ABSTRACT Due to the important functions of calcium in plant physiology, supplementation of this nutrient may be a viable strategy to increase the tolerance of plants to salinity. Thus, the objective in this study was to evaluate the gas exchange and growth of broad-leaf arugula cultivars cultivated in coconut fiber subjected to salt stress. Four nutrient solutions [(S1 - standard nutrient solution (electrical conductivity of water - ECw of 0.5 dS m-1; S2 - nutrient solution using saline water with NaCl at 3.5 dS m-1; S3 - S2 enriched with Ca(NO3)2 at 50%; S4 - S2 enriched with Ca(NO3)2 at 100%, obtaining values of 2.3, 5.1, 5.5, and 5.9 dS m-1, for S1, S2, S3, and S4, respectively], and two cultivars of arugula (Donatella and Gigante Folha Larga), arranged in a 2 × 4 factorial scheme, with three replicates, were studied. Plants were harvested 40 days after sowing and evaluated for the following variables: plant height, number of leaves, leaf area, total fresh mass, total dry mass, specific leaf area, leaf succulence, relative chlorophyll index, stomatal conductance, CO2 assimilation rate, transpiration rate, internal CO2 concentration, instantaneous water use efficiency, and intrinsic carboxylation efficiency. The cultivar Gigante Folha Larga was more tolerant to salinity of nutrient solution. The use of salinized nutrient solution negatively affected arugula growth and physiology, but the extra addition of Ca(NO3)2 reduced the harmful effects of salinity. Extra addition of 50% of Ca(NO3)2 in the nutrient solution is recommended to reduce the effect of salt stress. physiology Thus broadleaf broad stress S1 S [(S electrical 05 0 5 0. m1 m 1 m-1 35 3 3. CaNO32 CaNO Ca NO3 NO Ca(NO3) 50 100 100% 23 2.3 51 5.1 55 5.5 59 9 5. m1, 1, respectively, respectively , respectively] Donatella Larga, Larga) scheme replicates studied variables height leaves area mass succulence index conductance CO rate concentration efficiency m- CaNO3 Ca(NO3 10 2. Ca(NO

RESUMO Devido às importantes funções do cálcio na fisiologia vegetal, a suplementação deste nutriente pode ser uma estratégia viável para aumentar a tolerância das plantas à salinidade. Assim, o objetivo deste estudo foi avaliar as trocas gasosas e o crescimento de cultivares de rúcula de folhas largas cultivadas em fibra de coco submetidas ao estresse salino. Quatro soluções nutritivas [(S1-solução nutritiva padrão (condutividade elétrica da água - CEa de 0,5 dS m-1; S2- solução nutritiva utilizando água salina com NaCl a 3,5 dS m-1; S3-S2 enriquecida com Ca(NO3)2 a 50%; S4-S2 enriquecido com Ca(NO3)2 a 100%, obtendo valores de 2,3, 5,1, 5,5 e 5,9 dS m-1, para S1, S2, S3 e S4, respectivamente], e duas cultivares de rúcula. (Donatella e Gigante Folha Larga), dispostas em esquema fatorial 2 × 4, com três repetições, foram estudadas. As plantas foram colhidas 40 dias após a semeadura e avaliadas quanto às seguintes variáveis: altura de planta, número de folhas, área foliar, massa fresca total, massa seca total, área foliar específica, suculência foliar, índice relativo de clorofila, condutância estomática, taxa de assimilação de CO2, taxa de transpiração, concentração interna de CO2 e eficiência instantânea do uso da água e eficiência intrínseca de carboxilação. A cultivar Gigante Folha Larga foi mais tolerante à salinidade da solução nutritiva. O uso de solução nutritiva salinizada afetou negativamente o crescimento e a fisiologia da rúcula, mas a adição extra de Ca(NO3)2 reduziu os efeitos nocivos da salinidade. Recomenda-se adição extra de 50% de Ca(NO3)2 na solução nutritiva para reduzir o efeito do estresse salino. vegetal Assim salino S1solução Ssolução S1 S condutividade 05 0 5 0, m1 m 1 m-1 S2 35 3 3, S3S2 SS S3-S CaNO32 CaNO Ca NO3 NO Ca(NO3) 50 S4S2 S4 S4-S 100 100% 23 2,3 51 5,1 55 5, 59 9 m1, 1, respectivamente, respectivamente , respectivamente] Donatella Larga, Larga) 4 repetições estudadas variáveis planta total específica clorofila estomática CO transpiração carboxilação Recomendase Recomenda se m- S3S CaNO3 Ca(NO3 S4S 10 2, Ca(NO

