An empirical examination of exchange-rate credibility determinants in the EMS

This paper provides empirical evidence on the determinants of exchange rate credibility under the European Monetary System (EMS). To that end, we have considered both economic variables and political factors using data of eight currencies participating in the Exchange Rate Mechanism, covering the complete EMS history (1979-1998). Our results suggest that the level of international reserves, the real interest rate and right-wing governments would have positively affected the credibility of a given central parity, while the unemployment rate and the inflation rate would have negative influenced such credibility.Credibility, Political variables, Exchange rates, European Monetary System

El humanismo en la educación médica

En los últimos 30 años se ha considerado, de forma creciente, el enfatizar el retorno al humanismo en medicina como una medida para contrarrestar el corporativismo que rodea a los sistemas de salud, ya que parece ser el responsable de la deshumanización en la atención médica que hoy se proporciona. Como médicos educadores, nos encontramos preocupados por el impacto que las conductas profesionales de los médicos ejercen sobre el desarrollo de las actitudes y conductas humanistas de los estudiantes y residentes médicos, sin embargo, aún parece existir cierta confusión de lo que implica el término humanista en este ámbito. De esto se deriva la necesidad de aclarar lo que entendemos por humanismo médico para lograr un acuerdo general que sustente la evaluación del humanismo en los médicos y estar en la posibilidad de plantear estrategias pedagógicas explícitas que permitan impulsarlo y fortalecerlo en el ámbito de la educación y la práctica médica. En este documento se revisa el concepto clásico de humanismo y su evolución dentro de la Medicina hasta considerarse como una forma de vida en la que se estima y se hace énfasis en el bienestar del ser humano y se posibilita la construcción de valores y normas

On the impact of exchange rate regimes on tourism

The main objective of this paper is to analyze the effect of the exchange rate arrangements on international tourism. The ambiguity of literature about the effect of exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade. On the basis of a gravity equation we estimate a moderate effect of a currency union on tourism of almost 12%. Furthermore, we estimate a gravity equation for international trade, obtaining that the common currency effect on trade is reduced when tourism is introduced as a regressor. This suggests that tourism flows may contribute to explain the excessive magnitude of the estimated effect of a common currency on trade in this literature. Finally, we analyze the impact of several de facto exchange rate arrangements on tourism, finding that less flexible exchange rates promotes tourism flows.Tourism, Exchange Rate Regime, Common Currency

Revisiting Rose's common currency debate

The main objective of this research is to revisit the estimation of the effect of a common currency on international trade by applying the new methodology proposed by Helpman, Melitz and Rubistein (2008) and incorporating tourism to the theoretical framework. Rose (2000) estimates an empirical model of bilateral trade, finding a significant coefficient for a currency union variable of 1.2, suggesting an effect of currency unions on trade of over a 200%. Rose (2000)’s finding did not receive full acceptance and further research was consequently devoted to find reasons of such high effect. This still remains as a major puzzle in the International Economics. Rose and Van Wincoop (2001) hold that there may still be some omitted factors that drives countries to both participate in currency unions and trade more. In this research a gravity equation for trade is estimated controlling by international tourism.Common currency, tourism, gravity equation

On the Credibility of a Target Zone: Evidence from the EMS

We provide some new evidence on the credibility of the Exchange Rate Mechanism of the European Monetary System. To that end, we use of several credibility indicators, analysing the complete EMS history. We also compare the prediction qualities of the different indicators, and apply them to the experience of the new ERM linking the currencies of non-euro area Member States to the euro.Exchange rates, European Monetary System.

