Algunas consideraciones en torno a la dolarización

La Historia nos muestra que la existencia de crisis periódicas es algo inherente al desarrollo de las economías de libre mercado. Después de la caída del socialismo real y dada la evolución del capitalismo hacia la globalización tenemos que las crisis son un problema mundial. Sin embargo, las crisis no son iguales y la que se produjo en el sureste asiático en 1997 presenta características que antes no existían: rapidez y tamaño del contagio o la enorme diferencia entre las causas desencadenantes y su extensión. Esta situación ha vuelto a poner en candelero el antiguo debate entre los partidarios de los tipos de cambio fijos y los que piensan que estos deben ser flexibles o de libre flotación. Los modelos que explicaban las crisis cambiarias, desarrollados a finales de los setenta, no sirven para comprender lo sucedido en 1997 ya que ponían el énfasis en las incompatibilidades entre políticas monetaria y fiscal y política de tipo de cambio, mientras que los desarrollados en la década de los noventa nos dicen que no sólo se trata de diferencias en los parámetros fundamentales sino de expectativas dentro de un sistema financiero mundializado. La evidencia empírica nos muestra que la mayoría de los países no han podido mantener la confianza en las políticas adoptadas en compatibilidad con los tipos de cambio. A lo que se tiende es al tipo de cambio fijo optando por una de las tres fórmulas de las que se puede disponer: moneda única (Unión Monetaria Europea), junta monetaria (Argentina en 1991, Hong Kong) o la dolarización (Panamá, Ecuador, El Salvador, Argentina). El análisis de estas posibilidades será el objeto de nuestro trabajo

Turning Point at the UNESCO Headquarters. Crossed Influences between Pier Luigi Nervi and Marcel Lajos Breuer

[EN] The history of architecture is closely linked to the evolution and the use of materials. Concrete was the most important material of the 20th century, becoming the medium for a new architecture. Many different architects not only relied on the use of concrete as their main mode of expression but also got involved in the quest for a new architectural language for the so-called new material. Pier Luigi Nervi and Marcel Breuer are not only among the great architects of the last century, but above all, they are masters of concrete, both developing extensive bodies of work based on the use of the material. Nervi and Breuer worked together in a virtuosic piece of architecture, the building for the UNESCO Headquarters in Paris. Built mainly in concrete and inaugurated in 1958, it occupies a relevant place in the history of architecture. This paper wants to highlight how during that process, both architects underwent a radical change in their careers and in relation to the use of concrete, turning this project in a milestone for the history of architecture as a whole.Martín Fuentes, J. (2018). Turning Point at the UNESCO Headquarters. Crossed Influences between Pier Luigi Nervi and Marcel Lajos Breuer. En CIAB 8. VIII Congreso Internacional de arquitectura blanca. Editorial Universitat Politècnica de València. 210-219. https://doi.org/10.4995/CIAB8.2018.7424OCS21021

Tourism Surveying from Social Media: The Validity of User-Generated Content (UGC) for the Characterization of Lodging Rankings

The aim of the thesis is to determine whether online User-Generated Content (UGC) within the lodging industry validates the ranking system of any accommodation property or platform in order to create an international hotel classification system that could categorize any type of accommodation based on different variables

Who takes the cake Effects of ECB monetary policy across income classes

This work provides evidence on the effects of monetary policy on the income class structure via stimulating economic activity and employment in Eurozone countries over the period 2007Q32016Q1. Based on European Union Statistics on Income and Living Conditions (EU-SILC) data, we compute the share of the market income perceived by each income class (lower, lower-middle, upper-middle, and upper) for the states that originated the Economic and Monetary Union (EMU11). We analyse the impact of monetary policy impulses under a Bayesian Vector Autoregressive approach and find that a monetary easing shock involving a decrease in nominal interest rates tends to increase the income share of middle classes at the expense of a smaller income share of the upper class, while, the lower class is not significantly affected. Our findings highlight the identified effects are mostly triggered by short-term interest rates cuts as long as they tend to vanish as the monetary policy proxy is located further in the yield curve. This suggests that the egalitarian impacts of monetary policy on market income distribution are to a lesser extent driven by decisions modifying longer-term interest rates.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Systematization through graphic tools in the work of Le Corbusier

