Price caps, efficiency payoffs, and infrastructure contract renegotiation in Latin America

Twenty years ago, as the United Kingdom was getting ready to launch the privatization of its public services, Professor Littlechild developed and operationalized the concept of price caps as a regulatory regime to control for residual monopoly conditions in those services. Ten years later, Latin American countries, as they embarked into their own infrastructure reforms, also adopted the price cap regulatory model. Relying on a large data base on the factors driving contract renegotiation in the region and a survey of the literature on efficiency gains, the authors assess the impact of this regulatory regime in Latin America. They show that while the expected efficiency gains were amply achieved, these gains were seldom passed on to the users. Instead they were shared by the government and the firms. Moreover, the adoption of price caps implied higher costs of capital and hence, tariffs, and brought down levels of investment.International Terrorism&Counterterrorism,Decentralization,Labor Policies,Banks&Banking Reform,Environmental Economics&Policies,Banks&Banking Reform,Environmental Economics&Policies,International Terrorism&Counterterrorism,Water Supply and Sanitation Participation,Community Participation in Water Supply and Sanitation

Multidimensionality and renegotiation : evidence from transport-sector public-private-partnership transactions in Latin America

Multidimensional auctions are a natural and practical solution when auctioneers pursue more than one objective in their public-private-partnership transactions. However, it is difficult to achieve auction efficiency with multiple award criteria. Using auction data from road and railway concessions in Latin America, the probability of renegotiation this paper estimates by a two-stage least squares technique with a binary selection in the first-stage regression. The findings show that auctioneers tend to adopt the multidimensional format when the need for social considerations, such as alleviation of unemployment, is high. This implies that such political considerations could hinder efficiency and transparency in auctions. The analysis also shows that the renegotiation risk in infrastructure concessions increases when multidimensional auctions are used. Rather, good governance, particularly anti-corruption policies, can mitigate the renegotiation problem.Transport Economics Policy&Planning,Debt Markets,Infrastructure Economics,E-Business,Emerging Markets

Credit risk mitigation and SMEs bank financing in Basel II : the case of the Loan Guarantee Associations

The objective of this paper is to analyse the impact of the techniques foreseen in the Basel Agreement II (BII) for mitigating the risk of default on bank loans to small and medium enterprises (SMEs). In particular, we will conduct an analysis of the effect of the guarantees that the Loan Guarantee Association (LGA) offer to the SMEs on the assignment of capital requirements of the financial entities under BII. At the same time, the study will examine the effect of this guarantee on the credit risk premium that the financial entities should charge their clients, and whether this foreseeable decrease in the interest rates applicable to the SMEs is compensated by the cost of the guarantee. The results show that, considering that the cost of the LGA guarantee in Spain is around 0.68%, it will be advantageous for an SME with the annual sales of less than or equal to €5 million to request this guarantee whenever the probability of default (PD) of the LGA isCredit risk mitigation, Bank financing of SMEs, Basel II, Loan Guarantee Association

Determining Antimicrobial Activity in Hydrolysates Obtained from Buttermilk Substrates by Trypsin and Pepsin

Milk proteins within their structure and sequence, contain peptides that exhibit antithrombotic, immunomodulatory, antimicrobial, antihypertensive, and other bioactivities. These peptides are released as the enzymes cleave milk proteins at certain locations of the amino acid chains. In this research, four different substrates were hydrolyzed with the gastrointestinal enzymes, pepsin and trypsin. The substrates were buttermilk (BM) and whey buttermilk (WBM), which are waste products of butter and cheese production, and supercritical CO2 fluid (SFE) treated buttermilk (S-BM) and whey buttermilk (S-WBM). SFE acts as a solvent which removes triglycerides from the substrates and changes the overall composition of samples. Resulting hydrolysates were placed on a disk to test on a bacterial lawn. Zones of inhibition were measured to quantify the antimicrobial activity of the peptide solution against specific bacteria. Up to this point in research, only E. coli K12 strain was used for susceptibility test. Some SFE treated hydrolysates showed zone of inhibition which indicated that there were antimicrobial peptides with measurable activities. This research is in its preliminary stage. If buttermilk and whey buttermilk show significant antimicrobial activity, then it would not only appreciate their value, but also be used as natural additives to increase shelf life of various processed foods and as natural antimicrobial agents that can aid in reducing the antibiotic overuse

