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91 p., El objetivo de este trabajo es presentar mediciones del índice de miseria para un grupo de 18 países de América Latina y el Caribe para el periodo 1970-2021. En particular, se obtienen los valores del llamado índice de miseria de Okun, a partir de la suma de las tasas de inflación y de desempleo. Además, se proponen variantes que tienen en cuenta la informalidad, la tasa de política monetaria y la de crecimiento del PIB, así como su valor descontado por desigualdad. En el trabajo se discute de la relevancia de la inflación y de la tasa de desempleo en la conformación del indicador, evidenciando que, dependiendo del periodo de estudio, se identifica la preponderancia de la inflación como la variable más relevante para visibilizar el grado de malestar de la población de las economías latinoamericanas. También se señala que la tasa de desocupación subestima la pérdida de eficiencia económica de la sociedad, si se tiene en cuenta que, históricamente, la mayor parte de las economías de la región han reportado bajos niveles de desempleo, que coexiste con la extendida presencia de la informalidad en la mayoría de los mercados de trabajo de la región. En este contexto, se propone una variante del índice de miseria de Okun que, además de tener en cuenta los registros de desempleo e inflación, incluyan en el cómputo del indicador el porcentaje de trabajadores en ocupaciones informales. También se propone una modificación al índice de miseria de Barro sugiriendo que, en lugar de restarle la tasa de crecimiento interanual al índice de miseria de Okun, se le reduzca dicha tasa de crecimiento descontada por desigualdad, asumiendo que la inequidad en la distribución del ingreso se mantiene como uno de los problemas estructurales más acuciantes de las sociedades latinoamericanas., The objective of this paper is to present measurements of the misery index for a group of 18 countries in Latin America and the Caribbean for the period 1970-2021. In particular, the values of the so-called Okun misery index are obtained from the sum of the inflation and unemployment rates. In addition, variants have been proposed that take into account informality, the monetary policy rate, and the GDP growth rate, as well as its discounted value for inequality. The paper discusses the relevance of inflation and the unemployment rate in the conformation of the indicator, evidencing that, depending on the study period, the prevalence of inflation is identified as the most relevant variable to make visible the degree of discomfort of the population of Latin American economies. It is also pointed out that the unemployment rate underestimates the loss of economic efficiency of society, taking into account that, historically, most of the economies in the region have reported low levels of unemployment, which coexists with the widespread presence of informality in most labor markets in the region. In this context, a variant of the Okun misery index is proposed that, in addition to taking into account the unemployment and inflation records, includes the percentage of workers in informal occupations in the calculation of the indicator. A modification to the Barro misery index is also proposed, suggesting that, instead of subtracting the inter-annual growth rate from the Okun misery index, said growth rate discounted for inequality is reduced, assuming that inequality in income distribution it remains one of the most pressing structural problems of Latin American societies.

[ES] El dinero tal y como lo conocemos en la actualidad en forma de monedas o billetes no ha existido siempre como medio de intercambio, sino que durante la prehistoria se utilizaba el sistema de trueque para el intercambio de bienes. Por ello, una de las grandes revoluciones e innovaciones en la historia del ser humano, fue la aparición de la moneda como medio de intercambio allá por el siglo XXIV a.C. en las antiguas civilizaciones de Mesopotamia y Egipto. Desde entonces, la misma ha venido evolucionando a la par que lo hacía el grado de desarrollo tecnológico del ser humano, presentando con ello diversas ventajas y desventajas en su utilización. En la actualidad, todo parece indicar que la evolución de nuestro sistema monetario está encaminado a un futuro digital, sobre todo a raíz del surgimiento a finales de 2008 de uno de los paper más famosos de todos los tiempos. En este paper, se nos presentaba la primera criptomoneda descentralizada llamada bitcoin, la cual a su vez está basada en una nueva tecnología llamada blockchain. Desde entonces, se está produciendo una revolución en diversos sectores, entre ellos el económico. Por todo ello, en este estudio se intentará analizar la evolución del sistema monetario, haciendo hincapié en el futuro que se nos presenta., [EN] Money as we know it today in the form of coins or banknotes has not always existed as a medium of exchange, but during prehistoric times the barter system was used for the exchange of goods. Therefore, one of the great revolutions and innovations in the history of mankind was the appearance of currency as a medium of exchange back in the 24th century B.C. in the ancient civilizations of Mesopotamia and Egypt. Since then, it has been evolving along with the degree of technological development of the human being, thus presenting various advantages and disadvantages in its use. At present, everything seems to indicate that the evolution of our monetary system is heading towards a digital future, especially following the emergence in late 2008 of one of the most famous papers of all time. In that paper was presented the first decentralized cryptocurrency called bitcoin, which in turn is based on a new technology called blockchain. Since then, a revolution is taking place in various sectors, including the economic one. For all these reasons, this study will try to analyze the evolution of the monetary system, with emphasis on the future that lies ahead.

