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The paper has the objective to distinguish the Central Bank of Brazil as an agent of the International Relations and to state that its actions, internal or external, have some political connotation due to the impossibility to disconnect the economic from the political. The paper also intends to demonstrate that democratization, globalization and the awareness of the need to increase the transparency of the financial, economic and political relations, besides the increase of the international cooperation, strenghtened both the international and domestic institutions or increased the urge for countries that wish to insert themselves globally to develop strong institutions, among them their respective central banks., O artigo tem como objetivo caracterizar o Banco Central do Brasil como um agente das Relações Internacionais e que suas ações tanto internas quanto externas têm alguma conotação política dada a impossibilidade de separar o econômico do político. Pretende-se demonstrar que a democratização, a globalização e a conscientização sobre a necessidade de aumentar a transparência nas relações financeiras, econômicas e políticas e o crescimento da cooperação internacional fortaleceram tanto as instituições internacionais como as domésticas ou aumentaram a necessidade de que os países que desejam inserir-se globalmente desenvolvam instituições fortes, entre elas, seus respectivos bancos centrais.

O estabelecimento de uma relação comercial é uma ação complexa, influenciada por diferentes variáveis. Quando abordamos o contexto internacional a complexidade é ainda maior, cabendo à comunicação entre os atores comerciais um papel crucial. Nesse sentido, a promoção de uma comunicação verbal efetiva e sem entraves entre os parceiros internacionais é crucial para o sucesso de qualquer transação. É neste âmbito que a economia da língua ganha relevância, permitindo a inclusão da língua falada pelos parceiros comerciais como um dos fatores explicativos do comércio internacional, surgindo nos modelos gravitacionais explicativos dos fluxos de comércio entre países como um elemento facilitador das trocas comerciais ou, pelo contrário, como um entrave na relação comercial. Os estudos na área da economia da língua revelam que as relações económicas são fortemente influenciadas pela língua, mas as escolhas linguísticas podem ser também influenciadas por fatores económicos, razão pela qual esta é uma relação bilateral. O estudo que aqui apresentamos incide sobre a forma como a comunicação verbal (medida pela proximidade linguística, ou seja, um maior ou menor grau de semelhança entre a língua falada por dois parceiros comerciais) influencia as relações comerciais estabelecidas num contexto internacional. Neste estudo, concluímos que, com os dados relativos ao volume de exportações portuguesas para 2015, a facilidade de comunicação verbal com o parceiro comercial tem uma influência positiva no aumento das trocas comerciais – em termos empíricos, esta conclusão é corroborada pelo facto de Espanha ser o principal parceiro comercial de Portugal. Concluímos que o fator língua não está a ser bem aproveitado pelo Estado português, na medida em que a proximidade linguística poderia servir para uma maior promoção das exportações portuguesas, nomeadamente com os países que compõem a Comunidade dos Países de Língua Portuguesa (CPLP) e com os que integram o Mercado Comum do Sul (Mercosul).

Orientador: André Martins Biancareli Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia Resumo: A partir dos anos 1980 medidas de liberalização da economia foram amplamente disseminadas para os países periféricos, principalmente pelas instituições multilaterais de Bretton Woods. Desde então os países da periferia não adotaram de maneira homogênea este conjunto de reformas econômicas e reorientações de políticas econômicas. Num primeiro momento a dissertação enfatiza como Filipinas, Tailândia, Malásia, Indonésia (Asean-4) e Coréia do Sul seguiram alguns dos preceitos de liberalização econômica, dentre as quais se sobressaíram à abertura das contas financeiras do balanço de pagamentos e a desregulação de diversos mercados domésticos, inclusive o financeiro. Em seguida, aponta-se como a execução destas e de outras medidas tiveram como consequência o surgimento da crise asiática na segunda metade da década de 1990, interrompendo por alguns anos o processo de desenvolvimento dos países afetados. Na década subsequente não ocorreu semelhante episódio. Parte-se da hipótese de que a estes países, para evitarem novas crises e manterem suas economias em trajetórias sustentáveis de desenvolvimento, reviram de forma exitosa suas políticas macroeconômicas no início do século XXI, adequando-as a um contexto de integração produtiva regional na Ásia e de expansão internacional da demanda agregada. Nesse sentido, o objetivo da dissertação é compreender como, neste contexto regional e internacional, a desvalorização do câmbio e sua estabilização por meio de intervenção governamental via acumulação de reservas, taxas de juros cadentes e maior ativação da política fiscal destes países na pós-crise permitiram menor instabilidade em meio a uma trajetória de forte crescimento Abstract: Liberalization measures were widely spread in the periphery of capitalism throughout the 1980s and 1990s, especially by the World Bank and the IMF. Since then, many countries have adopted those propelled economic reforms and economic policy reorientation. Although with national nuances, the Philippines, Thailand, Malaysia, Indonesia (Asean-4) and South Korea have followed some of the economic liberalization prescriptions. In which stands out the opening of capital accounts of the balance of payments and the deregulation of many domestic markets, including the financial markets. The application of these and other measures have brought, as consequence, the rise of the Asian crisis in the second half of the 1990s, curtailing in some years the economic development of affected countries. The hypothesis sustained is that these countries, in order to avoid new crises and keep their economies in a path of sustainable development, revised their macroeconomic policies in the wake of the XXI century. Thus, the purpose of this dissertation is to understand how post-crisis exchange rate depreciation and stabilization - brought about by government intervention in exchange markets via reserve accumulation -, falling interest rates and active fiscal policy in these countries helped lessen economic instability, without the threat of a crisis like the one started in 1997 Mestrado Desenvolvimento Econômico Mestre em Ciências Econômicas

Establishing a business relationship is a complex action influenced by different variables. When we approach the international context, the complexity becomes even greater, with communication between commercial actors playing a crucial role. In this sense, the promotion of effective and unimpeded verbal communication between international partners is crucial for the success of any transaction. It is in this context that economics of language gains relevance, allowing the inclusion of the language spoken by the commercial partners as one of the explanatory factors of international trade, assuming in the explanatory gravitational models of trade flows between countries the role of facilitator of trade exchanges or, on the contrary, of an obstacle to the commercial relationship. Studies in the area of economics of language reveal that economic relations are strongly influenced by language, but language choices can also be influenced by economic factors, which is why this is a bilateral relationship. The study we present here focuses on how verbal communication (measured according to linguistic proximity, that is, a greater or lesser degree of similarity between the language spoken by two business partners) influences the commercial relations established in an international context. In this study, we conclude that, based on data on the volume of Portuguese exports in 2015, the ease of verbal communication with the trading partner has a positive influence on the increase in trade - in empirical terms, this conclusion is corroborated by the fact that Spain is Portugal's main trading partner. We conclude that the language factor is not being well used by the Portuguese State, as the linguistic proximity could be used to increase Portuguese exports, namely with the countries that compose the Community of Portuguese Speaking Countries (CPLP) and with those that integrate the Southern Common Market (Mercosur).

