Effects of Reserve Requirements in an Inflation Targeting Regime: The Case of Colombia

The Colombian economy and financial system have coped reasonably well with the effects of the global financial crisis. Hence, "unconventional" policy measures have not been at the center of the policy decisions and discussions. Nominal short term interest rates have remained the main monetary policy tool and "Quantitative easing" measures have not been central in the policy response. The one "unconventional" monetary instrument used by the Central Bank in Colombia has been changes in reserve requirements (RR) on financial system deposits. Interestingly, they were adopted before the global financial crisis, as a reaction to domestic credit conditions. The effects of RR on interest rate and interest rate pass-through in an inflation targeting regime are not as straightforward as those under a monetary targeting regime. Conceptually, those effects depend on the degree of substitution between deposits and central bank credit as sources of funds for banks and on the extent to which RR changes affect the risks facing banks. The empirical results for Colombia suggest that RR are important long run determinants of business loan interest rates and have been effective in strengthening the pass-through from policy to deposit and lending interest rates.Reserve Requirements, Inflation Targeting, Interest rate pass-through. Classification JEL: E51, E52, E58, G21.

Formation of Indoles, Dihydroisoquinolines and Dihydroquinolines by Ruthenium-Catalyzed Heterocyclizations

NOTICE: This is the peer reviewed version of the following article: Varela-Fernández, A., Varela, J. A., Saá, C. (2012). Formation of Indoles, Dihydroisoquinolines and Dihydroquinolines by Ruthenium-Catalyzed Heterocyclizations. Synthesis, 44, 21, 3285-3295. [doi: 10.1055/s-0032-1316539]. This article may be used for non-commercial purposes in accordance with Thieme Terms and Conditions for self-archivingIndoles, dihydroisoquinolines and dihydroquinolines were efficiently prepared by ruthenium-catalyzed heterocyclizations of aromatic homo- and bis-homopropargyl amines/amides in the presence of an amine/ammonium base-acid pair. These regioselective 5- and 6-endo cyclizations most probably occur by nucleophilic trapping of key Ru vinylidene intermediates.We thank the MICINN [Project CTQ2011-28258, Consolider Ingenio 2010 (CSD2007-00006)], Xunta de Galicia and European Regional Development Fund (2007/XA084 and CN2011/054) for financial support. A. V.-F- thanks the USC for a predoctoral contractS

Metal-catalyzed Cyclizations to Pyran and Oxazine Derivatives

NOTICE: This is the peer reviewed version of the following article: Varela, J. A., Saá, C. (2016). Metal-catalyzed Cyclizations to Pyran and Oxazine Derivatives. Synthesis, 48, 20, 3470-3478. [doi: 10.1055/s-0035-1562466]. This article may be used for non-commercial purposes in accordance with Thieme Terms and Conditions for self-archiving.Pyrans are privileged heterocyclic structures found in numerous natural compounds with extraordinary biological activities. The synthesis of these relevant structures has attracted a great deal of attention over the years. Catalytic methodologies based on the activation of neutral unsaturated functionalities of acyclic compounds that undergo intramolecular cyclizations have achieved prominent synthetic relevance. In this short review, we discuss the successful construction of dihydropyran and dihydro-1,4-oxazine derivatives from acyclic precursors by metal-catalyzed intramolecular cyclizations through carbon–carbon, carbon–oxygen, and carbon–nitrogen bond formation. Remarkable synthetic applications are highlighted.This work was supported by the Spanish MINECO (project CTQ2014-59015R), the Xunta de Galicia (project GRC2014/032) and the European Regional Development Fund (projects CTQ2014-59015R and GRC2014/032). We also thank the ORFEO-CINQA network (CTQ2014-51912REDC)S

Estrategias para la comercialización de semillas de maíz criollo en el municipio de Ayapango Estado de México

El propósito de esta tesis es identificar las variables que afectan a la comercialización del maíz criollo en el municipio de Ayapango, Estado de México. Se trata particularmente de la comercialización que se está realizando dentro de este municipio y sus alrededores.(Hernández 1971, Polanco y Flores 2008, SIAP 2008). Para realizar esta investigación se tomó el caso del municipio de Ayapango, Estado de México. Para el estudio de campo se revisaron bibliografías de libros, internet, así como datos municipales que contienen información sobre el tema, serealizó entrevista a productores de maíz para obtener informaciónsobre cómo es que llevan a cabo la comercialización del maíz