[ES] Le Corbusier utilizó recurrentemente el dibujo como medio de pensamiento y expresión. La existencia de un legado documental, no planimétrico, tan amplio nos permite entrever la importancia que otorgaba a la expresión gráfica en todos sus ámbitos. Como resultado, tanto sus bocetos como su producción editorial muestran un alfabeto de ideogramas que marcó a varias generaciones. De entre toda la producción del maestro, este artículo pretende poner de manifiesto una serie de dibujos que podemos denominar herramientas gráficas, desarrolladas en el atelier de la Rue de Sèvres, que se idearon para simplificar la toma de decisiones durante la fase de proyecto. Su diseño demuestra cómo, durante toda su carrera, Le Corbusier aplicó los principios de sistematización y racionalización de una manera real. Es decir, planteando la estandarización del proceso más que del producto.[EN] Le Corbusier often used drawing as a means of thinking and expression. The existence of such a broad documental legacy, not strictly planimetric, gives an idea of the importance given to graphic expression in all areas. As a result, both his sketches and his editorial production show a set of signs that conform an alphabet of ideograms that marked several generations. Among all the master's production, this article aims to highlight a series of drawings that can be called graphic tools, developed int the Rue de Sevres atelier, thought to simplify decision-making during the project phase. Their design demonstrates how, through his career, Le Corbusier applied the principles of systematization and rationalization in a real way. That is, proposing the standardization of the process rather than the product.Martín Fuentes, DV. (2023). Herramientas gráficas de sistematización en la obra de Le Corbusier. EGA Expresión Gráfica Arquitectónica. 28(48):112-127. https://doi.org/10.4995/ega.2023.186461121272848ABALOS, I., 2007. Alejandro De La Sota. Seis Testimonios. Barcelona ed. Barcelona: Col.legi d'Arquitectes de Catalunya, 3 de marzo de 2007.BRAVO FARRÉ, L., 1988. Dibujo-Aprendizaje-Arquitectura Moderna. Barcelona: Escola Tècnica Superior d'Arquitectura de Barcelona.DE SMET, C., 2005. Le Corbusier: Un Architecte Et Ses Livres. Springer Science & Business Media, 8 abril.FRANCO TABOADA, J.M., 1996. Boletín Académico. Escola Técnico Superior de Arquitectura da Coruña, 1996, 20: 20-30. ISSN 0213-3474KEIM, D.A., 2002. Information Visualization and Visual Data Mining. IEEE Transactions on Visualization and Computer Graphics, enero-marzo 2002, vol. 8, no. 1, pp. 1-8 ISSN 1077-2626. https://doi.org/10.1109/2945.981847LE CORBUSIER., 1958. Oeuvre Complète 1952-1957. W. BOESIGER ed., Zurich: Les Éditions d'Architecture.LE CORBUSIER., 1953. Oeuvre Complète 1946-1952. W. BOESIGER ed., Zurich: Les Éditions d'Architecture.LE CORBUSIER., [1955]1962. Modulor II. Buenos Aires: Poseidón.MAHONEY, C., 1971. Climate and House Design. J.M. EVANS and O. KOENIGSBERGER eds., Design of Low-cost Housing and Community Facilities. Volume I ed. New york: United Nations.PAULY, D., 2006. Le Corbusier: Le Dessin Comme Outil. Fage ed., Nancy: Musée des beaux-arts de Nancy.REQUENA RUÍZ, I., 2011. Arquitectura Adaptada Al Clima En El Movimiento Moderno: Le Corbusier (1930-1960). Alicante: Universidad de Alicante, junio 2011.UBBELOHDE, S., 2003. The Dance of a Summer Day: Le Corbusier' Sarabhai House in Ahmedabad, India. Journal of the Internacional Associatión for the Study of Tradicional Enviroments. UC Berkeley ed., primavera 2003, vol. XIV, no. 2, pp. 65-80

