Stock Market Cycles, Financial Liberalization and Volatility

In this paper we analyze the behavior of stock markets in six emerging countries. More specifically, we describe the bull and bear cycles of four Latin American and two Asian countries, comparing their characteristics during both phases and the degree of concordance of bullish periods. We divide our sample in two subperiods in order to account for differences induced by the financial liberalization processes that these countries went through in the early 1990's. We find that cycles in emerging countries tend to have shorter duration and larger amplitude and volatility than in developed countries. However, after financial liberalization Latin American stock markets have behaved more similarly to stock markets in developed countries whereas Asian countries have become more dissimilar. Concordance of cycles across markets has increased significantly over time, especially for Latin American countries after liberalization.

Instituciones políticas, procesos de diseño de políticas y resultados de políticas en Paraguay, 1954-2003

(Documento disponible en idioma inglés) En este trabajo se describe la evolución del proceso de diseño de políticas de Paraguay (PMP, por sus siglas en inglés) entre 1954 y 2003. Se presenta una panorámica general del PMP durante el gobierno de Alfredo Stroessner (1954-89) y se analiza el entorno institucional después de 1989. Se trata la manera en que el Partido Colorado se fue dividiendo progresivamente en varias facciones y se describen los patrones que caracterizan el proceso de diseño de políticas que surgieron tras la adopción de la Constitución de 1992. Se plantea la hipótesis de que la presencia de una gran cantidad de factores con poder de veto ha dificultado el proceso de cambio de políticas y que los legisladores parecen inclinarse por políticas particularistas. A fin de comprobar esas hipótesis empleamos una base de datos que contiene prácticamente todos los proyectos de ley presentados al Congreso desde abril de 1992. Las conclusiones sugieren que el PMP actual de Paraguay puede ser flexible en cuanto a la prestación de beneficios particularistas pero rígido en cuanto a la aprobación de políticas amplias de regulación o redistribución.

Convergence in a dynamic Heckscher–Ohlin model with land

Convergence among nations that share the same preferences and technologies is a key result of the closed-economy neoclassical growth framework that has received substantial support in the data. However, Heckscher–Ohlin versions of the two-sector neoclassical growth model predict that nations that differ in their capital–labor ratios may not converge to the same steady state, even if they are identical in all other aspects. This is a puzzling result that warns us about potential dangers of international trade. In this paper we show that when land, an input in fixed supply, is introduced into the model, international trade in goods no longer limits the capacity of poor nations to catch up with the advanced world

Emulsifaction of waste cooking oils and fatty acid distillates as diesel engine fuel

The scope of this paper is to analyze the possibilities and feasibilities, as well as the main experimental results reported about the emulsification method applied to waste cooking oils and fatty acid distillates as diesel engine fuels, compared with other commonly used methods. These waste products are obtained in the refining oil industry, food industry and service sector from the frying process, mainly. However, they are a little used as feedstocks to produce biofuels and constitute a potential source of contamination. From the review of the state of arts, significant decreases in exhaust emissions of nitrogen oxides, cylinder pressure, as well as increases of the ignition delay, brake specific fuel consumption, hydrocarbon, smoke opacity, carbon monoxide, particulate matters to emulsified waste cooking oils and fatty acid distillates compared with diesel fuel are reported. In some experiments the emulsified waste cooking oils achieved better performance than neat fatty acid distillates, neat waste cooking oils and their derivates methyl esters

Veto Players, Fickle Institutions and Low-Quality Policies: The Policymaking Process in Ecuador

This paper seeks to understand why political actors, institutions and legal reforms have systematically failed to produce cooperation in the Ecuadorian policymaking process. From a comparative and historical standpoint, Ecuador has been trapped in a cycle of low-quality public policies that fail to adjust to environmental conditions, that fluctuate according to political whims and that tend to favor well-organized lobbies rather than pursuing optimal social outcomes. The paper identifies two alternative policymaking paths leading to poor policy outcomes. In the first one, the executive agenda is eclipsed by the short-term clientelistic demands of multiple veto players in the legislature, thus contributing to policy deadlock or rigidity. In the second, executive power is delegated to a decisive, often technical bureaucracy isolated from political pressures, but the lack of institutional stability of such bodies leads to a pattern of policy volatility. Lastly, the paper discusses the formal and informal roles of "last-ditch" veto players to stall or revert unwanted policies. The paper also features two case studies on fiscal and monetary policies, and derives empirical implications to improve the formation of durable intertemporal agreements in the legislature and ensure stable policy implementation and enforcement through a technical bureaucracy and independent judiciary.

Neoclassical growth and the natural resource curse puzzle

We advance a novel mechanism that helps to explain the puzzling evidence on the natural resource curse. The new channel arises in a standard dynamic Heckscher-Ohlin model composed of small-open economies that take international output prices as given. Within this framework, a more capital-intensive primary sector implies that natural-resource abundant economies grow more slowly along the adjustment path. This effect might be only temporary because the natural input also affects long-run income, and not necessarily in the same direction as transitional growth. We produce quantitative results that show that the new mechanism can account for a significant fraction of the observed output growth gap between resource rich and resource poor U.S. states

El caballo de bronce de Cancho Roano

Este trabajo da a conocer una pieza excepcional hallada en Cancho Roano durante la campaña de excavación de 1990. Se trata de un caballo de bronce de pequeño tamaño y muy buena factura, que quizá formó parte de un carrito votivo. Formaba parte de un deposito votivo de la estancia w-2, una de las habitaciones contiguas al edificio principal

