Los bancos de desarrollo en América Latina: la experiencia de Nacional Financiera durante la industrialización vía sustitución de importaciones mexicana (1940-1970)

The post-war was a period of industrialization for most Latin American countries, with an active intervention of the State. In this context, development banks arose at the national level, which main objective was to allocate resources to productive projects or infrastructure, especially in those activities that were not feasible for the private sector. In Mexico, although Nacional Financiera SA was founded in the mid-thirties, it was defined as a development bank in the early forties, with the beginning of the import substitution industrialization process. Therefore, the purpose of this study is to revise the history of the institution and its relation with the industrial sector between 1940 and 1970. Taking into account the logic of the industrialization process and the Mexican economic policies, this work is a contribution to the study of the role played by the financial structure in the industrialization process in Mexico. In addiction, this work fits in the discussion about the problems of the import substitution industrialization in Latin America, and in particular the debates on the Mexican industrialization.Development banks, Industrialization, Imports substitution, Mexico, Financial Structure, Post-war, Economic policies, Foreign capital, financial institutions

Excitons and biexcitons in symmetric electron-hole bilayers

Symmetric electron-hole bilayer systems have been studied at zero temperature using the diffusion quantum Monte Carlo method. A flexible trial wave function is used that can describe fluid, excitonic and biexcitonic phases. We calculate condensate fractions and pair correlation functions for a large number of densities rs and layer separations d. At small d we find a one-component fluid phase, an excitonic fluid phase, and a biexcitonic fluid phase, and the transitions among them appear to be continuous. At d = 0, excitons appear to survive down to about rs = 0.5 a.u., and biexcitons form at rs > 2.5 a.u.Comment: 5 pages, 4 figure

Resurrection of the sea pen genus Ptilella Gray, 1870 and description of Ptilella grayi n. sp. from the NE Atlantic (Octocorallia: Pennatulacea)

The order Pennatulacea covers a group of specialized and morphologically distinct octocorals found in all oceans from intertidal areas to more than 6000 m in depth. Sea pens constitute an important structural component in marine soft-bottom communities by increasing the complexity of these environments. Despite being both morphologically distinctive and ecologically important, the taxonomy and systematics of sea pens is still poorly understood. Recent molecular studies have shown the existence of convergent morphological features, making the current familial distribution of genera unstable. The genus Pennatula Linnaeus, 1758 was one of the first described octocoral genera. It is the type genus of its family, Pennatulidae. Colonies of this genus have a characteristic morphology. Recent sampling efforts in the northeastern Atlantic have provided a number of colonies initially attributable to the genus Pennatula. Both morphological and molecular (mtMutS, Cox1 and 28S genes) study of this material supports the polyphyletic nature of this genus and the need to resurrect the genus Ptilella Gray, 1870 to accommodate these and other species. A new species, Ptilella grayi n. sp., is described and illustrated. The species Pennatula bayeri is proposed to be a junior synonym of Pennatula bellissima (here also considered in the genus Ptilella)

Tail-regression estimator for heavy-tailed distributions of known tail indices and its application to continuum quantum Monte Carlo data.

Standard statistical analysis is unable to provide reliable confidence intervals on expectation values of probability distributions that do not satisfy the conditions of the central limit theorem. We present a regression-based estimator of an arbitrary moment of a probability distribution with power-law heavy tails that exploits knowledge of the exponents of its asymptotic decay to bypass this issue entirely. Our method is applied to synthetic data and to energy and atomic force data from variational and diffusion quantum Monte Carlo calculations, whose distributions have known asymptotic forms [J. R. Trail, Phys. Rev. E 77, 016703 (2008)PLEEE81539-375510.1103/PhysRevE.77.016703; A. Badinski et al., J. Phys.: Condens. Matter 22, 074202 (2010)JCOMEL0953-898410.1088/0953-8984/22/7/074202]. We obtain convergent, accurate confidence intervals on the variance of the local energy of an electron gas and on the Hellmann-Feynman force on an atom in the all-electron carbon dimer. In each of these cases the uncertainty on our estimator is 45% and 60 times smaller, respectively, than the nominal (ill-defined) standard error

A new locality for the endangered species Ceratocapnos heterocarpa Durieu (Papaveraceae) to Spain and its syntaxonomical characterization.

