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Monetary Aggregates and Macroeconomic Performance: The Portuguese Escudo, 1911–1999
João Tovar Jalles 한국국제경제학회 2019 International Economic Journal Vol.33 No.4
This paper provided a full characterization of several monetary aggregates over Portuguese’s historical economic business cycles. By focusing on the 1911–1999 period, the paper also revisits the issue of the role of money on real macroeconomic outcomes, inspired from the monetarists versus Keynesians debate on quest for validity of money (non-)neutrality. By means of descriptive statistics we first uncover that money changes were associated with changes in real economic activity. Most monetary aggregates are more volatile than GDP, display high serial autocorrelation, are generally countercyclical and lead the economic cycle. Then, through econometric analysis, our results show that our monetary series were characterized by unit roots and were cointegrated with real GDP. Evidence also suggested that money supply Granger-caused real GDP. Finally, both variance decomposition and impulse response function analyses from an estimated BVAR, uncovered a persistent and mutual effect running from a shock in real GDP to monetary aggregates and vice versa, therefore supporting the money non-neutrality hypothesis in the case of Portugal.
The Impact of Democracy and Corruption on the Debt-Growth Relationship in Developing Countries
JOAO TOVAR JALLES 경제연구소 2011 Journal of Economic Development Vol.36 No.4
The quality of governance, and in particular of the control of corruption and the level of democracy, is tested as a factor influencing the relationship between external debt (borrowing opportunities/constraints) and economic growth in a panel of 72 developing countries over the 1970-2005 period. Countries with lower corruption seem to be able to use and manage their debt better. Moreover, in countries with lower levels of corruption both the positive and negative effects of debt on growth, modelled with non-linear specifications, are significant. Furthermore, evidence cannot support a clear Debt-Laffer curve in our sample. The level of debt at which the effect of debt on growth becomes negative is also higher in countries with lower corruption levels. Finally, panel Granger-causality tests only weakly support the claim that causality runs from debt/institutional quality to growth. Despite our somewhat ambiguous results we conjecture some policy implications within the HIPC initiative and donor’s approach to governance issues.
Enhanced chitin gel with magnetic nanofiller for lysozyme purification
Gabriel Ibrahin Tovar,Roberto Fernández de Luis,María Isabel Arriortua,Federico Javier Wolman,Guillermo Javier Copello 한국공업화학회 2020 Journal of Industrial and Engineering Chemistry Vol.88 No.-
In this study, we have investigated the impact of superparamagnetic magnetite nanoparticle (Fe3O4)inclusion on the chitin polysaccharide structure, together with its surface chemistry influence on theadsorption of lysozyme (LYZ). Magnetic nanoparticles (MNPs) asfillers not only endow the chitin hoststructure with their physic and chemical properties but also is a straightforward tool to modify ortemplate its porous structure. Indeed, scanning electron microscopy and Brunauer–Emmett–Tellersurface area measurements confirm the template effect of the MNPs on chitin. Their incorporationreduced the thickness of the pore wall and increased the surface area from chitin (34.5 m2/g) to thechitin@Fe3O4 composites (210.8 m2/g). MNPs provide the composite system an intrinsic magneticmoment that enables the magnetic recovery of the adsorbent after LYZ uptake. To characterize themagnetic composite's interaction with LYZ, the effect of pH on the absorptive capacities and kineticparameters was examined. The results indicated that the nanocomposite presents an adsorption capacityof 488 mg/g of lysozyme at pH 9, being able to recover LYZ without diluting or pretreating the hen eggwhite,leading to a 75% global yield and a purity degree >99% in only one chromatographic step.
The Third Pillar of the Basel Accord: Evidence of borrower discipline in the Kyrgyz banking system
Edgar Demetrio Tovar-García,RuslanaKozubekova 한양대학교 아태지역연구센터 2016 Journal of Eurasian Studies Vol.7 No.2
We empirically study the asset side of market discipline in the banking system of the Kyrgyz Republic, examining whether borrowers are willing to pay higher interest rates to high-quality banks. Based on dynamic panel models and a dataset with bank information from 23 banks over the period 2010–2012, our findings suggest the presence of market discipline induced by borrowers. In other words, banks with higher capital ratios and liquidity charge higher interest rates on loans. This result has several implications for the banking policy in Kyrgyzstan, where we can recommend to policymakers a disclosure policy following the Third Pillar of Basel III, because not only can the bank's creditors use bank information to penalize the excessive bank risk, but borrowers can also use this information to discipline their banks.