The paper aims to articulate an "encounter" between Autonomist Marxism (AM) and World-Ecology (WE), that is, between two theoretical paradigms increasingly discussed at the global level, but so far never analyzed in close connection to one another. AM is a current of unorthodox Marxism that is characterized, methodologically, by the partiality of the point of view, the constitutive unity of thought and conflict, the ambivalence of the working-class condition (labor force / abstract labor within capital, working class / living labor against capital), and the centrality of class composition. Politically, AM proposes two main innovations: the practice of refusal of work, and the so-called Copernican revolution, according to which class struggle comes first and capitalist organization follows suit (instituting, therefore, a causal and incremental link between workers' unrest and capitalist development).WE can be defined as a global conversation that develops the analysis of the world-system along distinctively environmental lines: capitalism, therefore, does not have an ecological regime, but rather is an ecological regime, i.e. a specific way of organizing nature. Beyond any residue of Cartesian dualism, the concept of world-ecology refers to an original mixture of social dynamics and natural elements that make up the capitalist mode of production in its historical development, and in its tendency to become a world-market. In this framework, the capitalist theory of value imposes space as flat and geometric, time as homogeneous and linear, and nature as external, infinite, and free.The aim of this paper is to show that, although the two perspectives relate to the question of the (ecological) crisis in a very different way, they can be effectively integrated if juxtaposed on a different level - that of the historico-political analysis of the question concerning the environment. Both approaches originally rework Marx’s crisis theory, but they do not completely avoid the polarization that marked its evolution: development vs. catastrophe.AM tends to renew the tradition that sees the crisis as a moment of development and historicizes it through original interpretations of the cycle of struggles 1968-1973, claiming its defeat was “peculiar” as it imposed a change in the structure of capitalist valorization in the direction of an expansion of its accumulation base. The causes of this transition are to be found in the intersection between the financialization of the economy, the cognitization of labor and, above all, the becoming-productive of the sphere of social reproduction. On the other hand, WE elaborates the so-called “breakdown” theory in unprecedented fashion. The starting point is a convincing reconstruction of the historical succession of long waves of economic cycles through an articulation of underproduction (of ecological surplus) and overproduction (of commodities). Thus, WE provides an instrumental ecological counterpoint to the socio-centric reading of AM through the fundamental notion of negative value — the most innovative analytical element with regard to the neoliberal form of crisis theory. However, the general discursive strategy follows that of every breakdown theory ever since the “classical” debate within the Second International. Therefore, it is aimed at showing that, although the crises of the twentieth century were developmental (that is, they fostered the capitalist restructuring at a higher level), the crisis we live through nowadays presents itself as epochal in that its result is deemed to be an inevitable collapse.The convergence between the two paradigms —which is actually a rather demanding theoretical exchange, and as such require some deep rethinking for both positions— can take place through a re-reading of the historical process of politicization of ecology. Although it is customary to date it between the mid-seventies and the following decade —i.e. after the great cycle of Fordist conflicts— in recent years a different hypothesis is being tested: that such politicization occurred not only a decade earlier, but also, and above all, because of rather than despite the struggles of the workers' movement (in close connection with the rise cycle of revolutionary feminism). With particular regard to the Italian context, the struggles against noxiousness, which multiplied between the end of the 1960s and the beginning of the 1970s, and often in opposition to the confederal unions, were the first to fiercely criticize the so-called monetization of risk; that is,the idea that wage increases and/or organizational benefits could “compensate” for exposure to pollutants, even hazardous ones. Although this criticism would never become common sense of trade union action, such occurrence does not deny that it was first of all the strength of organized workers that blew up the compensatory mechanism and (im)posed the ecological question as politically unavoidable. Only at a later stage will the environmental movement emerge along with a new post-materialist sensitivity among the urbanized intermediate strata.Against this background, the paper proposes an analysis of neoliberal green economy —i.e. the capitalist attempt to internalize the ecological limit, turning it from obstacle to valorization, through an innovative strategy of accumulation— as simultaneously assuming the form of development (in accordance with AM hypothesis) and of anti-development (in accordance with WE hypothesis). From this plausible "convergence" could then emerge a political interpretation of the contemporary ecological crisis, capable of questioning the relationship between capitalism and nature by avoiding both catastrophism and the elective affinity between the logic of profit and the logic of environmental protection.In this unprecedented context, WE can grasp the second aspect through the concept of negative value, which correctly conveys the message that climate change, health-related emergencies, and the narrowing of waste borders make the ecological crisis an unprecedented everyday reality in the history of capitalism. In fact, negative value implies an internal contradiction of the dynamics of capital and, above all, an ontological challenge to the valorization project, therefore to capitalist civilization tout court.On the other hand, AM is in a privileged position to make sense of the shift from the rhetoric of limits to growth, which somehow alluded to environmental noxiousness as a crisis of capitalism, to a rhetoric of growth of limits, which identifies these latter as drivers of accumulation, as “filters” that turn the ecological constraint into a crisis for capitalism. Furthermore, AM can now show that commodities traded on environmental markets contain value as they are produced by hybrid units of labor (reproductive / informational) and nature (financialized). However, the developmental potential of such green economy must also be relativized. In fact, the process of enhancing the “free” activity of nature seems, at least until now, to be unable both to “repair” the environmental damage already done and to provide widespread social protections potentially able to compensate for the class polarization that invariably accompanies the multiplication of financial dividends. What neoliberal capitalism lacks is an inclusive mechanism capable of (partially) socializing financial profits either through a decarbonization of the economy, or through the formation of a new middle class (or both).