This paper offers an empirical assessment of the multinational activity of European firms. It takes the predictions of models of firm heterogeneity and FDI activity as a reference to explore the characteristics of multinational firms from 30 European countries. We use an original dataset, based on ORBIS, which links information of parent-affiliate pairs of firms. Our results show that more productive firms have greater multinational activity in terms of both scope, the number of foreign markets where they invest, and scale, the volume of local sales by subsidiaries active in foreign markets. The estimation of gravity equations shows that country characteristics that encourage multinational activity successively induce the entry of less productive parent firms. We confirm this asymmetry for the following variables: GDPs of the home and host countries, distance, contiguity and having a common colonial history.)

RESUMEN: El objetivo de la presente tesis doctoral es arrojar luz sobre la perspectiva de los ciudadanos en los servicios de interés público. Se incorporan por tanto ideas procedentes de la psicología para explicar las decisiones económicas y la influencia de los factores demográficos de los individuos en este proceso. En primer lugar, se desarrolla un marco teórico que evalúe la participación de los ciudadanos en la co-producción de servicios públicos que utiliza tecnologías de la información y la comunicación. En segundo lugar, se amplia esta investigación con un enfoque cuantitativo que investiga el comportamiento de los ciudadanos en los servicios de interés público en diferentes países y regiones de la Unión Europea. Para ello, se emplea información procedente de dos importantes bases de datos (Encuesta financiera europea de los hogares y encuesta de salud de Irlanda del Norte). Los resultados muestran aversión a las pérdidas en el ahorro de los ciudadanos con respecto a su renta. También se observa evidencia de que los factores motivacionales y demográficos influyen la toma de decisiones en los servicios financieros y de la salud y que esta evidencia se respalda tanto a nivel nacional como regional. Finalmente, los hallazgos de esta tesis doctoral muestran que el papel del gobierno es fundamental para mejorar el papel de los ciudadanos en la prestación de servicios públicos. Los reguladores pueden hacer uso de los conocimientos de la economía del comportamiento para afrontar cuestiones relativas a la toma de decisiones de los ciudadanos que aborden intervenciones de política en diferentes servicios de interés público. ABSTRACT: This doctoral dissertation sheds light on the citizen experience in services of public interest such as banking and health. We incorporate insights from psychology into economics to explain factors related to the economic decisions of citizens and the influence of their demographics on their decision-making processes. In so doing, we first develop a theoretical framework on citizens’ engagement in ICT- enabled co-production. Second, we data from two large databases (Household Finance and Consumption Survey and Health Survey of Northern Ireland) to expand this qualitative research with quantitative approaches. Findings show strong evidence that loss aversion exists in saving behavior as regards changes in individual income. We also find strong support that motivations and demographics influence citizen participation in banking and health systems, and that this evidence is supported at the country and regional level. Finally, findings of this doctoral dissertation show that the role of governments has been crucial to enhance citizen participation in the delivery of public services. Practical application of behavioral economics to questions concerning the citizen decision- making may be considered by policymakers to tackle policy interventions in services of public interest. También me gustaría expresar mi gratitud al proyecto “H2020 CITADEL: Empowering citizens to transform public administration” por la financiación concedida en el tramo final de la tesis doctoral.

Brasil es uno de los principales países exportadores de carne bovina del mundo, juntamente con Uruguay, país vecino con grandes potenciales en la producción del sector bovino y por eso uno de los mayores competidores de Brasil. Debido a la importancia del sector bovino en ambos países, este trabajo tiene por objetivo analizar la evolución de las exportaciones de carne bovina de Brasil y de Uruguay a lo largo del período 2001-2013, verificando el volumen y el precio de las exportaciones en dicho período. El análisis estadístico siguió el Método Clásico Multiplicativo de Series Temporales. Se evidenció una tendencia ascendente del volumen total exportado de carne bovina tanto para Brasil cuanto para Uruguay. De la misma forma, los precios se presentaron crecientes, el precio de la carne bovina exportada por Uruguay presentó un crecimiento anual del 11,28% más elevado que Brasil con un crecimiento de 9,96% al año. Ambos países presentaron exportaciones estacionales, habiendo una expansión en el período de zafra y retracción del volumen en el período de entre zafra. En un análisis de largo plazo, se constató que los ciclos de exportación no están bien determinados, imposibilitando trazar patrones futuros., Revista de Ciências Agrárias, vol. 39 n.º 1 (2016)

Resumo A promulgação do Decreto n. 8.058/2013 alterou os procedimentos relativos às investigações antidumping no Brasil. Um dos objetivos do novo decreto, conforme disposto no Plano Brasil Maior (2011), foi o de intensificar a defesa comercial no país, reduzindo-se os prazos de investigação e de concessão de direitos provisórios. Este artigo (i) apresenta fatos estilizados e a agenda de pesquisa sobre medidas antidumping; (ii) mostra a evolução da legislação sobre medidas de defesa comercial no Brasil de 1994 até 2016; (iii) analisa as principais tendências da defesa comercial no Brasil e no mundo a partir da análise das informações do Departamento de Defesa Comercial (Decom) do Ministério do Desenvolvimento, Indústria e Comércio (MDIC) e do Global Antidumping Database do Banco Mundial; e (iv) discute por meio de testes estatísticos e econométricos os efeitos do Decreto n. 8.058/2013 sobre as investigações antidumping no Brasil. Em particular, argumenta-se que (a) o aumento observado no número de investigações abertas não deve ser atribuído ao Decreto n. 8.058/2013, mas à divulgação do Plano Brasil Maior; (b) a taxa de aprovação de medidas não aumentou em decorrência do decreto; e (c) o tempo de investigação se reduziu, mas continua maior do que a comparação internacional. Abstract The enactment of Decree n. 8.058/2013 changed the procedures regarding anti-dumping investigations in Brazil. One of its purposes, as set forth in the 2011 Plan Brasil Maior, was to intensify trade defense measures in Brazil, reducing the investigation process’ time and granting early provisional duties. The present article (i) presents stylized facts and the research agenda about antidumping measures; (ii) shows the evolution of the legislation on trade defense measures in Brazil from 1994 to 2016; (iii) analyzes the main trends of trade defense in Brazil and in the world, based on data from the Department of Trade Defense (Decom) of the Ministry of Development, Industry and Trade (MDIC) and the World Bank’s Global Antidumping Database (GAD); and (iv) discusses, through statistical and econometric tests, the effects of Decree n. 8.058/2013 on anti-dumping investigations in Brazil. In particular, it is shown that the increase in number of investigation should be attributed to the Plan Brasil Maior instead of the Decree n. 8.058/2013; that the rate of approval did not increase because of the decree; and that investigation time has effectively been reduced, but it is still higher than the international comparison.

