La literatura sobre la interacción del riesgo fiscal y la estabilidad financiera: una revisión

This article presents a review of the literature on aspects of fiscal and financial crises. Firstly, an analysis is made on how fiscal policy may become unsustainable, whether it is due to a worsening of the fundamentals of a country, or to increasing international financial turmoil. Particular attention is paid to the literature on the role of financial institutions and their sovereign links in a crisis context. This link may mean that sovereign stress is transferred to the banks, via holdings of sovereign debt or vice versa, on account of the implicit (or explicit) guarantee that banks may have from the sovereign. Secondly, a review is made of the determining factors of the connectedness amongst financial institutions and between sovereign banks. The indicators of connectedness can help understand how systemic risk builds up. Finally, an analysis is made on how the debate on macro-prudential policy has evolved to tackle the issue of system-wide financial stressEste artículo repasa la literatura académica sobre crisis fiscales y financieras. En primer lugar, se analiza cómo la política fiscal de un país puede acabar siendo insostenible, ya sea por un deterioro de los fundamentales del país o por un aumento de las turbulencias financieras internacionales. Prestamos especial atención a la literatura sobre el papel de las instituciones financieras y su vinculación con el soberano en un contexto de crisis. Este vínculo puede provocar que el estrés del soberano se traslade a las entidades financieras mediante las tenencias de bonos soberanos. La dirección de la transmisión del riesgo puede ser también la contraria, debido a la garantía que ejerce el soberano sobre las entidades financieras de su país.Asimismo, se repasa la literatura sobre la conectividad de instituciones financiares entre sí y entre bancos y soberanos. Los indicadores permiten comprender cómo surge el riesgo sistémico. Finalmente, analizamos cómo el debate sobre la política macro prudencial ha evolucionado en los últimos tiempos

Nonhomothetic preferences, growth, trade and land

Nonhomothetic preferences with minimums of subsistence imply rates of investment that increasewith the level of income, and thus a positive correlation between growth rates and the level ofincome, at low levels of income. The existence of this positive correlation for a closed economywas already shown in a previous paper. The purpose of this paper is to show that, if we introduceland -a scarce resource that cannot be accumulated- in the model, this positive correlation existsfor an open economy as well.Subsistence minimums, investment rates

A Three Factor Agricultural Production Function: The Case of Canada

This paper estimates a constant returns to scale agricultural production function of the three basic factors of production. Such a function is a useful tool for macroeconomic, growth, and development studies. It uses the shares approach that Solow used in 1957 and very disaggregated Canadian data. The main results of this paper are that first, in Canada, agriculture is less labour intensive than both services and industry, but capital intensity is similar in the three sectors. Second, the share of land in value added is estimated to be 16%. Third, total factor productivity growth in Canada has been roughly the same--0.3%--in agriculture and manufactures over the period 1971-91.agricultural economics, agriculture production function, macroeconomics

A three-factor agricultural production function: The case of Canada

This paper estimates a constant returns to scale agricultural production function with just threeinputs: land, labour and capital -the basic factors of production. It uses the shares approach thatSolow used in 1957 and very disaggregated Canadian data. A constant returns to scale function ofthe three basic factors of production is a useful tool for macroeconomic, and growth anddevelopment studies. The main results of this paper are that, first, in Canada agriculture is lesslabour intensive than both services and industry, but capital intensity is similar in the threesectors. Second, the share of land in value added is estimated to be 16% Third, total factorproductivity growth in Canada has been roughly the same -0'3%- in agriculture and manufacturesover the period 1971-91.Constant returns to scale, land, total factor productivity growth

Optical measurement of osmotic water transport in cultured cells. Role of glucose transporters.