In this article, we present a historical analysis on how Sardinian pastoralism has become an integrated activity in global capitalism, oriented to the production of cheap milk, through the extraction of ecological surplus from the exploitation of nature and labour. Pastoralism has often been looked at as a marginal and traditional activity. On the contrary, our objective is to stress the central role played by pastoralism in the capitalist world-ecology. Since there is currently little work analysing the historical development of pastoralism in a concrete agro-ecological setting from a world-ecology perspective, we want to contribute to the development of the literature by analysing the concrete case of Sardinian pastoralism. To do so, we will use the analytical framework of world-ecology to analyse the historical dialectic of capital accumulation and the production of nature through which pastoralism -understood as a socio-cultural system that organises nature-society relations for the reproduction of local rural societies- became an activity trapped in the production of market commodities and cheap food exploiting human (labour) and extra-human factors (e.g. land, water, environment, animals etc.). Looking at the exploitation of extra-human factors, the concept of ecological surplus allows us to understand how capital accumulation and surplus was possible thanks to the exploitation of nature, or rather the creation of cheap nature and chap inputs for the production of cheap commodities. We analyse historical pastoralism to understand how geopolitical configurations of global capitalism interact with the national and local scales to change pastoral production, nature and labour relations. We will pay particular attention to the role of land and the relationship between pastoralists and animals. The article is based on secondary data, historical material and primary data collected from 2012 to 2020 through qualitative interviews and ethnographic research. We identify four main cycles of agro-ecological transformation to explore the interactions between waves of historical capitalist expansion and changes in the exploitation of agroecological factors. The first two phases will be explored in the first section of the paper: the mercantilist phase during the modern era and the commodification of pastoralist products, which extend from the nineteenth century to the Second World War. In the mercantilist phase, the expansion of pastoralism finds its external limits in the trend of international demand (influenced by international trade policies that may favour or hinder exports) and its internal limits in the competition/complementarity with agriculture for the available land that results in a transhumant model of pastoralism. In this phase, the ecological surplus needed for capitalist accumulation is produced by nature as a gift, or nature for free, which results in the possibility of producing milk at a very low cost by exploiting the natural pasture of the open fields. The second cycle, “the commodification of pastoralist products”, started at the end of the nineteenth century, with the introduction on the island of the industrial processing of Pecorino Romano cheese, and which was increasingly in demand in the North American market. This pushed pastoralism towards a strong commodification. Shepherds stopped processing cheese on-farm and became producers of cheap milk for the Pecorino Romano processing industry. Industrialists control the distribution channels and therefore the price of milk. Moreover, following the partial privatisation of land and high rent prices, shepherds progressively lose the ecological surplus that was guaranteed by free land and natural grazing, key to lower production costs and to counterbalance the unequal distribution of wealth within the chain. At the beginning of the twentieth century, although the market for Pecorino Romano was growing, these contradictions emerged and the unfair redistribution of profits within the chain (which benefited industrialists, middlemen and landowners to the detriment of shepherds) led to numerous protests and the birth of shepherds' cooperatives. The second section of the paper will explore the third agro-ecological phase: the rise of the “monoculture of sheep-raising” through the modernisation policies (from the fifties until 1990s). The protests that affected the inland areas of Sardinia, as well as the increase in banditry, signal the impossibility of continuing to guarantee cheap nature and cheap labour, which are at the basis of the mechanism of capitalist accumulation. On the basis of these pressures, the 1970s witnessed a profound transformation that opened a new cycle of accumulation: laws favouring the purchase of land led to the sedenterization of pastoralism, while agricultural modernisation policies pushed towards the rationalisation of the farm. Land improvements and technological innovations (such as the milking machine and the purchase of agricultural machinery) led to the beginning of the “monoculture of sheep raising”: a phase of intensification in the exploitation of nature and the extraction of ecological surplus. This includes a great increase of the number of sheep per unit of agricultural area, thanks to the cultivated pasture replacing natural grazing and the production and purchase of stock and feed. Subsidised agricultural modernisation and sedentarisation can once again "sustain" the cost of cheap milk that is the basis of the industrial dairy chain. However, agricultural modernisation results in the further commodification of pastoralism, which becomes increasingly dependent on the upstream and downstream market, making pastoralists less autonomous. Moreover, given the impossibility of further expanding the herd, the productivity need of keeping low milk production costs has to be achieved through an increase in the average production per head. Therefore, there are higher investments in genetic selection to increase breed productivity, higher investments to improve animal feeding and a more intensive animal exploitation to increase productivity. These production strategies imply higher farm costs. In this context, the fourth phase, the neoliberal phase (analysed in the third section of the paper) broke out in Sardinia in the mid-1990s. With the end of export subsidies and the opening of the new large-scale retail channel in which producers are completely subordinate, it starts a period of increased volatility in the price of milk. In order to counter income erosion and achieve the productivity gains needed to continue producing cheap milk, pastoralists have intensified the exploitation of both human (labour) and non-human (nature) factors, with contradictory effects. In the case of nature, the intensive exploitation of land through monocultural crops has reduced biodiversity and impoverished the soil. In the case of labour, pastoralists have intensified the levels of self-exploitation and free family labour to extreme levels and have also resorted to cheaply paid foreign labourers. Throughout the paper, we reconstruct the path towards the production of "cheap milk" in Sardinia, processed mainly into pecorino romano for international export. We argue that the production of ecological surplus through the exploitation of nature and labour has been central to capital accumulation and to the unfolding of the capitalist world ecology. However, we have reached a point of crisis where pastoralists are trapped between rising costs and eroding revenues. Further exploitation of human (cheap labour) and extra-human (nature and animals) factors is becoming unsustainable for the great majority, leading to a polarization between pastoralists who push towards further intensification and mechanisation and pastoralists who increasingly de-commodify to build greater autonomy.

