China’s Emergence in the World Economy and Business Cycles in Latin America

The international business cycle is very important for Latin America's economic performance as the recent global crisis vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the world have altered the transmission mechanism of international business cycles to Latin America. Evidence based on a Global Vector Autoregressive (GVAR) model for 5 large Latin American economies and all major advanced and emerging economies of the world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three times since mid-1990s. At the same time, the long-term impact of a US GDP shock has halved, while the transmission of shocks to Latin America and the rest of emerging Asia (excluding China and India) GDP has not undergone any significant change. Contrary to common wisdom, we find that these changes owe more to the changed impact of China on Latin America's traditional and largest trading partners than to increased direct bilateral trade linkages boosted by the decade-long commodity price boom. These findings help to explain why Latin America did so well during the global crisis, but point to the risks associated with a deceleration in China's economic growth in the future for both Latin America and the rest of the world economy. The evidence reported also suggests that the emergence of China as an important source of world growth might be the driver of the so called "decoupling" of emerging markets business cycle from that of advanced economies reported in the existing literature.Latin Americ

Uncertainty and Economic Activity: A Global Perspective

The 2007-2008 global financial crisis and the subsequent anemic recovery have rekindled academic interest in quantifying the impact of uncertainty on macroeconomic dynamics based on the premise that uncertainty causes economic activity to slow down and contract. In this paper, we study the interrelation between financial markets volatility and economic activity assuming that both variables are driven by the same set of unobserved common factors. We further assume that these common factors affect volatility and economic activity with a time lag of at least a quarter. Under these assumptions, we show analytically that volatility is forward looking and that the output equation of a typical VAR estimated in the literature is mis-specified as least squares estimates of this equation are inconsistent. Empirically, we document a statistically significant and economically sizable impact of future output growth on current volatility, and no effect of volatility shocks on business cycles, over and above those driven by the common factors. We interpret this evidence as suggesting that volatility is a symptom rather than a cause of economic instability

A Counterfactual Economic Analysis of Covid-19 Using a Threshold Augmented Multi-Country Model

This paper develops a threshold-augmented dynamic multi-country model (TG-VAR) to quantify the macroeconomic effects of Covid-19. We show that there exist threshold effects in the relationship between output growth and excess global volatility at individ

In vitro evaluation of antimicrobial and antioxidant activities of algal extracts

The aim of this study was to evaluate the antioxidant capacity, the antimicrobial proprieties of algae Ascophyllum nodosum and Schizochytrium spp. against one of major swine enteric pathogen Escherichia coli O138 by broth macro-dilution method in Luria-Bertani (LB) medium. The antimicrobial effect of the algal extracts at supplementation of 0.12%, 0.06% and 0.03% (v/v) on E. coli O138, genetically characterised by PCR, was evaluated by following the bacterial growth. The antioxidant activity was determined by the ABTS Radical Cation Decolorisation Assay. In particular, the log(10) E. coli used as control resulted significantly higher than 0.12% at 3 hours (8.82 +/- 0.07 and 8.18 +/- 0.07 log(10) cells/mL, respectively; p<.01) suggesting an inhibitory activity related to the dose. No effect activity was observed with Schizochytrium spp. against E. coli growth. A. nodosum and Schizochytrium spp. exhibited antioxidant capacity (p<.05). The combination of them (1:1) exhibited antioxidant activity suggesting a synergistic effect (p<.05). The different proprieties of algal species that can modulate the O138 E. coli growth, one of the major pathogen of swine species, together with the antioxidant capacity, make them a promising functional feed additive to improve the gut health, therefore further studies are needed to confirm these activities in vivo

In Vitro Digestion of Chestnut and Quebracho Tannin Extracts : Antimicrobial Effect, Antioxidant Capacity and Cytomodulatory Activity in Swine Intestinal IPEC-J2 Cells

Quebracho (Qu) and chestnut (Ch) are natural sources of tannins and they are currently used in animal nutrition as feed ingredients. However, to date the bio-accessibility, antimicrobial, antioxidant, and intestinal epithelial cell stimulatory doses of Qu and Ch have not been determined. Our study investigates the antioxidant and E. coli F4+ and F18+ growth inhibitory activity of Qu, Ch, and their combinations after solubilization in water (to evaluate the already bio-accessible molecules) and after simulated gastro-intestinal digestion in vitro. The effect of an in vitro digested Ch and Qu combination was also tested on intestinal epithelial IPEC-J2 cells experimentally stressed with hydrogen peroxide (H2O2) and Dextran Sodium Sulfate (DSS). The results showed that undigested Qu and Ch alone, and in combination, exerted a valuable antioxidant capacity and E. coli F4+ and F18+ growth inhibitory activity. The concentration of 1200 \u3bcg/mL exhibited the highest E. coli growth inhibitory activity for all the samples tested. In addition, after in vitro digestion, Qu and Qu50%\u2013Ch50% maintained E. coli growth inhibitory activity and a modest antioxidant capacity. Three hours pre-treatment with in vitro digested Qu50%\u2013Ch50% counteracted the H2O2 and DSS experimentally-induced stress in the intestinal IPEC-J2 cells. Ch and Qu tannin extracts, particularly when combined, may exert E. coli F4+ and F18+ growth inhibitory activity and valuable antioxidant and cell viability modulation activities

Green tea and pomegranate extract administered during critical moments of the production cycle improves blood antiradical activity and alters cecal microbial ecology of broiler chickens