ABSTRACT In the semi-arid climate, the growth of fruit seedlings is challenged by the water stress characteristic of the region, which can restrict their development and, consequently, affect production. In this context, the aim was to assess the effect of pyroligneous extract on gas exchange characteristics, photosynthetic pigments, growth, and biomass of pitanga under different intensities of water deficit. The experiment was conducted using a randomized block design in a 3 × 2 factorial scheme, with four replicates, corresponding to water deficit periods (7 and 14 days) and control (daily irrigation), in substrates with and without pyroligneous extract. The plants were evaluated for gas exchange characteristics, chlorophyll indices, growth, and dry biomass. Application of pyroligneous extract after 7 days of water deficit increased the photosynthetic rate, carboxylation efficiency and Dickson quality index of pitanga seedlings by 40.04, 42.85 and 41.51%, respectively, compared to 14 days of water deficit. Pyroligneous extract was effective as a water stress attenuator in pitanga seedlings, especially during the first seven days of exposure to stress. Therefore, its application is recommended as a preventive and short-term measure to mitigate such effects on pitanga seedlings. semiarid semi arid climate region consequently production context characteristics pigments scheme replicates ( 1 daily irrigation, irrigation , irrigation) indices rate 4004 40 04 40.04 4285 42 85 42.8 4151 41 51 41.51% respectively Therefore shortterm short term 400 4 0 40.0 428 8 42. 415 5 41.51 40. 41.5 41.

RESUMO No clima semiárido, o crescimento de mudas frutíferas é desafiado pelo estresse hídrico característico da região, o que pode restringir seu desenvolvimento e, consequentemente, afetar a produção. Nesse contexto, o objetivo foi avaliar o efeito do extrato pirolenhoso nas características de troca gasosa, pigmentos fotossintéticos, crescimento e biomassa de pitangueira sob diferentes intensidades de déficit hídrico. O experimento foi conduzido em casa de vegetação utilizando um delineamento em blocos casualizados em um esquema fatorial 3 × 2, com quatro repetições, correspondendo a períodos de déficit hídrico foram de 7 e 14 dias, além do controle (irrigação diária), no substrato sem e com extrato pirolenhoso. As plantas foram avaliadas quanto às características de trocas gasosas foliares, índices de clorofila, crescimento e biomassa seca. A aplicação de extrato pirolenhoso aos 7 dias de déficit hídrico elevou a taxa fotossintética, a eficiência de carboxilação e o índice de qualidade de Dickson das mudas de pitanga em 40,04, 42,85 e 41,51%, respectivamente, em comparação aos 14 dias de déficit hídrico. O extrato pirolenhoso foi efetivo como um atenuante do estresse hídrico nas mudas de pitanga, especialmente durante os primeiros sete dias de exposição ao estresse. Assim, sua aplicação é recomendada como uma medida preventiva e de curto prazo para mitigar tais efeitos nas mudas de pitanga. semiárido região consequentemente produção contexto gasosa fotossintéticos 2 repetições 1 irrigação diária, diária , diária) foliares clorofila seca fotossintética 4004 40 04 40,04 4285 42 85 42,8 4151 41 51 41,51% respectivamente Assim 400 4 0 40,0 428 8 42, 415 5 41,51 40, 41,5 41,

Resumen Objetivo: este artículo estudia la relación entre la demanda turística y el crecimiento económico, el tipo de cambio real y la incertidumbre de política económica (EPU, por sus siglas en inglés) en Australia, China, Francia, Alemania, Italia, Japón, España, Estados Unidos y el Reino Unido. Metodología: se aplicaron pruebas de dependencia transversal, de raíz unitaria y de cointegración. El modelo de largo plazo se estimó con los siguientes métodos: PCSE, FGLS y FMOLS. Resultados: los resultados muestran una relación positiva entre el crecimiento económico y el tipo de cambio real respecto a la demanda turística. En el largo plazo, la relación de causalidad es de la incertidumbre, el tipo de cambio y el PIB al turismo. Se valida la hipótesis de retroalimentación. Limitaciones: la disponibilidad de datos. Originalidad: estudia la influencia conjunta del crecimiento económico y la EPU sobre la demanda de turismo en los países de los principales destinos mundiales de turismo internacional según los ingresos turísticos internacionales. Conclusiones: se sugiere que el turismo impulsará el crecimiento económico general, y de manera correspondiente la inversión en otros sectores de la economía también influirá en un aumento del turismo.