In the field of economics, the two main branches that deal with the analyses of economy-ecology interactions are Environmental and Resource Economics (ERE) and Ecological Economics (EE). The latter is typically characterized as being fundamentally at odds with ERE’s negligence of biophysical constraints to economic activity. EE has proceeded to develop as a pluralist and trans-disciplinary field whose literature engages in the stipulation of previously overlooked considerations. For some, this pluralism represents the biggest strength: its success hinges on both the acceptance of multiple and incommensurable epistemologies that detect fissures in the dominant epistemology and the debate that arises out of the different delineations of dissent. Others argue that over the course of EE’s existence, pluralism has been insufficiently able to rid the field from mainstream, particularly neoclassical, economic epistemologies and formalisms. The aim of this paper is to provide recommendations for the development of an alternative to the current formal abstractions of ecology-economy configurations. This is done through a reinterpretation of the natural capital concept from an eco-Marxist perspective. After introducing the natural capital concept and discussing how the treatment thereof differs across ERE and EE, we isolate strong sustainability as one of the main attributes of EE when it comes to formalization practices. Strong sustainability’s prescription to treat natural capital as a complementary input in economic production functions has led to the implementation of various strategies concerning natural capital conservation. The bulk of these strategies has subsequently relied on monetary valuation for the purpose of embedding conservation strategies within the broader rationale of the market. In this paper we discuss monetary valuation in light of planetary boundaries, such as atmospheric sink capacities, and ecosystem services such as the habitat provision for endangered species. Critical studies have identified the monetary valuation of biophysical and ecological processes as commodification and we address both the theorized and experienced contradictions it is associated with. In our view, the logic behind the exchange value assessment of ecological processes can easily be traced back to the underlying assumptions of mathematical formalization in EE. In order to dissect these assumptions, we find it fruitful to draw on ecological Marxism. After introducing the reader to the gist of Marx’s ecological insights we discuss the concept of dualism in ecological Marxism and economics. We contend that our explicit focus on mathematical formalization forecloses a complete rejection of dualism since the specification of variables requires a process of conceptual distinction. This is why we adopt the notion of duality; where the separation and opposition between two essential elements is replaced by interdependence. Having positioned ourselves in the eco-Marxist debate on dualism, we then proceed with a discussion of Marx’s labour process theory and Moore’s world-ecology. The labour process is subject to two elements: ‘purpose realisation’ and ‘material metabolism’. The first refers to labour as an imposition of human intention; causing nature to capitulate to humanity’s will. ‘Material metabolism’ describes labour as an exchange or mediation between itself and nature. World-ecology offers an ecological interpretation of capital accumulation over the course of history. One of the concepts used to distinguish historical ecology-economy configurations, or world-ecological regimes, over capitalism’s long-dureé is the ecological surplus. This is a ratio between the system-wide appropriation and capitalization of both human and extra-human inputs. High ecological surpluses allow capital accumulation to proceed by means of labour productivity gains which are facilitated by appropriated labours, entities and processes. Low ecological surpluses hamper accumulation and trigger investments in new sources of appropriation, cheaper capitalized inputs or efficiency increasing technologies. How do these two eco-Marxist insights facilitate a reinterpretation of the assumptions underlying the practice of mathematical formalization in EE? Through the concept of the ecological surplus, world-ecology allows us to consider the commodification of ecological processes as an instance of capitalization. When valuation techniques disclose the benefit of an ecological process in monetary terms, said ecological process can be treated as an input in the production function. But according to world-ecology, an increase in capitalization also diminishes the ecological surplus which subsequently hampers capital accumulation. This begs us to question why the capitalization of ecological processes is a dominant strategy in response to ecological degradations. We argue that capitalization is a fruitful strategy in the face of future constraints to accumulation, such as diminished labour or human-made capital productivity and/or future opportunities for accumulation through for example, greenwashing. Marx’s labour process theory allows us to further argue that the incentives which capitalization aim to foster can be seen as desired alternations to the ‘material metabolism’ element of the labour process. The socially defined set of ‘purpose realisations’ on the other hand remains faithful to “the endowment of natural objects with humanistic forms for the purpose not of use value creation, but exchange value accumulation”. This leads us to conclude that the depiction of economy-ecology configurations by means of natural capital which enters the production function supports the underlying assumption that ecological sustainability is best achieved when capital bargains on behalf of nature. Furthermore, by explicitly focusing on capitalized ecological processes, the status-quo of formal abstraction in EE presumes dualism and is therefore incomplete. We argue that a more comprehensive portrayal requires the consideration of appropriated ecological processes in order to capture reciprocity and the unified management of interdependent flows which reproduce metabolic value. To this end, we introduce a trivial conceptual framework which summarizes the (proposed) mathematical formalization of economy-ecology configurations across ERE, EE and Ecological Marxism. The formal abstraction we propose from an eco-Marxist perspective is not only based on the consideration of appropriated ecological processes but also imposes duality instead of dualism between the ‘societal’ and ‘natural’ elements of production. The contribution of Ecological Marxism in this paper should not be seen as the formulation of an alternative to capitalization. Our proposed formal abstraction is based on the assumption that the ‘purpose realisation’ element of the labour process facilitates the goal of exchange value accumulation. Instead, we hope our contribution has shown that Ecological Marxism provides useful insights which can stretch the current confines of EE’s mathematical formalization; allowing for a more comprehensive portrayal of economy-ecology configurations.

The 2007-2009 Global Financial Crisis (GFC) eroded the consensus around the benefits of capital mobility within mainstream economics. Against this background, this paper discusses to what extent the new mainstream position on capital flow management measures, based on the New Welfare Economics, expands the policy space of developing and emerging economies (DEEs). This paper argues that the new position can be classified as an embedded neoliberal one, given that it keeps liberalization as its ultimate goal, while nonetheless accepting to mitigate some of its harmful consequences. After comparing the capital account policies of China and Brazil, this paper concludes that the policy prescriptions of the New Welfare Economics do not lead to higher levels of national autonomy for DEEs and are likewise unable to curb financial instability in these countries.