Vinyl Ruthenium Carbenes: Valuable Intermediates in Catalysis

NOTICE: This is the peer reviewed version of the following book chapter: Padín D., Varela J.A., Saá C. (2017) Vinyl Ruthenium Carbenes: Valuable Intermediates in Catalysis. In: Tomioka K., Shioiri T., Sajiki H. (eds) New Horizons of Process Chemistry (pp.89-102). Springer, Singapore. [doi: 10.1007/978-981-10-3421-3_7]. This book chapter may be used for non-commercial purposes in accordance with Springer Terms and Conditions for self-archivingVinyl ruthenium carbenes are easily prepared from the neutral Ru(II) complex Cp*RuCl(cod) in the presence of functionalized alkynes and diazoalkanes. These intermediates have been proposed for several transformations in which the nature of the products are strongly dependent of the functionality on the alkyne sub-stituents. New modes of catalytic cyclizations due to the electrophilicity of these vinyl ruthenium carbene intermediates are presented in this chapter. Alkynyl ace-tals, ethers and amines gave rise to complex bicyclic structures, spiro- and fused, in an intramolecular redox, neutral process that involved [1,n]-hydrogen transfers/cy-clization. New catalytic heterocyclizations have been also achieved by trapping the in situ generated vinyl ruthenium carbenes with O- and N-nucleophiles from alkyn-als/alkynones and alkynylamines.This work was supported by the Spanish MINECO (project CTQ2014-59015R), the Xunta de Galicia (project GRC2014/032) and the European Regional Development Fund (projects CTQ2014-59015R and GRC2014/032). We also thank the ORFEO-CINQA network (CTQ2014-51912REDC). D. P. thanks XUGA for a predoctoral contrac

Ruthenium-Catalyzed Tandem Carbene/Alkyne Metathesis/N-H insertion. Synthesis of Benzofused Six-Membered Azaheterocycles

NOTICE: This is the peer reviewed version of the following article: Padín, D., Varela, J. A., Saá, C. (2020). Ruthenium-Catalyzed Tandem Carbene/Alkyne Metathesis/N-H insertion. Synthesis of Benzofused Six-Membered Azaheterocycles. Org. Lett., 22, 7, 2621-2625. [doi: 10.1021/acs.orglett.0c00596]. This article may be used for non-commercial purposes in accordance with American Chemical Society Terms and Conditions for self-archivingCp*RuCl-based catalyst enables the expedient access to a variety of benzofused six- membered azaheterocycles from unprotected o-alkynylanilines and trimethylsilyldiazomethane through an unprecedent tandem carbene/alkyne metathesis/N-H insertion reaction. The transformation takes place under mild reaction conditions (room temperature, < 15 min) and with excellent functional group tolerance. The synthetic utility of the final products and a mechanistic rationale are also discussed.This work has received financial support from MINECO (project CTQ2017-87939R and ORFEO-CINQA network RED2018-102387-T), the Xunta de Galicia (project ED431C 2018/04 and Centro singular de investigación de Galicia accreditation 2019-2022, ED431G 2019/03) and the European Union (European Regional Development Fund – ERDF). D.P. thanks MEC for a predoctoral FPU fellowship (FPU15/02132)S

Cp*RuCl-Vinyl Carbenes: Two Faces and the Bifunctional Role in Catalytic Processes

