Abstract This study investigated the effect of dolomitic lime incorporation on the microstructure and mechanical properties of metakaolin-based geopolymers activated by alkaline solution. Five geopolymer mixtures were prepared with the addition of 0.0%, 2.5%, 5.0%, 7.5%, and 10.0% dolomitic lime. The microstructure of the geopolymers was evaluated by scanning electron microscopy (SEM), energy-dispersive X-ray spectroscopy (EDS), and X-ray diffraction analyses (XRD). The compressive strength of the mixtures ranged between 53.2 and 63.0 MPa after 28 days of ambient curing. SEM/EDS analyses showed that the main phases formed were the N-A-S-H gel together with the C-A-S-H and N-M-A-S-H gels in the mixtures with dolomitic lime. In summary, the results showed that the incorporation of dolomitic lime can significantly improve the microstructure and properties of geopolymers. metakaolinbased metakaolin based solution 00 0 0.0% 25 2 5 2.5% 50 5.0% 75 7 7.5% 100 10 10.0 SEM, SEM , (SEM) energydispersive energy dispersive Xray X ray EDS, EDS (EDS) XRD. XRD . (XRD) 532 53 53. 630 63 63. curing SEMEDS NASH N A S H CASH C NMASH M summary 0.0 2.5 5.0 7.5 1 10. (SEM (EDS (XRD 6 0. 2. 5. 7.

Resumo Este estudo investigou o efeito da incorporação de cal dolomítica na microestrutura e nas propriedades mecânicas de geopolímeros à base de metacaulim ativados por solução alcalina. Foram preparadas cinco misturas de geopolímeros com adição de 0,0%, 2,5%, 5,0%, 7,5% e 10,0% de cal dolomítica. A microestrutura dos geopolímeros foi avaliada por microscopia eletrônica de varredura (MEV), espectroscopia de energia dispersiva de raios X (EDS) e análises de difração de raios X (DRX). A resistência à compressão das misturas variou entre 53,2 e 63,0 MPa após 28 dias de cura ambiente. As análises SEM/EDS mostraram que as principais fases formadas foram o gel N-A-S-H juntamente com os géis C-A-S-H e N-M-A-S-H nas misturas com cal dolomítica. Em resumo, os resultados mostraram que a incorporação de cal dolomítica pode melhorar significativamente a microestrutura e as propriedades dos geopolímeros. alcalina 00 0 0,0% 25 2 5 2,5% 50 5,0% 75 7 7,5 100 10 10,0 MEV, MEV , (MEV) EDS (EDS DRX. DRX . (DRX) 532 53 53, 630 63 63, ambiente SEMEDS SEM NASH N S H CASH C NMASH M resumo 0,0 2,5 5,0 7, 1 10, (MEV (DRX 6 0, 2, 5,

RESUMEN Programa de Apoyo a los Estudiantes Argentinos (PROG.R.ES.AR) es una política direccionada a jóvenes de hogares desfavorecidos Esta transferencia monetaria condicionada, por población alcanzada y esfuerzo fiscal, constituye la principal iniciativa en Argentina hacia el segmento y una de las más relevantes en América Latina. Este trabajo identifica y sigue en el tiempo a sus beneficiarios, con el objetivo de evaluar el impacto del programa por medio de indicadores laborales, así como de logros educativos. Se utilizaron las metodologías de diferencias en diferencias y de regresión discontinua. Los resultados no permiten dar cuenta de un impacto significativo en las tasas de actividad y empleo de los beneficiarios del programa, ni de una mejora en el logro educativo.

ABSTRACT Programa de Apoyo a los Estudiantes Argentinos (PROG.R.ES.AR) is a conditional cash transfer targeted to students from disadvantaged households. This program intends to tackle youth disparities encouraging youth’s human capital investments to improve labor profiles. In terms of population reach and fiscal effort, PROG.R.ES.AR is the main policy aimed at young people in Argentina and one of the most relevant in Latin America. This work identifies and tracks its beneficiaries over time, in order to evaluate the impact of the program through labor indicators as well as educational achievements. Difference-in-difference and discontinuous regression methodologies were used. The results do not allow us to account for a significant impact on the activity and employment rates of the program’s beneficiaries, nor for an improvement in educational achievement

