Is market liquidity less resilient after the financial crisis? : evidence for US treasuries

En este trabajo se analiza la liquidez del mercado de deuda pública a diez años en Estados Unidos antes y después de la crisis financiera. Se consideran tanto el nivel como su resistencia, es decir, la forma en que la liquidez reacciona a los shocks financieros. Tras analizar cinco indicadores de liquidez, la recuperación de los niveles anteriores a la crisis financiera no es concluyente. La resistencia de la liquidez se estudia a partir de un modelo CC-GARCH bivariante. Según nuestros resultados, la propagación de un repunte de la volatilidad de la liquidez a la volatilidad de los rendimientos (y viceversa) se ha intensificado tras la crisis. Es más, la persistencia de la volatilidad de los rendimientos y de la liquidez es menor tras la crisis. Estos resultados son coherentes con la presencia más habitual de breves episodios de elevada volatilidad, caracterizados por una liquidez de mercado más inestable y propensa a evaporarseWe analyse the market liquidity level and resilience of US 10-year Treasury bonds. Having checked that five indicators show inconclusive results on the liquidity level, we fit a bivariate CC-GARCH model to evaluate its resilience, that is, how liquidity reacts to financial shocks. According to our results, spillovers from liquidity volatility to returns volatility and vice versa are more intense after the crisis. Further, the volatility persistence of both returns and liquidity becomes lower after the crisis. These results are consistent with the existence of more frequent short-lived episodes of high volatility and more unstable liquidity that is more prone to evaporatio

Measuring market liquidity in US fixed income markets : a new synthetic indicator

En este trabajo se propone un nuevo indicador sintético de liquidez de mercado que resume la información contenida en un conjunto amplio de medidas individuales para los mercados de renta fija de EEUU, tanto soberana como corporativa. En concreto, el indicador propuesto sintetiza diecisiete variables que caracterizan las principales dimensiones de la liquidez de mercado. La metodología para calcular el índice consta de dos etapas. En primer lugar, se transforman los indicadores de liquidez individuales para unificar las unidades de medida. Para ello se utiliza la metodología propuesta por Holló et al. (2012) para el índice CISS —Composite Indicator of Systemic Stress— de la zona del euro. En segundo lugar, se agregan las variables transformadas mediante componentes principales. El indicador muestra una menor liquidez en los mercados de renta fija de EEUU tras la crisis financiera global, principalmente por el deterioro de la liquidez en los mercados de deuda pública, al tiempo que las condiciones de liquidez en los mercados de deuda corporativa permanecieron establesWe propose a new synthetic liquidity indicator that summarises the data on a broad set of market liquidity measures both for sovereign and corporate fixed income markets in the US. Our index is based on 17 variables that cover the main dimensions of market liquidity. The methodology used to calculate the index consists of two steps. First, a transformation of the individual liquidity measures is made, based on the methodology proposed by Holló et al. (2012) for the CISS (Composite Indicator of Systemic Stress). The transformed variables are then weighted using a principal component analysis. The indicator shows that liquidity in US fixed income markets has been impaired after the global financial crisis, mainly as a result of weaker liquidity conditions in US Treasury markets, whereas those in the corporate debt market remained stabl

Profiling the Fatty Acids Content of Ornamental Camellia Seeds Cultivated in Galicia by an Optimized Matrix Solid-Phase Dispersion Extraction

Camellia (genus of flowering plants of fam. Theaceae) is one of the main crops in Asia, where tea and oil from leaves and seeds have been utilized for thousands of years. This plant is excellently adapted to the climate and soil of Galicia (northwestern Spain) and northern Portugal where it is grown not only as an ornamental plant, but to be evaluated as a source of bioactive compounds. In this work, the main fatty acids were extracted from Camellia seeds of four varieties of Camellia: sasanqua, reticulata, japonica and sinensis, by means of matrix-solid phase dispersion (MSPD), and analyzed by gas chromatography (GC) with MS detection of the corresponding methyl esters. MSPD constitutes an efficient and greener alternative to conventional extraction techniques, moreover if it is combined with the use of green solvents such as limonene. The optimization of the MSPD extraction procedure has been conducted using a multivariate approach based on strategies of experimental design, which enabled the simultaneous evaluation of the factors influencing the extraction efficiency as well as interactions between factors. The optimized method was applied to characterize the fatty acids profiles of four Camellia varieties seeds, allowing us to compare their fatty acid compositionThis research was supported by European Regional Development Fund 2007–2013 (FEDER), and project GPC2014/035 (Consolidated Research Groups Program of Galician Government Xunta de Galicia)S

Efficacy and safety of temozolomide in the treatment of aggressive pituitary neuroendocrine tumours in Spain

