (1976)

Este trabajo de Historia y Realidad en la novela ¿Te dio miedo la sangre? de Sergio Ramírez Mercado, es un esfuerzo conjunto, para continuar contribuyendo con los lectores y los estudiantes de secundaria y universitarios en particular en aportar en este caso un estudio general de lo que constituyó ´´ La historia y la Realidad de esta novela que tiene su origen en los conflictos históricos, políticos, sociales y culturales vividos en Nicaragua y que se manifiestan de manera directa en toda la obra. El propósito de este trabajo es brindar información sobre los elementos caracterizadores de la novela histórica que están inmersos en la novela ¿Te dio miedo la sangre? de Sergio Ramírez Mercado, como son los personajes inventados, los hechos verídicos que realmente ocurrieron en nuestro país y el de ofrecer una visión verosímil de la época histórica que refiere. La metodología empleada para llevar a cabo esta investigación fue el método investigativo, el análisis minucioso y profundo de la novela para poder descubrir como se manifiesta ´´La historia y la realidad en su contenido, sobre todo cuando el autor yuxtapone recuerdos personales y experiencias ajenas recopiladas en cada capitulo de la novela. Para finalizar se puede decir que Sergio Ramírez Mercado se convierte en uno de los voceros de la historia de Nicaragua, pues así lo expresa él cuando dice que la razón de su vida es ser lengua de su pueblo. Su aporte a la novela del dictador en América Latina es indiscutible y su visión integral de la Nicaragua contemporánea desde el asesinato de Sandino hasta finales de los 70 no ha sido superad

Multitone tracking with coupled EKFs and high order learning

A multitone tracker is described using two basic principles in optimum frequency estimation: processing bandwidth depending on the distance from the estimate to the actual frequency values, and parallel estimates with inhibitory paths to ensure orthogonality between the enhanced tones. The first feature is provided by extended Kalman filters (EKFs), and the second one is achieved by a high-order rule for the learning of the inhibitory cells. It is shown that the independence between signals is linked to the high-order function of the learning process. The resulting multitone tracker seems to be a potential alternative to adaptive high-resolution methods or time-frequency tools.Peer ReviewedPostprint (published version

The K-filter: a new model of non-linear systems with memory

Peer ReviewedPostprint (published version

Joint probability density function estimation by spectral estimate methods

The estimation of probability density functions (PDFs) of a given random variable (r.v.) is involved in topics related to codification, speech or whenever a short record of data is available but a greater amount is needed. Existing methods go from the so-called minimum description-length method, up to others based on the maximisation of the differential entropy imposing constraints on the moments of the r.v. In this paper we propose to estimate a PDF function by means of spectral estimate methods, since the positiveness and the real character of any PDF function allow us to deal with it as a power spectrum density function. Particularly, the minimum variance method is focused on because it can be generalised to multidimensional problems, being used in this paper to estimate the joint-PDF function of a multidimensional r.vPeer ReviewedPostprint (published version

A novel architecture to model non-linear systems

This paper shows a new architecture specially thought to model non-linear systems (NLSs). At first, it was applied only to memoryless systems but then it developed to solve a more general problem, NLSs with memory. The result is a new filter, based on the Fourier transform, that the authors have named “K-filter”. Important features of the K-filter are its nonlinear behaviour and second, that it profits from a temporal diversity of the input signal in order to provide itself with memory. At the end of the paper, the K-filter is used to solve an identification problem of a communication system which behaves nonlinearly due to the response of the amplifiers and which also has memory introduced basically by the channel response. The simulation results will provide an evaluation of the K-filter.Peer ReviewedPostprint (published version

Memoryless predistortion of nonlinear amplifiers based on Fourier series based models

In order to maximise the efficiency of the RF amplifier located in a transmitter, for instance in both analog and digital terrestrial TV links, it is forced to work near saturation thus introducing an undesirable nonlinear effect. A common solution includes a predistortion system before the modulation that compensates as much as possible the posterior nonlinear distortion, in such a way that the overall performance of the transmitter results in a linear and efficient amplifier. Polynomial models usually implement the predistortion, but we propose an alternative model based on the Fourier-exponential series that shows better performance in the design stage without a significant increase of the complexity.Peer ReviewedPostprint (published version