Abstract Objective: to study the relationship among tourism demand and economic growth, real exchange rate, and economic policy uncertainty (EPU) in Australia China, France, Germany, Italy, Japan, Spain, the United States, and the United Kingdom. Methodology: cross-section dependence, unit root, and cointegration tests were applied. The long-term model was estimated according to the Panel-Corrected Standard Error (PCSE), Feasible Generalised Least Squares (FGLS), and Fully Modified Ordinary Least Square (FMOLS). Results: the results show a positive relationship between economic growth and the real exchange rate concerning tourism demand. In the long term, the causality relationship is from uncertainty, exchange rate, and GDP to tourism. The feedback hypothesis is validated. Limitations: availability of data. Originality: it studies the joint influence of economic growth and the EPU on demand for tourism in the countries of the world’s leading destinations for international tourism according to international tourist income. Conclusions: tourism will drive general economic growth and, correspondingly, investment in other sectors of the economy will also influence an increase in tourism.

Abstract Introduction. The parameters of physiological response to drought stress are the result of a combination of slow- or fast-acting attributes. Gas exchange variables are classified as fast-acting and their level of occurrence or impact depends on the interaction between factors such as genotype and the duration, intensity, and phenological stage of stress occurrence. Objective. To identify the levels of physiological response exhibited by Solanum phureja under progressive water deficit stress. Materials and methods. The experiment was conducted between 2019 and 2020 under semi-controlled conditions at the Obonuco Research Center of the Corporación Colombiana de Investigación Agropecuaria. Four potato cultivars were planted, with half of the trial was maintained at field capacity and the other half subjected to water deficit stress by withholding irrigation for 15 days, followed by rehydration. Gas exchange variables, chlorophyll content, and photosynthetic efficiency were evaluated every three days. Results. Significant differences were observed, with maximum gas exchange values in control plants showing 16.67 µmol m-2 s-1 photosynthesis rate (A); 0.34 mol m-2 s-1 stomatal conductance (gs); 5.5 mmol m-2 s-1 transpiration (E), and under stress, 1.17 µmol m-2 s-1 (A); 0.013 mol m-2 s-1 (gs); 0.29 mmol m-2 s-1 (E). Chlorophyll content values ranged between 451.7 and 474.69 mg m-2 with and without irrigation, respectively. Conclusions. Stomatic closure was the earliest response to water deficit, and potato plants showed recovery in gas exchange values after rehydration following stress. Finally, three levels of physiological response were identified: mild, moderate, and severe stress, depending on the intensity and duration of stress, which is useful for future studies and the development of irrigation schedules.

Resumen Introducción. Los parámetros de respuesta fisiológica al estrés por sequía son la conjugación de una serie de atributos de acción lenta o rápida. Las variables de intercambio gaseoso son catalogadas como de respuesta rápida, su nivel de aparición o afección dependen de la interacción entre factores como el genotipo y duración, intensidad y etapa fenológica de ocurrencia del estrés. Objetivo. Identificar los niveles de respuesta fisiológica que presenta Solanum phureja bajo el estrés progresivo por déficit hídrico. Materiales y métodos. El experimento se realizó entre 2019 y 2020, bajo condiciones semi-controladas en el Centro de Investigación Obonuco de la Corporación Colombiana de Investigación Agropecuaria. Se sembraron cuatro cultivares de papa, la mitad del ensayo se mantuvo con riego a capacidad de campo y a la otra parte se le suspendió para inducir estrés por déficit hídrico durante 15 días, luego se rehidrataron; se evaluaron variables de intercambio gaseoso, clorofila y eficiencia fotosintética cada tres días. Resultados. Se presentaron diferencias significativas con los valores máximos de intercambio gaseoso en plantas del tratamiento control con 16,67 µmol m-2 s-1 tasa de fotosíntesis (A); 0,34 mol m-2 s-1 conductancia estomática (gs) 5,5 mmol m-2 s-1 transpiración (E) y en estrés 1,17 µmol m-2 s-1 (A); 0,013 mol m-2 s-1 (gs); 0,29 mmol m-2 s-1 (E). En cuanto al contenido de clorofila, se presentaron valores entre 451,7 y 474,69 mg m-2 con riego y sin riego, respectivamente. Conclusiones. El cierre estomático fue la respuesta más temprana al déficit hídrico, además, las plantas de papa presentaron recuperación de los valores de intercambio gaseoso después del suministro de riego posterior al estrés. Finalmente, se identificaron tres niveles de respuesta fisiológica, estrés leve, moderado y severo, según la intensidad y duración del estrés, lo cual es de utilidad para futuros estudios y planteamientos de calendarios de riego.

