Financial Intermediation, Variability and the Development Process

In this paper we build a model of financial intermediation that explains the GDP variability pattern of an economy during the development process. We find evidence that per capita output is more volatile in middle-income economies than in both low and high-income economies. We show that, if the model economy is in the early or in the mature stages of development, there is a unique equilibrium. However, in the middle stages of development, multi-ple equilibria arise. Moreover, we find that in economies with imperfect credit markets, per capita output volatility tends to be higher than in economies with perfect or non-existent credit markets.

Interacting dark sector with variable vacuum energy

We examine a cosmological scenario where dark matter is coupled to a variable vacuum energy while baryons and photons are two decoupled components for a spatially flat Friedmann-Robertson-Walker spacetime. We apply the $\chi^{2}$ method to the updated observational Hubble data for constraining the cosmological parameters and analyze the amount of dark energy in the radiation era. We show that our model fulfills the severe bound of $\Omega_{x}(z\simeq 1100)<0.009$ at the $2\sigma$ level, so it is consistent with the recent analysis that includes cosmic microwave background anisotropy measurements from the Planck survey, the Atacama Cosmology Telescope, and the South Pole Telescope along with the future constraints achievable by the Euclid and CMBPol experiments, and fulfills the stringent bound $\Omega_{x}(z\simeq 10^{10})<0.04$ at the $2\sigma$ level in the big-bang nucleosynthesis epoch.Comment: 5 pages,3 figures, 2 tables. (http://prd.aps.org/abstract/PRD/v88/i8/e087301

Exchange Rate Volatility and Economic Performance in Peru: A Firm Level Analysis

This paper analyzes the impact of the exchange rate volatility on the performance of the Peruvian economy using financial information from 163 non-financial listed firms. We find evidence that, for firms holding dollar-denominated debt, investment decisions are negatively affected by real exchange rate depreciation. The reasons behind this result are: (i) the high degree of liability dollarization and currency mismatch that create the conditions for a balance sheet effect and a financial stress in the aftermath of a currency depreciation, (ii) the strong bank-lending channel that follows and reinforces the balance sheet effect, (iii) the domestic demand shrinkage that affects severely the firms sales, and (iv) the relatively small and poorly diversified export sector.

Exchange Rate and Inflation Dynamics in Dollarized Economies

In this paper we build a model of a dollarized economy with imperfect financial markets to analyze and qualify the common view that countries with higher dollarization exhibit higher pass-through. We show that the classic inflationary effects of a real depreciation -higher internal demand and imported inflation- can be offset or diminished in a dollarized economy by higher financial costs and a balance-sheet effect. Thus, pass-through coefficients could be smaller or even negative in economies with a high degree of dollarization. We test the implications of the model using a panel of a hundred-plus countries with differing degrees of dollarization. The results confirm that pass-through coefficients are higher in more dollarized economies, but they also show that large depreciations tend to generate a negative impact on the pass-through coefficient, this impact being higher the higher the level of dollarization of the economy. Additionally, the exchange rate regime is shown to matter, in that countries with fixed exchange rates suffer larger balance-sheet effects of depreciations.

Achieving competence-based curriculum in Engineering Education in Spain

5 tables, 5 figures, 10 pagesThe fact of placing competences and outcomes learning at the heart of the academic activity means overhauling the curricular architecture of higher education in Europe. Some universities have undergone important transformations moving toward a competence-based learning environment, while others maintain traditional curriculum packaged formats. In the realm of the European Higher Education Area, this paper examines the use of competence-based initiatives in curricular development for engineering degrees with special focus to the Spanish case. Although the concept of competence and competence-based learning has a long history in education and training research, these terms are still very diffuse and demand a clear conceptualization. In the first part of this paper, we provide a conceptual overview and a critical reflection of competences as implemented in a wide range of settings, including its origins, key concepts, and definitions. Next, we discuss the purposes, principles, pitfalls, and processes that enable defining a map of competences within engineering education. Lastly, we present a pilot project involving curriculum development and faculty enhancement within a competence-based learning initiative in Electronic Engineering.This work was supported in part by the Program of European Convergence (Universidad Politécnica de Valencia) and developed within the Project of Adaptation to the European Higher Education in the School of Design Engineering.Peer reviewe

Multiple equilibrium, variability and the development process.

Per capita output is more volatile in middle-income economies than in both low-income and high-income economies. In this paper, we address this fact in a two-periods overlapping generations model with two productive sectors (a developed sector and a subsistence sector) and a credit sector. In the second period, agents can choose to operate the developed technology. To do so, they can borrow resources to pay an entry cost. Due to the presence of an extemality in the developed sector, as the fraction of managers in this sector increases, its productivity also increases. We show that, if the model economy is in the early or in the mature stages of development, there is a unique equilibrium. However, when the economy is in the middle stages of development, multiple equilibrium arise since the extemality affects the performance of the credit market. The multiplicity of equilibria disappear when the credit market is perfect or it does not exist. Moreover, we fmd that in economies with imperfect credit markets, per cap ita output volatility tends to be higher than in economies with perfect or non-existent credit markets.Multiple equilibrium; Externalities; Market imperfections; Sunspots; Credit market; Development;

Spin Hall magnetoresistance at Pt/CoFe2O4 interfaces and texture effects

We report magnetoresistance measurements on thin Pt bars grown on epitaxial (001) and (111) CoFe2O4 (CFO) ferrimagnetic insulating films. The results can be described in terms of the recently discovered spin Hall magnetoresistance (SMR). The magnitude of the SMR depends on the interface preparation conditions, being optimal when Pt/CFO samples are prepared in situ, in a single process. The spin-mixing interface conductance, the key parameter governing SMR and other relevant spin-dependent phenomena such as spin pumping or spin Seebeck effect, is found to be different depending on the crystallographic orientation of CFO, highlighting the role of the composition and density of magnetic ions at the interface on spin mixing.Comment: 13 pages, 5 figure