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We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the implementation of fiscal stimulus packages. In addition, our results suggest that when governments run a budget deficit, they place an upward pressure on real interest rates, which "crowds-out" private consumption and investment. In contrast, during bust periods, unexpected variation in the fiscal stance crowds-in private spending, which reflects the "direct" and "indirect" effects of policy actions impact arising from a downward movement in real interest rates and an upward revision in price level expectations.

The main objective was to obtain a general impression of the activities of the Peracchi sawmill in the Tailândia region, Pará. This was to assess its potential as a partner in the project 'Sustainable forest management at commercial scale', a cooperative project between Embrapa Amaz6nia Oriental and the Center for International Forestry Research. The study included a general description of the region, the stakeholders involved in the use of forest resources, and a financial analysis of sawmill activities. Students of the Agrar Faculty of Pará gathered the field information during two weeks in October 1998. The study showed, that Tailandia was a typical older frontier region, which depended strongly on the forest sector. After more than 15 years of timber harvesting and industrialisation by more than 50 sawmills, the forest resources near the city decreased significantly. As a result of the high number of legal and illegal land use incentives and the strong fluctuation, the system of forest stakeholders was complex and heterogeneous. The Peracchi sawmill was one of the few producing timber for export markets. The enterprise began a government-approved 12 000 ha forest management project and applied conventional logging techniques which had many ecological, economic and social deficiencies. The settlers near the project were not strongly affected. The exploitation of 32 000 m3 year-1 cost about US$15.4 m-3. Motivated by the expectation of certification, the timber enterprise showed a strong interest in participating in the Embrapa/CIFOR project. However, problems include: lack of responsibility and capacity of the enterprise staff; no strategy to ensure the long-term delivery of timber; insufficient documentation; and the danger of illegal invasion of the project area.

This number of the IJLTFES - International Journal of Latest Trends in Finance and Economic Sciences is dedicated specifically to Political Economy of Land Reform. The discussion involving these subjects comprises several authors who have contributed to this number of the Journal with their work and to whom the Editors would like to thank for their participation. After this recognition, it is suitable to thank also to all the reviewers for their contributions for the improvement of the Journal's issue. ; info:eu-repo/semantics/publishedVersion

PurposeThe aim of this paper is to evaluate the use of blockchain for identity management (IdM) in the context of the Internet of things (IoT) while focusing on privacy-preserving approaches and its applications to healthcare scenarios.Design/methodology/approachThe paper describes the most relevant IdM systems focusing on privacy preserving with or without blockchain and evaluates them against ten selected features grouped into three categories: privacy, usability and IoT. Then, it is important to analyze whether blockchain should be used in all scenarios, according to the importance of each feature for different use cases.FindingsBased on analysis of existing systems, Sovrin is the IdM system that covers more features and is based on blockchain. For each of the evaluated use cases, Sovrin and UniquID were the chosen systems.Research limitations/implicationsThis paper opens new lines of research for IdM systems in IoT, including challenges related to device identity definition, privacy preserving and new security mechanisms.Originality/valueThis paper contributes to the ongoing research in IdM systems for IoT. The adequacy of blockchain is not only analyzed considering the technology; instead the authors analyze its application to real environments considering the required features for each use case.

ABSTRACT Purpose: The objective of this research was to identify which dimensions are related to the establishment of higher levels of digital maturity. Originality/value: There is little academic scientific literature on digital maturity in Brazil. This research will offer subsidies to companies regarding the different dimensions that need to be emphasized by managers in order to achieve a full and effective digital transformation. This information will be valuable to support the digital transformation process of these companies. The study fills a gap in the academic context related to the lack of more comprehensive empirical studies based on digital maturity. Design/methodology/approach: This study evaluated the relationship of eight dimensions of capacity (strategy, leadership, market, operational, people, culture, governance, and technology) with the development of digital maturity. This survey applied an electronic questionnaire to directors of the strategic level of Brazilian retail sector companies located in different regions of Brazil. At the end, a total of 260 valid questionnaires were obtained. The responses were analyzed using the Partial Least Squares (PLS) method. Findings: The research results showed that the strategy, market, operations, culture, and technology dimensions are those that are most related to the development of digital maturity.

O presente capítulo objetiva investigar o fenómeno do Click Bait: uma das estratégias mais utilizadas por alguns jornalistas da atualidade para tornar os títulos das notícias (headlines) mais atrativos aos olhos dos leitores, avaliando os seus impactos na comunidade online. Em primeiro lugar, o capítulo estuda as redes sociais, debruçando-se sobre o poder que estas facultam aos profissionais de marketing na publicação, difusão e partilha da informação. Em seguida, o fenómeno do Click Bait é contextualizado historicamente, sendo estudada a sua origem enquanto Yellow Journalism, tipo de jornalismo caraterístico do século XIX apoiado no sensacionalismo e na exageração dos factos para aumentar as vendas. Por último, é feita uma análise ao próprio Click Bait enquanto fruto da aplicação virtual das técnicas sensacionalistas típicas do Yellow Journalism. Esta secção estuda as metodologias de construção semântica aplicadas às headlines. Com base na literatura existente, conclui-se que o recurso a determinadas fórmulas de construção de headlines resulta num aumento significativo na taxa de cliques. Estes resultados podem ser benéficos para a publicadora, visto que um maior número de visitas aumenta os ganhos provenientes dos anúncios online, mas também podem ser problemáticos, dado que o uso excessivo de headlines hiperbólicas pode levar a que os leitores se sintam manipulados.

In this study, we assess the impacts of future climate and land-use in the Beça River (northern Portugal) under different scenarios and how this will translate into the conservation status of the endangered pearl mussel Margaritifera margaritifera (Linnaeus, 1758). This species is currently present in several stretches of the Beça River that still hold adequate ecological conditions. However, the species is threatened by projected declines in precipitation for the 21st century, with implication on the river flows and water depths that might decrease below the species requisites. This situation could be especially critical during summer conditions since the ecological flows may not be assured and several river stretches may be converted into stagnant isolated pools. The habitat connectivity will also be affected with reverberating effects on the mobility of Salmo trutta, the host of M. margaritifera, with consequences in the reproduction and recruitment of pearl mussels. In addition, human-related threats mostly associated with the presence of dams and an predicted increases in wildfires in the future. While the presence of dams may decrease even further the connectivity and river flow, with wildfires the major threat will be related to the wash out of burned areas during storms, eventually causing the disappearance of the mussels, especially the juveniles. In view of future climate and land-use change scenarios, conservation strategies are proposed, including the negotiation of ecological flows with the dam promoters, the replanting of riparian vegetation along the water course and the reintroduction of native tree species throughout the catchment. ; As regards the corresponding author, the researchwas funded by the national funds (FCT-Portuguese Foundation for Science and Technology) under the strategic project of the Vila Real Chemistry Research Centre (PEst-OE/QUI/UI0616/2014). As regards the authors integrated in the CITAB centre, the research was supported by the national funds (FCT - Portuguese Foundation for Science and Technology) under the project PEst-OE/AGR/UI4033/2014. The research was also supported by the European Union Funds (FEDER/COMPETE-Operational Competitiveness Programme) under the project CONBI-PTDC/AACAMB/117688/ 2010. ; info:eu-repo/semantics/publishedVersion