Espacio colectivo popular (vivos/muertos) asentamiento informal como suelo asequible para la calidad de vida del distrito de Villa el Salvador, Lima, 2022

Ante el establecimiento de la informalidad por medio de las ocupaciones en las periferias, el objeto de estudio “determinó en qué medida la apropiación urbanoespacial (Asentamiento informal) del cementerio, influye en la calidad de vida de los residentes de la asociación de Mercaderes Cristo el Salvador”, por medio del desarrollo del pensamiento sistémico compacto y el diálogo de debate, enmarcado al ODS-11.1. de la Agenda 2030, ONU. La metodología fue de tipo sustantiva, diseño no experimental, de enfoque Mixto, nivel descriptivo–explicativo-causal y corte longitudinal de tendencia. La muestra fue de 208 participantes, aplicando cuestionarios, entrevistas no estructuradas y fichas de observación. Se validaron los instrumentos en base al juicio de expertos y la confiabilidad conformada por el test y re-test aplicada a 15 personas bajo el método del Alfa de Cronbach. Se codificaron las fichas de observación y entrevistas en el software ATLAS ti9 y los resultados del formulario en el software MAXQDA, resultando que hay una tendencia de influencia en la calidad de vida producto de la informalidad. Permitiéndonos concluir que, el transformar un espacio público, como el cementerio Cristo salvador en un espacio de uso colectivo, genera un deterioro de la calidad de vida de los residentes

Tendencia en la enseñanza de la Ingeniería Mecatrónica y su campo disciplinar.

En este trabajo se explican algunos elementos básicos que deben ser pormenorizados al observar la tendencia de la enseñanza de la  Ingeniería Mecatrónica y su campo disciplinar. Lo anterior se realiza mediante un bosquejo de su evolución desde el punto de vista educativo. Recordando que la Mecatrónica como concepto surge en Japón a mediados de la década de los sesenta del siglo XX. Sin embargo fue concebida para ser enseñada como área de la ingeniería posteriormente. Después de un periodo en el que se construyó sus fundamentos en los que actualmente se cimientan sus saberes propios, como rama de la ingeniería moderna. Desde su concepción, la Mecatrónica creó nuevos paradigmas tecnológicos, con una marcada diferencia a los esquemas tradicionales establecidos en aquellos momentos. En ese contexto la enseñanza de la Mecatrónica requiere de ser concebida de forma diferente a la enseñanza convencional de la ingeniería. Por lo cual, en este trabajo de investigación mostraremos una particular ilustración de su desarrollo, además de explicar también como se ha provocado dicha evolución. Así mismo de su campo disciplinar, juntamente con un incipiente modelo pedagógico. Todos estos temas en contexto a la naturaleza interdisciplinar de la Mecatrónica

Impact of oil phase concentration on physical and oxidative stability of oil-in-water emulsions stabilized by sodium caseinate and ultra-high pressure homogenization

In the present study, oil-in-water emulsions were formulated using 5.0% (w/v) of sodium caseinate (SC) and different oil concentrations (10–30%, v/v) by conventional homogenization (CH) and ultra-high pressure homogenization (UHPH, 200–300 MPa). The effect of oil concentration and pressure of treatment on emulsions characteristics and stability was studied. Emulsions were characterized assessing their microstructure, droplet size distribution, rheological properties, emulsifying activity index (EAI), creaming stability by Turbiscan®, and photo-oxidation. UHPH emulsions, especially those treated at 200 MPa, showed smaller droplet size and greater physical stability than CH emulsions. In addition, emulsions containing higher oil volume fractions (20 and 30%) exhibited greater physical and oxidative stability. UHPH emulsions treated at 200 MPa and containing 20% oil content were the most stable emulsions against physical separation and photo-oxidation. These results show that UHPH is a potential technology to enhance the physical and oxidative stability of emulsions containing sodium caseinate as emulsifier for several applications

Synthesis and Properties of Carbonized Silicate Ceramics

Temperature treatment of compositions based on red clay, grinded wastes of basalt (tezontle) and cullet makes it possible to reduce the sintering temperature and sintering time of ceramic products of different applications within the framework of a traditional technology, i.e., realize an energy-saving technology. The principle of formation of low-temperature eutectics is the basis for the energy-saving technology. The use of biowaste of sewage water treatment plants (WAS) enables us to perform plastic formation of products without addition of free water, thereby realizing a water-saving technology. The sintering of mixtures under conditions of a shortage of oxygen (in argon) leads to the formation of carbonized porous ceramics. Depending on the sintering regime, ceramics of different application (from building ceramics to adsorbing ceramics) can be obtained

