Suchergebnisse

The Lehman Brothers crash in September 2008 marked the beginning of one of the worst years in the history of international financial markets. This event also determined the initiation of the global economic recession which will last at least three years. The data have been confirmed that virtually all industrialized and most emerging countries faced a deep recession, with serious effects on employment and poverty, so the collapse today is similar to the crisis of the thirties. This paper describe how the crisis was conceived in the financial system in the United States and spread to the rest of the industrialized economies. We also describe the transmission channels of the crisis into emerging markets and, in particular, we show the first effects on the major economies of Latin America ; La quiebra de Lehman Brothers en septiembre de 2008 marcó el comienzo de uno de los peores años en la historia de los mercados financieros internacionales. Este evento también determinó el inicio de la recesión económica mundial que se extenderá por lo menos tres años. Las cifras han confirmado que prácticamente todos los países industrializados, y la mayor parte de los emergentes, entraron en recesión, con graves efectos sobre el empleo y la pobreza, de manera que el colapso que hoy soporta la población mundial se asemeja a la crisis de los años treinta. Este artículo describe la forma como se gestó la crisis en el sistema financiero de los Estados Unidos y se propagó en el resto de las economías industrializadas. En esta entrega también se describen los canales de transmisión de la crisis hacia los mercados emergentes y, en particular, se muestran los primeros efectos sobre las principales economías de América Latina

The Lehman Brothers crash in September 2008 marked the beginning of one of the worst years in the history of international financial markets. This event also determined the initiation of the global economic recession which will last at least three years. The data have been confirmed that virtually all industrialized and most emerging countries faced a deep recession, with serious effects on employment and poverty, so the collapse today is similar to the crisis of the thirties. This paper describe how the crisis was conceived in the financial system in the United States and spread to the rest of the industrialized economies. We also describe the transmission channels of the crisis into emerging markets and, in particular, we show the first effects on the major economies of Latin America. ; La quiebra de Lehman Brothers en septiembre de 2008 marcó el comienzo de uno de los peores años en la historia de los mercados financieros internacionales. Este evento también determinó el inicio de la recesión económica mundial que se extenderá por lo menos tres años. Las cifras han confirmado que prácticamente todos los países industrializados, y la mayor parte de los emergentes, entraron en recesión, con graves efectos sobre el empleo y la pobreza, de manera que el colapso que hoy soporta la población mundial se asemeja a la crisis de los años treinta. Este artículo describe la forma como se gestó la crisis en el sistema financiero de los Estados Unidos y se propagó en el resto de las economías industrializadas. En esta entrega también se describen los canales de transmisión de la crisis hacia los mercados emergentes y, en particular, se muestran los primeros efectos sobre las principales economías de América Latina.

The Lehman Brothers crash in September 2008 marked the beginning of one of the worst years in the history of international financial markets. This event also determined the initiation of the global economic recession which will last at least three years. The data have been confirmed that virtually all industrialized and most emerging countries faced a deep recession, with serious effects on employment and poverty, so the collapse today is similar to the crisis of the thirties. This paper describe how the crisis was conceived in the financial system in the United States and spread to the rest of the industrialized economies. We also describe the transmission channels of the crisis into emerging markets and, in particular, we show the first effects on the major economies of Latin America. ; La quiebra de Lehman Brothers en septiembre de 2008 marcó el comienzo de uno de los peores años en la historia de los mercados financieros internacionales. Este evento también determinó el inicio de la recesión económica mundial que se extenderá por lo menos tres años. Las cifras han confirmado que prácticamente todos los países industrializados, y la mayor parte de los emergentes, entraron en recesión, con graves efectos sobre el empleo y la pobreza, de manera que el colapso que hoy soporta la población mundial se asemeja a la crisis de los años treinta. Este artículo describe la forma como se gestó la crisis en el sistema financiero de los Estados Unidos y se propagó en el resto de las economías industrializadas. En esta entrega también se describen los canales de transmisión de la crisis hacia los mercados emergentes y, en particular, se muestran los primeros efectos sobre las principales economías de América Latina.

PurposeThe purpose of this paper is to study the short‐term macroeconomic effects of the fiscal policy in Colombia for the 1980‐2007 period using a structural vector autoregression (SVAR) model.Design/methodology/approachThe authors' benchmark is a five‐variable SVAR model which includes government spending, output, tax revenues, inflation and short‐term interest rates. In addition, the authors specified six‐variable VAR models, adding in turn private consumption, private investment, the unemployment rate and the real minimum wage to the last set of variables. Two alternative identification techniques are used in the VARs to check the robustness of the results.FindingsThe following effects of a positive government spending shock are found. First, the GDP responds positively and significantly during the first six quarters. The cumulative output multiplier fluctuates between 1.12 and 1.19. Second, both inflation and nominal interest rates respond positively and significantly. Third, the authors find a significant positive response by both private consumption and private investment. Finally, the unemployment rate reacts negatively and significantly.Research limitations/implicationsThe most surprising result comes from the response of output to a positive shock in taxes. Nonetheless, the positive respond of the GDP is short lived and has little significance.Practical implicationsThe authors' results support the smoothing role of fiscal policy on output fluctuations, which implies its capacity to restore real activity effectively in critical times like the ones currently being forecast.Originality/valueThe negligible results found previously for Colombia could be related to the fiscal data used, which are not keep coherence with national accounting. To solve these obstacles, a quarterly fiscal database is assembled on an approximately accrual basis for the general government.

The design of secure circuits in emerging technologies is an appealing area that requires new efforts and attention as an effective solution to secure applications with power constraints. The paper deals with the optimized design of DPA-resilient hiding-based techniques, using Tunnel Field-Effect Transistors (TFETs). Specifically, proposed TFET implementations of Dual-Precharge-Logic primitives optimizing their computation tree in three different ways, are applied to the design of PRIDE Sbox-4, the most vulnerable block of the PRIDE lightweight cipher. The performance of simulation-based DPA attacks on the proposals have shown spectacular results in security gain (34 out of 48 attacks fail for optimized computation trees in TFET technology) and power reduction (x25), compared to their CMOS-based counterparts in 65nm, which is a significant advance in the development of secure circuits with TFETs. ; Ministerio de Economía y Competitividad TEC2017-87052-P ; Ministerio de Economía y Competitividad PID2020-116664RB-I00 ; Junta de Andalucía Projectos US-1380876 y US-1380823 ; European Union's Horizon 2020 Grant Agreement No. 95262 and No. 804476