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[ES] El sistema bancario es uno de los sectores más afectados en épocas de crisis como la que actualmente está sucediendo. En primer lugar, se analiza el sector en profundidad, y luego se examina la forma en la que se ha visto afectado en las anteriores crisis. A continuación, se identifican los problemas y los retos a los que se ha estado enfrentando a lo largo de los últimos años y posteriormente se estudia la crisis sanitaria, en comparación a la anterior. Finalmente se expone la situación actual del mismo y las expectativas de cara a un futuro con incertidumbre., [EN] The bank system is one of the most affected sectors in times of crisis such as currently happening. First, the sector is analysed in depth, and then examines how it has been affected in previous crises. Subsequently, it identifies the problems and challenges it has been facing over the past few years and then studies the health crisis, as compared to the previous one. Finally, it exposes the current situation.

Memoria ID-153 Ayudas de la Universidad de Salamanca para la innovación docente, curso 2020-2021.

(1) Background: The validation of hygiene procedures in food industries is paramount to ensure that food contact surfaces are properly decontaminated before production. Rapid, sensitive and reliable tools are needed for routine hygiene validation in order to increase food safety levels. Two novel tools for biofilm detection (TBF 300) and detection of low levels of microbial contamination (FreshCheck) have been assessed. (2) Methods: Biofilms of relevant food pathogens: Listeria monocytogenes and Salmonella spp. were grown for 3 and 10 days to assess the performance of the biofilm detection product. Surfaces were inoculated with different levels of L. monocytogenes to determine the limit of detection of FreshCheck. (3) Results: TBF 300 visibly stained 3 days-old biofilms of both pathogens, containing 5.0&ndash, 5.4 log CFU/cm2. FreshCheck showed a positive reaction with contamination levels as low as 10 CFU/cm2 for L. monocytogenes. (4) Conclusions: Assessment of the hygienic status of food contact surfaces before production can be greatly improved with the use of the two novel tools evaluated in this study. The detection of microorganisms&rsquo, presence at very low levels of contamination as well as identification of biofilm growth spots is available in a rapid and easy way, with a big potential contribution to food safety.

Memoria ID-190. Ayudas de la Universidad de Salamanca para la innovación docente, curso 2018-2019.

Background The Jefferson Scale of Physician Empathy is the most widely used instrument to measure empathy in the doctor-patient relationship. This work pursued cultural adaptation and validation of the original scale, in its health professions version (JSE-HP), for medical students who participate in an Early Clerkship Immersion Programme of a Spanish university. Methods The questionnaire was replied by 506 1st, 2nd, 3rd and 5th year medical students from Universidad Francisco de Vitoria, Madrid, in 2014 and 2016. Internal consistency was analysed by means of Cronbach’s alpha, and reliability by means of test-retest using the intraclass correlation coefficient and the Bland-Altman method. The construct validity was checked by means of confirmatory factor analysis and association with other empathy-related variables. Criterion validity was compared using Davis’ Interpersonal Reactivity Index. Results Cronbach’s alpha was 0.82 (range 0.80–0.85). Item-total score correlations were positive and significant (median 0.45, p Conclusion The results support the validity and reliability of JSE-HP applied to Spanish medical students.