Las dos mayores potencias económicas y comerciales del mundo (Estados Unidos de América y la República Popular China) se han enfrascado en una seria confrontación de escalamiento arancelario que definitivamente afectará con mayor crudeza a los países con economías emergentes y abiertas al libre comercio global, como es el caso del Perú.

Previous research has analyzed the imprinting effect associated with the firm’s international expansion without considering the full range of differences between home and host countries. These differences are important because, depending on the development gap, and the direction of the difference, learning opportunities and the possibility of upgrading firm’s capabilities will be vastly different. For this reason, we analyze the specific influence of the exposure to a specific group of international markets, those that are more developed than the country of origin of the focal firm. Obviously, this exposure benefits especially firms from emerging and middle-income countries, which we refer to as ‘‘new multinationals.’’ We analyze the different factors that influence the nature and intensity of the imprinting effect associated to the exposure to developed international markets by new multinationals.

O objetivo desta tese foi analisar a relação entre instituições e os fluxos internacionais de capitais nas economias emergentes e em desenvolvimento. A introdução apresentou conceitos e definições elementares e explorou algumas regularidades empíricas que têm caracterizado o processo. Constatou-se a existência dos desequilíbrios globais, de uma queda persistente das taxa de juros nas economias avançadas, de um aumento na integração financeira, de um processo de realocação de riscos e de uma relação positiva qualidade institucional e liberalização financeira, aspectos que fundamentaram a hipótese de pesquisa. O segundo capítulo discutiu e mediu os efeitos dos fluxos internacionais de capitais sobre o desempenho econômico nos mercados emergentes e economias em desenvolvimento com ênfase para o papel das instituições. Com base nas evidências obtidas, constatou-se que os influxos internacionais de capitais não foram incondicionalmente pró-crescimento, dado que os países em questão deveriam alcançar determinados limiares de desenvolvimento financeiro e institucional para obter tal benefício. Concluiu-se que instituições formam o fator fundamental para alcançar o crescimento econômico em meio ao processo de integração financeira. O terceiro capítulo discutiu o papel e os efeitos dos controles de capitais sobre os influxos nos mercados emergentes e economias em desenvolvimento por meio da base de dados por Fernández et al. (2016). Com base nas evidências geradas, concluiu-se que os controles de capitais foram capazes de afetar o volume e a composição dos influxos, contendo Investimento Direto, mas estimulando Outros Investimentos. Não foi obtida qualquer evidência que corrobore a hipótese da existência de limiares institucionais. O quarto capítulo avaliou os efeitos macroeconômicos dos fluxos de capitais no Brasil no período posterior à Grande Recessão. Concluiu-se que, a partir de 2009, o uso excessivo das políticas fiscal e monetária expansionistas, bem como políticas contraditórias envolvendo controles de capitais, foi responsável pela Grande Depressão Brasileira de 2015-2016 e que o resultado em questão foi causado fundamentalmente pela deterioração institucional observada no período. The aim of this thesis was to analyze the relation between institutions and international capital flows in emerging and developing economies. The introduction presented elementary concepts and explored some empirical regularities which characterized the process. It found the existence of global imbalances, a persistent fall in interest rates, an increase in financial integration, a process of risk reallocation and a positive relationship among institutional quality and financial liberalization, which constituted the research hypothesis. The second chapter discussed and measured the effects of international capital flows on economic performance in emerging markets and developing economies with an emphasis on the role of institutions. According of the evidence produced, it was found that international capital inflows were not unconditionally pro-growth, given that the selected countries should reach certain financial and institutional development thresholds to achieve such a benefit. It was concluded that institutions were the fundamental factor to achieve economic growth in the process of financial integration. The third chapter discussed the role and effects of capital controls on inflows in emerging markets and developing economies through the database developed by Fernández et al. (2016). Based on the evidence generated, it was concluded that capital controls were able to affect the volume and composition of the inflows, containing Direct Investment, but stimulating Other Investments. No evidence obtained was able to corroborate the hypothesis of the existence of institutional thresholds. The fourth chapter evaluated the macroeconomic effects of capital flows in Brazil after the Great Recession. It was concluded that, after 2009, the excessive use of expansionary fiscal and monetary policies, as well as contradictory policies involving capital controls, was responsible for the Great Brazilian Depression of 2015-2016 and that the result of the issue was caused fundamentally by the institutional deterioration observed in the period.