ABSTRACT Soil contamination with toxic metals brings along severe environmental issues. Among these metals, copper (Cu) is harmful to plant development when it reaches high contamination levels in the soil. Thus, identifying species capable of resisting this contamination type helps these sites’ revegetation and decontamination processes. Therefore, the present study aimed to investigate the tolerance of Cedrela fissilis plants to excess Cu through morphophysiological and biochemical variables. C. fissilis seedlings were subjected to five concentrations of Cu (0, 2, 4, 6, and 8 mg L-1). The experimental design was completely randomized, with five treatments and four repetitions. Morphophysiological (number of leaves, shoot height, root length, dry weight, morphological variables of the root system, and leaf area) and biochemical (antioxidant enzymes, lipid peroxidation, hydrogen peroxide concentration, and photosynthetic pigments) traits and Cu accumulated in roots and shoot were evaluated. High concentrations of Cu had a negative effect on the shoot and root dry weight, photosynthetic rate, stomatal conductance, and transpiration rate. Overall, Cu increased the activity of the antioxidant enzymes and lipid peroxidation. Therefore, Cu incidence in the nutrient solution has negatively influenced the biochemical and physiological traits of C. fissilis seedlings to the detriment of their growth. Thus, it was possible to identify sensitive behavior by the investigated species. Because of these features, C. fissilis seedlings can be used as markers for copper-contaminated areas. issues (Cu soil Thus sites processes Therefore C 0, 0 (0 2 4 6 L1. L1 L 1 . L-1) randomized repetitions number leaves height length weight system area peroxidation concentration pigments evaluated rate conductance Overall growth features coppercontaminated contaminated areas ( L-1 L-

RESUMO A contaminação do solo com metais tóxicos traz consigo graves problemas ambientais. Dentre esses metais, o cobre (Cu) é prejudicial ao desenvolvimento das plantas quando atinge elevados níveis de contaminação no solo. Assim, identificar espécies capazes de resistir a esse tipo de contaminação auxilia nos processos de revegetação e descontaminação desses locais. Portanto, o presente estudo teve como objetivo investigar a tolerância de plantas de Cedrela fissilis ao excesso de Cu através de variáveis morfofisiológicas e bioquímicas. Mudas de C. fissilis foram submetidas a cinco concentrações de Cu (0, 2, 4, 6 e 8 mg L-1). O delineamento experimental foi inteiramente casualizado, com cinco tratamentos e quatro repetições. Características morfofisiológicas (número de folhas, altura da parte aérea, comprimento da raiz, massa seca, variáveis morfológicas do sistema radicular e área foliar) e bioquímicas (enzimas antioxidantes, peroxidação lipídica, concentração de peróxido de hidrogênio e pigmentos fotossintéticos) e Cu acumulado nas raízes e folhas foram avaliados. Altas concentrações de Cu tiveram efeito negativo no peso seco da parte aérea e das raízes, na taxa fotossintética, na condutância estomática e na taxa transpiratória. No geral, o Cu aumentou a atividade das enzimas antioxidantes e a peroxidação lipídica. Portanto, a incidência de Cu na solução nutritiva influenciou negativamente as características bioquímicas e fisiológicas das mudas de C. fissilis em detrimento do seu crescimento. Assim, foi possível identificar o comportamento sensível da espécie investigada. Devido a essas características, mudas de C. fissilis podem ser utilizadas como bioindicadoras de áreas contaminadas por cobre. ambientais (Cu Assim locais Portanto C 0, 0 (0 2 4 L1. L1 L 1 . L-1) casualizado repetições número raiz seca foliar lipídica fotossintéticos avaliados fotossintética transpiratória geral crescimento investigada ( L-1 L-

Abstract The present paper empirically assesses the role of capital flows in the output dynamics of the Mexican economy over the period 1994-2023. We hypothesize that capital flows have helped sustain a long-term economic growth rate that exceeds what is warranted by Mexico’s current account equilibrium. Our main contribution is to furnish empirical evidence supporting the Thirlwall-Hussain (1982) hypothesis. That is, capital flows are needed to finance the current account gap of economies growing beyond their means. Our analysis represents the first empirical test ever of such a model for the case of Mexico. Furthermore, our estimates from a vector error-correction model show that capital flows (FDI), imports and exports are intimately linked. Moreover, exports and FDI together provide the foreign exchange used to cope with technological and capital goods dependence. We conclude that finance is the most salient variable of overall economic dependence along the global supply chains. The main limitation of our study is that further empirical comparative analysis is required before generalizations can be reasonably made, a task for future endeavors.