El estudio tuvo como objetivo determinar la relación entre la omisión a la asistencia familiar y el incumplimiento del derecho alimentario en el Tercer Juzgado Penal del Callao 2016. La investigación fue básica, de enfoque cuantitativo, descriptiva; de diseño no experimental, transeccional, correlacional. La población está conformada por los abogados del Tercer Juzgado Penal del Callao 2016. La muestra es intencional se aplicó el muestreo no probabilístico. Los sujetos de estudio están representados por 46 profesionales de derecho. Para la recopilación de datos se hizo uso de encuestas mediante la elaboración de cuestionarios: Cuestionario de omisión de asistencia familiar y Cuestionario de incumplimiento del derecho alimentario, validados por juicio de expertos y con alta confiabilidad se usó el coeficiente Alpha de Cronbach. Se utilizó el programa SPSS 22. Se obtuvo el Rho de Spearman = 0.642 una correlación moderada y significativa, y tanto la omisión de asistencia familiar como el incumplimiento del derecho alimentario se ubicaron en un nivel medio y alto. Se concluyó que existe relación directa y significativa entre la omisión de asistencia familiar y el incumplimiento del derecho alimentario en el Tercer Juzgado Penal del Callao 2016, se sugirió que, esta problemática tiene también una dimensión social que demanda del Estado la implementación de políticas públicas, programas y proyectos eficaces que promuevan paternidades responsables. Lima Norte Escuela de Posgrado Derecho Penal

Producción Científica, [MI2(CO)3(pz*H)2] complexes (M = Mo, W; pz*H = pzH, dmpzH, indzH) have been synthesized and characterized in solid state and in solution. These heptacoordinated complexes present a capped octahedron geometry in the solid state where the azole ligands are always coordinated pseudo-cis, and the iodido ligands are coordinated either pseudo-trans (pzH complexes and molybdenum complex with indzH) or pseudo-cis (tungsten complex with dmpzH). Both isomers are found in the crystal structure of [WI2(CO)3(indzH)2]. The difference in energies between both isomers have been theoretically calculated and range between −2.9 and +1.0 kcal/mol. The complexes where the iodido ligands are coordinated pseudo-trans show unequivalent azoles in the NMR at low temperature while they undergo a dynamic process in solution which makes both heterocycles equivalent at room temperature. The other complexes display a dynamic behavior in solution where both heterocycles are equivalent both at room and at low temperatures., Ministerio de Economía, Industria y Competitividad (Project CTQ2013-41067-P)

The reactions of cis-[Mo(η3-methallyl)Cl(CO)2(NCMe)2] and 0.5 equivalents of tetra-n-butylammonium salts of pyrazolate (pz), 3,5-dimethylpyrazolate (dmpz) or indazolate (inz) lead to NnBu4[{Mo(η3-methallyl)(CO)2(μ-Cl)}2(μ-pz*)] (pz* = pz, dmpz, inz), where the bridging pyrazolato is coordinated trans to the allyl group and both bridging chlorido ligands are coordinated trans to the carbonyls.

Acetato-bis(pyrazole) complexes [Mo(η 3 -methallyl)(O 2 CMe)(CO) 2 (pz ∗ H) 2 ], (methallyl = CH 2 C(CH 3 )CH 2 ) and fac -[M(O 2 CMe)(CO) 3 (pz ∗ H) 2 ], (pz ∗ H = pyrazole or 3,5-dimethylpyrazole, dmpzH; M = Mn, Re) are obtained from [Mo(η 3 -methallyl)Cl(CO) 2 (NCMe) 2 ] or fac -[MBr(CO) 3 (NCMe) 2 ] [M = Mn (synthesized in situ ), Re], 2 equiv. of pyrazole, and 1 equiv. of sodium acetate for Mo complexes, or silver acetate for Mn or Re complexes. The chlorido-complexes [Mo(η 3 -methallyl)Cl(CO) 2 L 2 ] (L = pzH, dmpzH), obtained from the same starting material by substitution of MeCN by pzH or dmpzH, are also described. The crystal structures of the fac -acetato-bis(dimethylpyrazole) complexes present the same pattern of intramolecular hydrogen bonds between the acetate and the dimetylpyrazole ligands, whereas the crystal structures of the fac -acetato-bis(pyrazole) complexes show different hydrogen bonds patterns, with intermolecular interactions. NMR data indicate that these interactions are not maintained in solution.