Critical digitality: from the virtual to the digital

En este artículo se afirma que la idea de ‘virtual’ o de ‘virtualidad’ pertenece a una perspectiva teórica que pretende explicar los componentes del fenómeno de la sociedad tecnológica de hoy en día. En primer lugar, la perspectiva digital es explicada en su estructura ontológica básica: códigos binarios que organizan un set de elementos físicos o un hardware de acuerdo con reglas lógicas. Por ende, la idea de sociedad en red, comunicación virtual y seres humanos digitales son conceptos que no aprehenden realmente el problema de la tecnología digital en nuestra sociedad. Una perspectiva digital asume la necesidad de entender la tecnología digital en su funcionamiento físico, lo que permite una representación completa del problema y permite el análisis crítico subsecuente de la perspectiva virtual. En segundo lugar, la perspectiva virtual es analizada desde la perspectiva digital hasta en sus principales suposiciones metafísicas: la simulación, como un ideal moral presupuesto, y la funcionalidad, como una idea instrumental presupuesta. Finalmente, la conclusión explica las posibilidades dadas por la perspectiva digital en aras de asumir nuevos retos en el universo digital, en contraste con una perspectiva virtual que podría pre-limitar dichas posibilidades para que necesidades previas sean satisfechas. Por ende, este artículo, antes que mostrar un argumento bien definido, exhorta a la reorientación de nuestras nociones acerca de lo virtual y de lo digital.This paper argues that the idea of “virtual” or “virtuality” belongs to a theoretical perspective that intends to explain components of the phenomenon of technological society nowadays. Firstly, the digital perspective is explained in its ontological basic structure: binary codes that organize a physical set or hardware according to logical rules, therefore the idea of a network society, virtual communication and digital human beings are concepts that are not really grasping the problem of the digital technology in our society. A digital perspective assumes the need to understand digital technology in its physical functioning, which allows a complete picture of the problem and enables the subsequent critical analysis of the virtual perspective. Secondly, the virtual perspective is analyzed from the digital perspective to its main metaphysical assumptions: simulation, as a presupposed moral ideal; and functionality, as a presupposed instrumental ideal. Finally, the conclusion explains the possibilities given by the digital perspective in order to assume new challenges of the digital universe, in contrast to a virtual perspective which would pre-limit such possibilities to previous needs to be satisfied. Thus, this paper rather than showing a well-defined argument it urges a reorientation of our notions of the virtual and the digital

Gender differences in e-learning satisfaction

In line with recent research, the question this paper raises is whether or not gender differences also exist in e-learning. This study is based on a sample of 1,185 students who are doing on-line courses at the Universidad de Granada in Spain. The main conclusion is that female students are more satisfied than male students with the e-learning subjects that make up the sample. Furthermore, we find that female students assign more importance to the planning of learning, as well as to being able to contact the teacher in various ways.: Gender Studies; Evaluation Methodologies

Metro de Madrid rolling stock models and comparative studies relating to comfort

This paper presents the work carried out by Metro de Madrid and the Railway Technology Research Centre (Polytechnic University of Madrid), aimed at setting up rolling stock simulation models with a high level of detail. To do this, the features of the SIMPACK simulation tool used to create models have been briefly outlined, explaining the main features of models in two of the series modelled: 7000 and 8000. Finally, the results obtained from comparing comfort in the 7000 and 8000 series are presented

Sobre algunas propiedades estadísticas de la densidad producto espacio-temporal

We present an extension of the non-parametric edge-corrected Ohser-type kernel estimator for the spatio-temporal product density function. We derive the mean and variance of the estimator and give a closed-form approximation for a spatio-temporal Poisson point process. Asymptotic properties of this second-order characteristic are derived, using an approach based on martingale theory. Taking advantage of the convergence to normality, confidence surfaces under the homogeneous Poisson process are built. A simulation study is presented to compare our approximation for the variance with Monte Carlo estimated values. Finally, we apply the resulting estimator and its properties to analyse the spatio-temporal distribution of the invasive meningococcal disease in the Rhineland Regional Council in Germany.En este artículo, presentamos un estimador para la función de densidad producto de un patrón de puntos en espacio-tiempo. Este estimador es una extensión del estimador no paramétrico de Ohser, el cuál está basado en una función Kernel y ponderado por un corrector de borde. Deducimos la media y la varianza del estimador y, a su vez, damos una aproximación analítica para el caso de un patrón Poisson (completamente aleatorio). Adicionalmente, estudiamos ciertas propiedades asintóticas de nuestro estimador utilizando un enfoque basado en la teoría de martingalas y construimos superficies de confianza para el caso de aleatoriedad completa. Presentamos un estudio de simulación para comparar nuestra aproximación de la varianza con los valores estimados a través del método Monte Carlo. Finalmente, utilizamos nuestro estimador para analizar la distribución espacio-temporal de los registros de una enfermedad meningocócica invasiva en la provincia del Rin en Alemania

The credibility of the European monetary system: a review

The paper presents an overview of several studies about the credibility of the European Monetary System (EMS). These studies compare different credibility indicators in terms of their ability to detect exchange rate crises in a target zone. Marginal credibility seems to be the best measure for capturing the main events. The credibility indices are also applied to the first years of the current ERM-II. The history of the EMS suggests that, in an environment of financial deregulation and high capital flows, such an exchange rate system can only operate as a temporary regime that is moving towards a full monetary union, since it may be too fragile as a permanent monetary regime