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This paper presents an evaluation of the economic cost of precipitation shortage in the production of lamb in Extremadura. Given that the production strategy is based on maintaining a productivity target by supplementing natural pastures in contexts of water scarcity, the approach will be based on the analysis of the cost structure of the sector. A monetized cash flow model will be presented, which allows us to evaluate economic impacts through a financial perspective. The study focuses on a set of 1583 farms associated into the cooperative EA Group. These members have a total of 804,000 animals, which represents more than 40% of total sheep in Extremadura. Results shows a relation between precipitation minimums and feed quantity maximums of the series analyzed. Mayor direct impact is represented by an increase in feed supplementation needs, with an economic estimation of 54 million euros over two years for the whole sector. At the farm level, there is an average reduction of profits of 50% in the case of owned land, and bankruptcy in the case of renting land. In the context of data-driven policy making, this estimate provides a tool for European Policy funding negotiation a in sector which is considered as highly strategic because of its positive impacts on the environment, the generation of employment and maintenance of rural populations in marginal areas and for the production of high-quality food with a minimal use of natural resources.
Esteban Thomasz; Ismael Pérez-Franco; Agustín García-García. The Economic Impact of Climate Risk on Extensive Livestock: The Case of Lamb Production in Extremadura, Spain. Sustainability 2020, 12, 7254 .
AMA StyleEsteban Thomasz, Ismael Pérez-Franco, Agustín García-García. The Economic Impact of Climate Risk on Extensive Livestock: The Case of Lamb Production in Extremadura, Spain. Sustainability. 2020; 12 (18):7254.
Chicago/Turabian StyleEsteban Thomasz; Ismael Pérez-Franco; Agustín García-García. 2020. "The Economic Impact of Climate Risk on Extensive Livestock: The Case of Lamb Production in Extremadura, Spain." Sustainability 12, no. 18: 7254.
En este estudio se explora cómo las políticas estructurales en América Latina y el Caribe dan forma implícita y explícita a las experiencias de las comunidades que viven en diversas realidades rurales en la región. En particular, se presenta un análisis crítico de una de las políticas estructurales más importantes introducidas en la región durante las últimas décadas, la descentralización fiscal. América Latina y el Caribe presenta una amplia variedad de éxitos y fracasos relacionados con la descentralización fiscal, lo que dificulta que se lleve a cabo una evaluación decisiva sobre los impactos de diversas reformas. No obstante, los supuestos básicos de las teorías de descentralización fiscal no reflejan de manera consistente las realidades de cómo se comportan los gobiernos subnacionales y los hogares a los que sirven, especialmente en las áreas rurales. Se presentan estudios de casos de las experiencias de la Argentina, la República Dominicana y México con las reformas de descentralización fiscal y su relevancia prevista frente a la realidad de cómo esas reformas interactúan con la nueva ruralidad en estos países. Aprovechando las lecciones de estos casos, en el estudio se formulan propuestas innovadoras para apoyar la nueva ruralidad.
Gabriella Y. Carolini; Sara Lynn Hess; Jessica Quezada Medina; Esteban Otto Thomasz. Panorama de la descentralización fiscal y la ruralidad en América Latina y el Caribe: limitaciones y oportunidades para resolver el desarrollo desigual. 2019, 1 .
AMA StyleGabriella Y. Carolini, Sara Lynn Hess, Jessica Quezada Medina, Esteban Otto Thomasz. Panorama de la descentralización fiscal y la ruralidad en América Latina y el Caribe: limitaciones y oportunidades para resolver el desarrollo desigual. . 2019; ():1.
Chicago/Turabian StyleGabriella Y. Carolini; Sara Lynn Hess; Jessica Quezada Medina; Esteban Otto Thomasz. 2019. "Panorama de la descentralización fiscal y la ruralidad en América Latina y el Caribe: limitaciones y oportunidades para resolver el desarrollo desigual." , no. : 1.
In this paper we propose an operationalization of a multidimensional vulnerability to poverty index, with the objective of overcame the dichotomy of p...
E.O. Thomasz; M. Eriz. MULTIDIMENSIONAL VULNERABILITY TO POVERTY INDEX IN SELF EMPLOYED WORKERS IN LA MATANZA CITY, ARGENTINA. FUZZY ECONOMIC REVIEW 2019, 24, 1 .