Methodology was developed to measure osmotic water permeability in monolayer cultured cells and applied to examine the proposed role of glucose transporters in the water pathway (1989. Proc. Natl. Acad. Sci. USA. 86:8397-8401). J774 macrophages were grown on glass coverslips and mounted in a channel-type perfusion chamber for rapid fluid exchange without cell detachment. Relative cell volume was measured by 45 degrees light scattering using an inverted microscope; measurement accuracy was validated by confocal imaging microscopy. The time required for greater than 90% fluid exchange was less than 1 s. In response to a decrease in perfusate osmolality from 300 to 210 mosM, cells swelled without lag at an initial rate of 4.5%/s, corresponding to a water permeability coefficient of (6.3 +/- 0.4) x 10(-3) cm/s (SE, n = 20, 23 degrees C), assuming a cell surface-to-volume ratio of 4,400 cm-1. The initial rate of cell swelling was proportional to osmotic gradient size, independent of perfusate viscosity, and increased by amphotericin B (25 micrograms/ml), and had an activation energy of 10.0 +/- 1 kcal/mol (12-39 degrees C). The compounds phloretin (20 microM) and cytochalasin B (2.5 micrograms/ml) inhibited glucose transport by greater than 85% but did not influence Pf in paired experiments in which Pf was measured before and after inhibitor addition. The mercurials HgCl2 (0.1 mM) and p-chloromercuribenzoate (1 mM) did not inhibit Pf. A stopped-flow light scattering technique was used to measure Pf independently in J774 macrophages grown in suspension culture. Pf in suspended cells was (4.4 +/- 0.3) x 10(-3) cm/s (assuming a surface-to-volume ratio of 8,800 cm-1), increased more than threefold by amphotericin B, and not inhibited by phloretin and cytochalasin B under conditions of strong inhibition of glucose transport. The glucose reflection coefficient was 0.98 +/- 0.03 as measured by induced osmosis, assuming a unity reflection coefficient for sucrose. These results establish a quantitative method for measurement of osmotic water transport in adherent cultured cells and provide evidence that glucose transporters are not involved in the water transporting pathway

QCD×\timesQED evolution of TMDs

We consider for the first time the QED corrections to the evolution of (un)polarized quark and gluon transverse-momentum-dependent distribution and fragmentation functions (TMDs in general). By extending their operator definition to QCD$\times$QED, we provide the mixed new anomalous dimensions up to ${\cal O}(\alpha_s\alpha)$ and the pure QED ones up to ${\cal O}(\alpha^2)$. These new corrections are universal for all TMDs up to the flavor of the considered parton, i.e., the full flavor universality of TMD evolution found in pure QCD is broken in QCD$\times$QED by the presence of the electric charge. In addition, we provide the leading-order QED corrections to the matching coefficients of the unpolarized quark TMD parton distribution function onto its integrated counterparts at ${\cal O}(\alpha_s^0\alpha)$.Comment: 9 pages, 3 figures. v2: minor corrections, accepted for publication in Phys. Lett.

Understanding of the Mole Concept Achieved by Students in a Constructivist General Chemistry Course

The purpose of this research project was to study the conceptual understanding achieved in a general chemistry course based on a constructivist approach. A group of 28 students participated in repeated measures obtained by means of conceptual maps about the mole concept prepared three times during the course: at the beginning the course, immediately after the concept was studied, and after studying other related concepts. In addition, eight students selected from the group of 28 were interviewed. The interviews were carried out focusing on their conceptual maps. The analysis of the repeated measures indicated significant differences among the three times, especially between the first two. It was evidenced, therefore, that these students obtained a significantly higher level of understanding of the mole concept. The qualitative analysis carried out with students identified a broad range of responses that represent different levels of hierarchical organization, of progressive differentiation, and of formation of significant relations of the mole concept. Some recommendations offered are to develop and implement teaching methods that promote understanding of scientific concepts, and to prepare science professors and teachers to emphasize teaching for conceptual understanding

Gender differences in education in a dynamic household bargaining model

In this paper, we explore the issue of gender differences in education in the context of a two-sexoverlapping generations model where men and women of each generation bargain over consumption, number of children, and investment in education of their children conditional on gender, andparents are altruistic toward their children. We show that the difference in the education levels ofboys and girls implied by our model is smaller than the one that would result from a pureinvestment model. Also, we show that as long as the time cost associated with bearing childrenis positive, women bear the entire time cost associated with child rearing. We use our model toestimate the cost to a woman of having a child. The estimate we obtain using cross-country datasuggests that such cost amounts to about 5% of the working lifetime of a woman.Fertility, marriage, overlapping generations