Financial Dollarization and the Size of the Fear

Based on the significance of a Minimum Variance Portfolio (MVP) for the understanding of dollarization equilibria, a significant strand of the debate concerned with the driving forces behind this phenomenon has focused on analyzing the determinants of the relative volatility of inflation vis-à-vis real depreciation. This analysis contributes in the identification of those factors by extending the basic CAPM formulation via the introduction of credit risk that is directly linked to the shock that determines real returns for dollar denominated assets: unanticipated shifts in the real exchange rate. We show this ingredient can end up altering the perceived relative volatility of peso and dollar assets in a way that fuels financial dollarization (by increasing the relative hedging opportunities offered by the latter). We calibrate our model using Peruvian data for the period 1998-2004, and its predictions show a better fit with observed financial dollarization ratios than those of the basic CAPM model.Financial dollarization, Minimum Variance Portfolio, Peru

(Re)Counting the poor in Peru: a multidimensional approach

After an impressive 12 point reduction in Peruvian monetary poverty, questions have been raised about the extent in which these figures mask deprivation in several other aspects critical for human development. We propose using the Alkire-Foster multidimensional headcount to address this issue, and devise a simple comparison framework to measure the tension between the incidence of monetary poverty and the overall level of deprivation based on the multidimensional measure. We select six dimensions and their respective indicators for the Peruvian case, and apply this framework using data for 2004 and 2008. Results indicate that we now face a larger risk of classifying as non-poor individuals who still endure significant deprivation if we rely on the conventional monetary dimension. In addition, inter and intraregional comparisons show that deprivations endured by the multidimensional poor are similar across regions and concentrated on the health and dwelling conditions dimensions, in particular, on the lack of adequate water and sanitation services. This last result reveals an opportunity to focalize public investment efforts.Multidimensional poverty; monetary poverty; Peru.

The global crisis and the Peruvian labor market: impact and policy options

After almost 20 years of prudent macro policies, Peru seems in better shape than before to withstand the effects of a financial crisis. Progress, however, has left some policy areas unscathed and the labor market is one of them. In this paper we analyze the potential effects of the crisis on labor market outcomes, and discuss policy options to address short run and structural considerations. We review stylized facts from this and previous crisis to account for potential transmission mechanisms, review policy options and results from past and existing labor market interventions, and build a DSGE model to provide further insight regarding labor market outcomes and the effects of transitory and permanent policy measures. On the countercyclical front, our analysis reveals that the main risk that the policymaker should aim to mitigate is a surge in informality and underemployment. For this, job protection alternatives (as temporary payroll tax holidays already implemented) have to be accompanied by a strengthened and better focalized reemployment service, especially if the shock transpires into the nontradable sector. On the more structural side, policy should aim at the prime drivers of informality in our country: low productivity and high formal labor costs. For the latter, progressive access to labor benefits for small firms (already introduced via a special labor regime) could be complemented by introducing different minimum wage levels according to firm size and a generalized reduction in firing costs. Low productivity issues, on the other hand, can be addressed by strengthening and integrating existing training programs and information networks which have already proven successful in terms of formal job creation. Simulations reveal that permanent non-wage cost reductions (like those introduced via the special labor regime) can increase formal employment and formal GDP participation by 2 percentage points. Structural policy interventions also exhibit a large countercyclical potential due to their permanent nature. This implies that we should not wait for the crisis to be over to start their implementation.Global crisis; labor markets; Peru

Assessing Financial Vulnerability in Partially Dollarized Economies

The reduction of macroeconomic vulnerability in emerging markets is at the core of the research agenda. In this context, liability dollarization plays a vital role and its implications have been addressed in the literature via a “financial accelerator” mechanism. After allowing for different degrees of liability dollarization in a general equilibrium framework, this analysis uncovers some important implications about the role of the asset price channel and central bank’s commitment with the exchange rate, when assessing financial vulnerability. If we asses vulnerability in terms of the evolution of investment, we claim that, in absence of an asset price channel, departures from a pure float will not only help mitigate vulnerability but will also be welfare improving. On the other hand, and with an active asset price channel, a tighter exchange rate policy will only have marginal effects on welfare and vulnerability when compared to that associated to a reduction in liability dollarization.Liability dollarization, financial vulnerability, fear of floating, monetary policy

Fundamentals and Applications of Surface-Enhanced Raman Spectroscopy (SERS)