Una nueva localidad para la especie amenazada Ceratocapnos heterocarpa Durieu (Papaveraceae) para España y su caracterización sintaxonómicaKey words. Chorology, new record, Ceratocapnos heterocarpa, Spain, phytosociology.Palabras clave. Corología, nueva cita, Cetarocapnos heterocarpa, España, fitosociología

La tercera revolución : comunicación, tecnología y su nomenclatura en inglés

[Resumen] La informacion es, hoy en dia, un elemento esencial en la toma de decisiones por parte de los grupos de poder. Las tecnologias que la hacen posible forman un conglomerado de conceptos y de terminos, la mayoria de ellos originalmente en ingles. Aunque lo verdaderamente significativo de las nuevas tecnologias es que se hallan siempre en constante evolucion. En los inicios del siglo XXI, en los que nos encontramos, resulta evidente que estamos inmersos en una tercera revolucion: la de la tecnologia de la comunicacion y la de Internet. Y todos sabemos que el conocimiento de esta tecnologia resulta irrenunciable, no solo en el puesto de trabajo, sino en el ocio, en la calle y en el hogar. A lo largo del texto, descubriremos el cumulo de conceptos y terminos que conforman el universo de las tecnologias de la informacion y de la comunicacion (TICs). Tanto los mas elementales como los mas complejos. Asi, el lector podra recorrer desde los componentes fisicos del propio ordenador, junto con el sistema operativo, el software de produccion, las redes de comunicacion, Internet, los sistemas de informacion, la produccion del propio software, etc., hasta las consideraciones eticas derivadas de todo el proceso de cambio que conlleva la revolucion actual, ademas de un analisis de las principales salidas laborales derivadas de las TICs. Pero el libro quiere ir mas alla, como se manifiesta desde el primer capitulo, La era tecnologica. Quiere analizar el enorme impacto de Internet y de la realidad virtual en nuestras vidas, aventurar el futuro que nos espera a la luz de los ultimos avances tecnologicos y, en suma, profundizar en los cambios drasticos que nuestra sociedad y nuestros modos de vida experimentaran en los proximos años. Cambios que, de hecho, estamos experimentando ya

La Horqueta Shear Zone, Sierra de Velasco, NW Argentina: petrography, geochemistry, structures and tectonic significance

La Faja de Deformación La Horqueta (FDLH) es la sexta faja de cizalla reconocida en la sierra de Velasco, Sierras Pampeanas, NO de Argentina. Esta faja separa dos tipos de metagranitoides de características petrográficas y geoquímicas contrastadas: metagranodioritas, hacia el SO, consisten en granodioritas con biotita-allanita-titanita débilmente peraluminosas que se asemejan a los granitoides tipo I del sur de la sierra de Velasco y de sierras aledañas pertenecientes al arco magmático famatiniano, mientras que los metagranitos, hacia el NE, consisten en monzogranitos con biotita-muscovita fuertemente peraluminosos idénticos al Ortogneis Antinaco del norte de la sierra de Velasco, el cual pertenece a un cinturón de granitoides tipo S interno, respecto del arco famatiniano. La FDLH, desarrollada a partir de estos dos protolitos, tiene un espesor de 1 a 2 km y está compuesta por protomilonitas y milonitas que desarrollan una fuerte foliación milonítica de rumbo NNO y fuerte inclinación al E. El análisis cinemático indicaría un régimen deformacional transpresivo principal con componente inverso-sinestral, acompañado por una componente de transcurrencia destral N-S subordinada, que habría puesto en contacto ambos ambientes geotectónicos.The La Horqueta Shear Zone (LHSZ) is the sixth shear zone recognized in the Sierra de Velasco, Sie- rras Pampeanas, NW Argentina. This shear zone separates two types of metagranitoids of contrasting petrographical and geochemical characteristics: metagranodiorites, outcropping towards the SW, consist in weakly peraluminous biotite-allanite-titanite granodiorites similar to the I-type granitoids of southern Sierra de Velasco and of neighboring ranges that are part of the Famatinian magmatic arc, while metagranites, outcropping towards the NE, consist of strongly peraluminous biotite-muscovite monzogranites identical to the Antinaco Orthogneis of northern Sierra de Velasco, which is part of an inner S-type granitoid belt. The LHSZ, developed from these two protoliths, has a thickness of 1 to 2 km and is composed of protomyloni- tes and mylonites with strong NNW trending and E dipping mylonitic foliation. Cinematic analysis indicates a main transpressive deformational regime with an inverse-sinistral component, accompanied by a subordi- nate dextral transcurrent component, which possibly placed the two tectonic settings in contact.Fil: López, J. P.. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Correlación Geológica. Universidad Nacional de Tucumán. Facultad de Ciencias Naturales e Instituto Miguel Lillo. Departamento de Geología. Cátedra Geología Estructural. Instituto Superior de Correlación Geológica; ArgentinaFil: Grosse, Pablo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Correlación Geológica. Universidad Nacional de Tucumán. Facultad de Ciencias Naturales e Instituto Miguel Lillo. Departamento de Geología. Cátedra Geología Estructural. Instituto Superior de Correlación Geológica; Argentina. Fundación Miguel Lillo; ArgentinaFil: Toselli, Alejandro Jose. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán. Instituto Superior de Correlación Geológica. Universidad Nacional de Tucumán. Facultad de Ciencias Naturales e Instituto Miguel Lillo. Departamento de Geología. Cátedra Geología Estructural. Instituto Superior de Correlación Geológica; Argentin