ABSTRACT • The possible production of fructo-oligosaccharides from sucrose was evaluated in the Base Business Unit (UEB) “Ignacio Agramonte'”, which currently produces sorbitol, with low exploitation of the installed capacity, due to lack of glucose. There was an opportunity in infrastructure, time and labor to convert the entity into a multipurpose plant. A simulation model of the technology for the production of fructo-oligosaccharide syrup from sucrose was developed, based on the enzymatic transformation of sucrose into fructo-oligosaccharides, using the recombinant enzyme 1-SST (1-sucrose: sucrose fructosyltransferase) expressed in Pichia pastoris, obtained at the Center for Genetic Engineering and Biotechnology at Sancti Spiritus. Model validation yielded relative errors lesser than 5 %. Two improvement alternatives were evaluated based on increasing the production of FOS by using the actual installed capacity in the sorbitol factory (alternative 1) and also increasing the initial concentration of the sucrose solution (alternative 2). Feasibility of the alternatives was evaluated by comparing the annual net cash income (Anci) and expenses. Alternative 2 was the best, producing 841,5 t of fructo-oligosaccharides in 90 working days, with a benefit/cost ratio of 1,2.

RESUMEN • Se evaluó la posibilidad de incorporar la produccón de fructo-oligosacáridos a partir de sacarosa en la Unidad Empresarial de Base (UEB) “Ignacio Agramonte” que produce actualmente sorbitol, con un bajo aprovechamiento de la capacidad instalada por falta de glucosa, existiendo oportunidad en infraestructura, tiempo y mano de obra para convertir la entidad en una planta multipropósito. Se desarrolló un modelo de simulación de la tecnología de producción de sirope de fructo-oligosacáridos a partir de sacarosa, basada en la transformación enzimática de la sacarosa en fructo-oligosacáridos, utiizando la enzima recombinante 1-SST (1-sacarosa: sacarosa fructosiltransferasa) expresada en Pichia pastoris, obtenida en el Centro de Ingeniería Genética y Biotecnología de Sancti Spiritus. La validación del modelo arrojó errores relativos menores que el 5 %. Se evaluaron dos alternativas de mejoras a partir de aumentar la producción de FOS al utilizar la capacidad real instalada en la fábrica de sorbitol (alternativa 1) y además aumentar la concentración inicial de la solución de sacarosa (alternativa 2). Se evaluó la factibilidad de las alternativas al comparar la ganancia anual después de impuestos (Anci) y los egresos. La alternativa 2 resultó la mejor, produciéndose con ella 841,5 t de fructo-oligosacáridos en 90 días de trabajo, con una relacion beneficio / costo de 1,2.

RESUMO A pesquisa foca nas fusões bancárias, explorando como podem surgir benefícios não considerados tradicionalmente ao aplicar o método do Fluxo de Caixa Descontado em instituições financeiras. Utilizou-se dados de fontes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Analisaram-se os dados usando o Modelo de Dividendos Descontados e Modelagem Financeira Simples. Projetou-se a Demonstração do Resultado do Exercício e o Balanço Patrimonial dos bancos, ajustados pela taxa de inflação meta do Bacen. Calcularam-se os dividendos projetados para os próximos dez anos, determinou-se o Valor Patrimonial dos bancos individualmente e combinados, simulação que considerou três cenários: pessimista, realista e otimista. Os resultados destacaram variáveis críticas, como crescimento individual e combinado, Retorno sobre o Patrimônio e Taxa de Reinvestimento, mostrando que uma fusão pode gerar valor em todos os cenários analisados. bancárias financeiras Utilizouse Utilizou se Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney Analisaramse Analisaram Simples Projetouse Projetou Calcularamse Calcularam anos determinouse determinou combinados pessimista otimista críticas combinado Reinvestimento analisados (Bacen