Este trabajo estudia el comportamiento de los rendimientos de diez entidades energéticas renovables frente a cambios en diferentes variables explicativas, entre enero de 2015 a mayo de 2022 y usando el enfoque de regresión por cuantiles. En concreto, estos modelos se basan en los modelos de tres y cinco factores de Fama & French (1993 & 2015), añadiendo otros factores explicativos como los factores momentum y momentum reversal del modelo de Carhart (1997) y el tipo de interés a largo plazo de los Bonos del Estado de la zona euro. Además, este trabajo analiza si la sensibilidad de los rendimientos empresariales es diferente en función del estado de la economía, diferenciando entre periodo completo, precrisis y crisis. Los principales resultados confirman que, en general, el rendimiento de mercado y el factor tamaño son los factores que recogen un mayor poder explicativo., This paper studies the performance of ten renewable energy entities against changes in different explanatory variables, between January 2015 and May 2022 using the quantile regression approach. Specifically, these models are based on the three and five models of Fama & French (1993 & 2015), adding other explanatory factors such as the Carhart(1997) risk factor for momentum and for momentum reversal and the long term interest rate on euro area government bonds. In addition, this paper analyzes whether the sensitivity of business returns is different depending on the state of the economy, differentiating between full period, pre-crisis and crisis. The main results confirm that, in general, market performance and size are the factors that reflect a greater explanatory power., Máster Universitario en Ciencias Actuariales y Financieras (M124)

El objetivo principal de este trabajo es tratar de analizar los principales instrumentos y métricas que son utilizados en finanzas para medir el riesgo de crédito. Para ello se va a utilizar como base principal de información algunos de los capítulos del libro “Main Topics in Credit Risk” de Beatriz Balbás y Raquel Balbás. La idea de este trabajo es profundizar primeramente sobre una base teórica y posteriormente aplicar estos conceptos sobre un caso práctico con datos reales para seis empresas del IBEX-35: Banco Santander, BBVA, CaixaBank, Iberdrola, Repsol y Telefónica. Los principales conceptos que se van a desarrollar en este trabajo son: la perdida esperada y los parámetros que la calculan, el tipo de interés, la prima de riesgo medida a través de acciones (Mediante el modelo CAPM), la prima de riesgo medida a través de los bonos de las empresas (Credit Spread) y por último se analizará el Credit Default Swap (CDS) así como los índices de CDS., The main goal of this paper is to analyse the main instruments and metrics that are used in finance to measure credit risk. For that purpose, it is going to be used as a main information resource some of the chapters of "Main Topics in Credit Risk" by Beatriz Balbás and Raquel Balbás. The idea of this paper is to go into a theoretical base and then apply these concepts to a practical case with real data for six IBEX-35 companies: Banco Santander, BBVA, CaixaBank, Iberdrola, Repsol and Telefónica. The main concepts that will be developed in this paper are: the expected loss and the parameters that allow to calculate, the interest rate, the risk premium measured with shares (using the CAPM model), the Credit Spread and finally the Credit Default Swap (CDS) will be analysed as well as the CDS index., Máster Universitario en Ciencias Actuariales y Financieras (M124)

Este documento forma parte del proyecto "InForMining. Un estudio profundo de la informalidad en la producción global de oro", financiado por la Fundación Flamenca de Investigación (FWO) y supervisado por la Prof. Dra. Sara Geenen y el Dr. Boris Verbrugge del Instituto de Políticas del Desarrollo (IOB) de la Universidad de Amberes, Bélgica. Este proyecto tiene dos objetivos principales: estudiar los procesos de informalización en el sistema global de producción de oro, así como sus efectos sobre los trabajadores. Respondiendo al primer objetivo, hemos estudiado la informalización como una de las tendencias estructurales que caracterizan la producción mundial de oro. Esto ha dado lugar al libro "Global gold production touching ground" (Verbrugge y Geenen, 2020a). En respuesta al segundo objetivo, hemos estudiado la cuestión del trabajo informal en las zonas mineras de tres países de tres continentes: Perú en América Latina, Filipinas en Asia y la República Democrática del Congo (RDC) en África. En este trabajo presentamos los resultados de una encuesta realizada por la estudiante de doctorado Eugenia Robles Mengoa. Los datos fueron analizados por Eugenia Robles y el consultor Rafael López.

El presente trabajo tiene como objetivo analizar como la inclusión de la probabilidad de impago derivada del riesgo de crédito de cada activo calculará una nueva estructura de tipos de interés en cada activo de una cartera, diferenciándose de la curva libre de riesgo empleada por el mercado y generando diferencias en la futura valoración de estos. Esto producirá un cambio en el cálculo del riesgo de mercado y en el submódulo de riesgo de tipo de interés descritos en la normativa de Solvencia II. En la primera parte del trabajo, se hará una breve introducción de los riesgos de mercado, describiendo los diferentes tipos y enumerando sus principales características. Posteriormente se hará hincapié en el riesgo de crédito y se explicará el concepto de probabilidad de impago. La inclusión de dicha probabilidad será el objeto principal de estudio para la valoración de los riesgos previamente descritos. Con el propósito de ampliar el concepto de probabilidad de impago, se evaluarán las diferentes metodologías de cálculo y el efecto que produce en los distintos escenarios de la curva libre de riesgo (Risk Free Rate). Una vez estudiado estos factores, se evaluarán las ventajas e inconvenientes de su inclusión. Una vez introducidos los elementos anteriormente descritos, se realizará un análisis en una compañía X, donde se valorarán los activos y el riesgo de tipo de interés. Se realizarán dos supuestos, uno aplicando y otro donde no se aplique la probabilidad de impago en la valoración de cada uno de los activos que componen una misma cartera ficticia. El objetivo de este análisis es mostrar los resultados obtenidos, analizarlos exhaustivamente, sacar conclusiones y poder profundizar acerca de que metodología es la más adecuada. Por último, se propondrán nuevas líneas de investigación acerca de la inclusión de la probabilidad de impago relativa al riesgo de crédito en otros campos estudiados en el marco de Solvencia II, con el objetivo de mostrar la importancia y relevancia de este factor en el mercado asegurador., The aim of this paper is to analyze how the inclusion of the probability of default derived from the credit risk of each asset will calculate a new interest rate structure for each asset in a portfolio. This differs from the risk-free curve used by the market and generates differences in the future valuation of these assets. This will produce a change in the calculation of market risk and in the interest rate risk sub-module described in the Solvency II regulations. In the first part of the paper, a brief introduction of market risks will be given, describing the different types, and listing their main characteristics. Subsequently, the focus will be on credit risk and the concept of probability of default will be explained. The inclusion of the probability of default will be the main object of study for the assessment of the risks described above. In order to extend the concept of probability of default, the different calculation methodologies and the effect it has on the different scenarios of the Risk-Free Rate curve will be evaluated. Once these factors have been studied, the advantages and disadvantages of their inclusion will be evaluated. Once the elements described above have been introduced, an analysis will be carried out in company X, where the assets and the interest rate risk will be valued. Two assumptions will be made, one applying and the other not applying the probability of default in the valuation of each of the assets that make up the same fictitious portfolio. The aim of this analysis is to show the results obtained, to analyze them exhaustively, to draw conclusions and to be able to go deeper into which methodology is the most appropriate. Finally, new lines of research will be proposed on the inclusion of the probability of default relative to credit risk in other fields studied within the framework of Solvency II, with the aim of showing the importance and relevance of this factor in the insurance market., Máster Universitario en Ciencias Actuariales y Financieras (M124)

