Finance and growth in the EU: new evidence from the liberalisation and harmonisation of the banking industry

JEL Classification: G21, G28, O5Banking Deregulation, Economic Growth, European Union, Financial Development

Public finances and long-term growth in Europe - evidence from a panel data analysis

In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic growth rate of around 3 percent as a realistic prospect for the coming years and assigns public finances an important role in the process of achieving this goal. This paper addresses the question whether we can find empirical evidence for European countries that public finance reform affects trend growth. Focusing on time series patterns, we investigate whether there have been persistent shifts or trends in economic growth and fiscal variables over the last 40 years. In addition, we estimate a distributed lag model, which 1) indicates that government consumption and transfers negatively affect growth rates of GDP per capita over the business cycle, while public investment has a positive impact, and 2) provides robust evidence that distortionary taxation affects growth in the medium-term through its impact on the accumulation of private physical capital. JEL Classification: C22, C23, H11, O11Europe, long-term growth, public finance

Persistence in inequalities across the Spanish regions

In this paper we investigate several issues concerning persistence in inequalities of relative income per capita among the Spanish regions over 1980-2002. For that purpose we take a Bayesian approach which extends the work by Canova and Marcet (1995). Firstly, we study to what extent there exists a fixed effect bias in the standard cross-section estimates, and we find that the speed of convergence is indeed underestimated. Secondly, we provide a battery of results in which steady states and convergence rates have been obtained for a continuum of prior distributions. Finally, we also deal with persistence in inequalites by determining whether initial conditions matter in the distribution of regional steady states, and our conclusion is that regional disparities tend to persist over time in Spain.Convergence, Inequalities, Bayesian Econometrics, Gibbs sampling

Persistence in inequalities across the Spanish regions.

This paper investigates several issues concerning persistence in inequalities of relative income per capita among the Spanish regions over 1980-2002. For that purpose we take a Bayesian approach which extends the work by Canova and Marcet (1995). Firstly, we study to what extent there exists a fixed effect bias in the standard cross-section estimates, and we find that the speed of convergence is indeed underestimated. Secondly, we provide a battery of results in which steady states and convergence rates have been obtained for a continuum of prior distributions. Finally, we also deal with persistence in inequalites by determining whether initial conditions matter in the distribution of regional steady states, and our conclusion is that regional disparities tend to persist over time in Spain.Convergence, Inequalities, Bayesian Econometrics, Gibbs sampling.

A long-run convergence analysis of aerosol precursors, reactive gases, and aerosols in the BRICS and Indonesia: is a global emissions abatement agenda supported?

This article examines the hypothesis of deterministic emissions convergence for a panel of the BRICS and Indonesia to advanced countries' emissions levels as well as to Sweden (which is a country that has clearly gone through decoupling) using a novel dataset with ten series of annual estimates of anthropogenic emissions comprising aerosols, aerosol precursor and reactive compounds, and carbon dioxide from 1820 to 2018. For that purpose, we employ four novel panel unit root tests allowing for several forms of time-dependent and state-dependent nonlinearity. The evidence supports deterministic convergence following a linear process for carbon dioxide, whereas the adjustment is asymmetric and nonlinear for carbon monoxide. Methane and nitrogen oxides exhibit logistic smooth transition converging dynamics. In contrast, black carbon, ammonia, nitrous oxide, non-methane volatile organic compounds, organic carbon, and sulfur dioxide emissions diverge. These results have implications for the abatement of greenhouse gases emissions at the global level, given the high share of emissions of the BRICS.Universidad Pablo de Olavide. Facultad de Ciencias Sociale

Convergence of GHGs emissions in the long-run: aerosol precursors, reactive gases and aerosols-a nonlinear panel approach

This work was supported by the Spanish Ministry of Science, Innovation and Universities [Grant number ECO2017-86780-R, AEI/FEDER, UE]; and Junta de Andalucía [Grant numbers I+D+i project P20_00808, PAIDI SEJ-513].Anthropogenic emissions of reactive gases, aerosols and aerosol precursor compounds are responsible for the ozone hole, global warming and climate change, which have altered ecosystems and worsened human health. Environmental authorities worldwide have responded to these climate challenges through the 2030 Agenda for Sustainable Development. In this context, it is key to ascertain empirically whether emission levels are converging among the countries forming the industrialized world. In doing so, we focus on 23 industrialized countries using a novel dataset with ten series of annual estimates of anthropogenic emissions that include aerosols, aerosol precursor and reactive compounds, and carbon dioxide over the 1820¿2018 period. We apply four state-of-the-art panel unit root tests that allow for several forms of time-dependent and state-dependent nonlinearity. Our evidence supports stochastic convergence following a linear process for carbon dioxide, whereas the adjustment is nonlinear for black carbon, carbon monoxide, methane, non-methane volatile organic compounds, nitrous oxide, nitrogen oxides and sulfur dioxide. In contrast, ammonia and organic carbon emissions appear to diverge. As for deterministic convergence, carbon dioxide converges linearly, while black carbon, carbon monoxide, nitrogen oxides, non-methane volatile organic compounds and sulfur dioxide adjust nonlinearly. Our results carry important policy implications concerning the achievement of SDG13 of the global 2030 Agenda for Sustainable Development, which appears to be feasible for the converging compounds.Universidad Pablo de Olavid

