Balance sheet expansionary policies in the Euro Area : macroeconomic impacts and a vulnerable versus non-vulnerable comparison : a Bayesian structural VAR approach

Employing a Bayesian structural vector autoregressive (VAR) model, we estimate the impact of the European Central Bank’s (ECB) balance sheet expansionary policies (BSEP) on a range of economic and financial variables including real GDP, inflation, long-term sovereign bond yields, systemic stress, unemployment, bank loans, and equity markets in the period from 2009:Q1 to 2021:Q4. The main conclusion from this study is that more vulnerable euro area countries had larger magnitudes in desirable impulse responses to BSEPs shocks. To reach this conclusion, we estimated the same model for 16 euro area countries and used maximum, minimum, and cumulative impulse responses to assess the heterogenous responses to BSEPs across member states. We then attempt to find correlations of impulse responses with measures of financial and economic vulnerability such as debt-to-GDP ratios, unemployment, GDP per capita (PPP), and tier 1 bank capital ratios. Our results suggest that the magnitude of the responses are more pronounced in countries with higher levels of vulnerability. These findings are akin to theoretical assumptions that suggest that unconventional monetary policies are most effective in periods of severe systemic stress.info:eu-repo/semantics/publishedVersio

Impacts of Basel III announcements on European bank business models

The Basel regulation put forth by the Basel Committee of Banking Supervision (BCBS) is an ambitious endeavor that aims at regulating the banking industry worldwide. The Basel III accord introduced in 2010 is the latest iteration of this effort. Implementation of Basel III is well underway today and programmed to take full effect in 2019. The criticism towards Basel III is mainly pointed towards the negative impact it could have on the economy and the profitability of banking institutions. In addition, the impacts on different banking business models could be heterogeneous, benefitting some models more than others. The main question this thesis tries to answer is if wealth effects on European exchange traded banks brought by Basel III will be negative and if different business models will be impacted differently. To answer this question a group of European banks were selected. Bank business models were assigned using the k-means clustering algorithm where banks are clustered into traditional vs. non-traditional categories depending on the asset and liability structure of the balance sheet. An event study is then conducted to measure the wealth effects caused by the introduction of Basel III on an aggregate level and by business model. The event studies are conducted on six key dates from press releases by the BCBS to better capture the full effects of Basel III. Lastly, a regression model is used to check whether there is any relationship between the abnormal returns on the pre-specified event dates and bank business models. This thesis finds that impacts on different event dates were not homogenous: some resulted in positive abnormal returns and some negative therefore it was not possible to conclude if the impact of Basel III was negative on European exchange traded banks. From the results, it was not possible to conclude if any business model is impacted more or less severely by Basel III. The results suggest that there are more dynamics at play that could influence the value of exchange traded European banks

Unconventional monetary policy in the Euro Area. Impacts on loans, employment, and investment

Using a difference-in-differences identification strategy on a micro panel at the bank and firm level, we study the transmission effectiveness of ECB’s large-scale asset purchasing programs programs (i.e. APP and PEPP) in the Euro area. Our findings show: first, balance sheet composition of banks is an important determinant of monetary policy transmission. We tested this hypothesis by showing that banks more exposed to government debt securities had higher loan growth than less exposed banks after the APP announcement. By extension, this could lead to heterogeneous economic impacts depending on the geographical location of exposed banks. For the PEPP, contrary to the APP, we did not find a portfolio-rebalancing channel for banks that were more exposed to government debt securities. Second, using balance sheet data on corporates, we verify that firms that borrowed more increased employment and fixed capital investment, albeit to a lesser degree than before the APP announcement. Furthermore, our sample shows that corporations in countries with banks more exposed to government debt securities had higher borrowing growth and fixed capital growth versus countries with less exposed banks.info:eu-repo/semantics/publishedVersio

Do the projected fiscal deficits play a role in ECB monetary policymaking?