Carcinoma pituitario; RadioterapiaCarcinoma pituïtari; RadioteràpiaPituitary carcinoma; RadiotherapyCurrent guidelines recommend temozolomide as the first-line chemotherapy for aggressive pituitary neuroendocrine tumours. However, no clinical trials have been conducted to date and clinical experience is quite limited. We retrospectively analyzed 28 patients (9 women and 19 men), aged 46.6 + 16.9, with aggressive pituitary tumours (4 pituitary carcinomas and 24 aggressive adenomas) treated with temozolomide in 10 Spanish pituitary reference centres. Four patients had Cushing’s disease, 9 prolactinomas and 15 clinically non-functioning pituitary tumours (seven silent corticotroph, three silent somatotroph, one silent lactotroph, one silent gondotroph and three null-cell tumours). Median size at diagnosis was 10.5 cm3 (IQR 4.7-22.5), with cavernous sinus invasion in 88% and no metastases. Pre-temozolomide treatment, these data were 5.2 cm3 (IQR 1.9-12.3), 89.3% and 14.3% (2 intracranial and 2 spinal metastases). All patients had undergone surgery (1-5 surgeries), 25 (89.3%) had received radiotherapy (7 of them reirradiated) and 13(46.4%) had received cabergoline. One patient interrupted temozolomide prematurely. The remaining 27 patients received a median of 13 cycles (range 3-66) of 5 days every 28 days, with a mean initial dose of 265 ± 73 mg when administered alone and of 133 ± 15 mg when co-administered with radiotherapy. Eight patients (29.6%) had a significant reduction (>30%) in tumour volume and 14 (51.9%) attained tumour stabilization. After a median follow-up of 29 months (IQR 10-55), 8 out of these 22 showed disease progression. A longer progression-free survival was found in the five patients who received concomitant radiotherapy. Seven patients (25%) died (all of them because of tumour progression or complications of treatments) at 77 months (IQR 42-136) after diagnosis and 29 months (IQR 16-55) after the first dose of temozolomide. Adverse effects occurred in 18 patients (14 mild and 4 moderate or severe). In conclusion, temozolomide is an effective medical treatment for aggressive pitNET and pituitary carcinomas but is sometimes followed by tumour progression. Co-administration with radiotherapy may increase progression-free survival

Consumo e moralidade em contextos de vulnerabilidade: histórias de mulheres

Based on research data obtained from two different contexts of social vulnerability, this paper will analyse consumption strategies and their relevant perceptions. The leading figures of these stories are female peasants who are beneficiaries of the Bolsa Família Program and women living in urban areas who had their income reduced as a result of the COVID-19 pandemic and had therefore to join the Boleto+1 Facebook group. Among female peasants, the ethnographic research was conducted between 2016 and 2018, while the research with Boleto+1 associates was carried out in 2020, in the first months of the pandemic, via digital platforms.A partir de dados de pesquisa obtidos em dois distintos contextos de vulnerabilidade social, este artigo analisa estratégias de consumo e percepções a elas associadas. São protagonistas das histórias contadas mulheres agricultoras bolsistas do Programa Bolsa Família e mulheres moradoras de centros urbanos que, em situação de redução de renda ocorrida durante a pandemia de COVID-19, aderiram ao grupo de Facebook Boleto+1. Entre as agricultoras, a pesquisa etnográfica foi realizada entre 2016 e 2018, enquanto que junto às associadas do Boleto+1 foi conduzida, em 2020, nos primeiros meses da pandemia, através de mídias digitais

Estado nutricional del cultivo de soja (Glycine max (L.) Merr.) en suelos con distintos niveles de fósforo en el sur de Santa Fe

p.305-312Se presentan los resultados de un estudio exploratorio para conocer el estado nutricional del cultivo de soja en suelos con distintos niveles de fósforo (P) nativo en el sur de Santa Fé. Para ello se realizó un muestreo de suelos a la siembra y de folíolos en floración en lotes de productores y se determinó el nivel de nutrientes y su relación con el rendimiento. Los niveles foliares se compararon con la bibliografía internacional. Se encontró una correlación lineal positiva muy altamente significativa (P menor a 0,001) entre el P en suelo y el P en planta. El P foliar resultó mejor indicador de la disponibilidad de P en suelo y los rendimientos finales que el P extraíble. Los rendimientos estuvieron asociados en forma positiva con la concentración foliar hasta un valor de 0,35 por ciento de P, correspondiente a 11 ug g-1 de P en suelo. En la muestra en estudio los niveles de nitrógeno (N) foliar fueron menores que los de la bibliografía internacional, y se obtuvo una relación negativa entre pH y rendimiento (P menor a 0,10)

Agroclimatic aptitude of the arid and semi-arid areas in Argentina for the cultivation with prickly pear (Opuntia ficus indica) as bioetanol source