The research focuses on bank mergers, exploring how benefits not traditionally considered can arise when applying the Discounted Cash Flow method in financial institutions. Data from sources such as the Central Bank (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 and Infomoney were used. The data were analyzed using the Discounted Dividend Model and Simple Financial Modeling. We projected the Income Statement and Balance Sheet of the banks, adjusted by the Bacen target inflation rate. We calculated the dividends projected for the next ten years, and determined the “Equity Value” of the banks individually and combined, a simulation that considered three scenarios: pessimistic, realistic and optimistic. The results highlighted critical variables, such as individual and combined growth, Return on Equity and Reinvestment Rate, showing that a merger can generate value in all scenarios analyzed. mergers institutions Bacen, , (Bacen) IFData IF IF.Data Brasil Federal Ipeadata B used Modeling rate years Value pessimistic optimistic variables growth Rate (Bacen

La investigación se centra en las fusiones bancarias, explorando cómo pueden surgir beneficios no considerados tradicionalmente al aplicar el método de Flujo de Caja Descontado en entidades financieras. Se utilizaron datos de fuentes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Los datos se analizaron utilizando el modelo de dividendos descontados y el modelo financiero simple. Diseñamos el Estado de Resultados del Año y el Balance General de los bancos, ajustados por la tasa de inflación objetivo del Bacen. Se calcularon los dividendos proyectados para los próximos diez años, se determinó el Valor Patrimonial de los bancos individualmente y en conjunto, simulación que consideró tres escenarios: pesimista, realista y optimista. Los resultados resaltaron variables críticas, como el crecimiento individual y combinado, el retorno sobre el capital y la tasa de reinversión, mostrando que una fusión puede generar valor en todos los escenarios analizados. bancarias financieras Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney simple años conjunto pesimista optimista críticas combinado reinversión analizados (Bacen

There is growing evidence that soil degradation, among other factors, has led to both the decline and constraint of agriculture in southern Africa. Conservation and regenerative agriculture (CA/RA) have been proposed as a grain crop production system that could slow down, halt or even reverse some of these disturbing trends. But the question remains whether it is financially viable. We sought to find an answer to this question by comparing the financial returns of a CA/RA system over a 20-year period to its alternatives, namely conventional tillage (CT) and no-tillage (NT) production systems. The cumulative free cash flow (CFCF) of the average between the realistic and conservative CA/RA scenarios in year 20 is considerably higher than that of the other systems under investigation. The CFCF for CA/RA in year 20 in Mpumalanga is estimated to be ZAR86 million, compared to -ZAR51 million for CT and about ZAR4 million for NT. That is a net difference between ZAR137 million (compared to CT) and ZAR82 million (compared to NT). In the Maluti area, the CFCF for the CA/RA production system is estimated at ZAR26 million, compared to -ZAR66 million for CT and -ZAR19 million for NT. In the North-West production area, the CFCF for the CA/RA production system is estimated at ZAR35 million, compared to -ZAR9 million for CT and about ZAR21 million for NT. The differences between the CFCF of the CA/RA system and the other systems represent the financial opportunity cost of not converting to the CA/RA system. SIGNIFICANCE: • Soil degradation leads to both the decline and constraint of agriculture in southern Africa. • Conservation and regenerative agriculture (CA/RA) have been proposed as a grain crop production system that could slow down, halt or even reverse some of these disturbing trends. • CA/RA are financially more viable in three grain production areas of South Africa. • The cumulative free cash flow (CFCF) CA/RA in year 20 is considerably higher than that of the other systems. • The differences between the CFCF of the CA/RA system and the other systems represent the financial opportunity cost of not converting to the CA/RA system.

The South African mineral resource royalty system, initiated in 2010, employs a hybrid ad valorem approach tied to profitability ratios. This rate is then applied to the total revenue from mineral sales. In this article we explore how the profitability ratio in the mineral resource royalty formulae interacts with the gold tax formula as applied to South African gold mines, devising a strategy for cut-off grade optimization. The study focuses on nine narrow, tabular-reef (Witwatersrand) gold mines. The approach involves a mixed-integer cut-off grade optimizer utilizing Excel Solver, incorporating relevant royalty and income tax formulae. Different mineral resource royalty cost scenarios were examined. Ignoring these costs in the break-even analysis lowers the cut-off grade but slightly boosts profits compared to considering expected costs. The developed optimizer model, recognizing the profitability aspect of the mineral resource royalty and income tax formulae, yielded a 6% lower cut-off grade than the base case. This is significant for increasing mine life. While the profit differences are marginal (0.2% compared to the break-even base case), substantial improvements were noted: a 6% increase in stope tons above cut-off grade, and a 4% rise in total revenue. Enhanced resource utilization (3% extra gold kilograms) reduces necessary development and overall costs, allowing for a reduction in the cut-off grade and ultimately, more profit.