We estimate a large number of alternative monetary policy reaction functions for the ECB in order to robustly find if fiscal stance matters for the monetary policy conduct. We use GMM and SVAR methods to estimate inflation-output reaction functions with and without a fiscal deficit indicator from 2001 until 2022 with the thick-modelling approach. The results revealed that ECB actions have exhibited desirable stabilising monetary policy properties and have generally been found to be consistent with the Taylor principle. Most importantly, the projected euro area fiscal deficit usually is not statistically significant in explaining ECB monetary policy stance. Nevertheless, when the fiscal deficit indicator is statistically significant, the sign of its coefficient is always positive, implying that increasing deficits lead to a more restrictive monetary policy stance. These findings speak against the “fiscal dominance” regime in the euro area where monetary policy is single and fiscal policies are decentralised. The results remain qualitatively similar independent of the precise specification of the GMM and SVAR models and if the sample period is shortened from 2012.info:eu-repo/semantics/publishedVersio

THE INFLUENCE OF SWIMMING VELOCITY ON THE KINEMATIC CHARACTERISTICS OF BACKSTROKE SWIMMING

Under standard workout conditions, swimmers spend most of their time swimming at rates significantly lower than racing speed. Specificity of training is not just a metabolic problem, but also a technical and a kinesiological one. The purpose of this study was to determine to what extent swimming the backstroke at different speeds implies a change in the stroke pattern and in the kinematics of the propulsive movements. We also studied the technical characteristics associated with performance in short distance efforts. A third aim of this study was to compare the intra-cycle velocity variation of the center of gravity of the body to the intra-cycle velocity variation of the hip point. Seven well-trained male swimmers participated in this study (age: 14.71±0.76 years, height: 1.74±0.39 m, body mass: 63.14±5.52 kg, %FAT: 15.40±1.81). Each subject performed 3 x 50 m backstroke repeats with 15 min of rest at a velocity corresponding to 90% (v90), 95% (v95) and 100% (vmax) of best performance in the 50 m backstroke. The swimmers were filmed on the sagittal plane, underwater and above the water, with synchronized cameras (60 Hz). Images were mixed and then digitized for further analysis using the APAS system. Peak mean horizontal velocities of the hand occurred during the upsweep at v90 and v95 and during the finish/exit at vmax. Total stroke duration decreased from v90 to v100 due to the shorter duration of the downsweep, the final downsweep and the finish/exit, but the relative duration of the phases did not show any significant changes. Increasing velocity caused an increase in the distance between point of entry into the water and point of exit of the hand from the water, but mean horizontal pulling length decreased. Swimming velocity at sub-maximal paces correlated well to mean body velocity at the upsweep, but at vmax, the highest association was to body velocity at the final downsweep. Maximal velocity in the 50 m backstroke was inversely correlated to the range of intra-cycle velocity variations of the body center of gravity. This parameter showed a poor individual correlation to the hip velocity variation (r=0.58 ± 0.18). The correlation between the coefficient of variation of the hip and the center of gravity intra-cycle velocities had, on the contrary, a high significance. Movement of temporal and spatial structures seem to vary little with velocity changes in swimmers who have attained a good stabilization of motor execution. In fast swimming, nevertheless, swimmers apparently achieve a greater anterioposterior stabilization of the hand, which may indicate more pronounced lift oriented sculling actions, and performance becomes more dependent on the final portion of the underwater path. The variation of the mean velocity of the hip cannot be used for quantification of the changes of body velocity from phase to phase, but a coefficient of variation (SD . mean-1 . 100) of intra-cycle hip velocity seems to be an adequate indicator of the intra-cycle velocity variation of the body center of gravity