This paper studies the relationship between a set of commodity prices in a small open economy like Uruguay and the corresponding international and regional prices. The empirical methodology used is the multivariate cointegration procedure based on maximum likelihood methods introduced by Johansen (1988) as well as estimations of half-life persistence indicators. In the case of cereals, the evidence suggests strong market integration between domestic and regional markets and, to some extent, also to international markets. Therefore, directly or indirectly, domestic prices are connected with the efficient price signal. Results for beef indicate strong market integration between the domestic market and the regional market, which is not so well connected with international markets. Thus, domestic price appears to be linked to a regional price that is not linked to the efficient price signal.

La presente investigación tiene por objetivo aportar evidencia sobre la existencia e importancia del canal del crédito en la transmisión de la política monetaria en Uruguay a partir de un análisis a nivel macroeconómico. Para que el canal del crédito se encuentre activo como canal de transmisión de la política monetaria es necesario, en primer término, que las decisiones de política monetaria sean capaces de afectar las variables de crédito bancario. Una segunda condición necesaria es que las variaciones en el crédito bancario impacten sobre las variables objetivo de la política monetaria, es decir, la inflación y nivel de actividad. El abordaje empírico para testear ambas condiciones se realizó en base a series de frecuencia mensual para el período que comprendido entre 1998:12 y 2009:12. El análisis empírico se realizó en dos etapas. La primera, se baso en el análisis de las correlaciones cruzadas entre las variables instrumento de la política monetaria y diferentes variables de crédito, así como entre las variables de crédito y las variables objetivo de la política monetaria. Los resultados parecen sugerir que en el período de estudio el canal del crédito bancario no habría jugado un rol muy relevante como canal de transmisión de la política monetaria. No obstante, dadas las serias limitaciones de este análisis es necesario profundizar el estudio a partir de otras estrategias empíricas más sofisticadas. La segunda etapa del estudio empírico, consistió en la estimación de modelos estructurales de vectores autorregresivos (SVAR), estrategia comúnmente utilizada para el análisis de la política monetaria. Siguiendo a Bernanke y Blinder (1992) se estimaron diferentes modelos de funcionamiento del sistema bancario que varían en cuanto al indicador de crédito tomado como referencia. El objetivo fue analizar eventuales diferencias en la respuesta de los diferentes tipos de crédito. A su vez, para aislar el impacto sobre la oferta de créditos (canal del crédito) del efecto derivado del shock monetario sobre la demanda de créditos (vinculado al canal tradicional de tasas), se estimaron modelos incluyendo al PIB en forma endógena y exógena, alternativamente. Los resultados encontrados sugieren que la totalidad del efecto contractivo que sobre el crédito ocasionado por una contracción monetaria se derivaría de la contracción de actividad asociada y no de una conducta de los bancos tendiente a restringir el crédito. En este sentido, esta aproximación sugiere que el canal del crédito bancario no habría representado en el período de análisis un canal relevante en la transmisión de la política monetaria, que actúe amplificando los efectos del canal tradicional de tasas.

