Determinants of Spread and Creditworthiness for Emerging Market Sovereign Debt:A Panel Data Study

This study uses a panel-data framework to identify the determinants of the spread over US Treasuries of emerging market sovereign issues as well as of the creditworthiness of the issuers,where the latter is represented by the Institutional Investor's creditworthiness index. We use a sample of 16 emerging market economies, together with time series data for the period 1998 to 2002 when analysing the spread, and from 1987 to 2001 when analysing the creditworthiness. The results suggest that for both the spread and the creditworthiness, significant explanatory variables include the economic growt rate, the debt-to-GDP ratio, the reserves-to-GDP ratio, and the debt-to-exports ratio. In addition, the spread is also determined by the exports-to-GDP ratio, and the debt service to GDP,while the creditworthiness is influenced by the inflation rate and a default dummy variable.

El Sonido Numinoso. Música Ritual y Biología

La condición biológica y social del ser humano instrumenta su concreción en el propio cuerpo; por ello cualquier creación cultural pasa por su corporeidad, por lo que cobra vital importancia la bio-ritmicidad fisiológica, junto con las ritmicidades elaboradas socialmente; esto, a su vez, es el sustento del constructo de armonías, cadencias y ruidos en el plano de las relaciones sociales. Las cuales son simbolizadas en la música ritual como metáforas de otras ritmicidades. Éstas son pertinentes a la vida de los hom bres en la tierra: calendarios de cultivo y festivos en los que se entretejen sus relaciones sociales necesarias para subsistir

Spin-transfer-torque resonant switching and injection locking in presence of a weak external microwave field for spin valves with perpendicular materials

The effects of a weak microwave field in the magnetization dynamics driven by spin-transfer-torque in spin-valves with perpendicular materials have been systematically studied by means of full micromagnetic simulations. In the system we studied, depending on the working point (bias field and current) in the dynamical stability diagram, we observe either resonant switching and injection locking. The resonant switching, observed in the switching region, occurs when the field frequency is approaching the frequency of the main pre-switching mode giving rise to an asymmetric power distribution of that mode in the sectional area of the free layer. At the resonant frequency, the switching time is weakly dependent on the relative phase between the instant when the current pulse is applied and the microwave field. The injection locking, observed in the dynamical region, is characterized by the following properties: (i) a locking bandwidth which is linearly dependent on the force locking, and (ii) a locking for integer harmonics of the self-oscillation frequency. We compare our numerical results with analytical theory for non-autonomous non-linear system obtaining a good agreement in the current region where the oscillation frequency and output power are characterized from a linear relationship

Following the yellow brick road? The Euro, the Czech Republic, Hungary and Poland.

This paper uses a combination of VAR and bootstrapping techniques to analyze whether the exchange rates of some New Member States of the EU have been used as output stabilizers (those of the Czech Republic, Hungary and Poland), during 1993-2004. This question is important because it provides a prior evaluation on the costs and benefits involved in entering the European Monetary Union (EMU). Joining the EMU is not optional for these countries but mandatory, although there is no definite deadline. Therefore, if the exchange rate works as a shock absorber, monetary independence could be retained for a longer period. Our main finding is that the exchange rate could be a stabilizing tool in Poland and the Czech Republic, although in Hungary it appears to act as a propagator of shocks. In addition, in these three countries, demand and monetary shocks account for most of the variability in both nominal and real exchange rates.EMU, exchange rate, Structural VAR, stationary bootstraps.