Resumen Este trabajo evalúa empíricamente el papel de los flujos de capital en el crecimiento económico de México durante el período 1994-2023. La hipótesis central es que los flujos de capital contribuyen a mantener un crecimiento de largo plazo mayor al que se justificaría con equilibrio en la cuenta corriente. La principal contribución es proveer evidencia consistente con la hipótesis Thirlwall-Hussain (1982). Es decir, se requieren entradas de capital para financiar los déficits en la cuenta corriente de las economías que crecen más allá de sus medios. Este estudio es pionero en contrastar este modelo para el caso de México. Nuestras estimaciones, con base en un modelo de corrección de errores, muestran que los flujos de capital, las exportaciones y las importaciones están estrechamente ligadas. Las exportaciones y la inversión extranjera directa proveen las divisas necesarias para enfrentar la dependencia de tecnología y bienes de capital. La conclusión es que el financiamiento es una variable clave de la dependencia a lo largo de las cadenas globales de valor. La principal limitación es que se requiere investigación adicional para generalizar nuestros resultados.

ABSTRACT This research aimed to suggest practical strategies for Mexico's economic development through the trend of nearshoring. It involved identifying, analyzing, and organizing the causes of the conflict between China and the USA over international trade and exploring the opportunities that nearshoring to Mexico can offer. Qualitative research methods were applied, and documentary research techniques were used based on two study objects: a) the Sino-American dispute over international trade and b) nearshoring to Mexico. Nearshoring to Mexico is driven by various factors, including tariff benefits from Free Trade Agreements, low labor costs in manufacturing companies, and a stable exchange rate. Therefore, Mexico needs to encourage the development of industrial parks, implement an effective Public Security Policy, offer tax incentives to attract Foreign Direct Investment and improve port, road, and air infrastructure to take full advantage of this trend.

RESUMEN Esta investigación tuvo como objetivo sugerir estrategias prácticas para el desarrollo económico de México a través de la tendencia del nearshoring. Implicó identificar, analizar y organizar las causas del conflicto entre China y Estados Unidos sobre el comercio internacional y explorar las oportunidades que puede ofrecer el nearshoring a México. Se aplicaron métodos de investigación cualitativos y se utilizaron técnicas de investigación documental basadas en dos objetos de estudio: a) la disputa chino-estadounidense sobre el comercio internacional y b) el nearshoring a México. El nearshoring a México está impulsado por varios factores, incluidos los beneficios arancelarios de los Tratados de Libre Comercio, los bajos costos laborales en las empresas manufactureras y un tipo de cambio estable. Por lo tanto, México necesita fomentar el desarrollo de parques industriales, implementar una Política de Seguridad Pública efectiva, ofrecer incentivos fiscales para atraer Inversión Extranjera Directa y mejorar la infraestructura portuaria, vial y aérea para aprovechar al máximo esta tendencia.

Abstract: High-frequency oscillatory ventilation with volume guarantee (HFOV-VG) is a ventilatory mode that controls small tidal volumes at supraphysiological frequencies, potentially beneficial for preterm infants with respiratory distress syndrome (RDS). Objective: To identify the physiological and clinical effects of HFOV-VG in preterm newborns with RDS, compared with conventional HFOV. Method: Exploratory review of studies published between 2019 and 2023 of preterm newborns from 23 to 36 weeks of gestation with RDS, weighing ≥ 450g, with invasive HFOV support, using PRISMA flow diagram. For their critical evaluation, the MINORS and PEDro scales were used. Results: 1,386 articles were initially identified, of which 7 articles were selected. Compared with conventional HFOV, the use of lower tidal volumes (VThf) and higher respiratory rate stands out, as well as better and more stable gas exchange, both as an elective or early rescue strategy in preterm newborns with RDS. Furthermore, an inverse relationship is observed between VThf and respiratory rate. Conclusion: HFOV-VG, used in preterm neonates with RDS, consistently improves oxygenation and ventilation compared with conventional HFOV. Control and reduction of VThf could provide additional lung protection.

