How many ladders of investment?

The ladder of investment is a regulatory approach that has been used by European National Regulatory Authorities (NRAs), in order to foster infrastructure competition among operators. the idea is to force incumbent operators to open several levels of access to their network in such a way that alternative operators may climb up the ladder, using more of his own infrastructure, and thus decreasing their reliance on the wholesale products of the incumbent operator. In order to market their own services, the alternative operator has to complement the wholesale resources acquired from the incumbent operator in regulated conditions. In principle, these complementary resources should be acquired in commercial conditions, but this is not always the case. For example, the alternative operator may use some physical space in the incumbent's premises to deploy their equipment, or rely on capacity services delivered by the incumbent operator in regulated conditions in order to reach specific geographical points. This suggests that analysing the degree of advance just in the main ladder of investment could suppose a gross underestimation of the reals degree of alternative infrastructure deployment by alternative operators. In this paper, we provide a theoretical explanation for this phenomenon with the help of the theory of the discovery market process and the theory of capital, as proposed by the Austrian School of Economics. The situation of the identified ladders of investment is assessed for the Spanish market, and some conclusions are drawn and applied in the form of policy recommendations for the NGN ladder of investment.Austrian School of Economics,discovery market process,complementarity,ladder of investment,capital structure,NGN

The quality of fiscal adjustment and the long-run growth impact of fiscal policy in Brazil

The authors describe the main trends of Brazil's fiscal policy during the past decade and analyze (1)the ability to raise the primary surplus in response to external shocks, (2) the pro-cyclical nature of fiscal policy, and (3) the long-run impact of government expenditure composition and taxation. They analyze the use of the primary balance as a policy tool within the Drudi-Prati model, wherein the government uses the primary balance to reveal its commitment to service its debt. The authors verify that both the debt ratio and the primary balance are determinants of spreads and credit ratings in Brazil. But the relationship is nonlinear: the impact of the primary balance on spreads is amplified as the debt ratio increases. Using an Autoregressive Distributed Lag (ARDL) approach, the authors analyze the relationship between the primary balance and economic activity, finding a positive correlation in the long run. However, in the short run fiscal expansions are associated with primary balance reductions and vice-versa during output contractions, confirming the procyclical nature of fiscal policy in the short run. The authors use two approaches, ARDL and a cointegrating value at risk (VAR), to analyze the interaction between public expenditure composition and taxation on growth. Similar results are obtained: large elasticities of output with respect to capital stocks, a significant negative impact of taxation on long-run GDP, and a negative impact of increasing government consumption and transfer payments on GDP. These results shed light on the contribution of fiscal policy to disappointing growth performance in Brazil during the past decade.Economic Stabilization,Public Sector Expenditure Analysis&Management,Economic Theory&Research,Fiscal Adjustment,Banks&Banking Reform

Las rapadas: El franquismo contra la mujer

Es reseña de: Las rapadas: el franquismo contra la mujer/ Enrique González Duro. Tres Cantos, Madrid : Siglo XXI España, D.L. 2012. ISBN 978-84-323-1629-

The Russian Revolution One Hundred Years Later

Reseña de: Faraldo Jarillo, José María, La Revolución rusa: Historia y memoria, Madrid, Alianza Editorial, 2017, 210 pp

Humor en la nueva literatura sucreña

Laberintos del gallinero. Taller de escritura Páginas de Agua; María Alejandra García Mogollón (Compiladora); Antología de Renata, Sucre, Sincelejo, 2010, 104 págs

3D numerical study of the transient behaviour on plasticity induced crack closure

Daniel Camas, Fernando Antunes, Pablo Lopez-Crespo, Antonio Gonzalez-Herrera, 3D Numerical Study of the Transient Behaviour on Plasticity Induced Crack Closure, Abstract Booklet of the MSMF9, Edited by Pavel Sandera, Brno University of Technology, 2019, pp. 136.The numerical analysis of the plasticity induced crack closure requires the development of the plastic wake. Transient behaviour is observed when the crack starts to grow. The plastic wake length has an influence on the crack closure results and a great impact on the computational cost. Previous works have analysed the influence of this parameter considering bi-dimensional specimens in either plane strain or plane stress conditions. Lately, some three-dimensional models have appeared in order to analyse the crack closure phenomenon. The main scope of this study is to quantify and comprehend the minimum length required to stabilise the crack opening and closure values considering a three-dimensional model. On this purpose, a CT aluminium specimen has been modelled three-dimensionally and several calculations have been made in order to evaluate the influence of the simulated plastic wake. The numerical analysis is made in terms of crack closure and opening values.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

Computational approaches to the investigation of proteins involved in Parkinson's Disease

Parkinson's disease (PD) is the second most spread neurodegenerative disease (after Alzheimer's). It is a disease for which there is currently no cure. The average age of onset is 60 years, and the prevalence rises significantly from 0.3% in the entire population to about 1% in people over 60 years old and up to 5% in over 85 years old [1, 2]. However, about 5 to 10 % of people with PD have "early-onset" disease that begins before the age of 50 [34, 35, 36]..