Mestrado em Economia Internacional e Estudos Europeus O presente Trabalho Final de Mestrado prende-se com o estágio curricular realizado na Embaixada dos Estados Unidos da América em Lisboa, mais concretamente no Departamento do Comércio. A abordagem ao comércio internacional, neste caso entre Portugal e Estados Unidos da América, torna-se importante na medida em que permite tomar conhecimento prático daquilo que são as trocas comerciais entre dois países, clarificando muitos dos modelos estudados em Economia Internacional. Dessas trocas comerciais podem ser retiradas diversas externalidades positivas, o que mostra a necessidade da dinamização do comércio internacional. Os Estados Unidos da América, apesar do peso que têm na economia mundial, apresentam uma balança comercial deficitária. Dessa forma, o Departamento do Comércio tem um papel fundamental no incentivo das exportações de produtos norte-americanos e na captação de IDE, bem como na promoção da educação e cultura. O relatório abrange uma revisão de literatura relacionada com o comércio internacional e a globalização, com especial foco no comércio entre Estados Unidos da América e Portugal, uma apresentação do Departamento do Comércio e suas respetivas missões e funções, a descrição das atividades realizadas no decurso do estágio e por fim, uma análise crítica a essas mesmas atividades. The present master´s degree refers to the curricular internship performed at the Department of Commerce located in the Embassy of the United States of America in Lisbon, Portugal. The approach to the international trade, in this case between Portugal and United States of America, is very important as it allows a practical knowledge of the trade between the two countries and clarifies many of the models studied in International Economics. From such trades, one can withdraw various positive externalities, which actually shows the need to stimulate international trade. Regardless of its importance in the world economy, the United States of America presents a deficit trade balance. Therefore, the Department of Commerce plays an important role in assisting with the export of American products, to help attract Foreign Direct Investment (FDI) and to promote education and culture. This report covers a literature revision related to international trade and globalization, with a special focus on the trade between the United States of America and Portugal, a presentation of the Commercial Department of the United States of America and their respective missions and functions, a description of the activities carried out during the internship and finally a critical analysis of these activities. info:eu-repo/semantics/publishedVersion

The objective of this paper is to examine whether the threshold beyond which a public debt change may have a detrimental effect on economic growth changes across euro area countries during the 1961–2015 period. In contrast with previous studies, we do not use panel estimation techniques, but implement a time-series analysis for each country based on the growth literature. The results suggest that in all the countries but Belgium a debt increase begins to have detrimental effects on growth well before the SGP debt ceiling (a debt ratio of around 40% and 50% in central and peripheral countries, respectively) is reached. So, although austerity policies should be applied in EMU countries – since according to our results debt reduction barely exerts any significant beneficial impact on EMU countries' growth – they should be accompanied by structural reforms that can increase their potential GDP. Moreover, as our results suggest that the harmful impact of a debt change on growth does not occur beyond the same threshold and with the same intensity in all EMU countries, a focus on average ratios and impacts may be unsuitable for defining policies. Specifically, our findings suggest that the pace of fiscal adjustment should be lower in Greece and Spain than in the other countries.

La Unión Europea (UE) constituye uno de los procesos de integración más completos del mundo. Sin embargo, todavía se detectan importantes diferencias sociales y económicas entre sus países miembros, y dichas diferencias podrían limitar los efectos positivos asociados con cualquier proceso de integración. El objetivo de esta disertación es examinar fortalezas y debilidades relacionadas con el proceso de integración europeo. La tesis se centra en tres aspectos específicos: la integración comercial, la movilidad de capital y personas y la efectividad de la Política Agraria Común (PAC). En el Capítulo 2, “What Are the Most Important Partners of the Most Recently Admitted EU Countries” , se investiga si la quinta ampliación de la UE (2004) supuso una integración comercial para los nuevos países miembros (UE-10). Para ello se construye una base de datos que recoge información sobre los flujos comerciales de los países de la UE-10 con 180 socios comerciales durante el periodo 1999–2011. Aunque los resultados reflejan que hubo una integración comercial entre los nuevos y viejos socios a partir de 2004, dicha integración fue más pronunciada entre los países de la UE-10. Por tanto, los resultados confirman que las raíces históricas de los nuevos socios han condicionado su integración con los países de la UE-15. En el Capítulo 3, “Foreign Direct Investment and Immigration Inflows in Spain”, se investigan los determinantes de la entrada de inversión extranjera directa (IED) en España. Este país perdió parte de sus factores atractivos como destinatario de IED después de las ampliaciones de la UE hacia el este. Para llevar a cabo este análisis, se construye una base de datos tras combinar dos fuentes de datos específicos: uno relacionado con las empresas y el otro con los trabajadores. Los resultados muestran que los inversores extranjeros se localizan en lugares donde hay una mano de obra con una cualificación media en lugar de una cualificación alta, tal y como concluye la mayor parte de la literatura empírica relacionada con los determinantes de IDE. Este resultado revela la existencia de problemas estructurales en el entorno empresarial español, ya que los inversores extranjeros están principalmente atraídos por incentivos transitorios. Dicha situación imposibilita que España pueda gozar de un adecuado ambiente empresarial apto para atraer IED en el largo plazo. Finalmente, en el Capítulo 4, “Land Specialization in Spain: The Effects of the Common Agricultural Policy”, se investiga en qué medida la PAC ha afectado la eficiencia de la producción agraria en España. A partir del trabajo de Costinot y Donaldson (2012), se desarrolla una estrategia empírica que consiste en comparar la producción real con la potencial, esta última calculada a partir de un ejercicio de optimización que recoge implícitamente el concepto de coste de oportunidad. Los resultados identifican una mejora en la eficiencia de la producción agraria en España tras su adhesión a la UE (1986) y, sobre todo, tras la reforma Fischler (2003). Esta reforma rompió el link entre subsidios y nivel de producción y, consecuentemente, produjo un cambio significativo en los incentivos de producción, ahora basados en las características del mercado y no en lo requerimientos necesarios para obtener los subsidios. Por tanto, a pesar de que se han detectado efectos positivos asociados con el proceso de integración europeo, también se han encontrado circunstancias en las que dichos efectos han sido menores de lo esperado. Con el fin de permitir que el proyecto europeo progrese adecuadamente, dichas debilidades —la mayoría relacionadas con las diferenciase económicas entre los estados miembros— deberían ser solventadas., The European Union is experiencing one of the most complete integration process in the world. Nevertheless, there still exist important social and economic differences among its member states, and these differences could limit the positive effects associated with the integration process. The objective of this dissertation is to examine the benefits and drawbacks of a number of selected features entailed by the European integration process. We focus on three specific aspects: trade integration among EU member states, the free mobility of capital and workers, and the true effectiveness of the Common Agricultural Policy (CAP). In Chapter 2, “What Are the Most Important Partners of the Most Recently Admitted EU Countries,” we investigate whether the fifth EU enlargement (2004) truly generated a trade integration effect for new member states (EU-10). To tackle this question, we build a database by compiling the information referring to trade flows among EU-10 countries and 180 commercial partners during 1999–2011. Though our results show that trade flow intensity between EU-15 and EU-10 countries increased after 2004, the trade integration effect was much stronger within the EU-10 group. This finding confirms that the historical background of EU-10 countries conditioned their trade integration with EU-15 countries, especially in sectors with more technological content. The Chapter 3, “Foreign Direct Investment and Immigration Inflows in Spain,” investigates the determinants of foreign direct investment (FDI) in Spain. This country lost part of its principal attractiveness as an FDI recipient after the EU enlargements to the east. We provide a quantitative assessment of the importance of agglomeration economies, network effects, and labor market composition in attracting FDI. To conduct our analysis, we create a novel database after adapting and merging information from two micro-data sources: one for companies and the other for workers. Our results highlight that incoming foreign investors privilege the hiring of medium-skilled workers rather than high-skilled ones, as is often found in the empirical research of FDI determinants. This result reveals the existence of structural problems in the Spanish business environment—namely, foreign investors are principally attracted by monetary or transitory incentives that make the interest to locate in Spain a temporally limited strategy. Unfortunately, this situation prevents Spain from building and enjoying a qualified business environment that could be able to attract more long-term FDI. Finally, in Chapter 4, “Land Specialization in Spain: The Effects of the Common Agricultural Policy,” we investigate the extent to which the CAP affected the level of agricultural production in Spain. Following Costinot and Donaldson (2012), the pivotal technique of our strategy involves comparing actual output with potential output, the latter of which derives from an optimization problem relying on the Ricardian idea of opportunity cost. Ultimately, our results identify an improvement of the agricultural production efficiency after Spain entered the European Economic Community (1986) and, above all, after the Fischler reform (2003). The 2003 CAP reform broke the linkage between subsidies and production. This provided the right incentives to impulse real production in Spain since made production strategies more connected with the market devices than subsidy requirements. Overall, although our research quantifies the existence of positive effects associated with the European integration process, we also detect specific circumstances in which the effects of integration have been different from the expected ones. However, these weaknesses—most of them associated with the lack of strong economic ties among all member estates—need to be overcome in order to allow the European project progress.