El objeto de este documento de trabajo es sistematizar la experiencia de tres iniciativas relacionadas con el concepto y práctica del lenguaje claro —y el lenguaje fácil— en América Latina: ‗Ley Fácil‘ en Chile, ‗Ley Simple‘ en Argentina y ‗La ley en tu lenguaje‘ en Uruguay. Como punto de partida, exploramos uno de los límites comunicativos a los que se enfrenta la legislación y luego presentamos la naturaleza instrumental del lenguaje claro como un medio para lograr la difusión más amplia posible de los mensajes legislativos. El trabajo se nutre, metodológicamente, de los resultados de un cuestionario enviado a los responsables de las tres iniciativas mencionadas, diseñado para entender con mayor profundidad su implementación. No buscamos valorar la propuesta conceptual utilizada en las iniciativas. En su lugar, nos concentramos en reunir y concebir sus elementos como parte de un esfuerzo institucional de pedagogía política para acercar y comunicar eficazmente el contenido de las decisiones legislativas al conjunto de la ciudadanía sin formación jurídica especializada. Finalmente arrojamos algunas preguntas nuevas que consideramos pertinentes dentro de una amplia agenda investigadora., The purpose of this working paper is to systematize the experience of three initiatives related to the concept and practice of plain language —and easy language— in Latin America: 'Ley Fácil' (Chile), 'Ley Simple' (Argentina) and 'La ley en tu lenguaje' (Uruguay). As a starting point, we explore one of the communicative limits that legislation faces, and then present the instrumental nature of plain to achieve the widest possible dissemination of legislative messages. The paper draws, methodologically, on the results of a questionnaire sent to those responsible for the three afore mentioned initiatives, designed to understand their implementation in greater depth. We don‘t seek to assess the conceptual proposal used in the initiatives. Instead, we focused on gathering and conceiving its elements as part of an institutional effort of political pedagogy to bring the content of legislative decisions closer to and effectively communicate them to the general public without specialized legal training. Finally, we raise some new questions that we consider pertinent within a broad research agenda.

The theory of the long-run perspective aims to explain how economies grow. On the other hand, Kaldor developed a theory that concerns not only this objective but to build a model also considering the implications in the income distribution. This paper consists of a rigorous review of the evolution of Kaldor’s Theory, treating with government activities, the financial market, and so on, to show the importance of the theme in our days. One contribution of this paper is to lead the researchers to a solid understanding of Growth and Income Distribution Models derivate from the Cambridge School and to present a new vision of the relevance of the heterodox scientific world. La teoría de la perspectiva de largo plazo tiene como objetivo explicar cómo crecen las economías. Kaldor desarrolló una teoría que no solo busca este objetivo sino construir un modelo considerando también las implicaciones en la distribución del ingreso. Este trabajo es una revisión rigurosa de la evolución de la Teoría de Kaldor, que trata las actividades gubernamentales, el mercado financiero, etc., para mostrar la importancia del tema en nuestros días. Una contribución del artículo es explica de manera sólida los Modelos de Crecimiento y Distribución de Ingresos derivados de la Escuela de Cambridge y muestra la relevancia del mundo científico heterodoxo. A teoria da perspectiva de longo prazo visa explicar como as economias crescem. Por outro lado, Kaldor desenvolveu uma teoria que diz respeito não apenas a esse objetivo, mas a construir um modelo considerando também as implicações na distribuição de renda. Este trabalho consiste em uma revisão rigorosa da evolução da Teoria de Kaldor, tratando da atuação do governo, do mercado financeiro, etc., para mostrar a importância do tema em nossos dias. Uma contribuição deste artigo é levar os pesquisadores a uma compreensão sólida dos Modelos de Distribuição de Renda e Crescimento derivados da Escola de Cambridge e apresentar uma nova visão da relevância do mundo científico heterodoxo.