Uncertainty with regard to estimated grades and tonnages of a mineral deposit demands risk assessment in order to build investor confidence and attract the interest of other stakeholders in the success of a project. Uncertainties associated with Mineral Resource estimates can lead to unreliable production schedules and unpredictable cash flows. However, the techniques used in the mining industry to determine these uncertainties are inconsistent, because the important decisions taken in the process are solely dependent on the responsible Competent Person (CP), without limitations. This leads to disparities between different CPs' results, using data-sets from the same drill-holes. The various standard codes for public disclosure provide guidelines and recommendations for the classification of Mineral Resources and Reserves but do not provide details on, for example, the amount of geological and geostatistical information needed to qualify for each category of Resources and Reserves. The parameters used to generate the classification categories are subjectively assumed by the responsible CP. In this paper we investigate the impacts of different CPs' judgements on resource classification, using the same data-sets. The results underpin the need for the mining industry to develop a uniform Mineral Resources and Reserves classification framework that can minimize or avoid significant discrepancies that lead to potential misleading public disclosures.

The history of the ora (with the symbol Φ) as a trade instrument is inextricably linked to the history of Orania, a village on the southern bank of the Orange River in the Northern Cape Province of South Africa. The closest town to Orania is Hopetown (43 kilometres to the northwest). Orania is about 160 kilometres south of Kimberley, the biggest city in the Northern Cape. Orania has a number of unique features. Firstly, all inhabitants are white and speak Afrikaans, with the implication that this is the language used for all activities (business, education, religion and social interaction). It is therefore viewed as a white Afrikaner cultural enclave. Secondly, the aim of Orania is self-determination as far as its future is concerned. In this context it has been described as a continuation of the Verwoerdian ideal of the 1960s. This aim is supported by "selfwerksaamheid" (loosely meaning "to work with our own for our own"), that is, a policy in terms of which preference is given to the employment of people from Orania. Thirdly, Orania has its own trade instrument, the ora, the symbol for which is Φ.2 The ora is described as a coupon used in settlement of cash transactions. Calling the ora currency would be a contravention of the South African Reserve Bank Act, 1989. The Orania Sakekamer [chamber of commerce] issues the ora. It is linked on a one-to-one basis to the South African rand, that is, at a rate of Φ 1,00 = R1,00. The inhabitants of Orania prefer to use ora when referring to amounts and this paper follows the same convention. Literature on Orania refers to the ora and its use in trade, but there is no research focusing on the development of the ora since it wasfirst launched in 2004. This paper seeks to contribute to filling this gap in the existing literature. The ora serves the needs of the inhabitants of Orania. A population census undertaken in Orania in December 2021 and early in 2022 reported the town'spopulation as 2 377 people, of whom 1 635 were 20 years and older. The same census also showed that Orania comprised 649 households and 220 businesses. Based on the 2021/22 census, the total personal annual income of the residents of Orania in 2021 was estimated at Φ295 672 222. Per capita personal annual income of the 2 377 inhabitants was therefore estimated at Φ124 389. Based on the same census data, the annual household income in Orania was estimated at Φ190 331179. The difference in estimates cannot be explained in terms of the 2021/2022 census data and was previously highlighted as an area for further research. These estimates show some correlation with the survey data obtained from the 2021 business survey conducted in Orania. Business turnover in 2021 was estimated at Φ281 950 000. More research is necessary to ascertain whether the increase in the value of ora issued correlates at all with the growth rate of economic activity in Orania. If this correlation can be determined, ora in circulation will be a useful indicator of the growth of economic activities in Orania. The growth rate of ora coupons cannot be compared with growth in economic activity because the latter has not previously been calculated on a comparable basis. Recently research was published that will contribute to a basis for determining future economic growth. This research shows that the ora contributes to "community building" (a sense that the residents are building their own future) in Orania and limits cash risks in the town. However, the ora also has certain disadvantages for residents of Orania. Holders of ora coupons and dOra must exchange them for rand in Orania for cash transactions outside the town. Any discount that businesses grant on ora transactions reduces their turnover and gross profit. The fact that ora coupons are not machine-readable increases the administration costs of the coupons. The final conclusion is that the ora is inextricably linked to Orania. The town can exist without the ora, but the ora cannot exist without Orania.