More on the credit channel of monetary policy transmission: an international comparison

En este trabajo presentamos algunos indicios del funcionamiento del canal del crédito como una forma posible de transmisión de las medidas de política monetaria. El tema se aborda desde una perspectiva internacional, en la que se compara la reacción ante los cambios en la política monetaria de las empresas no financieras de doce países de la OCDE. Haciendo uso del tipo de interés como un indicador del estado de la política monetaria, encontramos que dicho tipo de interés afecta a las decisiones de inversión de las empresas a través de la disponibilidad de crédito bancario, especialmente en el corto plazo. Estos resultados parecen evidenciar una distinta efectividad de la política monetaria en función de las características del sistema financiero de cada país, de modo que en los países con una mayor orientación hacia el mercado, en los cuales la financiación bancaria reviste menor importancia, las decisiones empresariales no se ven tan modificadas como en los países de mayor orientación hacia la intermediación financiera.In this paper we provide some evidence of the credit channel as a possible way of transmitting monetary policy decisions. We do it in an international framework by comparing the reaction of non-financial companies of twelve OECD countries to changes in monetary policy. Using the interest rate as an indicator of the stance of monetary policy, we find that the interest rate does affect firms’ investment and output by altering their bank finance availability, specially the short-term finance. Our results also seem to show a rather different effectiveness of the monetary policy depending on the features of the financial system of each country. In those countries with a more market-oriented financial system, corporate finance relies less heavily on banks, so they are not so influenced by shifts in monetary policy as companies of other more bank-based countrie

Fashion Events and e-WOM

The aim of this article is to gain a deeper understanding of fashion events marketing from a sponsor's perspective and its influence on customers and society. We firstly seek to investigate what are the main marketing objectives of brands when they decide to sponsor fashion events; secondly, what are the main factors to enhance customer engagement with sponsoring brands; and finally, what are the most effective pathways to generate e-WOM in this context of fashion events. In order to answer these research questions, we conducted four studies: two online focus groups, in-depth interviews, and a fuzzy set qualitative comparative analysis (fsQCA). Main findings show that the chief objectives of brands in sponsoring fashion events are: a) customer engagement with the sponsoring firm and, in particular, e-WOM, b) brand presence, and c) brand positioning with fashion industry values. The conditions that enhance customer engagement are a) enjoyment, b) fashion values, c) sustainability, and d) product knowledge. Fashion values are found to be a necessary condition to generate e-WOM. There are two conditions sufficient to produce e-WOM: a) the lack of enjoyment and fashion values or b) fashion values and sustainability