The monte Molião cistern Lagos, Portugal

Conhecida desde o século XIX, a cisterna de Monte Molião constitui o elemento arquitectónico mais destacado do sítio e o único equipamento putativamente público ali documentado até ao momento. A sua escavação em 2011 e 2014 permitiu obter importantes dados sobre a sua tipologia e as técnicas empregues na sua construção, bem como documentar a estratigrafia correspondente à sua colmatação. Foi assim possível determinar que esta estrutura corresponde ao modelo dito a bagnarola, de origem púnica, podendo datar-se do final da Idade do Ferro ou de Época Romana Republicana, tendo sido sujeita a reparações durante este último período. Por outro lado, o último período de utilização desta cisterna parece ter-se verificado entre o Principado de Augusto e o reinado de Tibério, seguindo-se um período de abandono e o seu eventual entulhamento, datado pelos materiais aqui estudados da segunda metade do século I.Known since the 19th century, the cistern of Monte Molião is the most notable architectural element in the site and the only likely public infrastructure identified so far in this settlement. Its excavation, undertaken in 2011 and 2014, has brought to light important data about its typology and construction techniques; a complete stratigraphic sequence corresponding to its filling has also been documented. This structure can be attributed to the so-called a bagnarola model which originated in the Punic world and could have been constructed either in the Late Iron Age or in the Roman Republican period, having also been repaired in the latter period. Its last period of use, on the other hand, seems to fall within the reign of Augustus or Tiberius, being followed by a period of abandonment and eventually by its intentional filling which, based on the material studied here, can be dated to the second half of the 1st centuryCâmara Municipal de Lago

Recent Advances in Welding

Welding is a conventional joining process that has followed the recent developments in other manufacturing processes, continuing to be an extremely used and investigated process. Several technologies developed in other areas of knowledge have converged in the area of welding, allowing significant improvements in the quality of the products obtained and in the increased productivity of the processes. Although some techniques have been implemented and studied for several decades, the interest of researchers in welding has not diminished, as it can be seen through new processes that have emerged, such as Friction Stir Welding, in addition to many other notable developments in welding processes which apparently seemed to have reached their final stage of maturity. This work brings together a set of very interesting works, being a living proof that welding continues to be heavily investigated and that the developments around this manufacturing process are constantly emerging. Because the materials continue to evolve and the technology around welding also continues to develop at a very good pace, studies on the weldability of new materials and the application of new techniques and technologies to already well known welding processes does not stops happening. The editors are proud to have collected this set of works that can help scholars and researchers to broaden their knowledge in the field of welding, thus contributing to the creation of a knowledge base that allows researchers to start new investigations and achievements in the coming decades.info:eu-repo/semantics/publishedVersio

Assessing NoSQL databases for telecom applications

The constant evolution of access technologies are turning Internet access more ubiquitous, faster, better and cheaper. In connection with the proliferation of Internet access, Cloud Computing is changing the way users look at data, moving from local applications and installations to remote services, accessible from any device. This new paradigm presents numerous opportunities that even traditional businesses like telecoms cannot ignore, in particular, enabling new and more cost effective solutions to old problems. The work presented in this paper provides a detailed description of how a telecom application can be migrated to a NoSQL database. Particularly, by pointing out the necessary change of how we reason about data as well as the data structures that support it, in order to take full advantage of Cloud Computing. In addition, we also present a preliminary evaluation of different data persistency paradigms based on a fully tunable simulation platform that mimics the operation of a telecom business

Agricultura biológica em Portugal : a importância da utilização de ferramentas de business intelligence na integração e visualização de dados