Hierdie artikel fokus op die geskiedenis van die ora (Φ3) sedert die eerste vrystelling daarvan 20 jaar gelede in 2004. Die ora is onlosmaaklik verweef met Orania, 'n Afrikaanse dorp in die Noord-Kaap. Die ora is op 'n een-tot-een-grondslag gekoppel aan die Suid-Afrikaanse rand. Die ora sirkuleer as 'n wettige betaalmiddel vir gebruik in kontanttransaksies in Orania. Die bestaan en sirkulasie van die ora is een van die unieke eienskappe van Orania. 'n Verdere unieke eienskap van Orania is die uitsluitlike gebruik van Afrikaans in die dorp. Alle bedrywighede (godsdiensbeoefening, kultuuraktiwiteite, onderrig en saketransak-sies) geskied uitsluitlik in Afrikaans. Voorts het Orania net wit inwoners. Die dorp word dus as 'n wit Afrikaner enklawe beskou. Daarbenewens is die oogmerk van Orania selfbeskikking wat die dorp se toekoms betref. Dit bring Orania in lyn met die voortsetting van die Verwoerdiaanse ideaal van afsonderlike ontwikkeling tot selfbeskikking. Hierdie ideaal word in Orania ondersteun deur "selfwerk-saamheid", met ander woorde 'n beleid dat voorkeur gegee word aan indiensneming van die inwoners van Orania. Die inwoners van Orania verkies om bedrae in ora te noem en nie in rand nie. Gevolglik word daardie praktyk in hierdie artikel gebruik. Gebaseer op die 2021/22-sensusopname in Orania, is totale persoonlike jaarlikse inkomste op Φ295 672 222 beraam. Per capita persoonlike jaarlikse inkomste vir die 2 377 inwoners is dus op Φ124 389 beraam. Hierteenoor is die jaarlikse inkomste van huishoudings in Orania in 2021 op Φ190 331 179 beraam. Hierdie verskil in ramings kan nie met behulp van die bestaande sensusopnamedata verklaar word nie en is tevore aangestip as 'n gebied vir verdere navorsing. Die 2021-besigheidsopname van Orania rapporteer data oor sake-ondernemings in die dorp. Op grond van hierdie opnamedata is die jaarlikse omset van sakeondernemings in Orania in 2021 op Φ281 950 000 beraam. Meer navorsing is nodig om te bepaal of die groei in ora-koepons wat uitgereik word, hoegenaamd korreleer met die groei in ekonomiese bedrywighede in Orania. Die groeikoers van ora-koepons kan nie met groei in ekonomiese bedrywighede vergelyk word nie omdat laasgenoemde nie voorheen op 'n vergelykbare basis bereken is nie. Onlangse navorsing is die eerste inisiatief om 'n basis te skep vir die bepaling van Orania se toekomstige ekonomiese groei. Indien hierdie korrelasie deur toekomstige navorsing bepaal kan word, sal dit 'n nuttige en maklike aanwyser van ekonomiese bedrywighede op die dorp wees. Die navorsing toon ook dat die ora tot gemeenskapsbewussyn bydra, byvoorbeeld omdat die inwoners bedrae in ora uitdruk, eerder as in rand. Die ora verminder ook kontantrisiko in Orania, omdat die ora nie buite die dorp gebruik kan word nie. Die ora het egter ook sekere nadele vir inwoners van Orania. Houers van ora-koepons en dOra moet dit in Orania vir rand inwissel vir kontanttransaksies buite die dorp. Enige afslag wat sake-ondernemings op ora-transaksies toestaan, verminder hul omset en bruto wins. Die feit dat ora-koepons nie masjienleesbaar is nie, verhoog die administrasiekoste van die koepons. Die ora en Orania is onlosmaaklik met mekaar verweef. Die dorp kan egter sonder die ora bestaan, terwyl die ora nie sonder Orania kan bestaan nie.

