Debt and Default in the 1930s: Causes and Consequences

This paper analyzes the "debt crisis" of the 1930s to see what light this historical experience sheds on recent difficulties in international capital markets. We first consider patterns of overseas lending and borrowing in the 1920s and 1930s, comparing the performance of standard models of foreign borrowing in this period to the 1970-80s. Next, we analyze the incidence and extent of defaulton sovereign debt, adapting models of debt capacity to the circumstances of the interwar years. We consider the choices available to investors in those foreign loans which lapsed into default in the 1930s, emphasizing the distinction between creditor banks and bond holders. Finally, we provide the first estimates of the realized rate of return on foreign loans floated between the wars, based on a sample of dollar andsterling bonds issued in the 1920s.

An Empirical Analysis of Transparency-Related Characteristics of European and US Sovereign Bond Markets

We examine transparency-related characteristics of European and US sovereign bond markets and relate these to differences in primary issuance approaches and the design of the different trading platforms. We highlight the existence of a winner’s curse problem in the interaction between B2C and B2B segments of the market, and we provide evidence to analyze its prevalence. We examine the problems that can arise as the result of increasing the transparency of the B2B segment of the market and use the experience of the eSpeed platform in the US to obtain insights into these effects. Our analysis is directly relevant to the policy debate about whether to apply MiFID transparency requirements to the EU sovereign bond markets: our results suggest great caution in creating an extremely homogenous and transparent trading environment for sovereign bonds.

Defining Benchmark Status: An Application using Euro-Area Bonds

The introduction of the euro on 1 January 1999 created the conditions for an integrated government bond market in the euro area. Using a unique data set from the electronic trading platform Euro-MTS, we consider what is the benchmark' in this market. We develop and apply two definitions of benchmark status that differ from the conventional view that the benchmark is the security with lowest yield at a given maturity. Using Granger-causality and cointegration methods, we find a complex pattern of benchmark status in euro-area government bonds.

La economía informal

Incluye BibliografíaEl objetivo de este trabajo es analizar de qué manera las actividades desarrolladas por las empresas informales interactúan con las estructuras sociales existentes y las prácticas y políticas de fiscalización de los Estados nacionales. Es a través de estas interacciones como se pone de manifiesto el carácter paradójico de la economía informal y se ilustran con mayor fuerza las conclusiones que se emplean para elaborar las teorías económicas y sociológicas del comportamiento del mercado. Tras analizar varias definiciones y enfoques de medición posibles, el trabajo centra la atención en estos factores dinámicos, focalizados en cuatro paradojas: los fundamentos sociales de la economía informal; la ambigüedad de las relaciones con las regulaciones del Estado; las dificultades para definirla; su funcionalidad en relación con las instituciones económicas y políticas que presuntamente socava

The Long-Term Outcomes of Refugees: Tracking the Progress of the East African Asians

Refugees are often perceived as an economic "burden", as the current debate on the European refugee crisis illustrates. But there is little quantitative evidence on the medium-term outcomes of refugees in the UK. We fill this gap by looking at the case of "East African Asians" who arrived as refugees in the late 1960s and early 1970s. We use data from the UK Census to describe their economic outcomes forty years later. We show that their outcomes are at least as good as the population average, with the younger cohort performing better. Refugee status, as distinct from ethnicity or immigrant status, appears to have a positive impact

Monitoring of the arterial pressure in effort. dominant, not dominant arm or both?