Free trade: new order. A balance Resumen El libre comercio es una antigua aspiracion que, en rigor, nace con la ciencia economica a fines del siglo xviii, pero que solo ha existido, en forma parcial y limitada, en el ultimo tercio del siglo xix y hasta la I Guerra. El nacimiento del gatt despues de la II Guerra como segunda opcion ante la fracasada Carta de Comercio y Empleo obedece a la necesidad de las grandes potencias comerciales de la epoca de liberalizar el comercio. Este preve la formacion de zonas de libre comercio y de uniones aduaneras como mecanismos alternos al libre comercio de alcance universal; existen mas de 400 y Mexico es parte de 11 de ellos con lo que formaliza, no inicia, su apertura economica y de dos agrupaciones multilaterales (Alianza del Pacifico y Acuerdo Transpacifico), lo que debe ser analizado cuidadosamente. Al final se especula en torno a los acuerdos Transpacifico y Trasatlantico y su posible influencia en el funcionamiento de la economia mundial. Abstract The free trade is an ancient aspiration, that in essence was born with the economic science in the late eighteenth century, but that has only existed in partial and limited form in the last third of the nineteenth century and until ww1. The birth of the gatt comes after the failure of the Havana Conference and obeys the need of the world powers in the time of the commerce liberalization. It proposes the creation of free trade zones and customs unions as side mechanisms of global free trade. There are more than 400 free trade agreements and Mexico has signed 11 of them (with which it formalizes, but does not start, its economic opening) and also has taken part in two free trade transnational alliances (tpp and Pacific Alliance), which must be carefully analyzed. In the end it’s thought around the Transpacific and Transatlantic free trade agreements and their possible influence on the global economy.

O comércio internacional tem adquirido importância crescente ao Brasil, especialmente para ao setor rural. Assim, entender o impacto da política de terceiros países no agronegócio brasileiro é importante. A União Européia (UE) é um dos principais parceiros comerciais do Brasil e é conhecida pela grande interferência que impõe ao seu setor agrícola na forma de diversos subsídios. O impacto da expansão da UE em 2004 e a reforma da Política Agrícola Comum (PAC) têm sido estudados em muitas regiões do mundo, mas não exaustivamente no Brasil. Este trabalho objetiva determinar o impacto da expansão da EU em 2004 no agronegócio brasileiro utilizando o Modelo de Equilíbrio Geral (GTAP) - Projeto de Análise do Comércio Global -, sob três cenários alternativos de reforma da PAC. Os impactos setoriais mais importantes foram sentidos na própria UE, como esperado, já que as medidas ocorrem naquele bloco. O impacto agregado da expansão da UE não foi importante para a economia brasileira. Mas, diferentes medidas da UE afetaram setores específicos do agronegócio brasileiro, como oleaginosas e carne bovina. As exportações desses setores da economia cresceram com a expansão e o descasamento dos pagamentos diretos, embora tenham decrescido com a expansão da UE sem o descasamento.International trade has acquired increasing importance for the Brazilian economy, especially for agribusiness. In this way, understanding other countries policies that affects international trade and its impacts in this country is equally important. The European Union (EU) is one of the most important Brazilian trade partners and it is known by strong interference on its agricultural sector. The recent European enlargement and the last Common Agricultural Policy (CAP) Reform have been studied at different regions of the World but there is a lack of knowledge regarding the impacts of this on Brazilian rural sectors. This paper aims to assess the impacts of the 2004 EU enlargement on Brazilian agribusiness using the general equilibrium model Global Trade Analysis Project (GTAP) under three alternatives scenarios for CAP Reform. The sectoral impacts were more relevant within the EU, as expected, as the measures take place in this region. The aggregate impact of the enlargement with or without decoupling was not important for the Brazilian economy. But it was found that different policies affect some Brazilian agribusiness sectors performance as oilseeds and bovine meat. Exports from these Brazilian sectors grow with enlargement as decoupling takes place, though they decrease under enlargement without decoupling.