Esta investigación tiene como objetivo analizar la relevancia del canal de crédito en Uruguay. Se evalúa la existencia y efectividad de la política monetaria a través de canal de crédito bancario y hojas de balance de la política monetaria en la economía uruguaya. El estudio sobre el canal de crédito bancario se realiza a través de técnicas de datos de panel, procesando información sobre los balances de las instituciones bancarias correspondientes al período comprendido entre enero 2006 y junio 2009, con el objetivo de analizar la respuesta diferencial de los bancos según las características de tamaño, liquidez y capitalización ante un aumento en la tasa de interés. El análisis se realiza para los créditos en moneda nacional y extranjera, y diferenciando créditos otorgados a las familias y empresas. Los resultados indican que el canal de crédito estaría activo tanto para los préstamos otorgados en moneda nacional, como extranjera. Una política monetaria restrictiva afectaría en mayor medida los bancos peor capitalizados cuando se toman en cuenta los créditos otorgados en moneda extranjera. Los bancos menos líquidos son también los más afectados al analizar los créditos otorgados en moneda nacional. Adicionalmente, una política monetaria restrictiva conllevaría una reducción de los créditos a las familias de mayor entidad que a las empresas. Para la investigación del canal de hojas de balance de la política monetaria se utilizó un panel de datos para los años 2005 al 2008 de estados financieros de empresas obtenido de la Liga de Defensa Comercial (LIDECO). Se explota las diferencias por tamaño de empresas, asumiendo que las pequeñas empresas son las más afectadas por las asimetrías de información, y por tanto, tienen mayor dificultad para acceder a fuentes de financiamiento externas. En el presente trabajo se testea si las variables (inversión y ventas) del balance de las empresas pequeñas son las que resultan más afectadas por una política monetaria restrictiva. Los resultados no proveen de evidencia clara sobre la existencia de este canal. Contemplando el alto grado de dolarización de las empresas uruguayas, se testea si la política monetaria tiene un efecto diferencial a través del descalce de monedas entre activos y pasivos. Adicionalmente, se busca determinar si la liquidez puede ser una variable a través de la cual la política monetaria cause un efecto diferencial. Los resultados indican que la política monetaria afecta negativamente el balance de las firmas, pero no lo hace de manera diferencial por características de las firmas. Dentro de las empresas pequeñas, las firmas con mayor descalce y mejor liquidez mostraron una peor performance en términos de ventas e inversión en el período analizado.

In emerging markets, policies for preventing and managing financial crises should be understood following the standard open economy macroeconomics text treatment. This, however, will prevent us from fully comprehending how to deal with these crises. To deal with financial crises in emerging markets, this paper brings about more promising theoretical tools borrowed from the interdisciplinary field of optimal policy design. It also considers the possibility that more than one market failure may occur simultaneously. The theoretical tools discussed here should serve to improve existing prevention and management policies. Admittedly, the interdisciplinary field of optimal policy design is comparatively young, thus offering scarce empirical support for disentangling competing models. Given this inability to decide upon the best possible model, we should consider at least two constraints that policy makers will deal with in the real world of financial crises. First, given that policy makers make crucial choices between parsimonious and innovative measures, this paper recommends parsimony because of the uncertainty about the true model. Second, high political implementation costs will always be present, and these are positively correlated with supranational institutional requirements. Considering issues of both parsimony and political constraints, we argue that any attempt to internationally harmonize rules and codes must be done with caution. With this framework in mind, we review some of the recent proposals about emerging markets crisis prevention. From the point of view of emerging countries and creditor countries taken as a whole, and benevolent IFIs, we conclude that promoting GDP indexed sovereign bonds is the best available proposal for crises prevention. In this paper, we leave aside the debate of the political economy or governance reform issues of the IFIs.

This paper`s main goal is to estimate the elasticity of substitution of non-tradable goods, paying special attention to empirical problems related to time-varying parameters, missing regressors and model misspecification. To that end, the paper creates a database and estimates, via three alternative methods, quarterly series of consumption and prices of tradable and non-tradable goods for Uruguay for the period 1983-2002. The econometric estimations of the parameter of interest were performed with VEC models. These estimates give a long-run elasticity of substitution of %0. 46 in the principal model and %0. 71 and %0. 75 in the two alternative models. Parametric stability tests are performed on the principal model, and the predictive ability of the model is also tested. It is concluded that, not only is the parameter of interest stable over time, but the model also has good predictive properties, even when tested in a very demanding environment: the period following Uruguay`s change of exchange rate regime in mid-2002.

Book Reviews of Jerome Vallabaraj SDB, Empowering the Young towards Fullness o f Life,_Bangalore: Kristu Jyoti Publications, 2003, pp.267. Emilio Alberich SDB and Jerome Vallabaraj SDB, Communicating a Faith that Transforms, Bangalore: Kristu Jyothi Publications, 2004, pp315.