Objetivo: evaluar la diferencia de los valores de Presión arterial (PA) entre ambos brazos, medida simultáneamente, durante una prueba de esfuerzo. Diseño del estudio: estudio transversal. Series de casos. Nivel de evidencia: 3 Material y Métodos: La población se compone de 225 deportistas sanos que realizaron una prueba de esfuerzo en nuestro centro. 128 hombres y 97 mujeres. Edad: 17± 5,5 años. Resultados: La PA tanto sistólica como diastólica no difiere significativamente entre ambos miembros superiores. No obstante, hemos encontrado casos de variabilidad individual donde la PA predomina en un brazo durante el reposo y en el otro brazo durante el máximo esfuerzo. Los valores de TA son independientes del brazo dominante. Conclusiones: La posibilidad que el brazo donde predomina la PA de Reposo no coincida durante el máximo esfuerzo, hace necesario, en nuestra opinión, que se mida la PA en ambos miembros superiores durante la prueba de esfuerzoObjective: To evaluate different blood pressure readings between both arms. Study design: cross-sectional study. Case series. Level of evidence: 3. Methods: a population of 225 healthy athletes underwent stress tests in our center: 128 males and 97 females. Age range: 17 +/- 5.5 years. Results: no significant differences in systolic or diastolic blood pressure readings were found between the right or left arm. We did, however, find cases where blood pressure is higher in one arm while resting and in the other arm during maximal exercise. Blood pressure readings were not associated with the dominant arm. Conclusions: The possibility that the arm in which there is a predominant rest blood pressure does not coincide during maximum stress, makes it necessary, according to our judgment, to measure blood pressure in both upper limbs during stress test

Efeito da rotação de culturas na atividade enzimática total do solo.

O objetivo do trabalho foi avaliar a atividade enzimática do solo, em rotações de culturas envolvendo espécies de feijão, milho, braquiária e milheto

Analysis of the physiological parameters of young spanish badminton players.

El objetivo de nuestro estudio es conocer las características fisiológicas de los jugadores juveniles de bádminton de alto nivel y comparar los parámetros fisiológicos obtenidos en el laboratorio y durante un partido. Se estudiaron 19 jugadores en edad juvenil, 12 varones y 7 mujeres. A todos se les realizó una prueba de esfuerzo máxima en el laboratorio y mediciones antropométricas. Durante la competición se les monitorizó la frecuencia cardiaca, se analizó la concentración de lactato y se valoró su percepción subjetiva al esfuerzo (RPE). El consumo máximo de oxigeno (VO2 máx.) medio se situaba en 56,07 +/- 6,5 ml/Kg/min. El pico de lactato en 3,18 +/- 1,78 mML-1 y la frecuencia cardiaca máxima media (FC máx.) era de 196,75 +/- 5,29 p. p. m., sin diferencias significativas en ninguno de los parámetros estudiados entre varones y hembras en el laboratorio y la competiciónThe aim of our study was to determine the physiological characteristics of young badminton high level players and to compare the physiological parameters obtained in the laboratory and during a match. Nineteen youth players were studied, 12 men and 7 women. A maximal exercise test in the laboratory was performed to the patients and anthropometrics parameters were taken. Their heart rate, lactate concentration and subjective ratings of perceived exertion were tested during competition. The maximum oxygen consumption (VO2 max) has averaged 56.07 + / - 6.5 ml/Kg/min. The peak lactate 3.18 + / - 1.78 MML-1 and the average maximum heart rate (HR max) was 196.75 + / - 5.29 ppm, no significant differences in any of the parameters studied between males and females or between the laboratory and the competitionEl presente trabajo ha sido realizado gracias a una beca de investigación del Centro de Medicina Deportiva de la Comunidad de Madrid (Orden 3025/2010

Migration, communities-on-the-move and international innovation networks: An empirical analysis of Spanish regions

This paper investigates the impact of migration on innovation networks between regions and foreign countries. We posit that immigrants (emigrants) act as a transnational knowledge bridge between the host (home) regions and their origin (destination) countries, thus facilitating their co-inventorship networks. We also argue that the social capital of both the hosting and the moving communities reinforces such a bridging role, along with language commonality and migrants’ human capital. Focusing on Spain, as a country that hosted an intense process of migration over the past two decades, we combine patent data with national data on residents and electors abroad and we apply a gravity model to the co-inventorship between Spanish provinces (NUTS3 regions) and a number of foreign countries. Both immigrants and emigrants affect the kind of innovation networking at stake. The social capital of both the moving and the hosting communities actually moderate this impact in a positive way. The effect of migration is stronger for more skilled migrants and with respect to non-Spanish speaking countries, pointing to a language-bridging role of migrants. Policy implications are drawn accordingly