Microbial community dynamics and coexistence in a sulfide-driven phototrophic bloom

© The Author(s), 2020. This article is distributed under the terms of the Creative Commons Attribution License. The definitive version was published in Bhatnagar, S., Cowley, E. S., Kopf, S. H., Pérez Castro, S., Kearney, S., Dawson, S. C., Hanselmann, K., & Ruff, S. E. Microbial community dynamics and coexistence in a sulfide-driven phototrophic bloom. Environmental Microbiome, 15(1),(2020): 3, doi:10.1186/s40793-019-0348-0.Background: Lagoons are common along coastlines worldwide and are important for biogeochemical element cycling, coastal biodiversity, coastal erosion protection and blue carbon sequestration. These ecosystems are frequently disturbed by weather, tides, and human activities. Here, we investigated a shallow lagoon in New England. The brackish ecosystem releases hydrogen sulfide particularly upon physical disturbance, causing blooms of anoxygenic sulfur-oxidizing phototrophs. To study the habitat, microbial community structure, assembly and function we carried out in situ experiments investigating the bloom dynamics over time. Results: Phototrophic microbial mats and permanently or seasonally stratified water columns commonly contain multiple phototrophic lineages that coexist based on their light, oxygen and nutrient preferences. We describe similar coexistence patterns and ecological niches in estuarine planktonic blooms of phototrophs. The water column showed steep gradients of oxygen, pH, sulfate, sulfide, and salinity. The upper part of the bloom was dominated by aerobic phototrophic Cyanobacteria, the middle and lower parts by anoxygenic purple sulfur bacteria (Chromatiales) and green sulfur bacteria (Chlorobiales), respectively. We show stable coexistence of phototrophic lineages from five bacterial phyla and present metagenome-assembled genomes (MAGs) of two uncultured Chlorobaculum and Prosthecochloris species. In addition to genes involved in sulfur oxidation and photopigment biosynthesis the MAGs contained complete operons encoding for terminal oxidases. The metagenomes also contained numerous contigs affiliating with Microviridae viruses, potentially affecting Chlorobi. Our data suggest a short sulfur cycle within the bloom in which elemental sulfur produced by sulfide-oxidizing phototrophs is most likely reduced back to sulfide by Desulfuromonas sp. Conclusions: The release of sulfide creates a habitat selecting for anoxygenic sulfur-oxidizing phototrophs, which in turn create a niche for sulfur reducers. Strong syntrophism between these guilds apparently drives a short sulfur cycle that may explain the rapid development of the bloom. The fast growth and high biomass yield of Chlorobi-affiliated organisms implies that the studied lineages of green sulfur bacteria can thrive in hypoxic habitats. This oxygen tolerance is corroborated by oxidases found in MAGs of uncultured Chlorobi. The findings improve our understanding of the ecology and ecophysiology of anoxygenic phototrophs and their impact on the coupled biogeochemical cycles of sulfur and carbon.This work was carried out at the Microbial Diversity summer course at the Marine Biological Laboratory in Woods Hole, MA. The course was supported by grants from National Aeronautics and Space Administration, the US Department of Energy, the Simons Foundation, the Beckman Foundation, and the Agouron Institute. Additional funding for SER was provided by the Marine Biological Laboratory

From distribution networks to smart distribution systems : rethinking the regulation of European electricity DSOs

Revised version of Florence School of Regulation; 2013/05; THINK Policy BriefsDistributed energy resources allow for new business models that have the potential to substantially change today's power system functioning paradigm. In particular, these changes pose challenges for distribution system operators (DSOs) and their regulation alike. This article sheds light on missing aspects in current regulation, recognizing DSOs as regulated monopolies, but also as key players along the supply chain. We provide insights on how regulation should be adjusted so that DSOs are incentivized to facilitate the market entry of welfare-enhancing technologies in a timely fashion, and to manage the distribution system efficiently in the presence of distributed energy resources

Methodologies for teaching an engineering subject in different countries: comparison and results

Engineering or technical degrees are difficult to teach and, consequently, have always been characterized by a large number of academic failures. Therefore, continuous assessment has been applied to classes of similar content, related to Port and Coastal Engineering during these last years in three different Universities worldwide: University of La Republica (Montevideo, Uruguay), Nova de Lisboa (Portugal) and Cadiz (Spain). This paper presents different methodologies used to teach and evaluate these courses at each University, together with the results of the evaluations of the students who were enrolled during the current and previous stages. Generally, a decrease in the number of students who abandon the classes has been noticed together with an increase in the percentage of students who pass and an improvement of their grades, except at the University Nova de Lisboa were the results have remained stable. In addition, changes experienced in the courses are discussed herein by comparing the percentage of success in the different locations. Moreover, influence of the different methodologies and the possible reasons for these changes are also presented and analysed. As a conclusion, the improvement in educational outcomes has been achieved through the concurrence of different factors: the existence of more frequent written and/or oral exams, practical examples of case studies as well as access to specific tools of new technology and to documentation specifically prepared for the classes and available online. Evidently, the above mentioned tasks require a strong commitment and great effort by the teaching staff. If human resources diminish, as it is happening in Spain and Portugal due to the budget reduction in education, two difficult questions arise: For how long will teachers’ current effort be maintained? What impact will have their complete devotion to teaching in their research performance