Interbank Linkages and Contagion Risk in the Portuguese Banking System

Mestrado em Economia Monetária e FinanceiraInterbank money markets play a fundamental role in financial systems, since they allow for the redistribution of liquidity between financial institutions. However, they can also be a channel through which problems in one institution can spread to the remaining ones. In particular, the potential for contagion stemming from interbank money markets is closely related with the pattern of interbank lending relationships. In this study, we characterize the Portuguese overnight interbank money market between 1999 and 2009 and analyze its inherent potential for contagion, based on bilateral interbank exposures obtained from the application of Furfine's procedure to settlement data from the Portuguese TARGET component. We conclude that: (i) the Portuguese overnight interbank money market is ruled out by a multiple money center structure, where some banks have, simultaneously, an important role as lenders as well as borrowers; (ii) although unlikely, the failure of one institution can have contagion effects, pushing-others into failure. However, even under the most extreme assumptions, institutions that fail by contagion represent less than 10 per cent of the total banking system assets. On the other hand, even if there are no defaults due to contagion, a foreign bank failure can have non-negligible knock-on effects under national banks. Yet, overnight interbank lending relationships do not generally represent a major threat to the stability of the Portuguese financial system.O mercado monetário interbancário desempenha um papel fundamental no sistema financeiro, permitindo a redistribuição de liquidez entre as instituições financeiras. Porém, pode representar igualmente um canal para a propagação de problemas entre instituições. Em particular, o potencial de contágio existente no mercado interbancário está intimamente relacionado com a estrutura das relações estabelecidas através dos empréstimos interbancários. O presente estudo caracteriza o mercado monetário interbancário overnight português, entre 1999 e 2009, e analisa o potencial de contágio inerente ao mesmo, com base nas exposições interbancárias bilaterais obtidas através da aplicação do procedimento de Furfine aos dados sobre as transacções liquidadas na componente portuguesa do TARGET. É possível concluir que: (i) o mercado monetário interbancário overnight português assenta numa estrutura do tipo "multiple money center", sendo que alguns bancos desempenham um papel fundamental quer como financiadores, quer como mutuários; (ii) apesar de improvável, a falência de uma das instituições participantes no mercado pode ter efeitos de contágio, conduzindo à falência de outras instituições. No entanto, mesmo com pressupostos extremos, as instituições que poderiam falir por contágio representam menos de 10 por cento do activo total do sistema bancário. Por outro lado, mesmo não ocorrendo falências por contágio, a falência de um banco estrangeiro pode ter efeitos não negligenciáveis sobre os bancos nacionais. Não obstante, de uma forma geral, os empréstimos interbancários overnight não representam uma ameaça significativa à estabilidade do sistema financeiro português

Health-related quality of life in hereditary transthyretin amyloidosis polyneuropathy: a prospective, observational study

Background Hereditary Transthyretin Amyloidosis Polyneuropathy is a rare life-threatening neurologic disease that imposes considerable mortality and it is associated with progressive related disabilities. In this study, we aimed to assess the effect of the disease across health-related quality of life dimensions, in both carriers of the mutation and patients, to compare health-related quality of life with general population, as well as to explore health-related quality of life prognostic factors among patients, including disease progression and treatment. Methods This study was a multi-institutional, longitudinal, prospective, observational study of hereditary Transthyretin Amyloidosis Polyneuropathy Portuguese adult subjects (621 asymptomatic carriers and 733 symptomatic patients) enrolled in the Transthyretin Amyloidosis Outcomes Survey. Health-related quality of life was captured with the preference-based instrument EQ-5D-3 L. For general population the dataset included all subjects enrolled in a representative national study (n = 1500). Different econometric models were specified; multivariate probit, generalized linear model and generalized estimating equations model; including demographic and clinical covariates. Results Hereditary Transthyretin Amyloidosis Polyneuropathy patients have their health status severely impaired in all quality of life dimensions and more anxiety/depression problems were found among asymptomatic carriers. No differences on utility were found between carriers and general population (p = 0.209). Among patients, the utility value is estimated to be 0.51 (0.021), a decrement of 0.27 as compared with general population utility. Higher disease duration, advanced disease stage and not receiving treatment are associated with impaired health-related quality of life. No differences were found between genders (p = 0.910) or between late (≥50 years) and early-onset patients (p = 0.254). The utility estimate ranged from 0.63 (0.009) in stage I to 0.01 (0.005) in stage IV. Conclusions Hereditary Transthyretin Amyloidosis Polyneuropathy symptoms and progressive associated disabilities substantially decrease patient’s health-related quality of life. Clinical strategies focused on health-related quality of life preservation such as close follow-up of asymptomatic carriers, prompt diagnosis and adequate, early treatment would benefit patient’s long-term outcomes, slowing the progressive decline in health-related quality of life.info:eu-repo/semantics/publishedVersio

