The effectiveness of different asset types as a hedge against inflation

Rationale The current period of high inflation makes it difficult for investors to maintain their profitability targets in real terms. Against this background, it is important to analyse the returns on different types of assets recorded in this and past inflationary episodes. Takeaways •In the past, both commodities and inflation-linked bonds have generated positive real returns during inflationary periods, while conventional sovereign bonds and general stock market indices have yielded negative real returns. •In the current inflationary episode energy-related assets have generated the highest returns, while in the United States residential real estate has also performed well. •In the recent period, both in the euro area and the United States investors have increased their holdings in investment funds specialising in inflation-linked bonds, and have reduced their holdings in conventional bond and equity funds

External adjustment with a common currency: the case of the euro area

This paper analyzes the behaviour of the external adjustment path for the four main economies in the euro area. I find a structural break in the behaviour of the net external position at the time of the introduction of the euro for France, Italy and Spain, pointing out that the inception of the common currency changed their external adjustment process. Germany does not show this structural break, being its external position more affected by other events such as the country reunification in 1989. I also fi nd that France and Italy will adjust the net external position mainly through the valuation component, while Germany and Spain will restore their external balance mostly through the trade component. The common currency area could have exacerbated Germany’s net creditor position as the evolution of the euro has reacted to the external adjustment needs of debtor countries such as Italy and Spain.Este trabajo analiza el comportamiento de la posición financiera externa de las cuatro principales economías de la zona del euro, y si la introducción de la moneda única ha modifi cado su evolución. Se documenta una ruptura estructural en el comportamiento de la posición externa neta de Francia, Italia y España en el momento de la introducción del euro, que señala que la creación de la moneda única cambió el proceso de ajuste externo en estos países. Alemania, sin embargo, no experimentó esta ruptura estructural y su posición externa se ha visto más afectada por otros eventos, como la reunificación del país en 1989. Los resultados empíricos muestran que Francia e Italia ajustarán sus desequilibrios externos principalmente por medio del componente de valoración, mientras que en Alemania y España primará el componente de comercio. El área monetaria común puede haber fomentado el incremento en la posición acreedora de Alemania, ya que el comportamiento de la moneda única ha estado condicionado por las necesidades de ajuste externo de países deudores como Italia y España

Exchange rate regime and external adjustment : an empirical investigation for the U.S

Este trabajo analiza la relación entre la posición externa neta de Estados Unidos y el régimen de tipo de cambio. Se detecta una ruptura estructural en la posición externa neta de Estados Unidos al final del sistema de tipo de cambio fijo de Bretton Woods, que modificó tanto la media como la varianza de la serie. En promedio, Estados Unidos pasó de una posición acreedora a una deudora y la varianza de la posición externa aumentó durante el período de tipo de cambio flexible. Este aumento se debe en gran medida al componente de valoración en el ajuste externo, que representa el 54 % de la varianza de la posición externa de Estados Unidos durante el período de tipo de cambio flexible, pero solo el 29 % durante el período con tipo de cambio fijo. También se demuestra que el régimen de tipo de cambio afecta principalmente al componente de valoración en el ajuste de desequilibrios externos. Existe también evidencia de otra ruptura estructural en la posición externa neta de Estados Unidos en el momento de la introducción del euro. Finalmente, hay implicaciones de valoración de activos procedentes de la relación entre el régimen de tipo de cambio y el proceso de ajuste externo, ya que los desequilibrios externos tienen capacidad explicativa sobre la evolución futura del tipo de cambio una vez se tiene en cuenta el régimen cambiarioThis paper analyses the relationship between the U.S. net external position and the exchange rate regime. I find a structural break in the U.S. net external position at the end of the Bretton Woods system of fixed exchange rates that changed both the mean and variance of the series. On average, the U.S. changed from a creditor to a debtor position and the variance of the external position increased during the floating period. This increase is to a large extent due to the valuation component of external adjustment, which accounts for 54% of the variance of the U.S. external position during the floating period but only 29% during the fixed exchange rate period. Further analysis shows that the exchange rate regime mainly affects the valuation channel of external adjustment. There is also evidence of another structural break in the U.S. external position around the time of the introduction of the euro. Finally, I document asset pricing implications from the relationship between the exchange rate regime and the external adjustment process, as external imbalances predict future exchange rate developments once the exchange rate regime is taken into accoun