The objective of the project that gives rise to the present book is to analyze the economic incentives, on the social and on the private level, of the different alternatives for trade liberalization. That is to say, information is processed to deeply understand the different negotiation scenarios, the bilateral as against the plurilateral alternative, considering aggregated as well as particular national interests in each country/region. The integration process involves many subjects (the harmonization of domestic policies on competition, environmental and labor standards, intellectual property, and so on) and sectors (now including services). Although many of these issues are mentioned and discussed, the focus here is on the changes in market access associated with the proposed liberalization of the trade opening for goods, the area in which MERCOSUR has its clearest interest.

This paper analyzes the reasons behind Central Government (CG) bailouts of Subnational Governments (SNGs) in the case of Uruguay. We argued that Uruguay represents a good example of the risks of fiscal decentralization, in the context of adjustment policies, and when SNGs` responsibilities and resources have not been carefully defined. We show that, in unitary countries where SNGs lack the opportunities to misbehave that they have in federal countries (e. g. , public debt issuance, international borrowing), SNG officials find ways to finance deficits through non-compliance with politically contestable obligations. In particular, SNGs in Uruguay finance their deficits by accumulating debts with other government agencies and obtaining discretionary transfers from the CG. Through statistical analyses we show that debts and deficits are mainly related to vertical fiscal imbalances and economic conditions in the SN jurisdictions. Yet, the analysis of recent bailout episodes suggests that institutions and political factors play a role (i. e. , they are important ex-post factors). This implies that bailouts have been more than simple compensations for structural imbalances, thus creating opportunities for strategic behavior on the part of SNG authorities (partly confirmed by the disparate fiscal performance of Montevideo vis-à-vis the rest of the country).

In a small open economy, the exchange rate is a key variable from the perspective of the political economy of macro policy. It is, indeed, one of the most powerful instruments that governments can use to achieve their goals. Recent theories of political macroeconomics stress that maximization of social welfare may be just one, and perhaps not the most relevant, of such goals. Others include politicians’ own permanence in power and serving the interests of specific constituencies. This paper seeks to determine the pertinence for the Uruguayan economy of the recent literature on the political economy of exchange rate management. The predictions of various theoretical models are summarized, along with the stylized facts identified in a series of recent empirical studies. After a brief discussion on the advantages of alternative specifications to test for political cycles in the exchange rate, the theoretical predictions and stylized facts are confronted with the evidence for Uruguay since 1920. The analysis shows empirical regularities consistent with political manipulation of the exchange rate around elections.

This paper focus on the problems faced in the empirical investigation of the relation between the level and volatility of inflation. Monthly inflation series seem to be affected by both the presence of outliers and conditional heteroscedasticity. First, the paper illustrates the implications that the presence of outliers and conditional heteroscedasticity have on the usual residual diagnostics. Then, estimates of the level and volatility of inflation are obtained for each of the countries of the G-7 group. Empirical evidence for the majority of the inflation series for these countries indicates both the presence of outliers and conditional heteroscedasticity, and that estimates of the latter are sensitive to the presence of outliers. Finally, the temporal dependence found in the conditional variance is enduring.

This paper provides an empirical analysis of the business cycle regularities of the Uruguayan economy from 1975 to 1994, using quarterly macroeconomic data. The method of estimation of the cyclical components is based on the application of the Hodrick-Prescott filter to the unobserved trend-cycle components estimated from reduced-form univariate models. The method used to estimate cyclical components offers two advantages over the procedures usually found in the literature. First, the cyclical component is extracted from time series that have been previously seasonally-adjusted using a method which explicitly takes into account the specific characteristics of the data generating process. Second, given that irregular components are excluded from the estimation of the final cyclical components, correlations considered in the characterization of the business cycle are not affected by non-systematic oscillations (noise) in the data. Overall, the pattern observed in the cyclical comovements of the aggregate supply and demand components as well as their levels of relative variability are similar to those observed for other countries. However, some features seem to be specific to the Uruguayan economy: procyclical and low volatility public sector expenditure, cyclical lag of monetary aggregate fluctuations and countercyclical interest rates. Furthermore, exports, ex-ante real interest rates in local currency and the GDP of Argentina and Brazil behave as leading indicators of the reference cycle of the Uruguayan economy.