Health Assessments in Free-Ranging Sea Turtles: Perspective of Animal Welfare in Wildlife

Sea turtle health is an important component of conservation since these taxa is susceptible to infectious diseases that can cause illness increasing its mortality. Threats to health, survival, and reproduction of sea turtles are increasingly documented; however, prevention and control has not yet been successfully achieved. Thus, the need to develop conservation strategies on an ecosystem scale is a growing concern. Information about health indicators of sea turtles is a useful tool to achieve the best possible conservation measures. The objective of this study was to establish a baseline of health assessments of free-ranging Eastern Pacific green turtles (Chelonia mydas) from developmental habitats in Baja California Sur. Here we contribute with a clinical exam for sea turtles and reference interval values of vital signs (Corporal temperature: subadults, 21.22 ± 3.43; juveniles, 22.2 ± 2.95. Heart rate: subadults, 37.41 ± 2.95; juveniles, 38.27 ± 4.09. Pulse rate: subadults, 15.07 ± 3.88; juveniles, 19.97 ± 0.82), that in conjunction with the complete blood count and plasma blood biochemistry, 100% of the turtles were classified as “healthy.” Development of site-specific health indicators for wild, healthy sea turtle populations is an important factor in creating effective management protocols and thus enhances our ability to understand the effects of anthropogenic and environmental changes on sea turtle health

Space and Place in The Hunger Games: Fiction or Reality?

Los Juegos del Hambre es una trilogía de novelas adolescente que pertenece al género de distopía y bildungsroman. En el análisis realizado en este trabajo, se establece no sólo una relación entre el uso de los espacios y lugares que hace la autora Norte Americana Suzanne Collins, si no su influencia en la percepción del lector sobre la realidad y la ficción en si mismos. Además, el análisis cuenta con un estudio detallado de las continuas referencias y alusiones a la realidad en su pasado y presente, que junto con todos los elementos relacionados con la opresión y la vigilancia, hacen que el lector se cuestione no sólo su realidad si no la de la novel a en sí misma

Interbank linkages and contagion risk in the portuguese banking system

Interbank money markets play a fundamental role in financial systems but they can also be a channel through which problems in one institution can spread to the remaining ones. In particular, the potential for contagion stemming from interbank money markets is closely related with the pattern of interbank lending relationships. In this study, we characterize the Portuguese overnight interbank money market between 1999 and 2009 and analyze its inherent potential for contagion, based on bilateral interbank exposures. We conclude that: (i) the Portuguese overnight interbank money market has a multiple money center structure, where some banks have, simultaneously, an important role as lenders as well as borrowers; (ii) although unlikely, the failure of one institution can have contagion effects, pushing others into failure; (iii) however, even under the most extreme assumptions, banks that fail by contagion represent less than 10 per cent of the total banking systems assets.Financial support provided by the Fundação para a Ciência e Tecnologia/MCT under the FCT/POCTI programme, partially funded by FEDER, is gratefully appreciated

Distribución de bienes públicos locales: los casos de México (2009-2012) y Costa Rica (2006-2014)

¿Qué explica que los legisladores presenten instrumentos legislativos con el fin de distribuir bienes públicos locales en sus distritos electorales? Literatura previa sobre representación política en las legislaturas se ha enfocado en entender la elaboración de políticas (Harden, 2013). Sin embargo, persiste un vacío en detallar si se enfocan en distribuir bienes públicos locales. En este artículo se argumenta que, en contextos con liderazgos partidarios fuertes, a la clase dirigente de los partidos políticos le interesa distribuir bienes públicos locales y busca satisfacer las preferencias del votante mediano, sobre todo en dos condiciones: distritos uninominales y coautoría. Se estudian los casos de Costa Rica y México; y estimando un modelo de regresión se confirman las hipótesis