When a molecule is adsorbed on some metallic nanostructured surfaces such as silver, copper or gold, it can undergo an enormous enhancement of the Raman signal giving rise to the so called Surface-Enhanced Raman Scattering (SERS). The high sensitivity of this effect allows an accurate structural study of adsorbates at very low concentrations. The SERS effect has historically been associated with the substrate roughness on two characteristic length scales. Surface roughness on the 10 to 100 nm length scale supports localized plasmon resonances which are considered as the dominant enhancement mechanism of SERS (Electromagnetic Enhancement Mechanism: SERS-EM). It is usually accepted that these electromagnetic resonances can increase the scattered intensity by an average factor of ca. 104 to 107. A secondary mechanism often thought to require atomic scale roughness is referred to as Charge Transfer (CT) Enhancement Mechanism (SERS-CT). This mechanism involves the photoinduced transfer of an electron from the metal to the adsorbate or vice versa and involves new electronic excited CT states which result from adsorbate–substrate chemical interactions. It is also estimated that such SERS-CT mechanism can enhance the scattering cross-section by a factor of ca. 10 to 102. These two mechanisms can operate simultaneously, depending on the particular systems and experimental conditions, making difficult to recognize each one and to estimate their relative magnitude in a particular spectrum.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Contribuição para o estudo de solos florestais submetidos a pastoreio: caso da Quercus pyrenaica Willd.

Resumo. No Nordeste de Portugal, os bosques de Quercus pyrenaica têm sido utilizados ao longo da sua história por rebanhos de ovinos e caprinos. Neste trabalho comparam-se as características edáficas de quatro bosques pastoreados de Quercus pyrenaica Willd, distribuídos ao longo de um transepto topo-pluviométrico e sob diferentes substratos (xistos, granitos e rochas básicas). Foram avaliados os teores em carbono orgânico, azoto total, pHH2O, fósforo e potássio assimilável, assim como o teor em argila, em 11 amostras de solo colhidas a três profundidades (0-5 cm; 5-15 cm e 15-25 cm) para cada um dos quatro carvalhais em estudo. As diferenças encontradas entre os quatro carvalhais são discutidas tendo em conta a variação climática associada à altitude, tipo de rocha mãe, bem como o tipo de uso a que foram submetidos ao longo da sua história. A elevada plasticidade ecológica desta espécie e a sua convivência secular com o pastoreio traduzem-se na diversidade de funcionamento destes ecossistemas

Métodos mixtos de investigación en las contribuciones a los simposios de la SEIEM (1997-2010)

En este trabajo analizamos los trabajos publicados en las Actas de los Simposios de la SEIEM desde el punto de vista del uso de metodologías de investigación de tipo mixto (cualitativas y cuantitativas). En dichas investigaciones se describe el área problemática que abordan, el nivel educativo, tiempo de permanencia del investigador en el campo, métodos e instrumentos de recogida de datos, fuentes de información y tamaño de muestra. Se estudia también la prevalencia de los métodos mixtos en relación con los trabajos que usan preferentemente métodos cualitativos y cuantitativos y se comparan con resultados de otros estudios similares. Tras analizar un caso de una investigación realizada con este enfoque metodológico concluimos con algunas recomendaciones para la mejora del uso de las metodologías mixtas en la investigación sobre educación matemática

Competencias de maestros en formación para el análisis epistémico de tareas de razonamiento algebraico elemental

En este trabajo se reportan los resultados de una investigación realizada con un grupo de 28 maestros en formación sobre la manifestación de dos competencias específicas para la formación didáctica de los futuros maestros. La primera se refiere a la selección de ejercicios matemáticos pertinentes para el desarrollo del razonamiento algebraico elemental; la segunda se refiere al conocimiento didáctico específico que favorece el reconocimiento de conceptos, procedimientos y propiedades con fines instruccionales. Se dan algunas implicaciones para la formación de maestros

Razonamiento algebraico en educación primaria: un desafío para la formación de maestros

En este trabajo informamos sobre resultados de un estudio descriptivo-interpretativo sobre el análisis epistémico realizado por un grupo de maestros en formación inicial, de educación primaria, cuando proponen, resuelven y discuten tareas matemáticas que presentan rasgos algebraicos. Se exhibe una tarea matemática propuesta por los estudiantes así como el análisis epistémico respectivo. Se ofrecen algunas implicaciones para la formación inicial de maestros de escuela primaria

Conocimiento didáctico-matemático sobre el razonamiento algebraico elemental: un estudio exploratorio

En este trabajo se informa de algunos resultados de la primera fase de una investigación en la que se indaga sobre el conocimiento didáctico-matemático manifestado por futuros maestros de educación primaria al resolver tareas de naturaleza algebraica. La información se obtuvo mediante un cuestionario compuesto por tareas matemáticas que incluyen características algebraicas, y diseñado teniendo en cuenta elementos que componen el conocimiento didáctico-matemático sobre el razonamiento algebraico elemental