Responses of CYP450 dependent system to aliphatic and aromatic hydrocarbons body burden in transplanted mussels from South coast of Portugal

Mussels Mytilus galloprovincialis were cross-transplanted at South Portugal from a reference site (site 1) to a site more contaminated with hydrocarbon compounds (site 2), and vice versa, in an active biomonitoring (ABM) concept, to assess the biotransformation capacity catalyzed by the mixed function oxygenase (MFO) system. Total alkanes (TAlk), the unresolved complex mixture (UCM), and total polycyclic aromatic hydrocarbons (TPAHs) concentration increased respectively 6, 4.4 and 4.2 fold relatively to control, in mussels transplanted from site 1 to 2. In the cross-transplant, a 48, 57 and 62% depuration of TAlk, UCM and TPAHs concentrations occurred by the end of the 3-4th week. Petrogenic and biogenic (marine and terrigenous) sources of AHs, and petrogenic and pyrolitic (biomass and oil/fuel incomplete combustion) sources of PAHs were detected at both sites. CYP450, CYT b (5) and NADPH-RED in mussels transplanted from site 1 to 2 were induced from day 0 to 28, with a total increase of 35, 32 and 35%, respectively, while biochemical equilibrium to lesser environmental contamination occurs in mussels transplanted from site 2 to 1. A significant relationship between CYP450 and NADPH-RED was found with TPAH, with distinctive behavior at the two sites. MFO system components increase with exposure time at one site and decreases in the other, reflecting an adaptation to distinct environmental hydrocarbon loads. The ABM strategy proved to be useful to understand the environment real impact on the biochemical responses in mussels' local populations. In this study, CYP450 and NADPH-RED are a useful biomarker for hydrocarbon exposure.FCT: PRAXIS XXI/BD/3740/94info:eu-repo/semantics/publishedVersio

The welfare cost of the EMU for transition countries

The Czech Republic, Hungary, and Poland are set to join the European and Monetary Union (EMU) in the near future. This paper offers a framework for the quantitative evaluation of the economic costs of joining the EMU. Using an open economy dynamic general equilibrium model with sticky prices, we investigate the economic implications of the loss of monetary policy flexibility associated with EMU for each of these economies. The main benefit of this general equilibrium approach is that we can directly evaluate the effects of monetary policy in terms of welfare. Our findings suggest that the Czech Republic and Poland may experience sizable welfare costs as a result of joining the EMU. Results for Hungary are less striking as welfare costs in this country seem to be negligible in the benchmark economy. Nevertheless, costs of joining the EMU are higher if government shocks are important and when the trade share with the EMU is small.info:eu-repo/semantics/publishedVersio

In or Out? The Welfare Costs of EMU Membership

Sweden and the UK have repeatedly refused to join the European and Monetary Union (EMU). Surprisingly, there is very little work on the welfare consequences of the loss of monetary policy flexibility for these countries. This paper fills this void by providing a framework to evaluate quantitatively the economic costs of joining the EMU. Using a two-country dynamic general equilibrium model with sticky prices we investigate the economic implications of the loss of monetary policy flexibility associated with the EMU for each country. The main contribution of our general equilibrium approach is that we can evaluate the effects of monetary policy in terms of welfare. Our findings suggest that these economies may experience sizable welfare losses as a result of joining the EMU. Results show that the cost associated with the loss of the monetary policy flexibility is higher in the presence of persistent government consumption shocks and small trade shares with the EMU.info:eu-repo/semantics/acceptedVersio

A Benchmarking of the Undergraduate Economics Major in Europe and in the United States

We compare the undergraduate Economics majors and their underlying structure in the top-ranked Economics departments of Europe and the USA, identifying the fundamental courses included in an Economics major in top-ranked universities. We further distinguish between those courses that are required and those that are usually offered as electives, finding striking differences between Europe and the USA, especially regarding the nature of the main electives offered. The insights from this comparative study may be useful for the ongoing restructuring of undergraduate Economics majors in European countries caused by the Bologna Process

Explaining growth in African countries – what matters?