AMA StyleE.O. Thomasz, M. Eriz. MULTIDIMENSIONAL VULNERABILITY TO POVERTY INDEX IN SELF EMPLOYED WORKERS IN LA MATANZA CITY, ARGENTINA. FUZZY ECONOMIC REVIEW. 2019; 24 (1):1.
Chicago/Turabian StyleE.O. Thomasz; M. Eriz. 2019. "MULTIDIMENSIONAL VULNERABILITY TO POVERTY INDEX IN SELF EMPLOYED WORKERS IN LA MATANZA CITY, ARGENTINA." FUZZY ECONOMIC REVIEW 24, no. 1: 1.
The objective of this study is to estimate the economic cost of droughts on soybean production in Argentina. By means of a linear model, extreme negative deviations in soybean yields during 1970-2016 are identified. It was found that in all cases extreme deviations in yields are related to severe and extreme droughts according to the palmer index. Constructing a counterfactual scenario and by means of the international soybean price, the economic loss is valued. It was found that in the aggregated sample the income loss due to drought events was of $8.046 million in dollars of 2016, equivalent to 22% of Argentinean international reserves of that year.
Esteban Otto Thomasz; Ana Silvia Vilker; Gonzalo Rondinone. The economic cost of extreme and severe droughts in soybean production in Argentina. Contaduría y Administración 2018, 64, 86 .
AMA StyleEsteban Otto Thomasz, Ana Silvia Vilker, Gonzalo Rondinone. The economic cost of extreme and severe droughts in soybean production in Argentina. Contaduría y Administración. 2018; 64 (1):86.
Chicago/Turabian StyleEsteban Otto Thomasz; Ana Silvia Vilker; Gonzalo Rondinone. 2018. "The economic cost of extreme and severe droughts in soybean production in Argentina." Contaduría y Administración 64, no. 1: 86.
Gonzalo Rondinone; Esteban Otto Thomasz. Riesgo de precio en commodities : ¿profundización en la sensibilidad de precios agrícolas ante shocks de tasa de interés? Contaduría y Administración 2016, 61, 746 -761.
AMA StyleGonzalo Rondinone, Esteban Otto Thomasz. Riesgo de precio en commodities : ¿profundización en la sensibilidad de precios agrícolas ante shocks de tasa de interés? Contaduría y Administración. 2016; 61 (4):746-761.
Chicago/Turabian StyleGonzalo Rondinone; Esteban Otto Thomasz. 2016. "Riesgo de precio en commodities : ¿profundización en la sensibilidad de precios agrícolas ante shocks de tasa de interés?" Contaduría y Administración 61, no. 4: 746-761.
En el marco del “milagro” de las economías asiáticas, la evolución de los precios de commodities entre 2004 y 2014 pudo haber sido influenciada por la entrada de inversores de cartera como nuevos participantes del mercado, incorporando índices de commodities y otros productos financieros asociados en sus portfolios de inversión. Esto genera el interrogante de si la tasa de interés ha tenido mayores efectos en los precios en comparación con variables fundamentales como los inventarios. Consecuentemente, el objetivo de este trabajo es testear si los precios del grano de soja y del maíz han sido más sensibles a cambios en la tasa de interés en comparación con cambios en los inventarios. A partir de un sistema de vectores auto-regresivos, se observa que durante el período 2004-2010 hay una relación más sensible entre los cambios en la tasa de interés y los precios de los contratos de futuro de grano de soja y del maíz que en el período 1990-2003. Esta evidencia empírica resulta especialmente relevante para algunos países de Latinoamérica dependientes de la exportación de tales commodities. In the context of the “Asian economic miracle”, changes in commodity prices between 2004 and 2014 may have been dominated by the effects of the entry of portfolio investors as major participants in commodity index positions and new financial products. That situation raises the question of whether interest rates have a deeper effect on prices compared to fundamental variables such as commodity inventories. The aim of this paper is therefore to test if the prices of some commodities (soybean and maize) have become more sensitive to interest rate changes compared to the incidence of inventories in the last ten years. Using a vector autorregression, it was found that during the period 2004-2014 there was a stronger relation between interest rates and soybean and maize futures prices than in the years 1990-2003. This empirical evidence has special relevance for some Latin American countries heavily reliant on such commodity exports.