YIELD PERFORMANCE OF GROWING LAMBS FED SILAGES WITH POULTRY LITTER, PIG EXCRETA AND UREA WITH MOLASSES CANE OR A BAKERY BY-PRODUCT

Las excretas pecuarias están constituidas por fracciones de alimentos no digeridas y por otros nutrientes que se incorporan en el tubo digestivo de los animales. Su producción y acumulación es fuente de contaminación ambiental, pero también son una fuente valiosa de nitrógeno y minerales en la alimentación de rumiantes. El objetivo de esta investigación fue evaluar dietas con ensilados de rastrojo de maíz, melaza de caña (MEL) y subproducto de panadería (SPP) como fuentes de carbohidratos hidrosolubles (C), mezclados con cerdaza fresca (CF), pollinaza deshidratada (PO) y urea agrícola (UR) como fuentes de nitrógeno (N), y su efecto en el crecimiento y las características de la canal de corderos. Los corderos recibieron durante 60 d dietas con 145 g PC kg-1 MS y 10 MJ EM kg-1 MS, más 400 g kg-1 (MS) de ensilado. Después, los corderos se sacrificaron para medir variables productivas y calidad de la canal. El consumo de MS (CMS) se analizó con medidas repetidas; para rendimiento, engrasamiento y morfometría se empleó el diseño de bloques al azar con arreglo factorial 2 x 3. Las variables cualitativas se analizaron con la prueba Kruskal-Wallis. Las medias de cuadrados mínimos de CMS a los 60 d no presentaron diferencias (p>0.05) entre tratamientos. Sin embargo, hubo efecto (p£0.05) de la fuente de N sobre ganancia diaria de peso (GDP) e interacción de NxC para ancho de pierna y grosor de grasa torácica. La fuente de C afectó (p£0.05) el rendimiento del perímetro de pierna, área de chuleta y profundidad de grasa subcutánea. La conformación de la canal fue inferior (p£0.05) para la combinación SPP con UR; con los otros tratamientos se obtuvieron grados de conformación de R a U. El tratamiento SPP con CF causó las mayores (p£0.05) coberturas de grasa externa, color de carne rosa claro y color de grasa crema. La conclusión es que los corderos alimentados con ensilado de CF y SPP tuvieron canales con mejor conformación y engrasamiento

Fruit flesh volatile and carotenoid profile analysis within the Cucumis melo L. species reveals unexploited variability for future genetic breeding

[EN] BACKGROUNDAroma profile and carotenoids content of melon flesh are two important aspects influencing the quality of this fruit that have been characterized using only selected genotypes. However, the extant variability of the whole species remains unknown. RESULTSA complete view of the volatile/carotenoid profiles of melon flesh was obtained analyzing 71 accessions, representing the whole diversity of the species. Gas chromatography-mass spectrometry and high-performance liquid chromatography were used to analyze 200 volatile compounds and five carotenoids. Genotypes were classified into two main clusters (high/low aroma), but with a large diversity of differential profiles within each cluster, consistent with the ripening behavior, flesh color and proposed evolutionary and breeding history of the different horticultural groups. CONCLUSIONOur results highlight the huge amount of untapped aroma diversity of melon germplasm, especially of non-commercial types. Also, landraces with high nutritional value with regard to carotenoids have been identified. All this knowledge will encourage melon breeding, facilitating the selection of the genetic resources more appropriate to develop cultivars with new aromatic profiles or to minimize the impact of breeding on melon quality. The newly characterized sources provide the basis for further investigations into specific genes/alleles contributing to melon flesh quality. (c) 2018 Society of Chemical IndustryWe would like to thank the metabolomics lab at the IBMCP for technical support. This work was supported by ERA-PG project (MELRIP: GEN2006-27773-C2-2-E), Plant KBBE project (SAFQIM: PIM2010PKB-00691), Accion Complementaria ACOMP/2012/173 and ACOMP/2013/141, and Ministerio de Economia y Competitividad AGL2014-53398-C2-2-R & AGL2010-20858 (jointly funded by FEDER).Esteras Gómez, C.; Rambla Nebot, JL.; Sánchez, G.; López-Gresa, MP.; González-Mas, M.; Fernández-Trujillo, J.; Belles Albert, JM.... 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