Monetary policy and middle class

The global financial crisis of 2007-2008 and the subsequent period of financial and economic instability have forced central banks to implement ultra-loose monetary policies for combating the downturn and the stagnation of inflation, which has led the question about how monetary policy might affect inequality to the foreground of economic and political debates. This paper attepts to evaluate how monetary policy implemented in the Euro area (EURO-11) has affected two aspects of income distribution, namely, the size of middle class dimension and its mobility. To this end, an econometric model is estimated based on data from 2003 to 2015 for the set of countries belonging to the Economic and Monetary Union that originated the Union (EMU1999). We apply the vector autoregressive (VAR) methodology to country-level panel data as a first approach of the short-term dynamics among the considered variables, where the impulse-response functions have been orthogonalized due to the existing serial correlation between the unobserved terms. Subsequently, this analysis is complimented with a more robust one. Since our variables are non-stationary but indeed co-integrated, the vector error correction model (VECM) allows us to consider the medium-term relationship between monetary policy and income inequality via the stimulus of the economic activity.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

How does monetary policy affect the income class structure? Evidence from the Eurozone.

This work provides evidence on the potential effects of monetary policy on the income class structure via stimulating economic activity and employment in the Eurozone countries over the period 2007Q3-2016Q1. Based on European Union Statistics on Income and Living Conditions (EU-SILC) data, we compute the size of income classes (lower, lower-middle, upper-middle, and upper) for the stats that originated the Economic and Monetary Union (EMU-11) and analyse the impact of monetary policy impulses under a Bayesian Vector Autoregressive approach. We focus on the earnings heterogeneity and the income composition channel and find that a monetary easing shock involving a decrease short-term nominal interest rate has diverse effects on the different income classes, which seems to have led to a more equal income distribution. As theoretically argued by these monetary policy transmission mechanisms, our results confirm the GDP growth and the decrease in unemployment caused by the monetary policies implemented by the European Central Bank since the onset of the financial crisis have had a positive effect for those households located at the bottom of the income-class structure as well as for the middle class.Campus de Excelencia Internacional Andalucía Tec

Validity and Reliability of an Inertial Device for Measuring Dynamic Weight-Bearing Ankle Dorsiflexion

A decrease in ankle dorsiflexion causes changes in biomechanics, and different instruments have been used for ankle dorsiflexion testing under static conditions. Consequently, the industry of inertial sensors has developed easy-to-use devices, which measure dynamic ankle dorsiflexion and provide additional parameters such as velocity, acceleration, or movement deviation. Therefore, the aims of this study were to analyze the concurrent validity and test-retest reliability of an inertial device for measuring dynamic weight-bearing ankle dorsiflexion. Sixteen participants were tested using an inertial device (WIMU) and a digital inclinometer. Ankle dorsiflexion from left and right ankle repetitions was used for validity analysis, whereas test-retest reliability was analyzed by comparing measurements from the first and second days. The standard error of the measurement (SEM) between the instruments was very low for both ankle measurements (SEM 0.05) even though a significant systematic bias (~1.77°) was found for the right ankle (d = 0.79). R2 was very close to 1 in the left and right ankles (R2 = 0.85–0.89) as well as the intraclass correlation coefficient (ICC > 0.95). Test-retest reliability analysis showed that systematic bias was below 1° for both instruments, even though a systematic bias (~1.50°) with small effect size was found in the right ankle (d = 0.49) with WIMU. The ICC was very close to 1 and the coefficient of variation (CV) was lower than 4% in both instruments. Thus, WIMU is a valid and reliable inertial device for measuring dynamic weight-bearing ankle dorsiflexion