Este artículo analiza la dinámica del turismo de salud para el caso colombiano mediante un método teórico-descriptivo a partir de la recopilación de información primaria y secundaria sobre el sector mundial del turismo de salud y bienestar, y del posicionamiento de los servicios médico-turísticos en Colombia. Se encontró que el impulso del sector se debe principalmente al aporte de actores privados a partir de la explotación de ventajas competitivas en materia de precios, facilidades de acceso al país y el apoyo de agencias nacionales para la promoción del turismo de salud y bienestar. Sin embargo, factores como el bajo nivel de bilingüismo, la falta de previsión de algunas entidades clínicas para la atención de pacientes internacionales y la escasez de flujo de información entre paciente-médico en el país de origen y país de destino fomenta una seria de trabas y sobrecostos para el paciente internacional que, sumado a una baja cooperación entre los oferentes de diversas industrias, fomenta distorsiones de mercado. This article analyzes the dynamics of health tourism in Colombia through a theoretical-descriptive method. Collection of primary and secondary data on the global health tourism and wellness sector serve for the analysis of the medical and wellness tourism services positioning in Colombia. It was found that the momentum of this sector is due mainly to the contribution of private agents through the use of competitive advantages in terms of price, ease of access to the country, and the support of national agencies for the promotion of health and wellness tourism. However, factors such as the low level of bilingualism in physicians and nurses, the lack of foresight of some clinical entities regarding attention to international patients, and the limited flow of information between the patient, the doctor in the country of origin and the doctor in Colombia, create a series of obstacles for international patients, which creates market distortions.

CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior Esta tese é composta por três ensaios que analisaram questões inerentes à prática antidumping (AD), com enfoque na economia brasileira. O primeiro ensaio analisou a evolução na utilização do instrumento antidumping (AD) após a rodada Uruguai, entre 1995 e 2012. Para tanto, buscou-se verificar quais seriam os principais usuários deste recurso e a tendência de uso associada a diversas economias. Testou-se ainda a hipótese de que países poderiam convergir em termos da aberturas de casos AD e de que efeitos espaciais estariam envolvidos neste processo. Por fim, foi criado um critério para identificar países que favorecem os setores mais competitivos através da prática AD. Os resultados revelaram que o Brasil foi o único grande usuário que esteve na contramão da tendência geral de queda na abertura de casos AD. Enquanto isso, a China foi o principal alvo deste mecanismo e uma das poucas a apresentar uma tendência de crescimento neste quesito. Verificou-se que há convergência no uso deste instrumento apenas quando o PIB é considerado e que Turquia e União Européia parecem favorecer as indústrias mais competitivas através da prática AD. O segundo ensaio analisou os principais determinantes da abertura de processos antidumping utilizando dados em painel contendo informações de 46 usuários AD durante 1995 a 2013. Para tanto, foi realizada uma extensa revisão dos trabalhos empíricos desta área a fim de elaborar um modelo abrangente, contendo diversas variáveis consideradas relevantes. As estimações, realizadas via Poisson ou Binomial Negativo, revelaram que uma diminuição nas importações, um crescimento na renda externa, uma redução na renda interna, uma desvalorização cambial ou uma melhora nas transações correntes poderia reduzir os casos AD. Enquanto isso, países que pertencem às faixas de renda mais altas, que adotam elevadas tarifas de importação, que são alvos frequentes de casos AD e que são exportadores intensivos de produtos de metais, químicos e plásticos tenderiam a abrir mais casos AD. Além disso, não pertencer à OCDE e fazer parte da Europa ou da Ásia Central inibe a abertura de casos AD. O terceiro ensaio analisou a influência de fatores macroeconômicos sobre a abertura de processos antidumping no Brasil e na Argentina. Notavelmente, somente um trabalho deste tipo havia sido realizado para um destes países (Brasil) e os autores rejeitaram o efeito de fatores macroeconômicos. Como este tipo de análise geralmente não conta com grandes amostras, o que limita a inclusão de variáveis no modelo, optou-se por selecionar as variáveis relevantes com base no teste de Sala-i-Martin (1997), fato que permitiu superar os demais trabalhos no que se refere à inclusão de variáveis. Conforme recomenda-se, os modelos foram estimados via regressão de Poisson. Os resultados revelaram que tanto o Brasil quanto a Argentina são afetados por fatores macroeconômicos. Contudo, os modelos tradicionais (agregados) tenderiam a negar ou minimizar tal influência sobre a economia brasileira e supervalorizar este efeito na Argentina. Assim, a utilização de dados desagregados se mostrou útil a este tipo de análise. This thesis consists of three studies that analyzed the use of antidumping (AD), focusing on the Brazilian economy. The first article verified how the main economies have used the AD after the Uruguay round, between 1995 and 2012. Therefore, some techniques were employed in order to reveal the main users of this instrument and the trend of using associated to each one of them. We also tested the hypothesis that countries could converge in terms of the number of AD cases and if spatial effects could be involved in this process. Finally, a criterion was established in order to identify countries that usually favor the most competitive sectors through AD practice. The results revealed that Brazil was the only heavy user that was counter to the general downward trend verified on the AD cases. Meanwhile, China was not only the main target of this mechanism but the cases against this country showed a growth trend also. Furthermore, we found convergence in the use of this instrument only when the economic weight of these countries was considered and our index indicated that Turkey and the European Union seem to be favoring the most competitive industries through the AD practice. The second article analyzed the main determinants of opening of AD cases using a panel data containing information of 46 AD users during 1995 to 2013. For this purpose, an extensive review of the empirical work of this area was performed in order to develop a comprehensive model, containing several variables considered relevant. The estimates carried out by Poisson or Negative Binomial, revealed that a decrease in imports, an increase in foreign income, a reduction in domestic income, currency devaluation or an improvement in the current account could reduce AD cases. Meanwhile, countries that belong to the higher income groups, which adopt high import tariffs, which are frequent targets of AD cases and are intensive exporters of metal products, chemicals and plastics, tend to open more AD cases. Also, countries that do not belong to the OECD and those from Europe or Central Asia tend to use less AD measures. The third article analyzed the influence of macroeconomic factors on the opening of AD cases in Brazil and in Argentina. Notably, such research had been done only to one of these countries (Brazil) and the authors rejected any macroeconomic influences. Since this type of analysis usually does not have large samples, the relevant variables were selected using the Sala-i-Martin (1997) test. This procedure allowed us to surpass the other articles regarding the inclusion of variables. As recommended, the models were estimated by Poisson regression. It was evidenced by the results that both Brazil and Argentina are affected by macroeconomic factors. However, the traditional (aggregated) models would tend to deny or minimize such influence on Brazilian economy and overestimate this effect in Argentina. Thus, the use of disaggregated data seems to be useful in this type of analysis.