Evaluación de Diferentes Niveles de Fitasa Aplicados Mediante Aspersión Líquida al Alimento de Oreochromis sp ( Tilapia Roja ) en Estado Juvenil

En la Estación Experimental Piscícola Jacalurco; localizada en la parroquia Madre Tierra del cantón Mera provincia de Pastaza, se realizó la evaluación de diferentes niveles de fitasa (T0 Testigo; T1 500 UI; T2 1000 UI y T3 1500 UI), aplicados mediante aspersión líquida al alimento de Oreochromis sp (tilapia roja) en estado juvenil. Para la determinación de las variables se utilizaron 240 tilapias bajo un Diseño Completamente al Azar con 3 repeticiones por tratamiento. En la talla y ganancia de peso se obtuvieron diferencias altamente significativas (P<0.01), entre los tratamientos siendo T1 el mejor tratamiento con valores de 40,95 cm y 153,66 g, respectivamente. El consumo total de alimento no tuvo diferencias significativas con una media de 450 g; en la conversión alimenticia se obtuvieron diferencias significativas (P<0.05) siendo el mejor T1 con un índice de 1,09. El mejor beneficio/ costo se obtuvo al utilizar 500 UI de fitasa con un valor de $2,07 con una rentabilidad de$ 1,07. Por lo que se recomienda incluir 500 UI de fitasa en forma de aspersión sobre el alimento balanceado de tilapia roja, puesto que se obtuvieron las mejores respuestas en los parámetros productivos.At the Jacalurco Fish Culture Experimental Station, located in the Prish Madre Tierra of the Canton Mera, Pastaza Province, the evaluation of different phytase levels (T0 Testigo; T1 500 IU; T2 1000 IU y T3 1500 IU) applied through liquid sprinkling to the feed of Oreochromis sp (red tilapia) at the young state was carried out. For the variable determination 240 tilapias were used under a completely at random design with 3 replications per treatment. In the size and weight gain there were highly significant differences (P<0.01), between treatments T1 being the best treatment with valus of 40, 95 cm and 153, 66 g, respectively. The total feed consumption had no significant differences with a mean of 450 g; in the alimentary conversion significant differences were obtained (P<0.05) T1 being the best with an index of 1, 09. The best benefit / cost was obtained upon 500 IU phytase with a value of $2, 07 and a profit of$ 1, 07. It is therefore recommended to include 500 IU phytase through sprinkling on the balanced feed of red tilapia, as the best responses were obtained in the productive parameters

Causas de cierre de empresas familiares en Colombia

Administrador (a) de EmpresasPregrad

Propuesta para el fortalecimiento de las Unidades de Producción de las familias vinculadas a la Parroquia Quimiag.