Esteban Otto Thomasz; Universidad De Buenos Aires; Juan Miguel Massot; Gonzalo Rondinone. Is the interest rate more important than inventories? The case of agricultural commodities in the context of the financialization process. Lecturas de Economía 2016, 127 -153.
AMA StyleEsteban Otto Thomasz, Universidad De Buenos Aires, Juan Miguel Massot, Gonzalo Rondinone. Is the interest rate more important than inventories? The case of agricultural commodities in the context of the financialization process. Lecturas de Economía. 2016; (85):127-153.
Chicago/Turabian StyleEsteban Otto Thomasz; Universidad De Buenos Aires; Juan Miguel Massot; Gonzalo Rondinone. 2016. "Is the interest rate more important than inventories? The case of agricultural commodities in the context of the financialization process." Lecturas de Economía , no. 85: 127-153.
The aim of this paper is to provide comprehensive insights into the architecture and impact of a recent financial innovation known as commodity index. The motivation of this study is based on the impact that these instruments may have in the functioning of commodity markets, leading to what the literature has called “financialization of commodities”. Therefore, we first present the concept of financialization. Then, we describe the architecture of commodites index and the corresponding trading vehicle called Exchangeable Trade Funds. In the third section we introduce an exploratory analysis of recent trends and stylized facts of the evolution of the market. We conclude with possible impacts of those instruments on the market, opening the hypothesis that they can generate a major source of risk in the markets that already describe a high level of volatility.
Gonzalo Rondinone; Esteban Otto Thomasz. Un análisis exploratorio de los exchangeable trade funds y su influencia en el proceso de financiarización de commodities [An exploratory analisys of the exchangeable trade funds and their influenc. 2016, 1 .
AMA StyleGonzalo Rondinone, Esteban Otto Thomasz. Un análisis exploratorio de los exchangeable trade funds y su influencia en el proceso de financiarización de commodities [An exploratory analisys of the exchangeable trade funds and their influenc. . 2016; ():1.
Chicago/Turabian StyleGonzalo Rondinone; Esteban Otto Thomasz. 2016. "Un análisis exploratorio de los exchangeable trade funds y su influencia en el proceso de financiarización de commodities [An exploratory analisys of the exchangeable trade funds and their influenc." , no. : 1.
The past decade has witnessed the entry of speculative investors as major participants in commodity markets. This phennomenon arises the question of whether these agents influence price dynamics or not. Therefore, the aim of this paper is to explore evidence in order to determine if commodities have behaved in a similar manner to financial assets. This study will focus specifically in the maize market, analyzing the extent to which financial market variables influence price movements. By means of an autoregressive vector system (VAR) the effect of interest rate changes on maize futures prices will be tested. Implications for countries heavily reliant on commodity exports will be drawn from the results of this study.
María-Teresa Casparri; Esteban Otto-Thomasz; Gonzalo Rondinone. The Commodities Financialization As a New Source of Uncertainty: The Case of the Incidence of the Interest Rate Over the Maize Price During 1990–2014. Advances in Intelligent Systems and Computing 2015, 299 -307.
AMA StyleMaría-Teresa Casparri, Esteban Otto-Thomasz, Gonzalo Rondinone. The Commodities Financialization As a New Source of Uncertainty: The Case of the Incidence of the Interest Rate Over the Maize Price During 1990–2014. Advances in Intelligent Systems and Computing. 2015; ():299-307.
Chicago/Turabian StyleMaría-Teresa Casparri; Esteban Otto-Thomasz; Gonzalo Rondinone. 2015. "The Commodities Financialization As a New Source of Uncertainty: The Case of the Incidence of the Interest Rate Over the Maize Price During 1990–2014." Advances in Intelligent Systems and Computing , no. : 299-307.
The aim of this work is to present an exploratory synthesis of international experience related to index-based insurance, in order to assess their potential applicability as adaptation to climate risk in the case of countries dependent of agriculture. It will attempt to define the particular engineering these instruments , define its main characteristics, identify their advantages and disadvantages compared to traditional insurance; and from the study of international experience analyze the feasibility of implementing this tool . This line of research aims to identify the challenges faced by countries in developing for the implementation of these instruments.