Project Work presented as the partial requirement for obtaining a Master's degree in Information Management, specialization in Knowledge Management and Business IntelligenceO presente relatório de projeto tem como objetivo demonstrar uma aplicação prática da implementação de um novo sistema tecnológico de gestão de dados para a Direção-Geral da Agricultura e Desenvolvimento Rural (DGADR), nomeadamente para o Observatório Nacional de Produção Biológica (ONPB). Este sistema de gestão de base de dados é denominado por Data Warehouse, isto é, a organização de dados de forma integrada e concebida para otimizar a sua análise. Devido ao papel que ONPB assume no contexto agrícola português, uma vez que o seu principal prepósito é recolher, tratar e divulgar a informação disponível sobre produção biológica, a implementação de um Data Warehouse sobre recolha de dados operacionais em conjunto com o desenvolvimento de um processo de extração, transformação e carregamento (ETL), permitirá um aumento no dinamismo e na forma como se lida com a informação recolhida, tornando possível obter vantagens competitivas. Desta forma, há que destacar algumas das melhorias que serão obtidas deste projeto como a melhoria no processo de recolha de dados e na qualidade dos mesmos e a potencialidade de criação de sistemas analíticos de informação, que funcionem como sistemas de apoio à decisão dos utilizadores.This project report aims to show a practical application of the implementation of a new technological data management system for the Direção-Geral da Agricultura e Desenvolvimento Rural (DGADR), specifically for the Observatório Nacional de Produção Biológica (ONPB). This database management system is called Data Warehouse, that is, the organization of data in an integrated way and designed to optimize its analysis. Due to the important role that ONPB plays in the Portuguese organic agricultural context since its main purpose is to collect, process and disseminate available information on the production, the implementation of a Data Warehouse on existing operational data collection and the development of an extraction, load and transform (ETL) process will allow an increase in dynamism and in the way it deals with the information collected, making it possible to obtain competitive advantages. Saying that, we must highlight some of the improvements that will be obtained from this project like the improvement in the data collection process and quality of data and the potential for the creation of information reporting systems that function as decision support systems for the users

Inovação e lançamento de novos produtos no mercado alimentar : plano de marketing para o lançamento de um novo produto da marca Maggi da Nestlé Portugal

Mestrado em Ciências EmpresariaisO trabalho de projeto aqui apresentado tem como objetivo criar um output final, neste caso um plano de marketing, que sirva de guideline para futuros lançamentos de novos produtos. Apesar de existirem vários autores a abordar a temática de inovação e lançamento de novos produtos, existe uma lacuna no que concerne à ligação deste tema com o planeamento e definição de estratégias de Marketing que suportem a fase mais crucial do ciclo de vida do produto, o lançamento para o mercado. Este projeto conjuga a vertente teórica com a vertente prática, ao apresentar um plano de marketing para o lançamento de um novo produto da marca MAGGI da Nestlé Portugal. O tipo de estudo aqui apresentado baseia-se em dados qualitativos com uma abordagem essencialmente descritiva. A metodologia utilizada foi a recolha e análise de dados primários e secundários bem como através de observação participativa proveniente do estágio desenvolvido na Nestlé Portugal. Este projeto pretende apresentar estratégias e ações de marketing que permitam aumentar a taxa de sucesso no lançamento de novos produtos alimentares para o mercado. Neste projeto em concreto, as estratégias e ações de marketing apresentadas no plano de marketing foram delineadas para permitir uma eficaz introdução do produto no mercado, com uma vasta distribuição geográfica, mantendo a imagem de confiança e qualidade já associada à marca MAGGI. Estas estratégias, com principal foco na comunicação e promoção, permitirão criar vantagens competitivas, aumentar vendas e quota de mercado da marca.This study aims at providing a final output, in the form of a marketing plan, to serve as guideline for future launch of new products. Although there are several authors addressing the innovation and launch of new products theme, there is still a gap regarding the connection of this theme with the planning and definition of marketing strategies that support the most crucial stage of the product life cycle: launching the product into the market. This project combines theoretical aspects with a practical side, as it presents a marketing plan for the launch of a new product for the brand MAGGI, part of Nestlé Portugal. Nestlé is a company of worldwide reference in the food, health and wellbeing markets. "Good Food, Good Life" is the positioning that reflects its concerns with nutrition, health and wellbeing, being values that guide the company's business strategy. The main objective of the company is to improve the life quality of its customers every day and everywhere, providing them with healthy and quality food. This project aims to provide strategies and marketing actions that allow the increase of success rates in launching new food products into the market. In this specific project, the strategies and marketing actions presented in the marketing plan, were outlined to enable an effective product introduction in the market, with a vast geographical distribution, maintaining the trustworthy and quality image that are already linked to the MAGGI brand