Financial shocks and macroeconomic policies during the Argentine crisis of 2001-2002

The objective of this paper is analyse the determinants of the Argentine crisis of 2001-2002. In particular we analyse the role of macroeconomic policies during the crisis. The crisis coincided with a sudden stop of capital flows.We use a VAR model to better understand the shocks and mechanisms by which the crisis propagated throughout the economy. We find evidence that Argentine crisis was the consequence of an external financial shock, expressed by the increase in sovereign spread, amplified by local vulnerabilities. Fiscal policy, that faced financial restrictions, was tightened and the economy suffered additional contractionary fiscal shocks. The recession was exacerbated by a real exchange rate shock, that was appreciated. This result is the consequence of the rigid fixed exchange rate used by Argentina and the lack of coordination inside the Mercosur agreement where Brazil devaluate while Argentina not. Our analysis suggests the convenience of generate an institutional framework that allows a flexible use of fiscal and exchange rate policies to confront with adverse external shocks.crisis, Argentina, country risk, fixed exchange rates, procyclical fiscal policy

Inflation persistence and asymmetries: evidence for African countries

In this paper we aim at testing the inflation persistence hypothesis as well as modelling (using logistic smooth transition autoregressive, LSTAR, models) the long run behaviour of inflation rates in a pool of African countries. In order to do so, we rely on unit root tests applied to nonlinear models, i.e. Kapetanios et al. (2003). The results point to the non-persistence of inflation hypothesis for most of the countries. In addition, the estimated models are stable in the sense that the variable tends to remain in the regime (low inflation or high inflation) once reached and changes between regimes are only achieved after a shock.Inflation, Persistence, Unit Roots, Nonlinearities.

Nonlinearities in real exchange rate determination: do African exchange rates follow a radom walk?

In this paper we aim at modelling the long run behaviour of the Real Effective Exchange Rates (REER) for a pool of African countries. Not much attention has been paid to this group of countries, in particular, to the existence of nonlinearities in the long run path of such a variable. Controlling for two sources of nonlinearites, i.e. asymmetric adjustment to equilibrium and nonlinear deterministic trends allows us to gain some insight about the behaviour of the African REER. We find that these sources of nonlinearites help us to explain the apparent unit root behaviour found applying linear unit root tests for most of the countries.PPP, Real Exchange Rates, Unit roots, Nonlinearities.

Investigating the oil price-exchange rate nexus: Evidence from Africa

In this paper, we aim to provide further insights into the importance of real oil price as a determinant of real exchange rates for a pool of African countries. While this relationship has been explored substantially for many industrialised economies, African countries have received little attention. By means of cointegration techniques and nonlinear dynamics we find that, for some of these countries, shocks in the real price of oil are particularly important in determining the real exchange rates, even in the long run. These results would be of interest for policymakers in order to deal more effectively with exchange rate policy decisions, aiming at promoting economic growth in the area.Oil prices, real exchange rates, cointegration, nonlinearities

Using neural networks based on epigenomic maps for predicting the transcriptional regulation measured by CRISPR/Cas9

[EN] Because of the great impact that the genomic editing with CRISPR/CAS9 has had in the recent years, and the great advances that it brings to biotechnology a great need of information has arisen. However researches struggle to find a definate pattern with these experiments making a very long process of trial and error to find an optimal solution for a particular experiment. With this project we intend to optimize the genomic edition with the newest advance CRISPR/Cas9, to find the optimal insertion site we design a mathematical model based on neural networks. During this process we had to deal with huge amount of information from the genome so we had to develop a way to filter and handle it efficiently. For this project we are going to focus in Arabidopsis Thaliana which is a very common plant in genomic edition and has many resources available online.Barberá Mourelle, A. (2016). Using neural networks based on epigenomic maps for predicting the transcriptional regulation measured by CRISPR/Cas9. http://hdl.handle.net/10251/69318.TFG

Los procesos y modos de control en literatura distópica: un análisis de 1984 y Fahrenheit 451

[Abstract]Despite the extensive research on dystopian literature, little is concerned with specific frameworks to identify and classify dystopian novels. Most studies assemble a commentary on the topic rather than a formulation to identify common patterns and trends. This piece of research constructs such a framework while analyzing 1984 by George Orwell and Fahrenheit 451 by Ray Bradbury. The selection of these particular novels resides in their relevance over time and wide popularity many years after publication. The framework features a process for mass control and a breakdown of two possible modes of control: active and passive. The process of mass control contains four phases: surveillance, both general and targeted, discovery and revelation, rehabilitation, and punishment, both public and private. The analysis of these canonical dystopian works provides a foundation to substantiate the framework with tangible examples. Such research provides a specific framework for literary analysis to explore various modalities of dystopian literature. The implementation of a clear model in literary analysis will facilitate future research on dystopian literature.Traballo fin de grao (UDC.FIL). Inglés: estudios lingüísticos y literarios. Curso 2019/202