NOTICE: This is the peer reviewed version of the following article: Padín, D., Varela, J. A., Saá, C. (2020). Cp*RuCl-Vinyl Carbenes: Two Faces and the Bifunctional Role in Catalytic Processes. Chem. Eur. J., 26, 33, 7470-7478. doi:[10.1002/chem.202000391]. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for self-archivingRuthenium vinyl carbenes derived from Cp/Cp*RuCl‐based complexes (Cp=cyclopentadiene, Cp*=1,2,3,4,5‐pentamethylcyclopentadiene) have been routinely invoked as key intermediates in tandem reactions involving a carbene/alkyne metathesis (CAM). A priori, these intermediates resemble the Grubbs‐type family of catalysts, but they exhibit a completely different reactivity pattern that few, if any, other catalytic system can reproduce so far. The reactivity of these species with α‐unsubstituted and α‐substituted alkynals showcases the peculiarities of these intermediates. Although Z‐vinyl dihydrooxazines are preferentially obtained with the former, Z‐vinyl epoxypyrrolidines are obtained with the latter. A combination of spectroscopic and computational data now prove that a η3‐coordination mode of the ruthenium vinyl carbene and the presence of a Lewis basic chloride ligand give rise to two markedly different stereoelectronic faces, which are responsible for the unconventional reactivity of these species.This work has received financial support from MINECO (project CTQ2017-87939R and ORFEO-CINQA network CTQ2016-81797-REDC and RED2018-102387-T), the Xunta de Galicia (project ED431C 2018/04 and Centro singular de investigación de Galicia accreditation 2016-2019, ED431G/09) and the European Union (European Regional Development Fund – ERDF). D.P. thanks MEC for a predoctoral FPU fellowship (FPU15/02132)S

Recent Advances in Ruthenium-Catalyzed Carbene/Alkyne Metathesis (CAM) Transformations

NOTICE: This is the peer reviewed version of the following article: Padín, D., Varela, J. A., Saá, C. (2020). Recent Advances in Ruthenium-Catalyzed Carbene/Alkyne Metathesis (CAM) Transformations. Synlett, 31, 12, 1147-1157. [doi: 10.1055/s-0039-1690861]. This article may be used for non-commercial purposes in accordance with Thieme Terms and Conditions for self-archivingCarbene intermediates have shown versatile applications in modern synthetic chemistry. Catalytic ruthenium carbene/alkyne metathesis (CAM) with readily available substrates renders an efficient procedure for the in situ generation of ruthenium vinyl carbene intermediates. Here, recent advances in synthetic applications of ruthenium-catalyzed carbene/alkyne metathesis (CAM) are highlighted.This work has received financial support from MINECO (project CTQ2017-87939R and ORFEO-CINQA network RED2018-102387-T), the Xunta de Galicia (project ED431C 2018/04 and Centro singular de investigación de Galicia accreditation 2019-2022, ED431G 2019/03) and the European Union (European Regional Development Fund – ERDF). D. P. thanks MEC for a predoctoral FPU fellowship (FPU15/02132)S

Palladium-Catalyzed [5+2] Heteroannulation of Phenethylamides with 1,3-Dienes to Dopaminergic 3-Benzazepines

NOTICE: This is the peer reviewed version of the following article: Velasco-Rubio, A., Varela, J. A., Saá, C. (2020). Palladium-Catalyzed [5+2] Heteroannulation of Phenethylamides with 1,3-Dienes to Dopaminergic 3-Benzazepines. Org. Lett., 22, 9, 3591-3595. [doi: 10.1021/acs.orglett.0c01053]. This article may be used for non-commercial purposes in accordance with American Chemical Society Terms and Conditions for self-archivingPhenethyltriflamides react with 1,3-dienes upon treatment with a catalytic amount of Pd(OAc)2 and Cu(OAc)2/O2 as oxidant to afford chemo-, regio- and diastereoselectively 2,3,4,5-tetrahydro-1H-benzo[d]azepines (3-benzazepine derivatives) in good to excellent yields. A DFT study of the [5+2] heteroannulation suggests a mechanistic pathway starting by the formation of the six-membered palladacycle cis-PdX2L2 via a CMD process followed by η2 coordination and insertion of the 1,3-diene unit in a diastereoselective manner.This work has received financial support from MINECO (project CTQ2017-87939R and ORFEO-CINQA network RED2018-102387-T), the Xunta de Galicia (project ED431C 2018/04 and Centro singular de investigación de Galicia accreditation 2019-2022, ED431G 2019/03) and the European Union (European Regional Development Fund – ERDF). A.V.-R. thanks Xunta de Galicia for a predoctoral fel-lowship (ED481A-2018/34, 2018-2021)S