How to automate a kinematic mount using a 3D printed Arduino-based system

We demonstrate a simple, flexible and cost-effective system to automatize most of the kinematic mounts available nowadays on the market. It combines 3D printed components, an Arduino board, stepper motors, and simple electronics. The system developed can control independently and simultaneously up to ten stepper motors using commands sent through the serial port, and it is suitable for applications where optical realignment using flat mirrors is required on a periodic basis.Comment: 9 pages, 8 figure

Anomalies in the cognitive-executive functions in patients with chiari malformation type I

Resumen tomado de la publicaciónAnomalías en las funciones cognitivo-ejecutivas en pacientes con la Malformación de Chiari Tipo I. Antecedentes: en la última década, existen evidencias crecientes de que déficits neuropsicológicos, esencialmente en funciones ejecutivas, pueden estar involucrados en la patogenia de la enfermedad de Chiari Tipo I. El objetivo del estudio es evaluar la influencia de anormalidades estructurales sobre las funciones neuropsicológicas, fundamentalmente ejecutivas, en pacientes con Chiari Tipo I. Método: para ello se comparó el perfil neuropsicológico de estos pacientes con controles sanos. Tanto a los pacientes Chiari Tipo I como a los controles sanos se les aplicó pruebas neuropsicológicas que valoraron funciones ejecutivas frontales de vigilancia o atención sostenida, flexibilidad mental, y planificación y formación de conceptos (Stroop, CPT, WCST). Resultados: los resultados obtenidos sugieren una afectación de los pacientes Chiari Tipo I en los procesos de inhibición y autocontrol (Stroop) y en la capacidad atencional y en el mantenimiento del curso del pensamiento y la acción (WCST). Conclusiones: estos resultados proporcionan evidencias de posibles déficits o anomalías en las funciones ejecutivas cognitivas, que permitirían diferenciar los pacientes con Chiari Tipo I.Universidad de Oviedo. Biblioteca de Psicología; Plaza Feijoo, s/n.; 33003 Oviedo; Tel. +34985104146; Fax +34985104126; [email protected]

Public Debt Frontiers: The Greek Case

This paper attempts to quantify the maximum amount of debt that a government can sustain by itself, i.e., the limits to public indebtedness. Using a Dynamic General Equilibrium model where the government is fully characterized, we compute the steady state inverse relationship between the public debt to output ratio and the size of the government, measured as the total public expenditures to output ratio. This line is the budget constraint of a government in steady state. Calibration of the model for the Greek economy to fiscal targets reveals that, for the period just before the current recession, i.e. 2002-2006, the debt to GDP ratio was very close to the calculate limits wich depends dramatically on the interest rates. However, short after de financial crisis of 2008, sustained deficits drove the Greek economy to a point where the Greek Government crossed the debt limit where the country could only meet its debt obligations only if international investors where willing to lend. We conclude that the hight initial level of debts previous the crisis together with the rise in interest rates were the causes of the posterior debt crisis.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

Following the yellow brick road? The Euro, the Czech Republic, Hungary and Poland

This paper uses a combination of VAR and bootstrapping techniques to analyze whether the exchange rates of some New Member States of the EU have been used as output stabilizers (those of the Czech Republic, Hungary and Poland), during 1993-2004. This question is important because it provides a prior evaluation on the costs and bene?ts involved in entering the European Monetary Union (EMU). Joining the EMU is not optional for these countries but mandatory, although there is no de?nite deadline. Therefore, if the exchange rate works as a shock absorber, monetary independence could be retained for a longer period. Our main ?nding is that the exchange rate could be a stabilizing tool in Poland and the Czech Republic, although in Hungary it appears to act as a propagator of shocks. In addition, in these three countries, demand and monetary shocks account for most of the variability in both nominal and real exchange rates.EMU, exchange rate, Structural VAR, stationary bootstraps

Output subsidies and quotas under uncertainty and firm heterogeneity

This paper studies the relative efficiency of two kinds of regulations, quantity restrictions (quotas) and output subsidies, in an imperfectly competitive market under the existence of two sources of uncertainty: uncertainty in both costs and prices. We find that when the two sources of uncertainty are independently distributed, the output subsidy instrument has comparative advantage over the quantity instrument. However, when we take into account the possibility of correlation between the random components and across firms marginal costs, we find that a positive (negative) correlation tends to favor the quantity (subsidy) instrument. Finally, we show that when the correlation is positive, it is possible to find situations in which the quantity instrument has comparative advantage over the subsidy instrument.Cost uncertainty, demand uncertainty, firm heterogeneity, output subsidy and quantity instruments