Abstract Technological developments are followed in the form of speed and new products in the large finance ecosystem. Particularly, we can easily observe the increasing importance of both new products and speed in the cryptocurrency markets. Examining the liquidity in cryptocurrency markets, which are open 24 hours a day, 7 days a week, draws attention as an important issue. Liquidity, in simple terms, refers to the ease of converting a financial instrument into cash. Bid-ask spread of a financial instrument is also considered as a measure of liquidity. This study employs Markov switching GARCH (MSGARCH) models to investigate the intraday volatility of the liquidity of Bitcoin under low volatile and high volatile regime periods. The study analyses the 5 minutes’ intraday bid-ask spread by different types of MSGARCH models with different numbers of regimes. The analysed period 01.01.2019 - 06.29.2021 contains 52,548 observations. The first results of the study provide evidence that low and high volatility periods can be explained by different models such as MS EGARCH, MS TGARCH, and MS GJRGARCH. Secondly, the two-regime MSGARCH and MS GJR GARCH models are the best models for explaining low and high volatility periods of intraday Bitcoin liquidity.

Resumen Los avances tecnológicos y los nuevos productos avanzan de forma rápida en el gran ecosistema financiero. En particular, podemos observar fácilmente la creciente importancia tanto de los nuevos productos como de la velocidad en los mercados de criptomonedas. Examinar la liquidez en los mercados de criptomonedas, que están abiertos las 24 horas del día, los 7 días de la semana, llama la atención como un tema importante. La liquidez, en términos simples, se refiere a la facilidad para convertir un instrumento financiero en efectivo. El diferencial entre oferta y demanda de un instrumento financiero también se considera una medida de liquidez. Este estudio emplea los modelos Markov Switching GARCH (MSGARCH) para investigar la volatilidad intradía de la liquidez de bitcoin en períodos de régimen de baja y alta volatilidad. El diferencial de oferta y demanda intradía de 5 minutos se analiza mediante diferentes tipos de modelos MSGARCH con diferentes números de regímenes. El período analizado del 01.01.2019 al 29.06.2021 contiene 52 548 observaciones. Los primeros resultados del estudio proporcionan evidencia de que los períodos de alta y baja volatilidad pueden explicarse mediante diferentes modelos como MS EGARCH, MS TGARCH y MS GJRGARCH. En segundo lugar, los modelos de dos regímenes MSGARCH y MS GJR GARCH son los mejores modelos para explicar los períodos de baja y alta volatilidad de la liquidez intradía de bitcoin.

Abstract The taxation systems on corporate profits are grouped into two classes known as integrated and classical, with the latter being more widely recognized in financial literature. Their characteristics impact the firm's value. Using various models to estimate the present value of tax savings, the study describes the systems, sensitizes variables, and quantifies the firm's value through the discounted cash flow model. Subsequently, a descriptive and comparative analysis of tax systems, tax rates, tax savings, cost of capital, and the value of leveraged firm is conducted using the discounted cash flow model. Aggregated financial information from a set of OECD member countries and Latin America is utilized. The results allow for the exposition of common specification errors when directly employing the classical model in company valuation. Additionally, it highlights the existing functional relationships between firm value and tax effects in the different tax systems corresponding to the sample of countries studied.

Resumen Los sistemas de imposición sobre las ganancias empresarias se agrupan en dos clases conocidas bajo la denominación de integrados y clásicos, siendo el último el de mayor difusión en la literatura financiera. Sus características impactan en el valor de la firma. Partiendo de los diferentes modelos para estimar el valor actual de los ahorros fiscales, el trabajo describe los sistemas, sensibiliza variables y cuantifica el valor de la firma mediante el modelo de descuento de flujos de fondos. Seguidamente, se lleva a cabo un análisis descriptivo y comparativo de los sistemas tributarios, alícuotas, ahorro fiscal, costo del capital y valor de la firma apalancada mediante el modelo de descuento de flujo de fondos. Se toma la información financiera agregada de un conjunto de países integrantes de la OCDE y América Latina. Los resultados permiten exponer los errores comunes de especificación al emplear directamente el modelo clásico en la valoración de empresas. Además, expone las relaciones funcionales existentes entre valor de la firma y efecto fiscal en los diferentes sistemas tributarios correspondientes a la muestra de países estudiados.