El documento analiza los determinantes del ahorro interno en Uruguay. Por un lado, se consideran los determinantes de ahorro privado, mediante un análisis econométrico de las series anuales y trimestrales del consumo privado agregado. Por otro lado, se analiza el resultado fiscal mediante una descomposición entre factores discrecionales y no discrecionales. Se pone particular énfasis en el análisis de los efectos de dos episodios de estabilización basados en el tipo de cambio (1978-82 y 1991 en adelante) y la liberalización financiera de mediados de los años 70. Se encuentra que no se puede aceptar la hipótesis de ingreso permanente-ciclo de vida, existiendo una dependencia contemporánea entre crecimiento del consumo privado y crecimiento del ingreso que puede interpretarse como proveniente de restricciones de liquidez (de acuerdo al modelo de Campbell y Mankiw, 1989). El grado de esas restricciones de liquidez varía con el crédito bancario, pero este factor no resulta importante en los booms de consumo que acompañaron a los planes de estabilización basados en el tipo de cambio. Por otro lado, paradójicamente, no parecen haber cambios relevantes en el grado de restricciones de liquidez antes y después de la liberalización financiera.

In this paper we model the monthly number of passengers flying with the Spanish airline IBERIA from January 1985 to December 1992 and predict future values of the series up to October 1994. This series is characterized by strong seasonal variations and by having an upward trend which has a rupture during 1990 with the slope changing to be negative. We compare observed values with predictions made by a deterministic components model, the Holt-Winters exponential smoothing filter, an ARIMA model and a structural time series model. As expected, we show that the deterministic components model is too rigid in the presence fo breaks in trends although surprisingly the within-sample fit is better than for any of the other models considered. With respect to Holt-Winters predictions, they fail because they are not able to acommodate outliers. Finally, ARIMA and structural models are shown to have very similar prediction performance, being very flexible to predict reasonably well when there are changes in trend and outliers.

El presente libro como propósito avanzar en el estudio de la política macroeconómica en el MERCOSUR, y analizar los obstáculos y limitaciones de la coordinación macroeconómica dentro del bloque. El tema es de indiscutible relevancia a la luz de la profundización de las relaciones comerciales entre los socios desde la firma del tratado de Asunción en 1991, fundamentalmente a partir de los sucesos de fuerte inestabilidad que se precipitaron sobre finales de la pasada década y principios de la presente que han dejado en evidencia la fragilidad de una integración sin coordinación política. Los trabajos recogidos en este volumen muestran que las economías del bloque tienen tantos factores comunes específicos, y que estos, generan una configuración única, no asimilable a ninguna otra experiencia de integración, que abre oportunidades y desafíos para la coordinación de políticas macroeconómicas. En ellos se identifican espacios y necesidades de coordinación de políticas tales como la fiscal y la cambiaria-monetaria, al mismo tiempo que se proponen caminos a transitar tanto en el corto como en el largo plazo. Red MERCOSUR

En este libro, Red Mercosur asumió el compromiso colectivo de embarcarse en el ejercicio de mirar hacia atrás y recorrer parte de la trayectoria institucional de Enrique Iglesias, rescatando así parte de la historia del Uruguay, la región y el mundo.

[ES]Estudio descriptivo trasversal con una muestra de pacientes en edad pediátrica representativa de la población infantil de la provincia de Salamanca. El objetivo general es valorar el estado de la infección por Helicobacter pylori en población infantil mediante la determinación de la presencia de antígeno bacteriano en heces y analizar los principales factores epidemiológicos relacionados con la adquisición de la infección en nuestro medio.