Phytobiotics are usually tested in feed and throughout the production cycle. However, it could be beneficial to evaluate their effects when administered only during critical moments, such as changes in feeding phases. The aim of the trial was to investigate the effect of a commercial plant extract (PE; IQV-10-P01, InQpharm Animal Health, Kuala Lumpur, Malaysia) on growth performance, blood antiradical activity and cecal microbiome when administered in drinking water to broiler chickens during the post-hatching phase and at each change of diet. In the experiment, 480 1-day-old male broiler chicks were assigned to two groups in a 50-day trial. Broilers received drinking water (C) or drinking water plus PE (T) at a rate of 2 mL/L on days 0 to 4, 10\u201311 and 20\u2013 21. PE did not affect performance and water intake, while total antiradical activity was improved (p < 0.05). A greater abundance of lactic acid bacteria (false discovery rate (FDR) < 0.05) was found in the T group and the result was confirmed at a lower taxonomic level with higher Lactobacillaceae abundance (FDR < 0.05). Our findings suggest that PE administration during critical moments of the production cycle of broiler chickens may exert beneficial effects at a systemic level and on gut microbial ecology

Total phenolic content and antioxidant capacity of agri-food waste and by-products

Agri-food waste (AFW) and by-products represent sources of phytochemicals, such as phenols and antioxidant compounds that can be used as functional ingredients in animal feed. In this study, a selection of AFW and by-products were collected and analysed for their nutrient composition. After chemical (with methanol) and physiological (in vitro digestion) extraction, total phenolic content and antioxidant capacity (AOC) were determined in AFW and by-product samples using Folin\u2013Ciocalteu and 2,2\u2032-azinobis(3-ethylbenzothiazoline 6-sulfonic acid)-ABTS methods, respectively. Sample digestibility was also assessed using a multi-step enzymatic technique. After chemical extraction, grape marc showed the highest total phenolic content (4480.5 \ub1 886.58 mg TAE/100g; p <.05). Fruit and vegetable waste (FVW), orange peel, strawberry, citrus pulp and Camelina sativa cake showed a total phenolic content ranging from 238.0 \ub1 4.24 to 1583.0 \ub1 154.35 mg TAE/100g. Grape marc also showed the highest AOC (15440.7 \ub1 2671.85 mg TE/100g). In all other samples, AOC ranged from 43.3 \ub1 3.17 to 1703.9 \ub1 391.07 mg TE/100g. After physiological extraction, total phenolic content values higher than 3000 mg TAE/100g were observed in FVW, grape marc and orange peel. Grape marc, C. sativa cake and orange peel had AOC values of over 5000 mg TE/100g. The digestibility of AFW and by-products ranged from 44.20 to 97.16%. The lowest digestibility value was observed in grape marc (44.2 \ub1 2.31%). In conclusion, the results obtained in this study indicate that AFW and by-products could be a source of bioaccessible phenols and antioxidant molecules as ingredients for monogastric compound feeds.Highlights Agri-food waste and by-products can be reused in feed industry. Agri-food waste and by-products are a source of valuable compounds as phenols and antioxidant molecules

Evaluation of polyphenolic content and antioxidant activity in agri-food wastes and by-products using chemical and physiological extraction

EU-28 produces about 100 Mtonnes/year of food waste, of which 40% is generated from agri-food industries. Agri-food waste (AFW) and by-products may contain components that could be valorised for their bioactivity. However, the bioaccessibility of these products is highly variable and dependent on a wide range of factors, including food matrix characteristics. Thus, the aim of this study was to determine the total phenolic content and the antioxidant capacity of some by-products and AFW using two different extraction methods. Twelve samples of by products (grape marc, Camelina sativa cake, olive pomace and whey) and 12 samples of AFW (fruits and vegetables waste FVW, citrus pulp, strawberry and orange dried) were processed using: methanol extraction (chemical procedure) and in vitro physiological extraction simulating pig gastro-intestinal tract adapted from Regmi et al., 2009. Soy and wheat were included as controls. Afterwards, the polyphenolic content was assessed by Folin\u2013Ciocalteu assay while antioxidant capacity was determined by 2,2-Azino-bis-3-ethylbenzothiazoline-6-sulfonic Acid (ABTS) assay. Results obtained showed that the chemical extracts of by-products and AFW contain different amount of polyphenols; in particular, as expected, the grape marc showed the highest significant (4.5% w/w; p&lt;.05) polyphenolic content compared to all samples considered. Of note, Camilina sativa cake, olive pomace, FVW, orange and strawberry dried showed a polyphenolic content of 1.3, 0.7, 1.3, 1.6 and 1.3% w/w, respectively. The antioxidant capacity of grape marc exhibited a higher (p&lt;.05) value of 573.6 mmol Trolox equivalent (TE)/g compared to the other samples considered. Camilina sativa cake, olive pomace, FVW, orange and strawberry dried showed an antioxidant capacity of 29.2, 11.0, 28.4, 16.3 and 31.0mmol TE/g. The physiological extraction of grape marcs, Camilina sativa cake, olive pomace, FVW, orange, strawberry dried yielded a polyphenolic content of 3.6, 1.8, 3.2, 3.6 and 2.3% w/w, respectively. The antioxidant capacity showed a similar trend to polyphenolic content after physiological extraction. The results obtained in this study indicate that AFW and by-products could be considered a promising bioaccessible source of antioxidants and phenolic compounds with industrial applications for the production of ingredients to functionalize feedstuffs for monogastric animal