Abstract In this paper, I present the results of ethnographic research that analyzes the social effects on peasant communities (dedicated to working the land and fishing in the river) due to the delivery of compensation and the carrying out of works for the installation of the hydroelectric dam “El Quimbo”, located in the inter-Andean valleys of the Upper Magdalena River basin, in Huila, Colombia. Those lands were flooded in 2015, and affected people received different treatments that changed their relationships with the land, the river and their communities. Thus, the theoretical contribution of the article lies in the dialogue between ecological economics and economic anthropology, hence I describe the effects of restricting to a value paid in cash or measured in productivity regarding the social value of the elements present in the territory (land, river, forest) and community relations. Methodologically, six standard-situations were constructed inductively based on interviews and conversations collected in fieldwork that covered various moments between 2010 and 2021. The six standard-situations evince the effects on the social positions of affected groups: some partially reproduced their relations with the land; some began a situation of new subordination; and others were expropriated from the reproduction of their previous social relations. I complemented the article with secondary sources based on a review of archives, newspapers, and public documents of the company and the social movement.

Resumo No artigo, apresento os resultados de uma pesquisa etnográfica que analisa os efeitos sociais sobre as comunidades camponesas (dedicadas ao trabalho da terra e a pescaria no rio) pela entrega das compensações e a realização das obras na instalação do projeto hidrelétrico “El Quimbo”, localizado nos vales interandinos do Alto Magdalena, em Huila, Colômbia. Aquelas terras foram inundadas em 2015, e os atingidos receberam diferentes tratamentos que modificaram suas relações com a terra, o rio e suas comunidades. Assim, a contribuição teórica do artigo está no diálogo entre a economia ecológica e a antropologia econômica a partir da qual descrevo os efeitos de restringir o valor social dos elementos presentes no território (terra, rio, floresta) e das relações comunitárias por um valor a ser pago em dinheiro ou medido em produtividade. Metodologicamente, foram construídas de forma indutiva seis “situações-tipo” baseadas em entrevistas e conversas coletadas durante trabalho de campo, que abarcou vários momentos entre 2010 e 2021 e permitiu demonstrar os efeitos nas posições sociais ocupadas pelos atingidos: camponeses que puderam reproduzir parcialmente suas relações com a terra, aqueles que ficaram em uma situação de nova subordinação, e os que foram expropriados da reprodução de suas relações sociais anteriores. As informações foram complementadas com fontes secundárias baseadas em revisão de arquivos, jornais e documentos públicos da empresa e do movimento social.

Abstract This article takes up the concept of surplus labor force as understood in Latin American economic thought, due to its importance in pointing out the difficulties of capitalism in incorporating people into quality jobs and explaining the reproduction of inequalities. To contribute to the study of women’s labor exclusion in the region, two objectives are pursued. The first objective is to construct a theoretical-methodological proposal to study the surplus of the labor force by re-reading the structuralist approach from a feminist economics perspective. The second objective is to analyze with this adapted framework the evolution of the surplus of the labor force, as well as the Argentine welfare policy that aims to regulate it and its link with the reproduction of gender inequalities at the national level between 2003 and 2019. For this purpose, a documentary and statistical analysis of different sources is carried out. The results show the structural persistence of exclusion and gender inequality as a result of the articulation between the labor features of the Argentine development style and the consolidated welfare policy pattern. This pattern is based on conditional cash transfers and was functional to the feminization of the surplus of the labor force during the first two decades of the 21st century.

Resumen En este artículo se retoma el concepto de excedente de la fuerza de trabajo tal como se entiende desde el pensamiento económico latinoamericano, por su importancia al señalar las dificultades del capitalismo para incorporar a las personas en empleos de calidad y explicar la reproducción de las desigualdades. A fin de contribuir al estudio de la exclusión laboral de las mujeres dentro de la región, se persiguen dos objetivos. El primero: construir una propuesta teórico-metodológica para estudiar el excedente de la fuerza de trabajo mediante la relectura del abordaje estructuralista desde la economía feminista. Con el segundo se propone analizar, a partir de este marco adaptado, la evolución del excedente de la fuerza de trabajo, así como la política asistencial argentina que pretende regularlo y su vínculo con la reproducción de las desigualdades de género en el ámbito nacional entre 2003 y 2019. Para ello se realiza un análisis documental y estadístico de distintas fuentes. Los resultados permiten constatar la persistencia estructural de la exclusión y la desigualdad de género producto de la articulación entre los rasgos laborales del estilo de desarrollo argentino y el patrón de política asistencial consolidado. Dicho patrón se apoya en las transferencias monetarias condicionadas y resulta funcional a la feminización del excedente de la fuerza de trabajo durante las dos primeras décadas del siglo XXI.