Resumen: La ventilación de alta frecuencia (VAF) con volumen garantizado es un modo ventilatorio que controla pequeños volúmenes corriente a frecuencias suprafisiológicas, potencialmente beneficioso para prematuros con síndrome de dificultad respiratoria (SDR). Objetivo: Identificar los efectos fisiológicos y clínicos de la VAF con volumen garantizado en recién nacidos pretérmino con SDR, en comparación con VAF convencional. Método: Revisión exploratoria de estudios publicados entre 2019 y 2023, de recién nacidos prematuros de 23 a 36 semanas de gestación con SDR, con un peso ≥ 450 g soportados con VAF invasiva, utilizando diagrama de flujo PRISMA. Para su evaluación crítica se utilizaron las escalas MINORS y PEDro. Resultados: Se identificaron inicialmente 1,386 artículos, de los cuales se seleccionaron 7 artículos. En comparación con VAF convencional destaca el uso de menores volúmenes corriente (VThf) y mayores frecuencias respiratorias, un intercambio de gases mejor y más estable, tanto como estrategia electiva o de rescate temprano en recién nacidos prematuros con SDR. Además se observa una relación inversa entre VThf y frecuencia respiratoria. Conclusión: La VAF con volumen garantizado, aplicada en recién nacidos prematuros con SDR, consistentemente mejora la oxigenación y ventilación en comparación con la VAF convencional. El control y la reducción de VThf pudiera proporcionar una protección pulmonar adicional.

ABSTRACT The article aims to discuss aspects of the contemporary Brazilian political economy, showing how Brazilian large manufacturing entrepreneurs acted in defense of their interests in the dispute over the design of economic policy throughout the Partido dos Trabalhadore (Workers’ Party) governments between 2003 and 2016. It is argued that is possible to identify an inter-class dispute over the definition of four macroeconomic prices - the profit rate, the interest rate, the exchange rate, and the wage rate - which places industrial capitalists sometimes against the rentier sector, sometimes against the labor movement in Brazil. economy Workers (Workers Party 200 2016 interclass inter class sector Brazil 20 201 2

RESUMO O artigo tem como objetivo discutir aspectos da economia política brasileira contemporânea apresentando a forma como os empresários da grande indústria do país atuaram em defesa de seus interesses na disputa do desenho da política econômica ao longo dos governos do Partido dos Trabalhadores entre 2003 e 2016. Argumenta-se ser possível identificar uma disputa interclasses pela definição de quatro preços macroeconômicos - taxa de lucro, taxa de juros, taxa de câmbio e taxa salarial - que coloca os capitalistas industriais ora ante o setor rentistas, ora ante o movimento trabalhista no país. 200 2016 Argumentase Argumenta se lucro juros rentistas 20 201 2

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.

Resumen En este artículo se analizó la dependencia de los rendimientos de fondos cotizados en bolsa (ETF) de seis países latinoamericanos respecto al sentimiento en relación con las tasas de interés y la reserva federal (FED) en las noticias de Estados Unidos (EE.UU.) durante el período de 2022 a 2023. Para cada uno de los fondos se usaron regresiones robustas con cero a dos rezagos para sentimientos positivos y negativos, y las rentabilidades previas. Se encontró que el sentimiento es estadísticamente significativo para algunos rezagos en los retornos de los ETF de Brasil, Chile y Perú, tanto en la moneda local como en el dólar estadounidense. El ETF Latin American 40 de pende asimismo del sentimiento respecto a la moneda estadounidense. También hay un efecto de momento sobre los rendimientos en moneda estadounidense y un efecto de reversión media en moneda local para todos los ETF considerados. El modelo de datos de panel para los ETF de los países considerados con efectos aleatorios y dos rezagos muestra que todos los cambios en el sentimiento considerados son estadísticamente significativos para los rendimientos, excepto el cambio en el sentimiento positivo sin rezagos.

Abstract This article examines the dependence of Exchange Traded Fund (ETF) returns in six Latin American countries on interest rate and the Federal Reserve (FED) sentiment in the United States (US) news, during the period 2022 to 2023. For each country, robust regressions with zero to two lags for positive and negative sentiments, and previous returns were used. It was found that sentiment is statistically significant for some lags of ETF returns in Brazil, Chile, and Peru, in both, local currency and US dollar. The Latin American 40 ETF also depends on sentiment in US currency. Furthermore, a moment effect on returns in US currency and a mean reverting effect in local currency was identified. A panel data model for the considered countries’ ETFs with random effects and zero to two lags in the change of sentiment shows that all considered changes in sentiment are statistically significant for returns, except for the change in positive sentiment without lags.