Esteban Otto Thomasz; Maria Teresa Casparri. Innovaciones financieras para adaptación al riesgo climático: el caso de las coberturas basadas en índices [Financial innovations for adaptation to climate risk in agriculture: the case of index-ba. 2015, 1 .
AMA StyleEsteban Otto Thomasz, Maria Teresa Casparri. Innovaciones financieras para adaptación al riesgo climático: el caso de las coberturas basadas en índices [Financial innovations for adaptation to climate risk in agriculture: the case of index-ba. . 2015; ():1.
Chicago/Turabian StyleEsteban Otto Thomasz; Maria Teresa Casparri. 2015. "Innovaciones financieras para adaptación al riesgo climático: el caso de las coberturas basadas en índices [Financial innovations for adaptation to climate risk in agriculture: the case of index-ba." , no. : 1.
The aim of this paper is to present a simple classification of traditional risk indicators of stock markets. The last 10 years provides extensive evidence of changes of behavior of markets around the globe, combining a period of continuous growth with low volatility, an extreme crisis and a recuperation period. We present a simple analysis of risk indicators, such as implied volatility, value at risk, measuring of extreme events, etc. of 30 stock markets around the globe. Additionally we make a comparative analysis of such risk measures before and after the subprime crisis.
Esteban Otto Thomasz; Aurelio Fernández Bariviera. Risk Behavior of Stock Markets Before and After the Subprime Crisis. Business Information Systems 2013, 83 -90.
AMA StyleEsteban Otto Thomasz, Aurelio Fernández Bariviera. Risk Behavior of Stock Markets Before and After the Subprime Crisis. Business Information Systems. 2013; ():83-90.
Chicago/Turabian StyleEsteban Otto Thomasz; Aurelio Fernández Bariviera. 2013. "Risk Behavior of Stock Markets Before and After the Subprime Crisis." Business Information Systems , no. : 83-90.
The aim of this paper is to present a simple simulation model which can generate price paths with heavy tails returns. The model consists of two agents represented by two excess demand functions and a normal stochastic perturbation. Depending of the value of the parameters, the model can generate a wide range of simulations, from a pure stochastic with normal distribution to a heavy tail process. The main achievement is the simplicity of the functional form and the parameter setting as to change simulations. In that sense it can be used as a complement to Monte Carlo simulation.
Esteban Otto Thomasz; Maria Teresa Casparri. Stock Market Simulation: Heavy Tails through Normal Perturbation. Business Information Systems 2013, 108 -114.
AMA StyleEsteban Otto Thomasz, Maria Teresa Casparri. Stock Market Simulation: Heavy Tails through Normal Perturbation. Business Information Systems. 2013; ():108-114.
Chicago/Turabian StyleEsteban Otto Thomasz; Maria Teresa Casparri. 2013. "Stock Market Simulation: Heavy Tails through Normal Perturbation." Business Information Systems , no. : 108-114.
The aim of this paper is to summarize one application of chaotic dynamics to macroeconomic analysis. In this opportunity, we will focus on the idea of shock propagation, meaning the persistence and even amplification of an exogenous perturbation as the system evolves in the long run. This may explain certain dynamics observed in emerging economies, where the impact of external-exogenous crisis seem to amplify its effects due to certain characteristics of economy-structure, changing the qualitative dynamics of the system.
Esteban Otto Thomasz; Maria Teresa Casparri; Anna Gil-Lafuente; José Merigó. CHAOTIC DYNAMICS AND MACROECONOMICS SHOCK AMPLIFICATION. Computational Intelligence in Business and Economics 2010, 507 -515.
AMA StyleEsteban Otto Thomasz, Maria Teresa Casparri, Anna Gil-Lafuente, José Merigó. CHAOTIC DYNAMICS AND MACROECONOMICS SHOCK AMPLIFICATION. Computational Intelligence in Business and Economics. 2010; ():507-515.
Chicago/Turabian StyleEsteban Otto Thomasz; Maria Teresa Casparri; Anna Gil-Lafuente; José Merigó. 2010. "CHAOTIC DYNAMICS AND MACROECONOMICS SHOCK AMPLIFICATION." Computational Intelligence in Business and Economics , no. : 507-515.