El nacimiento de nuevas empresas multinacionales en el campo de los negocios internacionales en las últimas décadas ha provocado el replanteamiento de las teorías y modelos tradicionales que han explicado desde los años 60 la existencia de empresas multinacionales (MNE). El escenario internacional actual está compuesto por empresas multinacionales de países en desarrollo (EMNE), que poseen recursos limitados, utilizan fusiones y adquisiciones como modo de internacionalización y, han seguido un proceso acelerado de internacionalización. Estas características han provocado que surjan nuevas teorías y enfoques para explicar este fenómeno, es por ello que este artículo pretende conectar las teorías y modelos tradicionales con las aportaciones más recientes que definen las características de las nuevas empresas multinacionales. The emergence of new players in the international business field in the last decades has proposed the rethinking about the pillars of MNE theories. The current international landscape is composed by multinational firms (MNE) from developing countries which have limited resources. In addition, this MNE normally use Merger and Acquisitions (M&A) and have followed an accelerated internationalization process. These characteristics have made emerged new approaches in this field. Therefore, this paper tries to connect and combine the traditional theories with the most current theories in order to propose new alternatives for the explanation of the new multinational enterprises phenomenon. Sin financiación No data (2015) UEM

New evidence is presented on the possible existence of bi-directional causal relationships between public debt and economic growth in both central and peripheral countries of the European Economic and Monetary Union. We test for heterogeneity in the bi-directional Granger-causality across both time and space during the period between 1980 and 2013. The results suggest evidence of a “diabolic loop” between low economic growth and high public debt levels in Spain after 2009. For Belgium, Greece, Italy and the Netherlands debt has a negative effect over growth from an endogenously determined breakpoint and above a debt threshold ranging from 56% to 103% depending on the country.

This paper contributes to the literature by applying the Granger-causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government bonds issued by 11 EMU countries covering fourteen years of monetary union is used. The main results suggest that the 41 new causality patterns, which appeared for the first time in the crisis period, and the intensification of causality recorded in 70% of the cases, provide clear evidence of contagion in the aftermath of the current euro debt crisis.

Based on a dataset of 123 economies, this paper empirically investigates the relation between exchange-rate regimes and economic growth. We find that growth performance is best under intermediate exchange rate regimes, while the smallest growth rates are associated with flexible exchange rates. Nevertheless, this conclusion is tempered when we analyze the countries by income level: even though countries that adopt intermediate exchange-rate regimes are characterized by higher economic growth, the higher the level of income, less difference in growth performance across exchange rate regimes.

Rating agencies have been very active during the economic crisis and have been blamed for damaging the refinancing possibilities of the eurozone countries. Their decisions concerning sovereign bonds have been widely pointed out as one of the reasons why spreads rose dramatically between 2009 and 2012. Nonetheless, last evolutions of the sovereign spreads in countries such as Spain, Ireland or France show that sovereigns do not respond to rating assessments as extremely as they did before. Therefore, economic actors may wonder whether there has been a recent change in the trend or by contrast those assessments did not influence the volatility of the spreads, which may have been motivated by other variables. In this paper we will intend to determine to what extent S&P announcements were drivers of higher volatility of sovereign bonds’ spreads and how these effects (if any) have evolved over the economic crisis.

Our research aims to analyze the possible existence of Granger-causal relationships in the behavior of public debt issued by peripheral member countries of the European Economic and Monetary Union (EMU), with special emphasis on the recent episodes of crisis triggered in the eurozone sovereign debt markets since 2009. With this goal in mind, we make use of a database of daily frequency of yields on 10-year government bonds issued by five EMU countries (Greece, Ireland, Italy, Portugal and Spain), covering the entire history of the EMU from its inception on 1 January 1999 until 31 December 2010. In the first step, we explore the pair-wise Granger-causal relationship between yields, both for the whole sample and for changing subsamples of the data, in order to capture the possible time-varying causal relationship. This approach allows us to detect episodes of significant increase in Granger-causality between yields on bonds issued by different countries. In the second step, we study the determinants of these episodes, analyzing the role played by different factors, paying special attention to instruments that capture the total national debt (domestic and foreign) in each country.

El problema de la relación entre los precios y los tipos de cambio en la economía internacional ha transcendido el tiempo, muy a pesar de que a nivel teórico existe una tendencia generalizada a creer que dicha relación es una ley económica fundamental derivada de la Ley de un Solo Precio, y que es conocida como la Paridad del Poder Adquisitivo (PPA) o la Paridad del Poder de Compra (PPC). The problem of the relationship between prices and exchange rates in the international economy has transcended time, despite the fact that at the theoretical level there is a general tendency to believe that this relationship is a fundamental economic law derived from the Law of One Price, and is known as Purchasing Power Parity (PPP) or Purchasing Power Parity (PPP). Magíster en Ciencias Económicas Maestría

El trabajo presenta algunos factores que han causado la restricción crediticia a las empresas y al consumo durante la etapa de crisis que vive aún hoy la economía española. Analiza las claves que han desembocado en esta situación como son las políticas aplicadas antes y durante la crisis por los Bancos Centrales, la distribución sectorial del crédito y el uso que del mismo han hecho los bancos comerciales en sus políticas de riesgo y liquidez. Los datos analizados vinculan la situación a dos fenómenos que tienen una clara integración en la actual situación del sistema financiero en España: el “carry trade” o uso del crédito a los bancos en la adquisición de deuda pública ha llevado al “credit crunch” con niveles de crédito muy por debajo de los existentes en cualquier otro país de la OCDE resultado del comportamiento de la banca comercial en el mecanismo de transmisión de la política monetaria.

Este trabajo trata de resumir las experiencias vividas en el proceso de adaptación de la asignatura "Macroeconomía IV: Economía Internacional", impartida en la Facultad de Ciencias Económicas y Empresariales de la Universidad de Cantabria, al Espacio Europeo de Educación Superior (EEES). Los temas a tratar son: a) La reducción de contenidos asociada a la implantación del proceso de evaluación continua; b) La evidencia empírica existente con respecto al grado de éxito del proceso de evaluación continua en términos de resultados académicos; c) La experiencia acerca de las clases tutoradas desarrolladas dentro de esta asignatura, así como su utilidad y papel en el proceso de aprendizaje del alumno. Las principales conclusiones que se obtienen son: el EEES conlleva una reducción de contenidos de cada asignatura; la comparativa de los resultados obtenidos por el alumnado antes y después de la puesta en funcionamiento del sistema de evaluación continua constata una mejora de los resultados académicos; las clases tutoradas se han mostrado muy útiles para la adquisición de conocimientos.