In this work we analyze the role of the traditional determinants of economic growth, pointed by the literature, in African countries in the period between 1950 and 2012, using growth regressions. Due to the specificity and the single nature of each one of these countries, methods that take into account observed and unobserved heterogeneity are used. Results highlight the relevance of the growth rate of the capital stock to economic growth in African countries in the short-run, which is significant in all regressions. The growth rate of the government to GDP ratio is also important in all but one of the regressions in which appears, and its growth is harmful for the growth of GDP per capita in the short-run. On the other hand, variables related to the public debt do not present any relationship with economic growth. Human capital has a positive relationship with economic growth in regressions that do not include public debt. The growth rate of real GDP per capita also depends (negatively) on its past value, i.e., the lower the real GDP per capita the higher will be its growth rate.info:eu-repo/semantics/acceptedVersio

The dynamics of the trade balance and the terms of trade in Central and Eastern European countries

In this work, we assess the existence of an S-Curve pattern in 10 Central and Eastern European countries (CEEC-10) for the relation between the trade balance and the terms of trade. Empirical results support the existence of this curve for Slovenia and Hungary. In the case of Bulgaria, the Czech Republic, and Slovakia the pattern is weaker, but it still prevails, as is the case for an aggregate of the 10 transition countries. We then document this property of business cycles in the dynamic general equilibrium trade model of Backus et al. (1994), calibrated specifically to match the CEEC-10 aggregate economy. Results support the existence of an S-Curve, except when technology shocks are absent and domestic and imported goods are perfect substitutes. Since technological shocks are determinant in explaining the S-Curve pattern and transition countries seem to be experiencing some type of technological shocks, it is not likely that this pattern will fade away in the near future and hence it is important for economic policy to be aware of this phenomenon and its consequences for these countries in terms of real convergence and the timing of euro adoption.info:eu-repo/semantics/acceptedVersio

On the welfare properties of the Lucas and Romer endogenous growth models

We present results from quantitative exercises using the Lucas and Romer endogenous growth models, from which we calculate welfare losses from the distortions presented in the Romer model. Moreover, comparing the models to data, we show that an economy governed by the Romer model would attain a higher welfare than one governed by the Lucas model, contrary to what can be interpreted from some previous theoretical contributions

The revival of the Feldstein-Horioka Puzzle and moderation of capital flows after the Global Financial Crisis (2008/09)

This study investigates the recent trend of the Feldstein-Horioka puzzle and the underlying reasons for moderation in capital flows. This issue is analysed quite inadequately for the period after the Global Financial Crisis, which represents a crucial turning point for economic climate and policies. The Feldstein-Horioka Puzzle is estimated using the World’s 13 largest economies, with panel GMM regression, between 1996 and 2016. We uncover that the Global Financial Crisis had a persistent detrimental effect on capital liberalization, after which the Feldstein-Horioka puzzle has revived and capital mobility has decreased. We suggest two possible explanations for such moderation in capital flows: the increasing risk perception and risk aversion behaviour of fund supplying countries, which increases the home bias, and capital controls against free flow of capital that have been applied after the Global Financial Crisis of 2008/2009.info:eu-repo/semantics/acceptedVersio

Should the federal government reallocate funds within federal transfers?

It is recognized that one of the goals of federal transfers is to provide the states with some financial leverage during recessions. Federal transfers in the United States comprise such components as retirement and disability payments for individuals, other direct payments for individuals or organizations, grants, procurement contracts, and salaries and wages. Is the composition of the federal transfers’ budget having an optimal effect on the business cycle or should the federal government reallocate some expenditure? In this article, we argue that the federal government may improve its role in stabilizing the business cycle if some reallocation is made from procurement contracts and payments for other than individuals to direct payments for individuals, grants, and disability and retirement payments