La tuna (Opuntia ficus indica) cumple con los requisitos que deben reunir los cultivos energéticos para zonas áridas y semiáridas. Gran parte de su habilidad para crecer en esos hábitats marginales se debe a que puede cumplir su ciclo con 150 mm anuales de precipitación. El objetivo del presente trabajo fue evaluar la aptitud agroclimática argentina para plantar Opuntia ficus índica en áreas marginales con el doble propósito de cosechar higos tuna y utilizar los cladodios para producir bioetanol. En base a datos climáticos, necesidades bioclimáticas y resistencia a las heladas en diferentes estados ontogénicos de la especie se delimitaron áreas óptimas, apropiadas y marginales de cultivo. Las áreas marginales por heladas delimitadas para plantaciones jóvenes no lo son para plantaciones adultas y las áreas marginales por humedad podrían modificarse mediante la aplicación de riego, ampliando la extensión del agroclima en Argentina. La zonificación agroclimática permitió ver la potencialidad de expansión del cultivo con fines energéticos en tierras marginales.The tuna (Opuntia ficus indica) fulfills the requirements expected for crops that produce energy growing in arid and semiarid zones. Great part of its ability to grow in marginal habitats is due to it can complete its cycle in areas with a precipitation of 150 mm per year. The aim of the present paper was to evaluate the agroclimatic aptitude of Argentina to plant Opuntia ficus indica in marginal areas for the double purpose to produce tuna as edible fruit and to use the cladodes to produce bioethanol. Taking on account the available climatic data, the bioclimatic necessities of the tuna and the resistance to frost in its different ontogenetic stages; optimal, appropriate and marginal areas could be delimited for its possible implantation in Argentina. It must be considered that the marginal areas delimited because of frost are not the same for young and adult plants but on the other hand, the marginal zoning because of moisture could be modified by irrigation, thus increasing the agroclimatic area for this specie. The agroclimatic zoning of tuna let us see the potentiality of this crop to produce energy growing in marginal areas in Argentina.Fil: Falasca, Silvia Liliana. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigación de Recursos Naturales. Instituto de Clima y Agua; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Bernabé, María Angélica. Universidad Nacional del Centro de la Provincia de Buenos Aires. Facultad de Ciencias Humanas. Centro de Investigaciones Ecogeográficas y Ambientales; ArgentinaFil: Lamas, María del Carmen. Universidad Nacional del Centro de la Provincia de Buenos Aires. Facultad de Ciencias Humanas; Argentin

Agroclimatic aptitude of the arid and semi-arid areas in Argentina for the cultivation with prickly pear (Opuntia ficus indica) as bioetanol source

La tuna (Opuntia ficus indica) cumple con los requisitos que deben reunir los cultivos energéticos para zonas áridas y semiáridas. Gran parte de su habilidad para crecer en esos hábitats marginales se debe a que puede cumplir su ciclo con 150 mm anuales de precipitación. El objetivo del presente trabajo fue evaluar la aptitud agroclimática argentina para plantar Opuntia ficus índica en áreas marginales con el doble propósito de cosechar higos tuna y utilizar los cladodios para producir bioetanol. En base a datos climáticos, necesidades bioclimáticas y resistencia a las heladas en diferentes estados ontogénicos de la especie se delimitaron áreas óptimas, apropiadas y marginales de cultivo. Las áreas marginales por heladas delimitadas para plantaciones jóvenes no lo son para plantaciones adultas y las áreas marginales por humedad podrían modificarse mediante la aplicación de riego, ampliando la extensión del agroclima en Argentina. La zonificación agroclimática permitió ver la potencialidad de expansión del cultivo con fines energéticos en tierras marginales.The tuna (Opuntia ficus indica) fulfills the requirements expected for crops that produce energy growing in arid and semiarid zones. Great part of its ability to grow in marginal habitats is due to it can complete its cycle in areas with a precipitation of 150 mm per year. The aim of the present paper was to evaluate the agroclimatic aptitude of Argentina to plant Opuntia ficus indica in marginal areas for the double purpose to produce tuna as edible fruit and to use the cladodes to produce bioethanol. Taking on account the available climatic data, the bioclimatic necessities of the tuna and the resistance to frost in its different ontogenetic stages; optimal, appropriate and marginal areas could be delimited for its possible implantation in Argentina. It must be considered that the marginal areas delimited because of frost are not the same for young and adult plants but on the other hand, the marginal zoning because of moisture could be modified by irrigation, thus increasing the agroclimatic area for this specie. The agroclimatic zoning of tuna let us see the potentiality of this crop to produce energy growing in marginal areas in Argentina.Fil: Falasca, Silvia Liliana. Instituto Nacional de Tecnología Agropecuaria. Centro de Investigación de Recursos Naturales. Instituto de Clima y Agua; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Bernabé, María Angélica. Universidad Nacional del Centro de la Provincia de Buenos Aires. Facultad de Ciencias Humanas. Centro de Investigaciones Ecogeográficas y Ambientales; ArgentinaFil: Lamas, María del Carmen. Universidad Nacional del Centro de la Provincia de Buenos Aires. Facultad de Ciencias Humanas; Argentin