RTD based logic circuits using generalized threshold gates

Many logic circuit applications of Resonant Tunneling Diodes are based on the MOnostable-BIstable Logic Element (MOBILE). Threshold logic is a computational model widely used in the design of MOBILE circuits, i.e. these circuits are built from threshold gates (TGs). The MOBILE realization of generalized threshold gates is being investigated. Multi-Threshold Threshold Gates (MTTGs) have been proposed which further increase the functionality of the original TGs. Recently, we have proposed a novel MOBILE circuit topology obtained by fundamental properties of threshold functions. This paper describes the design of n-bit adders using these novel MOBILE circuit topologies. A comparison with designs based on TGs and MTTGs is carried out showing advantages in terms of speed and power delay product and device counts.España, Gobierno TEC2007-67245Junta de Andalucía EXC/2007/TIC-296

Public spending, prívate investment, and growth in O.E.C.D. countries: an empirical investigation

This paper is concerned with the empirical relationship between government spending and prívate investment. A panel of 14 OECD countries is used. We present evidence which suggests the existence of a significant crowding-in effect of prívate investment by public investment, through the positive impact of infrastructure on prívate investment productivity. Moreover, government consumption appears to crowd out prívate investment. The implications of these resulte are of foremost importance when it comes to fiscal consolidation. Déficit reductions engineered through cuts in public investment could severely impinge upon prívate capital accumulation and growth prospects.Este trabajo analiza la relación empírica existente entre el gasto público y la inversión privada en un panel de 14 países pertenecientes a la OCDE. La evidencia presentada sugiere la existencia de un significativo efecto "crowding-in" de la inversión pública, que opera a través de la complementariedad entre las infraestructuras y la inversión privada. Por otra parte, el consumo público parece ejercer un "efecto expulsión" de la inversión privada. L a implicaciones de estos resultados son de gran trascendencia en materia de consolidación fiscal. Reducciones del déficit conseguidas mediante recortes en la inversión pública podrían dañar severamente la acumulación de capital y las perspectivas de crecimiento

Preparing for the future: Where to now for regulation and supervision in the field of securities?

Evento: CESR’s Conference. Organizado por: CES

Enhanced Supervision of Risk Management Activities and Possible Revisions to the Basel II Framework

Evento: Annual Washington Conference. Organizado por: Institute of International Banker

Desarrollo regional y estructura de capital de las PYME

This article studies the influence of regional institutional environment, measured as regional development, on capital structure of small and medium-sized enterprises (SMEs). Furthermore, the standard firm-factor determinants and the business sector of the firm are also incorporated. To this end, a sample of 6,560 Spanish firms for 2007 is analysed, where all regions of Spain and all sectors, except the financial sector, are considered. Spain provides a suitable and unexplored laboratory for the analysis of regional differences in the financial structure of SMEs, since, on the one hand, SMEs constitute the most relevant firms in this country, and on the other hand, Spain shows regional disparities at various levels. Moreover, the empirical analysis uses Partial Least Squares (PLS), a variance-based structural equation modelling (SEM). In this respect, PLS has several clear advantages to multiple linear regression (MLR). Thanks to this study, how each of these factors explains the variation in the capital structure could be shown. Moreover, the results show that although firm factors and the business sector explain a large proportion of the variance of capital structure of SMEs, it is important to take into account the regional institutional environment to better ascertain the level of debt of SMEs in a single country.Este artículo estudia la influencia del entorno institucional regional, medido a través del desarrollo regional, en la estructura de capital de las pequeñas y medianas empresas (PYME). Además, este estudio también considera los factores de empresa clásicos determinantes de las decisiones de financiación y el sector de actividad de la empresa. Para el análisis empírico, se toma una muestra de 6.560 PYME españolas donde todas las regiones de España y todos los sectores, excepto el financiero, son considerados. España ofrece un laboratorio adecuado e inexplorado para el análisis de las diferencias regionales en la estructura financiera de las PYME, ya que, por una parte, las PYME son las empresas más preponderantes en el mismo y por otro lado, España muestra diferencias regionales a varios niveles. Como metodología se utiliza un modelo de ecuaciones estructurales basado en la varianza (Partial Least Squares-PLS). A este respecto, PLS ofrece una serie de ventajas claras sobre el análisis de regresión lineal múltiple. Gracias a este estudio, se ha podido identificar cómo cada una de las variables analizadas explica la variación en la estructura de capital. Además, los resultados muestran que aunque los factores de empresa y el sector de actividad explican una gran proporción de la varianza de la estructura de capital de las PYME, es importante tener en cuenta el entorno institucional regional para determinar mejor el nivel de deuda de las PYME en un país determinado

Establishment of the committee and future challenges

Evento: Committee of European Banking Supervisors (CEBS). Organizado por: EMA

Dynamic provisioning in Spain

Evento: IASB Meetin

Contribution to the Panel on European Regulators’ Expanded Roles

Evento: The British Bankers Association. Organizado por: FESE (Federation of European Security Exchanges

Regulating a single banking system

Evento: Committee of European Banking Supervisors (CEBS). Plan de Acción de los Servicios Financieros de la UE: implementación en la práctica

Governance and Structure of European Finance after EU enlargement

Evento: Panel on Banking and Financial Integration in Europe: the evolving rules. Organizado por: SUER