El estudio fue desarrollado con 68 familias distribuidas en 24 comunidades de la parroquia Quimiag, cantón Riobamba, provincia de Chimborazo, con el objetivo de generar una propuesta para el mejoramiento de las unidades de producción, mediante la caracterización estática y el establecimiento de estrategias que permitan la creación de una propuesta de sostenibilidad a mediano plazo, el estudio está enfocado en tres componentes: social, ecológico, productivo - económico. Quimiag es una parroquia con 31 asentamientos poblacionales entre cooperativas, barrios y comunidades de los cuales 18 son de habla hispana y 13 de hablan kichwa – hispana. La mayor parte de la población se dedica al trabajo en actividades agropecuarias aportando el 50 % del núcleo familiar entre 1 a 8 integrantes a la economía de la familia, el 96 % de los responsables de la administración de las unidades productivas tienen un nivel educativo entre 6 y 18 años, con la edad promedio de 46 años encontrándose apenas el 16 % de adultos mayores; el 70.6 % son de género masculino y el 29.4 % pertenecen al femenino. El 82 % de los productores cuentan con un suelo de buena calidad de sus agroecosistemas, el 18 % poseen un suelo regular por la presencia de laderas, suelos rocosos además erosionados. El 33 % de los agro ecosistemas no presentaron plantas nativas, mientras que el 66,2 % mantienen con especies endémicas, aportando en la protección del suelo, plagas y enfermedades al alojar a organismos vivos beneficiosos para la producción agrícola como por ejemplo, la mariquita (insecto coleóptero cucujoidea) que se alimentan de microorganismos perjudiciales conocidos como plagas. Las estrategias establecidas para el fortalecimiento de las unidades de producción fueron diseñadas mediante la aplicación del enfoque de Marco lógico desarrollada mediante talleres participativos con los actores involucrados, misma que son plasmadas en la propuesta generada en el presente estudio. Para garantizar la sostenibilidad del proceso, se estableció acuerdos claves con Instituciones del estado y Junta Parroquial quienes fortalecerán activamente a los productores para el mejoramiento continuo del manejo de los sistemas de producción.The study was developed with 68 families distributed in 24 communities of the Quimiag parish, Riobamba canton, Chimborazo province, with the aim of generating a proposal for the improvement of the production units, through static characterization and the establishment of strategies that allow the creation of a sustainability proposal, in the medium term, the study is focused on three components: social, ecological, productive - economic. Quimiag is a parish with 31 population settlements among: cooperatives, neighborhoods and communities of which 18 are Spanish-speaking and 13 are Kichwa-Spanish-speaking. The majority of the population is dedicated to work in agricultural activities, contributing 50% of the family nucleus between 1 to 8 members to the family economy, 96% of those responsible for the administration of the productive units have an educational level between 6 and 18 years, with the average age of 46 years being only 16% of older adults; 70.6% are male and 29.4% are female. 82% of the producers have a good quality soil of their agroecosystems, 18% have a regular soil due to the presence of hillsides, rocky soils also eroded. 33% of agro ecosystems did not present native plants, while 66.2% maintained endemic species, contributing to the protection of soil, pests and diseases by housing living organisms beneficial to agricultural production such as ladybugs (cucujoide beetle insect) that feed on harmful microorganisms known as pests. The strategies established for the strengthening of the production units were designed through the application of the logical framework approach developed through participatory workshops with the actors involved, which are reflected in the proposal generated in the present study. To ensure the sustainability of the process, key agreements were established with State institutions and Parish Board who will actively strengthen producers for the continuous improvement of the management of production systems

El Lenguaje Oral y la Comprensión Lectora en los Alumnos de Primer Grado de Primaria de una Institución Educativa Estatal y una Institución Educativa Particular del Distrito de San Luis.

El presente estudio tuvo como principal propósito, establecer la relación que existe entre las variables del lenguaje oral y la comprensión lectora en los alumnos de primer grado de primaria. Para ello se utilizó la Prueba de Lenguaje Oral de Navarra Revisada (PLON-R) y la Prueba de Comprensión Lectora de Complejidad Lingüística Progresiva Nivel 1 forma A (CLP 1-A). Los participantes fueron niños de 6 años de edad de la Institución Educativa Estatal San Juan Macías 0083 y la Institución Educativa no Estatal Santa Fortunata del distrito de San Luis. El contraste de las variables permitió validar las hipótesis planteadas, pues la variable lenguaje oral y comprensión lectora se correlacionan de manera significativa; así también se encontró diferencias significativas al comparar las dimensiones del lenguaje oral y comprensión lectora de la institución educativa estatal y particular, siendo los estudiantes de la institución educativa no estatal quienes presentaron mayor dominio del lenguaje oral y mayor nivel de comprensión lectora. Los resultados de esta investigación indican que el dominio del lenguaje oral predispone al niño a una exitosa comprensión lectora, por consiguiente, esto tiene que ser impulsado por su medio social donde se desarrolla, es decir, por los padres y docentes a través de actividades integrales y sistemáticas que promuevan el lenguaje oral. Con esta investigación se espera que se le preste mayor atención a las variables y de este modo los padres y docentes reflexionen sobre la importancia del desarrollo del lenguaje oral y su relación con la comprensión lectora.Tesi