Política y ambiente: la política educacional colombiana hacia el cuidado del ambiente natural (2010-2015)

Tesis de maestríaLa educacional ambiental busca el acceso al conocimiento, siendo vital para el desarrollo de la vida en sociedad, el horizonte de políticas educativas que permitan la interacción a través del cultivo progresivo de un lenguaje común, a fin de ir perfilando así la integración de la sociedad a través de políticas educacionales que faciliten el hecho de compartir elementos culturales orientados a un mayor acercamiento y entendimiento de toda la población en el cuidado del ambiente natural. De ese modo, todos los grupos y sectores de la población de un país, tanto políticos, económicos, sociales, religiosos, culturales y deportivos, pueden ser convocados, a través de las políticas educativas, a una actuación convergente en vistas a los grandes objetivos de la vida en común.Contacto: [email protected]ÓN 1. ANTECEDENTES HISTÓRICO-POLÍTICOS DEL PENSAMIENTO AMBIENTAL EN AMÉRICA LATINA . 2. CONCIENCIA POLITICA, SOCIAL Y ESPIRITUAL EN RELACIÓN CON EL AMBIENTE NATURAL. 3. IMPORTANCIA SOCIAL DE LA POLÍTICA EDUCACIONAL PARA EL CUIDADO DEL AMBIENTE NATURAL 4. DOCUMENTOS INTERNACIONALES VINCULADOS AL CUIDADO DEL AMBIENTE NATURAL, COMO MARCO PARA LA LEGISLACIÓN Y LA EDUCACIÓN AMBIENTAL COLOMBIANA EN LA MATERIA. 5.CONCLUSIONES BIBLIOGRAFÍA ANEXOSMaestríaMagister en Ciencia Polític

MANUAL DE PRÁCTICAS DE LABORATORIO: SISTEMAS EXPERTOS

MANUAL PARA PRÁCTICAS DE LABORATORIO, TALLER U OTRA ÁREA DE APOYO A LA DOCENCI

Health Impacts of Power-Exporting Plants in Northern Mexico

In the past two decades, rapid population and economic growth on the U.S.–Mexico border has spurred a dramatic increase in electricity demand. In response, American energy multinationals have built power plants just south of the border that export most of their electricity to the United States. This development has stirred considerable controversy because these plants effectively skirt U.S. environmental air pollution regulations in a severely degraded international airshed. Yet to our knowledge, this concern has not been subjected to rigorous scrutiny. This paper uses a suite of air dispersion, health impacts, and valuation models to assess the human health damages in the United States and Mexico caused by air emissions from two power-exporting plants in Mexicali, Baja California. We find that these emissions have limited but nontrivial health impacts, mostly by exacerbating particulate pollution in the United States, and we value these damages at more than half a million dollars per year. These findings demonstrate that power-exporting plants can have cross-border health effects and bolster the case for systematically evaluating their environmental impacts.electricity, air pollution, Mexico

Health Impacts of Power-Exporting Plants in Northern Mexico

In the past two decades, rapid population and economic growth on the U.S.–Mexico border has spurred a dramatic increase in electricity demand. In response, American energy multinationals have built power plants just south of the border that export most of their electricity to the United States. This development has stirred considerable controversy because these plants effectively skirt U.S. environmental air pollution regulations in a severely degraded international airshed. Yet to our knowledge, this concern has not been subjected to rigorous scrutiny. This paper uses a suite of air dispersion, health impacts, and valuation models to assess the human health damages in the United States and Mexico caused by air emissions from two power-exporting plants in Mexicali, Baja California. We find that these emissions have limited but nontrivial health impacts, mostly by exacerbating particulate pollution in the United States, and we value these damages at more than half a million dollars per year. These findings demonstrate that power-exporting plants can have cross-border health effects and bolster the case for systematically evaluating their environmental impacts.electricity, air pollution, Mexico