Influence of presence of ammonium in the hydrothermal illitization of smectite

During diagenesis, several reactions induce changes both in phyllosilicates and organic matter, which in basins associated to the production of hydrocarbons leads to ammonium fixation in illite and micas [1] and to dissolution induced by organic acids [2] [3]. Dissolution processes may contribute to the smectite-to-illite transformation, stabilized by fixation of K (and NH4 +). Ammonium is a weak acid in solution. Under neutral conditions where the concentration of hydronium is very low (<10-7 M), ammonium contributes to smectite dissolution. The effect of organic acid on silicates dissolution is partially known, but the potential role of ammonium is completely novel.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

A look at intraday frictions in the euro area overnight deposit market

This paper studies frictions in the euro area interbank deposit overnight market, making use of high frequency individual quote and trade data. The aim of the analysis is to determine, in a quantitative way, how efficient this market is. Besides a comprehensive descriptive analysis, the approach used defines a measure of the friction arising for each single transaction, by which we understand an (small) initial loss accepted by a counterparty, and the corresponding gain made by the other counterparty. The evolution of total daily frictions is then put into perspective comparing it with the frictions arising if flows corresponded to the optimal solution of a “cash transportation problem”. The main conclusions of this exercise are that overall frictions, although small in absolute size, tend to increase strongly whenever the overnight rate becomes volatile. Some tentative explanations for this are given, relying on the introduced methodology. JEL Classification: D4, E52, C61Financial market microstructure, Market friction, money market, Network optimization problems

Transportation infrastructure and the border economy

Trade ; Imports ; Exports ; Employment (Economic theory) ; North American Free Trade Agreement

Reporting biases and survey results: evidence from European professional forecasters

Using data from the ECB's Survey of Professional Forecasters, we investigate the reporting practices of survey participants by comparing their point predictions and the mean/median/mode of their probability forecasts. We find that the individual point predictions, on average, tend to be biased towards favourable outcomes: they suggest too high growth and too low inflation rates. Most importantly, for each survey round, the aggregate survey results based on the average of the individual point predictions are also biased. These findings cast doubt on combined survey measures that average individual point predictions. Survey results based on probability forecasts are more reliable. JEL Classification: C42, E27, E47point estimates, subjective probability distributions, survey methods, Survey of Professional Forecasters (SPF)

Reseña de "Un enfoque gerencial en el desarrollo institucional de la administración pública"

Jaime Espejel Mena nos comparte en esta ocasción, una obra que aborda el estudio de la disciplina de la Adminstración Pública, desde hace un nuevo enfoque que refleja su preocupación por el quehacer público

El Sistema de Partidos en el Estado Mexicano. De la hegemonía a la competitividad, 1997-2003

En los últimos años, de 1997 a la fecha, encontramos en el escenario político nuevos actores y nuevas relaciones entre los partidos políticos, de aquellos resultados abrumadores y amplios por parte del Partido Revolucionario Institucional (PRI), como partido hegemónico o dominante, a hoy ver una alternancia en el poder, con una gran dosis de competitividad electoral, ahora no podemos señalar que hay partidos políticos pequeños o chicos, por decirlo de alguna manera, ni que las elecciones sólo contribuyen a la legitimidad de la clase política, sino que nuestro sistema de partidos ha ido evolucionando de manera que nos enfrentamos a un escenario de permanente competencia entre las distintas fuerzas políticas del país, con nuevas reglas e instituciones electorales, que apuestan y contribuyen a que los procesos electorales sean cada vez más creíbles y transparentes. En buena medida la incertidumbre (de manera positiva) sobre los resultados electorales ha llegado para quedarse

Los partidos políticos en el Distrito Federal: avances, estancamientos y retrocesos de Francisco Reveles Vázquez (coordinador)

Es oportuno realizar algunas re exiones en torno a una obra de suma importancia para los estudiosos de la Ciencia política, en uno de los temas que llama la atención por los momentos que atraviesa el país, me reero a la vida política-partidista del Distrito Federal, en donde hemos sido testigos de los cambios vertiginosos que vive el centro político del territorio nacional y que en 1997 experimentó, por vez primera, la elección por parte de la ciudadanía de la gura del jefe de Gobierno, quien anteriormente era designado por el presidente de la República en turno, denominado jefe del Departamento del Distrito Federal

The microstructure of the euro money market

This paper provides the first empirical examination of the microstructure of the euro money market, using tick data from brokers located in 6 countries. Special emphasis is put on the institutional environment (monetary policy decisions and their implementation, payment systems and private market structures) and its implications for intraday volatility, quoting activity, trading volume and bid-ask spreads in the overnight deposit segment. Volatility and spreads increase right after ECB monetary policy decisions, but market expectations of the interest rate changes were relatively precise during the sample period. Main refinancing operations with the open market are associated with active liquidity re-allocation, little volatility and no signs of market power or adverse selection. Spreads and volatility were high at the end of the reserve maintenance periods and during the year 2000 changeover. Even intraday, overnight rate levels hardly differ across euro area countries, reflecting active arbitrage and a high degree of integration JEL Classification: G14, E43, E52, D44euro, Financial market microstructure, high-frequency data, liquidity, monetary policy instruments, money market, overnight deposit rates, payment systems, reserve requirements, trading volume, transaction costs, Volatility