Capital Flows and Destabilizing Policy in Latin America

Motivated by the excessive macroeconomic volatility experienced in Latin America, we examine the possible contribution of monetary and fiscal policies to this outcome. In contrast with previous literature, we consider the possible simultaneity between policy and GDP growth by using GMM VAR econometric techniques. Additionally, we explore the direct impact international capital inflows have on these policies. Our evidence suggests that for the group of countries we consider, most practice destabilizing fiscal and monetary policy, and capital inflow consistently influences policy in a pro-cyclical direction.Fiscal and Monetary Policies, Capital Flows, Latin America

Finance and the Business Cycle: a Kalman Filter Approach with Markov Switching

This paper combines two popular econometric tools, the dynamic factor model and the Markov-Switching model, to consider three segments of the financial system- the stock market, debt, and money- and their contribution to US business cycles over the past four decades. The dynamic factor model identifies a composite factor index for each financial segment, and using Markov-switching models by Hamilton (1989) and Filardo (1994), this paper then estimates the effect of each segment index on business cycle behaviour. This reexamination of the finance-business cycle link provides results that prove strongest for the effect of stock market movements on business cycles.

Novel memory-based sensory approach to assess large-scale typicality: the case of mainland Portugal red wines

Twenty professional wine experts were asked to describe their prototypical construct of a representative young red wine from each of the 12 Protected Geographical Indications (PGI) of mainland Portugal. No samples were assessed; the experiment was based on memory alone by completion of 12 extended self-reported sensory questionnaires. Four large-scale areas were differentiated, the typicality being statistically validated and described from a sensory standpoint. Alcohol, acidity, bitterness, and astringency were cross-linked; the respective variations were correlated with published literature and expressed as key factors for the regional macroscale area differentiation. Bitterness and astringency were found to be sensory different and related on a geographical scale, as bitterness was primarily affected by inland/coastal influence; while astringency confirmed its customary north/south dependence that finding is to be considered a new understanding. Moreover, with the proposed methodology, it was possible to achieve a novel nationwide sensory characterization of PGIs, overcoming present day limitations on macroscale sensory research and sample representativeness. Results by uncalibrated prototypical memory assessment of single PGI Beira Atlântico were compared with the outcome of calibrated wine sampling assessment by local experts, using the same sensory questionnaire, and were found significantly correlated. The need for a calibration stage was found uneven regarding the overall group of scrutinized wine descriptors

Evolution of proanthocyanidins in bunch stems during berry development (Vitis vinifera L.)

Proanthocyanidins from bunch stems of two red varieties (Castelao Frances and Touriga Francesa) and one white variety (Viosinho)(Vitis vinifera L,) harvested in 1998, were separated into monomers (catechins), oligomers (degree of polymerization ranging from 2 to 12-15) and polymers (degree of polymerization >12-15), and then quantified during grape development (40 d before veraison until ripening). In addition, low molecular weight catechins [(+)-catechin and (-)-epicatechin], dimeric procyanidins (B1, B2, B3, B4), galloylated dimeric procyanidins (B13-0-gallate, B2-3-0-gallate, B2-3'-0-gallate), and trimeric procyanidins (C1, T2) from grape stems were quantified by HPLC, At harvest the polymeric fraction was the most abundant (28.0 - 35.8 mg . g-1 stem). For the three grape varieties, the content of catechins, oligomeric and polymeric fractions decreased during berry development mainly after veraison, Crape stems are also an important source of proanthocyanidins in the grape cluster when compared to the flavanol content in seeds. From an industrial point of view, stems seem to be an important source of proanthocyanidins for potential use as nutriceutical, enological products, chemical standards or even in winemaking to regulate flavanol composition in wine.

Influence of Fining and Tartaric Stabilisation Procedures on White Wine Mannoprotein Content

Limpidity is a major quality attribute in white wine appreciation. After alcoholic fermentation and ageing,white wines are normally subjected to protein and tartaric stabilisation, followed by filtration. The impactof bentonite and gelatine fining and cold static tartaric stabilisation on the mannoprotein content of twowhite wines was studied. All treatments promoted a decrease in the content of mannoproteins. Bentonitefining largely affected the mannoproteins with the highest molecular weight, as did cold static tartaricstabilisation and gelatine fining

Effects of Abiotic Factors on Phenolic Compounds in the Grape Berry – A Review

Grape berry phenolic compounds are widely described in literature. Phenolics can be divided into two main groups: flavonoids and non-flavonoids, of which the flavonoids are the most important. The two bestknown groups of flavonoids are the anthocyanins and condensed tannins (also called proanthocyanidins).  Anthocyanins are responsible for the red colour in grapes. The condensed tannins (proanthocyanidins) are responsible for some major wine sensorial properties (astringency, browning, and turbidity) and areinvolved in the wine ageing processes. This review summarises flavonoid synthesis in the grape berry and the impact of environmental factors on the accumulation rate during ripening of each of the flavonoids.  The impact of the accumulated flavonoids in grapes and the resulting impact on the sensorial aspects of the wine are also discussed

Evolution of anthocyanins during grape maturation of two varieties (Vitis vinifera L.), Castelao Frances and Touriga Francesa

Research Not

Wind intermittency and CO2 reductions: the case of the spanish power system

Renewable energy sources are believed to reduce drastically greenhouse gas emissions that would otherwise be generated from fossil fuels used to generate electricity. This implies that a unit of renewable energy will replace a unit of fossil-fuel, with its CO2 emissions, on an equivalent basis (with no other effects on the grid). But, the fuel economy and emissions in the existing power systems are not proportional with the electricity production of intermittent sources due to cycling of the fossil fuel plants that make up the balance of the grid (i.e. changing the power output makes thermal units to operate less efficiently). This study focuses in the interactions between wind generation and thermal plants cycling, by establishing the levels of extra fuel use caused by decreased efficiencies of fossil back-up for wind electricity in Spain. We analyze the production of all thermal plants in 2011, studying different scenarios where wind penetration causes major deviations in programming, while we define a procedure for quantifying the carbon reductions by using emission factors and efficiency curves from the existing installations. The objectives are to discuss the real contributions of renewable energies to the environmental targets as well as suggest alternatives that would improve the reliability of future power systems