Education and Economic Growth: an Empirical Analysis of Nonlinearities

[Abstract] Purpose – Might a country’s economic growth performance differ depending on the evolution of its human capital? This paper aims to consider education as a channel for human capital improvement and then for economic growth. The authors hypothesize the existence of a threshold for education, after which point the characteristics of economic growth change. Design/methodology/approach – To address this question, the authors turn from a linear framework to a nonlinear one by applying smooth transition specifications. Findings – This empirical analysis for Spain points to the existence of nonlinearities in the relationship between education and economic growth at country level, for both secondary and tertiary education. Next, as different patterns emerge in different regions, the authors provide a regional analysis for a number of representative Spanish regions. The results show that both secondary and tertiary education matter for economic growth and that nonlinearities in this relationship should be taken into account. Practical implications – What is learnt from using Smooth Transition Regression models for the education-economic growth link is that the educational level of the population can be understood as a source of nonlinearities in the economic activity of a country (and of a region). Thus, depending on national and regional educational levels, economic growth behaves differently. Originality/value – Although the importance of nonlinearities has been identified, linearity is usually assumed in this field of the literature. This paper calls into question the linearity assumption by using time series techniques for 1971-2013 in Spain, an OECD country, and testing whether the results at country level hold for different regions within Spain as a robustness check

Education as absorptive capacity and its role for economic growth

[EN] Might a country’s economic growth behave in a different manner depending on the evolution of its absorptive capacity? In this research, education is considered as a channel for economic growth since it is a key element for a country’s absorptive capacity. Then, we hypothesize the existence of a threshold for absorptive capacity, so that once it is exceeded, economic growth shows certain (and different) characteristics. Addressing this question requires moving from the traditional linear framework to a nonlinear one and, in this sense, we resort to Smooth Transition specifications. The empirical results point to the existence of nonlinearities in the relationship between absorptive capacity and economic growth. According to the behavior of the country’s absorptive capacity, economic growth displays different dynamics; this asymmetric evolution is clearly appreciated in the two dimensions of absorptive capacity taken into account (i.e., secondary and tertiary), although it is more pronounced in case of tertiary education. Our evidence provides important insights for higher education such as the fact that both secondary and tertiary education matter for countries’ economic growth and that nonlinearities of this relationship should be taken on board.Mourelle, E.; Márquez-Ramos, L. (2017). Education as absorptive capacity and its role for economic growth. En Proceedings of the 3rd International Conference on Higher Education Advances. Editorial Universitat Politècnica de València. 844-853. https://doi.org/10.4995/HEAD17.2017.5440OCS84485

Recomendações para manipulação e sujeição de ratos e camundongos de laboratório

Cuando hablamos de experimentación con animales, generalmente se centra la atención en los protocolos de investigación, dejando de lado un tema fundamental que es el manejo de los sujetos experimentales. A fin de resaltar la importancia de esto último, nos hemos propuesto dar énfasis en las técnicas de manipulación y sujeción de ratas y ratones de laboratorio privilegiando el bienestar animal, la influencia en la investigación y la seguridad del personal.When we speak of experimentation with animals, we generally focus on research protocols, leaving aside the fundamental matter of handling experimental subjects. To underline the importance of this aspect, we have chosen to emphasize techniques for manipulation and subjection of laboratory rats and mice, prioritizing animal welfare, its influence on research and on the safety of personnel.Quando se fala de experimentação com animais, geralmente se centra a atenção nos protocolos de pesquisa e deixa-se de lado um tema fundamental que é o manejo dos sujeitos experimentais. A fim de ressaltar a importância deste último, propusemo-nos enfatizar as técnicas de manipulação e sujeição de ratos e camundongos de laboratório, o que privilegia o bem-estar animal, a influência na pesquisa e na segurança do pessoal.Fil: Mourelle, Ana Carolina. Consejo Nacional de Investigaciones Cientiâ­ficas y Tecnicas. Oficina de Coordinacion Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral "profesor R. A. Margni"; ArgentinaFil: Herrero, Emiliana. Hospital Italiano de Buenos Aires; ArgentinaFil: Ricca, Micaela. Universidad Católica de Chile; Chil