Determinants of Spread and Creditworthiness for Emerging Market Sovereign Debt:A Panel Data Study

This study uses a panel-data framework to identify the determinants of the spread over US Treasuries of emerging market sovereign issues as well as of the creditworthiness of the issuers,where the latter is represented by the Institutional Investor's creditworthiness index. We use a sample of 16 emerging market economies, together with time series data for the period 1998 to 2002 when analysing the spread, and from 1987 to 2001 when analysing the creditworthiness. The results suggest that for both the spread and the creditworthiness, significant explanatory variables include the economic growt rate, the debt-to-GDP ratio, the reserves-to-GDP ratio, and the debt-to-exports ratio. In addition, the spread is also determined by the exports-to-GDP ratio, and the debt service to GDP,while the creditworthiness is influenced by the inflation rate and a default dummy variable.

Anomalies in the cognitive-executive functions in patients with chiari malformation type I

Resumen tomado de la publicaciónAnomalías en las funciones cognitivo-ejecutivas en pacientes con la Malformación de Chiari Tipo I. Antecedentes: en la última década, existen evidencias crecientes de que déficits neuropsicológicos, esencialmente en funciones ejecutivas, pueden estar involucrados en la patogenia de la enfermedad de Chiari Tipo I. El objetivo del estudio es evaluar la influencia de anormalidades estructurales sobre las funciones neuropsicológicas, fundamentalmente ejecutivas, en pacientes con Chiari Tipo I. Método: para ello se comparó el perfil neuropsicológico de estos pacientes con controles sanos. Tanto a los pacientes Chiari Tipo I como a los controles sanos se les aplicó pruebas neuropsicológicas que valoraron funciones ejecutivas frontales de vigilancia o atención sostenida, flexibilidad mental, y planificación y formación de conceptos (Stroop, CPT, WCST). Resultados: los resultados obtenidos sugieren una afectación de los pacientes Chiari Tipo I en los procesos de inhibición y autocontrol (Stroop) y en la capacidad atencional y en el mantenimiento del curso del pensamiento y la acción (WCST). Conclusiones: estos resultados proporcionan evidencias de posibles déficits o anomalías en las funciones ejecutivas cognitivas, que permitirían diferenciar los pacientes con Chiari Tipo I.Universidad de Oviedo. Biblioteca de Psicología; Plaza Feijoo, s/n.; 33003 Oviedo; Tel. +34985104146; Fax +34985104126; [email protected]

Output subsidies and quotas under uncertainty and firm heterogeneity

This paper studies the relative efficiency of two kinds of regulations, quantity restrictions (quotas) and output subsidies, in an imperfectly competitive market under the existence of two sources of uncertainty: uncertainty in both costs and prices. We find that when the two sources of uncertainty are independently distributed, the output subsidy instrument has comparative advantage over the quantity instrument. However, when we take into account the possibility of correlation between the random components and across firms marginal costs, we find that a positive (negative) correlation tends to favor the quantity (subsidy) instrument. Finally, we show that when the correlation is positive, it is possible to find situations in which the quantity instrument has comparative advantage over the subsidy instrument.Cost uncertainty, demand uncertainty, firm heterogeneity, output subsidy and quantity instruments

Technological sources of productivity growth in Japan, the U.S. and Germany

In this paper, we use a dynamic general equilibrium growth model to quantify the contribution of different technological sources to productivity growth in the three leading economies: Germany, Japan, and the U.S. The sources of technology are classified as representing either neutral progress or investment-specific progress. The latter can be split into two different types of equipment: information and communication technologies (ICT) and non-ICT equipment. We find that in the long run, neutral technological change is the main source of productivity growth in Germany. For Japan and the U.S., the main source of productivity growth is investment-specific technological change, mainly associated with ICT. We also find that a non negligible part of productivity growth has been due to technology specific to non-ICT equipment; this is mainly true after 1995.Productivity growth; Investment-specific progress; Neutral progress; Information and communication technology.

Following the yellow brick road? The Euro, the Czech Republic, Hungary and Poland.

This paper uses a combination of VAR and bootstrapping techniques to analyze whether the exchange rates of some New Member States of the EU have been used as output stabilizers (those of the Czech Republic, Hungary and Poland), during 1993-2004. This question is important because it provides a prior evaluation on the costs and benefits involved in entering the European Monetary Union (EMU). Joining the EMU is not optional for these countries but mandatory, although there is no definite deadline. Therefore, if the exchange rate works as a shock absorber, monetary independence could be retained for a longer period. Our main finding is that the exchange rate could be a stabilizing tool in Poland and the Czech Republic, although in Hungary it appears to act as a propagator of shocks. In addition, in these three countries, demand and monetary shocks account for most of the variability in both nominal and real exchange rates.EMU, exchange rate, Structural VAR, stationary bootstraps.

Following the yellow brick road? The Euro, the Czech Republic, Hungary and Poland

This paper uses a combination of VAR and bootstrapping techniques to analyze whether the exchange rates of some New Member States of the EU have been used as output stabilizers (those of the Czech Republic, Hungary and Poland), during 1993-2004. This question is important because it provides a prior evaluation on the costs and bene?ts involved in entering the European Monetary Union (EMU). Joining the EMU is not optional for these countries but mandatory, although there is no de?nite deadline. Therefore, if the exchange rate works as a shock absorber, monetary independence could be retained for a longer period. Our main ?nding is that the exchange rate could be a stabilizing tool in Poland and the Czech Republic, although in Hungary it appears to act as a propagator of shocks. In addition, in these three countries, demand and monetary shocks account for most of the variability in both nominal and real exchange rates.EMU, exchange rate, Structural VAR, stationary bootstraps

How to automate a kinematic mount using a 3D printed Arduino-based system

We demonstrate a simple, flexible and cost-effective system to automatize most of the kinematic mounts available nowadays on the market. It combines 3D printed components, an Arduino board, stepper motors, and simple electronics. The system developed can control independently and simultaneously up to ten stepper motors using commands sent through the serial port, and it is suitable for applications where optical realignment using flat mirrors is required on a periodic basis.Comment: 9 pages, 8 figure

Demand Shocks and Trade Balance Dynamics

This paper studies the current account dynamics in the G-7 countries plus Spain. We estimate a SVAR model which allows us to identify three different shocks: supply shocks, real demand shocks and nominal shocks. We use a different identification procedure from previous work based on a microfounded stochastic open-economy model in which the real exchange rate is a determinant of the Phillips curve. Estimates from a structural VAR show that real demand shocks explain most of the variability of current account imbalances, whereas, contrary to previous findings, nominal shocks play no role. The results we obtain are consistent with the predictions of a widely set of open-economy models and illustrate that demand policies are the main responsible of trade imbalances.Current account, SVAR.

Pedro de Mena, Pedro Roldán y el concurso artístico de fray Alonso de Salizanes, obispo de Córdoba

En 1679, Fray Alonso de Salizanes, obispo de Córdoba, convocó a Pedro Roldán y Pedro de Mena para que cada uno hiciera una escultura de la Inmaculada. Para su capilla de la Catedral de Córdoba eligió la imagen de Mena y la de Roldán se quedó en la iglesia de Nuestra Señora de Gracia, de frailes trinitarios. Sin embargo, entre las dos existe una diferencia de un metro. Desde hace años consideramos que la de Mena, de más de dos metros, no fue la que compitió con la de Roldán. Hemos localizado otra Inmaculada que pudo ser la que presentó Mena. Tiene dimensiones similares a la de Roldán, está firmada por Mena y lleva el escudo del obispo