Globally, narratives about the nexus between migration and development have gained prominence among academics, policymakers, development practitioners, as well as social partners. However, the historical and contextual factors that have shaped the patterns of migration flows within and from the African continent have been poorly conceptualized and theorized. The components of migration that have the propensity to lead to self-improvement and development such as the sending of cash, social, and political remittances; skills and knowledge transfers; and diaspora-origin country engagements, need to be examined as a composite in order to fully appreciate the developmental potential of migration within the African context. Using thematic and content analysis of relevant extant literature, we examine the contextual factors that characterize the nexus between migration and self-improvement/development in Africa. Our analyses are situated within an Africa-centered conceptualization of development and migration. We argue that the development impacts of migration vary across different regions in Africa depending on the contextual factors that shape such migrations. Migration spurs self-improvement and development just as self-improvement and development facilitate migration.

Resumo Este artigo discute o RBI como política que promove a reciprocidade na sociedade, olhando para os dados disponíveis sobre experiências sociais de transferências monetárias, em particular experiências de rendimento mínimo garantido e de rendimento básico. Os resultados destas experiências mostram que com a atribuição do rendimento incondicional os indivíduos não deixam de investir o seu tempo num emprego mas antes diversificam as suas atividades, investindo no cuidado prestado a familiares ou em atividades na comunidade. As experiências indicam também que, contrariamente a propostas de rendimento mínimo condicional (ex. rendimento social de inserção), o rendimento básico promove a redução do estigma social. Estes resultados permitem-nos expandir a nossa ideia de contribuição produtiva para além do emprego, e discutir o papel do RBI como um mecanismo que, ao invés de violar a norma de reciprocidade, funciona como política essencial para a sua promoção numa sociedade mais justa.

Abstract This article explores the idea that a UBI might be a superior mechanism in promoting reciprocity in society, looking at available data from social experiments with cash transfers. The results of these experiments show that when people receive an unconditional grant, they don’t usually stop working. Instead, they tend to diversify their time-use, opting to invest in caring for family members or in community activities. Experiences also shows that unlike conditional cash transfers, basic income is less stigmatizing to beneficiaries. These results and their interpretation allow us to expand our idea of productive contribution beyond paid employment. It also allows us to discuss the role of basic income as an essential policy for promoting reciprocity in a fairer society, instead of a mechanism that violates the norm of reciprocity.

Abstract The determination of the tax savings´ value and the impact of income tax on the firm valuation is related to the current tax systems. The tax effects imply cash out flow and savings, and, must be analyzed with the tax systems where the firm operates. Modigliani and Miller (1963) and Miller (1977) works suppose a classical system of income tax. The World Trade Organization (OCDE), identify seven tax systems classified into two large groups: integrated and classical. The paper reviews the existing models, particularly the General Model. Next, shows the value equations corresponding to the different tax systems. Through an analysis of cases, the impact on the variables of the tax system in which the firm operates is analyzed, according to the systems classified by the OECD.

Resumen La determinación del valor de los ahorros fiscales y el impacto del impuesto a la renta en la valuación de empresa depende del sistema tributario vigente en el mercado. Los efectos fiscales que implican pagos y ahorros deben analizarse con el sistema tributario donde opera la firma. Los trabajos de Modigliani y Miller (1963) y Miller (1977) suponen un sistema clásico de imposición a la renta. La Organización Mundial del Comercio (OCDE) identifica siete sistemas tributarios clasificados en dos grandes grupos: integrados y clásicos. El trabajo revisa los modelos existentes, particularmente el Modelo General. Seguidamente, expone las ecuaciones de valor correspondientes a los diferentes sistemas tributarios. Mediante un análisis de casos se analiza el impacto en las variables del sistema tributario en el que opera la firma, según los sistemas clasificados por la OCDE.