Abstract: The relevance of the Big Mac as a proxy indicator for Purchasing Power Parity becomes highly significant during periods of high currency depreciation. Are currencies undervalued or overvalued concerning the dollar? Is absolute and relative purchasing power parity (PPP) observed in Colombia? We address these issues by using a longitudinal data structure and estimating a panel data model. For the Colombian case, there were instances where official reports indicated an appreciation of the peso against the dollar, but the Big Mac index showed a real depreciation. The estimates suggest empirical evidence in favor of absolute PPP, i.e., based on the log-transformed equation estimated using the GLS method, while there is no empirical evidence in favor of meeting PPP in relative terms.

Resumen: El Big Mac como indicador proxy de la paridad de poder de compra cobra mucha relevancia durante periodos de alta depreciación de la moneda. ¿Se encuentran subvaluadas o sobrevaloradas las monedas con respecto al dólar?, ¿se cumple la paridad del poder de compra (PPC) absoluta y relativa en Colombia? Mediante una estructura de datos de corte longitudinal y la estimación de un modelo de datos de panel, damos respuesta a estas preguntas. Para Colombia se han observado momentos en los que oficialmente se informaba una apreciación del peso frente al dólar, el índice Big Mac detectó una depreciación real. Las estimaciones indican que existe evidencia empírica a favor de la PPC absoluta, es decir, a partir de la ecuación transformada por logaritmos y estimada mediante el método GLS, mientras que no existe evidencia empírica que apoye el cumplimiento de la PPC en términos relativos. Clasificación JEL: F31; F41; G15; C23; C32.

Abstract This research aims to determine the effect of the global COVID-19 pandemic on the exchange rate, where the microstructure approach will be used, which uses long and short positions in the futures market. Weekly data will be available during the period 2010-2023. A negative relationship has been found between the exchange rate and the net positions, as well as a positive relationship between the exchange rate and the interest rate differential between Mexico and the United States, as indicates the existing literature. The main finding has been the presence of structural change in the relationship due to the COVID-19 pandemic. Therefore, it is concluded that the microstructure approach is an adequate model to explain exchange rate fluctuations in the short-term, where the relationship has suffered a structural change due to the pandemic.

Resumen La presente investigación tiene como objetivo determinar el efecto de la pandemia global COVID-19 sobre el tipo de cambio; para ello, se empleó el enfoque de microestructura, el cual utiliza las posiciones largas y cortas del mercado de futuros. Se utilizó información semanal para el periodo 2010-2023. Derivado de dicho análisis, por un lado, se ha encontrado una relación negativa entre tipo de cambio y posiciones netas, así como una relación positiva entre tipo de cambio y diferencial de tasas de interés de México y Estados Unidos, tal como indica la literatura existente. Por otro lado, se ha tenido como hallazgo principal, la presencia de cambio estructural en dicha relación, debido a la pandemia COVID-19. Se concluye que el enfoque de microestructura es un modelo adecuado para explicar las fluctuaciones del tipo de cambio en el corto plazo, donde dicha relación ha sufrido un cambio estructural por la pandemia.

Abstract We analize the Mexican peso-US dollar exchange parity the volatility using three models in order to evaluate the exchange rate risk performance and the these models capability of modeling such risk. The period June 21st, 2017 to June 21st, 2022 is marked by singular events that pressed this exchange rate parity, making it of great interest to study the tools that can be used to measure this uncertainty besides the study of the exchange rate uncertainty itself. The arrival of a left- wing politician to the presidency was an unprecedented event. At the beginning of 2020 the price war in the oil market and the emergence of the COVID-19 pandemic had important effects in the world economy. Finally, the war in Ukraine added pressures to the international trade of raw materials, inducing an inflationary episode with bad expectations about the economic performance around the world. The exchange rate scenarios posed by the aforesaid events provide us with a natural context to test which of the posited volatility models offers a better fit. Unanimously, the results under the three models suggest that during the first year of the President López Obrador period the exchange rate uncertainty was reduced compared to previous levels, returning again to those minor levels after the forced closure of economic activities due to the emergence of COVID-19, even though the exchange fluctuation band has been slightly higher than before the pandemic and the war on East Europe.