Este trabajo trata de resumir las experiencias vividas en el proceso de adaptación de la asignatura "Macroeconomía IV: Economía Internacional", impartida en la Facultad de Ciencias Económicas y Empresariales de la Universidad de Cantabria, al Espacio Europeo de Educación Superior (EEES). Los temas a tratar son: a) La reducción de contenidos asociada a la implantación del proceso de evaluación continua; b) La evidencia empírica existente con respecto al grado de éxito del proceso de evaluación continua en términos de resultados académicos; c) La experiencia acerca de las clases tutoradas desarrolladas dentro de esta asignatura, así como su utilidad y papel en el proceso de aprendizaje del alumno. Las principales conclusiones que se obtienen son: el EEES conlleva una reducción de contenidos de cada asignatura; la comparativa de los resultados obtenidos por el alumnado antes y después de la puesta en funcionamiento del sistema de evaluación continua constata una mejora de los resultados académicos; las clases tutoradas se han mostrado muy útiles para la adquisición de conocimientos.

Este documento discute dos aspectos importantes que son predomi-nantes en las actuales condiciones del comercio internacional. En primer lugar una síntesis sobre los fundamentos conceptuales, esto es, elementos teóricos del comercio internacional y desarrollo. Se hace mención de las principales características y de cómo éstas influyen en la dinámica de los procesos de globalización actual. En segundo lugar se discuten aspectos medulares que deben enfrentar los países en desarrollo, en referencia a su inserción en los circuitos de la economía internacional. Una de las princi-pales consideraciones finales es que, si bien se hace evidente que la crea-ción de la Organización Mundial de Comercio representó un avance en las condiciones de negociación internacional, aún queda considerable margen de mejora en las circunstancias de equidad para el trato de intercambios con países menos desarrollados. Main issues this paper takes into consideration are related to: (i) con-ceptual topics or theoretical aspects from mainstream international trade frameworks; and (ii) core concerns, less developed countries need to face to pursue higher standards both, in their efforts to improve internal markets and participation into foreign links regarding international trade scenarios. From the theoretical standpoint, major features of the current globalization processes are discussed. One of the key final considerations regards the evidence that under the new mechanisms of the World Trade Organization, less developed nations have better conditions to carry out trade negotia-tions, notwithstanding, broad margin for improvement exists to achieve fair circumstances in the foreign trade relationships.

This article contributes to the literature on price convergence in Europe by investigating the existence of stochastic and deterministic convergence of car prices in the EU15 countries. We apply recently developed econometric techniques that allow for multiple structural breaks to an up-to-date dataset. We find considerable evidence of both types of convergence in our sample of countries and car models, therefore suggesting a tendency for relative prices to equalize over time. In addition, we find evidence regarding the importance in this convergence process of both legislative changes taking place in the years 1996 and 2002, and the implementation of Economic and Monetary Union (EMU).

El presente artículo advierte el déficit de la balanza de conocimientos del Perú en relación con el superávit de la balanza comercial y la necesidad de transformar la estructura y los coeficientes tecnológicos de las exportaciones para cerrar la brecha en dicha balanza de conocimientos. Asimismo, se analizan las principales políticas económicas que pueden ayudar a alcanzar este objetivo, especialmente la política industrial y de innovación tecnológica, el repensar los derechos de propiedad intelectual, así como impulsar las fuerzas de propagación del sistema económico. Se considera necesario el buen manejo de los fundamentos macroeconómicos y la apertura al mundo, ambos encuadrados bajo una conducción estratégica que permita añadir valor y equilibrar apropiadamente los intereses externos frente aquellos internos y los que pertenecen a la nación.In this paper we show the balance of knowledge deficit in Peru compared to the surplus of its trade balance and the necessity to transform the structure and technological coefficients of exports to close this knowledge gap. We analyze major economic policies that could help in closing the gap, especially industrial and technological innovation policies, rethinking intellectual property rights and impelling the forces that propagate the economic system as a whole. “Openness” and the “good management of macroeconomic fundamentals” are necessary but not sufficient conditions to transform the economy, which for better performance need the strategic “will and wit” of adding value and a better balance between external and national interests. El presente artículo advierte el déficit de la balanza de conocimientos del Perú en relación con el superávit de la balanza comercial y la necesidad de transformar la estructura y los coeficientes tecnológicos de las exportaciones para cerrar la brecha en dicha balanza de conocimientos. Asimismo, se analizan las principales políticas económicas que pueden ayudar a alcanzar este objetivo, especialmente la política industrial y de innovación tecnológica, el repensar los derechos de propiedad intelectual, así como impulsar las fuerzas de propagación del sistema económico. Se considera necesario el buen manejo de los fundamentos macroeconómicos y la apertura al mundo, ambos encuadrados bajo una conducción estratégica que permita añadir valor y equilibrar apropiadamente los intereses externos frente aquellos internos y los que pertenecen a la nación.

The aim of this talk is text summarizing the current debate about the role of the Brazilian economy in the global context, particularly if Brazil can prevent the risk of facing the so-called 'Dutch disease'. There is inconclusive debate about the diagnosis. Some economists think it already is experiencing its symptoms through excessive appreciation of the currency and the relative reduction of manufacturing jobs. Others claim that it actually will attack in the long term, when the export of oil extracted from the pre-­salt is in full pace. We start by outlining the context and the expected scenario experienced. Then we exercise the Positive Economics, or present positions in the debate about what it is. Conclude with normative economics, ie the proposals on what should be. O objetivo destas Notas é resenhar o atual debate sobre a inserção da economia brasileira no contexto mundial, particularmente, se o Brasil pode se prevenir do risco de enfrentar a chamada 'doença holandesa'. Há debate inconcluso a respeito do seu diagnóstico. Alguns economistas acham que ela já está apresentando seus sintomas através da apreciação excessiva da moeda nacional e redução relativa dos empregos industriais. Outros opinam que ela, de fato, atacará em longo prazo, quando a exportação do petróleo extraído do pré-sal estiver em pleno ritmo. Iniciaremos esboçando o contexto vivenciado e o cenário esperado. Em seguida, exercitaremos a Economia Positiva, ou seja, apresentaremos as posições em debate sobre o que é. Finalizaremos com Economia Normativa, isto é, as propostas sobre o que deve ser.