The Price Relevance of Fiscal Developments
António Afonso,João Tovar Jalles 한국국제경제학회 2017 International Economic Journal Vol.31 No.1
We use Seemingly Unrelated Regressions Estimation methods to assess the link between prices, bond yields and the fiscal behavior. A first equation determines the country-specific cost of government financing via the long-term government bond yield, as a function of budget balance positions. A second equation links the price level to the cost of government financing. Our results for 15 EU countries in the period 1980Q1–2013Q4 show that improvements in the fiscal stance lead to persistent falls in sovereign yields; higher sovereign yields are reflected in upward price movements; improvements in the fiscal stance in recession times lead to short-term decreases in yields and better fiscal stance in expansions induce downward movement in bond yields only after 8 quarters.
Regeneration and modeling of fixed-bed adsorption of fluoride on bone char
Hugo D. Garcia,Rigoberto Tovar,Carlos J. Duran,Virginia Hernandez,Ma. R. Moreno,Ma. A. Perez Techno-Press 2023 Advances in environmental research Vol.12 No.1
This article presents studies of the adsorption process in a continuous system of fluoride solutions at a concentration of 30 mg/L using a bone char packed in fixed-bed columns, as well as regeneration studies in the same system using HNO<sub>3</sub>, HCl and NaOH at 0.01, 0.1 and 1 M. The Thomas Model, Artificial Neural Networks (ANNs), Numerical Integration and Mass Transfer Zone were used for the modeling of asyemmetrical breakthrough curves obtained from the fluoride adsorption on bone char. The maximum adsorption capacity of the breakthrough curves was estimated, and various design parameters of the columns were obtained for the different operating conditions. Results showed that an improvement in the modeling capabilities of the Thomas model can be obtained using ANNs. Moreover, ANNs are useful for determining reasonable and accurate design parameters of packed-bed adsorption columns. This modeling approach can be useful for the process system engineering of dynamic adsorption systems involved in the field of water treatment and purification. It is important to highlight that the obtained results indicate that, when using HCl or HNO<sub>3</sub> at a concentration of 0.1 M, a large number of adsorption-desorption cycles are obtained and, therefore, the highest values of adsorption capacity, which leads to a reduction in operation costs.
Parametric survival model based on the Lévy distribution
Valencia-Orozco, Andrea,Tovar-Cuevas, Jose R. The Korean Statistical Society 2019 Communications for statistical applications and me Vol.26 No.5
It is possible that data are not always fitted with sufficient precision by the existing distributions; therefore this article presents a methodology that enables the use of families of asymmetric distributions as alternative probabilistic models for survival analysis, with censorship on the right, different from those usually studied (the Exponential, Gamma, Weibull, and Lognormal distributions). We use a more flexible parametric model in terms of density behavior, assuming that data can be fit by a distribution of stable distribution families considered unconventional in the analyses of survival data that are appropriate when extreme values occur, with small probabilities that should not be ignored. In the methodology, the determination of the analytical expression of the risk function h(t) of the $L{\acute{e}}vy$ distribution is included, as it is not usually reported in the literature. A simulation was conducted to evaluate the performance of the candidate distribution when modeling survival times, including the estimation of parameters via the maximum likelihood method, survival function ${\hat{S}}$(t) and Kaplan-Meier estimator. The obtained estimates did not exhibit significant changes for different sample sizes and censorship fractions in the sample. To illustrate the usefulness of the proposed methodology, an application with real data, regarding the survival times of patients with colon cancer, was considered.
Jorge Rios-Zermeno,Leoncio Alberto Tovar-Romero,Gerardo Cano-Velazquez,Ricardo Marian-Magana,Marcos Sangrador-Deitos,Juan Luis Gomez-Amador 대한뇌혈관외과학회 2023 Journal of Cerebrovascular and Endovascular Neuros Vol.25 No.3
Intracranial aneurysms arise in 1-2% of the population and usually present as hemorrhagic strokes. Spontaneous thrombosis of a ruptured intracranial aneurysm occurs in 1-3% and most commonly in giant aneurysms, with complete thrombosis in just 13-20% of the cases. Thrombosis of smaller aneurysms is rare. Here we present a case of a patient who presented with a ruptured intracranial aneurysm that subsequently thrombosed, discovering a neighboring de-novo aneurysm during follow-up. We hypothesized that after thrombosis, the hemodynamic characteristics that contributed to the formation of the first aneurysm were replicated.