Resumen Analizamos la volatilidad de la paridad cambiaria peso-dólar mexicano utilizando tres modelos con el fin de evaluar el desempeño del riesgo cambiario y la capacidad de estos modelos para modelar dicho riesgo. El periodo comprendido entre el 21 de junio de 2017 y el 21 de junio de 2022 está marcado por eventos singulares que presionaron esta paridad cambiaria, por lo que es de gran interés estudiar las herramientas que se pueden utilizar para medir esta incertidumbre además de estudiar la propia incertidumbre cambiaria. La llegada de un político de izquierda a la presidencia fue un hecho sin precedentes. A principios de 2020, la guerra de precios en el mercado petrolero y la aparición de la pandemia de COVID-19 tuvieron efectos importantes en la economía mundial. Finalmente, la guerra en Ucrania sumó presiones al comercio internacional de materias primas, induciendo un episodio inflacionario con malas expectativas sobre el desempeño económico en todo el mundo. Los escenarios cambiarios planteados por los eventos mencionados nos proporcionan un contexto natural para probar cuál de los modelos de volatilidad postulados ofrece un mejor ajuste. De manera unánime, los resultados bajo los tres modelos sugieren que durante el primer año del periodo del presidente López Obrador la incertidumbre cambiaria se redujo en comparación con niveles anteriores, regresando nuevamente a esos niveles menores tras el cierre forzoso de actividades económicas por la aparición del COVID-19, a pesar de que la banda de fluctuación cambiaria ha sido ligeramente superior a la anterior a la pandemia y la guerra en Europa del Este.

ABSTRACT Peanut (Arachis hypogaea) is an important agricultural crop in Brazil, considered one of the most important oilseed crops cultivated. The use of fertilizer-solubilizing bacteria can mitigate salt stress. The objective of this study was to evaluate the gas exchange, growth, and water use efficiency of the peanut crop irrigated with brackish water under phosphate fertilization and inoculated with bacteria of the genus Bacillus sp. The experimental design used in this study was completely randomized, in a 4 × 2 × 2 factorial scheme, with 5 replicates, referring to the forms of fertilization (F1 - 0% phosphorus, F2 - 50% phosphorus, F3 - 100% phosphorus, and F4 - bovine biofertilizer), presence and absence of the inoculant and two levels of electrical conductivity of the irrigation water (ECw - 0.3 and 4.0 dS m-1). Fertilization with organic fertilizer (100% biofertilizer) and mineral fertilizer (50 and 100% phosphorus) associated with Bacillus sp. mitigated the damage caused by salt stress and promoted greater water use efficiency, chlorophyll index, internal CO2 concentration and stem diameter. The control treatment (without phosphate fertilization and without salt stress) and the application of Bacillus sp. promoted greater performance in net photosynthesis, transpiration rate, stomatal conductance, and plant height in peanut plants. Arachis hypogaea Brazil cultivated fertilizersolubilizing solubilizing exchange growth sp randomized scheme replicates F1 F (F 0 phosphorus 50 100 biofertilizer, biofertilizer , ECw 03 3 0. 40 4. m1. m1 m 1 . m-1) (100 (5 index CO diameter photosynthesis rate conductance plants 10 m-1 (10 ( m- (1

RESUMO O amendoim (Arachis hypogaea) é uma importante cultura agrícola no Brasil, considerada uma das mais importantes oleaginosas cultivadas. O uso de bactérias solubilizadoras de fertilizantes pode mitigar o estresse salino. O objetivo deste estudo foi avaliar as trocas gasosas, o crescimento e a eficiência do uso da água da cultura do amendoim irrigado com água salobra sob adubação fosfatada e inoculada com bactérias do gênero Bacillus sp. O delineamento experimental utilizado neste estudo foi inteiramente casualizado, em esquema fatorial 4 × 2 × 2, com 5 repetições, referente às formas de adubação (F1 - 0% fósforo, F2 - 50% fósforo, F3 - 100% fósforo e F4 - bovino biofertilizante), presença e ausência do inoculante e dois níveis de condutividade elétrica da água de irrigação (CEa - 0.3 e 4.0 dS m-1). As adubações com fertilizante orgânico (100% de biofertilizante) e mineral (50 e 100% de fósforo) associada a Bacillus sp. mitigou os danos causados pelo estresse salino e proporcionou maior eficiência no uso da água, índice de clorofila, concentração interna de CO2 e diâmetro do caule. O tratamento controle (sem adubação fosfatada e sem estresse salino) e a aplicação de Bacillus sp., promoveu maior desempenho na fotossíntese líquida, taxa de transpiração, condutância estomática e altura das plantas em plantas de amendoim. Arachis hypogaea Brasil cultivadas gasosas sp casualizado repetições F1 F (F 0 50 100 biofertilizante, biofertilizante , CEa 03 3 0. 40 4. m1. m1 m 1 . m-1) (100 (5 clorofila CO caule líquida transpiração 10 m-1 (10 ( m- (1