The role of spirituality and religiosity in healthcare during the COVID-19 pandemic: an integrative review of the scientific literature

The pandemic caused by the new coronavirus SARS-CoV-2 has been afecting populations globally since the end of 2019. Previous studies have indicated that spirituality in these times of crisis serves as a source of hope and well-being that helps people get through the day. This study investigated the role of spirituality and religiosity in healthcare during the COVID-19 pandemic. An integrative review of the scientifc literature available on PubMed, Scopus, and Web of Science databases and a review of the gray literature in the Information System on Gray Literature in Europe (OpenGrey) were carried out. From a total of 1,338 articles searched; 25 articles were included in this review (22 quantitative observational, 2 qualitative and one randomized controlled trial). Our fndings revealed the importance of includ ing spirituality in clinical practice for both health professionals and patients. On the one hand, spirituality can be considered a good coping strategy used by healthcare professionals to promote mental health and well-being during the COVID-19 pan demic and resulting in greater patient satisfaction with the care given. On the other hand, addressing spiritual needs of individuals leads to a reduction in stress, anxiety, depression, and an increase in resilience and hope among patients

Prevalencia de Dictyocaulus viviparus en una unidad afectada

Feces from 47 creole Siboney heifers were sampled to determine Dictyocaulus viviparus prevalence on a livestock farm in Camagüey municipality. A twelve-hour feces culture was prepared and Baerman’s larvoscopic test was performed to obtain D.viviparus larvas and identify their morphological features. A high prevalence of 55,3 % was detected. This finding was consistent with cattle management and grazing conditions.Con el objetivo de determinar la prevalencia de Dictyocaulus viviparus en una unidad afectada del municipio de Camagüey, se colectaron muestras de heces fecales de 47 añojas mestizas Siboney las cuales se cultivaron por 12 horas con el propósito de obtener las larvas por medio de la técnica larvoscópica de Baerman y ser identificadas por sus características morfológicas. La prevalencia detectada fue del 55,3 %. Este valor constituyó una prevalencia alta, que presentó concordancia con las condiciones de manejo y pastoreo a que está sometida la masa

Post-Franco Theatre

In the multiple realms and layers that comprise the contemporary Spanish theatrical landscape, “crisis” would seem to be the word that most often lingers in the air, as though it were a common mantra, ready to roll off the tongue of so many theatre professionals with such enormous ease, and even enthusiasm, that one is prompted to wonder whether it might indeed be a miracle that the contemporary technological revolution – coupled with perpetual quandaries concerning public and private funding for the arts – had not by now brought an end to the evolution of the oldest of live arts, or, at the very least, an end to drama as we know it

Treatment with tocilizumab or corticosteroids for COVID-19 patients with hyperinflammatory state: a multicentre cohort study (SAM-COVID-19)

Objectives: The objective of this study was to estimate the association between tocilizumab or corticosteroids and the risk of intubation or death in patients with coronavirus disease 19 (COVID-19) with a hyperinflammatory state according to clinical and laboratory parameters. Methods: A cohort study was performed in 60 Spanish hospitals including 778 patients with COVID-19 and clinical and laboratory data indicative of a hyperinflammatory state. Treatment was mainly with tocilizumab, an intermediate-high dose of corticosteroids (IHDC), a pulse dose of corticosteroids (PDC), combination therapy, or no treatment. Primary outcome was intubation or death; follow-up was 21 days. Propensity score-adjusted estimations using Cox regression (logistic regression if needed) were calculated. Propensity scores were used as confounders, matching variables and for the inverse probability of treatment weights (IPTWs). Results: In all, 88, 117, 78 and 151 patients treated with tocilizumab, IHDC, PDC, and combination therapy, respectively, were compared with 344 untreated patients. The primary endpoint occurred in 10 (11.4%), 27 (23.1%), 12 (15.4%), 40 (25.6%) and 69 (21.1%), respectively. The IPTW-based hazard ratios (odds ratio for combination therapy) for the primary endpoint were 0.32 (95%CI 0.22-0.47; p < 0.001) for tocilizumab, 0.82 (0.71-1.30; p 0.82) for IHDC, 0.61 (0.43-0.86; p 0.006) for PDC, and 1.17 (0.86-1.58; p 0.30) for combination therapy. Other applications of the propensity score provided similar results, but were not significant for PDC. Tocilizumab was also associated with lower hazard of death alone in IPTW analysis (0.07; 0.02-0.17; p < 0.001). Conclusions: Tocilizumab might be useful in COVID-19 patients with a hyperinflammatory state and should be prioritized for randomized trials in this situatio