La elasticidad precio de la demanda (PED en inglés) mide la variación de la cantidad demandada debido a la variación en el precio. Un concepto íntimamente relacionado al PED es el Aumento de los Ingresos (RI en inglés). El objetivo de este trabajo fue estimar la PED y su impacto en los ingresos y la demanda de seis productos pesqueros de México, como Salmón, Atún, Sardina, Camarones y Gambas, Trucha y, Tilapia. Los datos se obtuvieron del Servicio de Agricultura Exterior del Departamento de Agricultura de Estados Unidos (período 1.998-2.018) a través de las tablas proporcionadas y publicadas en Internet (datos secundarios). En este trabajo se aplicó el método de arco para calcular el PED y el RI de los productos seleccionados. Estos seis productos mostraron un precio de demanda relativamente elástico en la mayoría de los años, mientras que el RI mostró una tendencia no definida. Se encontró una correlación positivamente significativa entre el precio de referencia de exportación de la demanda y el ingreso para el Atún, y negativo significativo para la Trucha y la Sardina. Se determinó también una correlación negativamente significativa entre el volumen exportado y el precio de referencia de exportación para Camarones y Gambas, Truchas y Sardinas, y positivo significativo para Atún. Para Salmón y Tilapia, las asociaciones no fueron significativas. No se observaron efectos claros de la PED en los ingresos, aspecto que viola la teoría PED. The price elasticity of demand (PED) measures the variation of the quantity demanded due to a price variation. A concept closely related to PED is the Revenue Increase (RI) that measure weather the demand is elastic or inelastic. The main goal of this paper was to estimate PED and its impacts on the income and demand of six fishery products from Mexico, such as Salmon, Tuna, Sardine, Shrimp and Prawn, Trout and Tilapia. The data were obtained from the Foreign Agriculture Service of United States Department of Agriculture (1,998-2,018 Period) through the tables provided and published on the Internet (secondary data). In this paper, the arc method was applied to calculate both PED and RI of the selected fishery products. All of these products showed an elastic demand price in almost all years of the period under study; while the RI presented no defined trend. There was a significant positive correlation between export reference price of demand and income for Tuna and significant negative for Trout and Sardine. There was a significant negative correlation between exported volume and export reference price for Shrimp and Prawn, Trout and Sardine and significant positive for Tuna. For Salmon and Tilapia, the associations were not significant. It was observed no clear effects of the PED on income; aspect that violates the PED theory. 126-133 orozcosergio@ugto.mx

61 p., ¿Qué nos dicen las redes culturales sobre agendas regionales? Este documento es parte de una investigación más amplia que indaga sobre las fructíferas redes de intercambio cultural, específicamente en el ámbito teatral, entre la Ciudad de México y la provincia de Quebec durante los años del Tratado de Libre Comercio de América del Norte (TLCAN), 1994-2018. El trabajo explora el rol que juegan actores y agentes culturales con sus propias estrategias narrativas e intereses en la labor de imaginar comunidades en procesos de regionalización, observando cómo el trabajo imaginativo concreta agendas políticas al tiempo que invisibiliza otros tipos dinámicas de la región. En la primera parte del trabajo se exponen las ambigüedades y arbitrariedades de las demarcaciones geográficas, lo mismo que las prácticas imaginativas que transforman un lugar en un espacio común imaginado, ya sea ciudad, nación o región. Se traza brevemente la historia conceptual de América Latina como contexto necesario para entender el papel que juega el TLCAN durante los años noventa en la producción de América del Norte como región imaginada. La segunda sección es un análisis descriptivo y puntual, sin ser exhaustivo, de las principales redes de intercambio teatral entre Ciudad de México y Quebec, específicamente la circulación de textos teatrales, artistas, producciones o traducciones, que se han generado en los veinticinco años de vigencia del TLCAN (1994-2018). Frente a estos mapas y dinámicas de colaboración, el trabajo plantea reflexiones en torno a una serie de preguntas: ¿qué nos dice la relación entre idea e infraestructura material sobre el papel que juega la producción cultural en el funcionamiento político y económico de una región? Más específicamente, ¿qué intenciones y estrategias políticas, económicas e ideacionales en México y Quebec podemos vislumbrar en el análisis de sus redes de intercambio culturales a partir de la entrada en vigor del TLCAN?, What do cultural networks tell us about regional agendas? This document is part of a broader investigation into the productive networks of cultural exchange – specifically in the field of theater – between Mexico City and Quebec during the NAFTA/TLCAN/ALENA years (1994-2018). The paper explores the role that the work of imagining communities plays in regionalization processes, observing how this imaginative labor renders political agendas concrete, at the same time that it invisiblizes other forms of contact and cultural tensions within the region. The first section exposes the ambiguities and arbitrariness of geographic demarcations and of imaginative practices that transform space into a shared imagined place, be it city, nation or region. It presents a brief overview of the conceptual history of Latin America as necessary context in understanding the role that NAFTA played during the nineties in producing North America as an imagined region. The second section is a descriptive overview, without being exhaustive, of the primary networks of exchange between Mexico City and Quebec, specifically in the circulation of theater texts, artists, productions and translations generated during the twenty-five years of NAFTA. In the face of these maps of exchange, the paper asks: what does the relationship between idea and material infrastructure reveal about the role of cultural production in the political and economic inner-workings of a region? More specifically, what may be discerned from the analysis of Mexico and Quebec‟s theatre networks, of their political, economic and ideational intentions and strategies as regional actors?

Este trabajo analiza el modo de votar de los grupos parlamentarios que integran el órgano representativo de la Asamblea de Madrid, de las Cortes de Castilla y León y del Parlamento de Andalucía en todas las Legislaturas. En este sentido, este estudio pretende comprobar si coinciden, en todos los casos, el Equilibro de Nash y el Reparto D’Hondt. Para ello, se ha realizado un análisis empírico de los datos, teniendo también en consideración el índice de desproporcionalidad absoluta., This paper analyses how some parliamentary groups vote through all their legislatures. These parliamentary groups are Madrid’s Assembly, Castile and Leon’s Court and Andalusia’s Parliament, conforming all of them a representative organ. That being said, this study wants to test if Nash Equilibrium and D’Hondt method coincide in every situation. To achieve that, this paper analyses data from all the parliamentary groups, not forgetting about the Loosemore-Hanby index., Máster Universitario en Análisis Económico Aplicado (M148)

Los artículos altamente citados muestran una perspectiva de aquellos documentos que, históricamente, han atraído un gran interés por parte de una comunidad investigadora y que se podrían considerar como la base del campo de investigación. En el año 2014 se desarrolló un nuevo enfoque para identificar estos artículos altamente citados que se llama H-Classics. Se basa en el índice H y refleja tanto a las características propias de la disciplina de investigación correspondiente como su evolución. El presente estudio tiene como objetivo identificar y analizar los H-Classics de los artículos publicados por investigadores de las universidades públicas andaluzas, dentro de la categoría Economics del Journal Citation Reports. La metodología utilizada es el análisis bibliométrico a través de la técnica del H-Classics con la cual se extraen los principales indicadores de rendimiento. Este análisis proporciona unos resultados que nos dan una visión útil sobre el desarrollo de este campo de investigación, revelando aquellos actores científicos que han realizado la mayor contribución a su desarrollo: autores, revistas, áreas de conocimiento relacionadas, países, universidades andaluzas, universidades nacionales y extranjeras. Se concluye el artículo con las limitaciones de este y los principales hallazgos encontrados., Highly Cited Papers offer an outlook on those papers that have attracted great historical interest by a research community and that could also be considered the basis of the research field. In 2014 a new approach was recognised to identify these highly cited articles called H-Classics. It is based on the H-index and is sensitive to both the characteristics of the corresponding research discipline and its evolution. The objective of this study is to identify and analyze the H-Classics of articles published by researchers from Andalusian public universities, within the Economics category of the Journal Citation Reports. The methodology used is the bibliometric analysis through the H-Classics technique with which the main performance indicators are extracted. This analysis provides results that give us a useful insight into the development of this field of research, revealing those scientific actors who have made the greatest contribution to its development: authors, journals, related areas of knowledge, countries, Andalusian universities, national and foreign universities. The article is concluded with its limitations and the main findings found.

Indexado en Scopus Este artículo tiene como objetivo determinar cuál es el impacto del riesgo político del Perú en la inversión privada. La metodología utilizada es la estimación econométrica de un modelo autorregresivo con retardos distribuidos (ARDL, por sus siglas en inglés) para el periodo comprendido entre el segundo trimestre de 1992 y el segundo trimestre del 2018 (1992q2-2018q2). Para ello, se toman en consideración los efectos a corto y largo plazo del riesgo político y luego se evalúa si este riesgo generado bajo los diferentes regímenes políticos del periodo de estudio ha tenido algún impacto en la inversión privada del país. Los resultados indican que para el Perú el riesgo político no afecta a la inversión privada ni de corto ni de largo plazo. En el largo plazo, la inversión privada depende significativamente del precio del cobre, el PBI real y el tipo de cambio real, mientras que en el corto plazo depende de la evolución del PBI real. Los resultados muestran que el régimen político, sea democrático o no, no tuvo ningún impacto en la evolución de la inversión privada. This paper aims to determine the impact of political risk on private investment in Peru. Therefore, the methodology used to achieve this goal is an econometric estimation through an autoregressive distributed lag model (ARDL) from the second quarter of 1992 to the second quarter of 2018 (1992q2 – 2018q2). The paper takes into consideration i) the short- and long-run effects of political risk and ii) whether this risk could be influenced by political regimes. The results show that political risk does not have a significant impact on private investment, neither in the short nor in the long run. In the long run, private investment significatively depends on real GDP, real exchange rate, and the price of copper, while in the short run real GDP is the most important variable. Moreover, the results show that political regime, be that democratic or not, does not have an impact on the evolution of private investment. info:eu-repo/semantics/publishedVersion Revisión por pares

Treballs Finals del Grau d'Economia, Facultat d'Economia i Empresa, Universitat de Barcelona, Curs: 2018-2019 , Tutor: Esther Vayá Valcarce, (cast) En este trabajo se examina la situación de la participación en el mercado laboral español en función del género del individuo y cómo las características personales la condicionan. Partiendo de microdatos provenientes de la Encuesta de Población Activa, se estiman modelos econométricos que nos proporcionan información de cómo distintas variables influyen de manera diferente para ambos géneros, en el momento de participar en el mercado laboral, y si las mismas desempeñan alguna función en las condiciones del trabajo a desarrollar. Se comprueba además la evolución de esas variables en los últimos años. Las conclusiones llevan a determinar que las características individuales siguen afectando de manera diferente a los géneros y que, a pesar de que en los últimos años la diferencia de participación entre hombres y mujeres ha disminuido, ha sido a expensas de que las mujeres soporten en mayor proporción la flexibilidad laboral para conciliar trabajo y familia., (eng) This paper examines the labor participation in the Spanish labor market as a function of both individuals’ gender and other personal characteristics or variables conditioning this participation. Based on microdata obtained from the Encuesta de Población Activa (EPA), an active population survey, econometric models are estimated. Such models provide information on how different variables influence both genders differently and scrutinize the effects these variables have on employment’s quality. A time series of data concerning the evolution of these variables is here offered. This paper concludes that individual characteristics do affect both genders, but in a different way. Although in recent years the gap between employed men and women has diminished, it has been possible due to the fact that women work part-time, reconciling work and family life.