This study uses a panel-data framework to identify the determinants of the spread over US Treasuries of emerging market sovereign issues as well as of the creditworthiness of the issuers, where the latter is represented by the Institutional Investor's creditworthiness index. We use a sample of 16 emerging market economies, together with time series data for the period 1998 to 2002 when analysing the spread, and from 1987 to 2001 when analysing the creditworthiness. The results suggest that for both the spread and the creditworthiness, significant explanatory variables include the economic growth rate, the debt-to-GDP ratio, the reserves-to-GDP ratio, and the debt-to-exports ratio. In addition, the spread is also determined by the exports-to-GDP ratio, and the debt service to GDP, while the creditworthiness is influenced by the inflation rate and a default dummy variable. * The opinions expressed here are those of the authors and not necessarily of the Banco de la República, the Colombian Central Bank, nor of its Board of Directors. ConclusionReferences

We use interferometric synthetic aperture radar (InSAR) and local seismic data to investigate the cause of earthquake sequences near Sabancaya volcano in southern Peru from 2002 to 2014, with a particular focus on events leading up to the August 2014 phreatic eruption. InSAR‐observed deformation associated with earthquake swarms in late 2002, February 2013, and July 2013 is modeled by fault slip, with no need for magmatic sources to explain the deformation. The majority of the seismicity is an expression of the regional tectonic system, which is characterized by E‐W trending normal faults, but a link to the magmatic system is possible. The Mw 5.9 earthquake on 17 July 2013 occurred on a previously unmapped normal fault that continued to deform in the months following the earthquake. An increase in long period and hybrid seismicity and changes in fumarolic emissions in 2013–2014 culminating in the August 2014 eruption indicates the involvement of both tectonic and magmatic systems.

ReseaRch It is predicted that cereal production will need to rise to over 400 million t by 2050 to meet the demands, which represents an increase in yield of 37% from current values (Tester and Langridge, 2010). However, this is a challenge, especially for smallholders and resource-poor farmers, most of whom grow maize (Zea mays L.) on marginal lands with low inputs and constant exposure to a variety of abiotic (drought, low N, acid soils, waterlogging, and heat) and biotic (pests, diseases, and weeds) stresses (Mugo et al., 2008). Currently, drought stress accounts for a significant percentage of annual yield losses (Bruce et al., 2002)

4Non-technical summary 5

This paper studies the impact of the information and communication technologies (ICT) on economic growth in Spain using a dynamic general equilibrium approach. Contrary to previous works, we use a production function with six different capital inputs, three of them corresponding to ICT assets. Calibration of the model suggests that the contribution of ICT to Spanish productivity growth is very relevant, whereas the contribution of non-ICT capital has been even negative. Additionally, over the sample period 1995-2002, we find a negative TFP and productivity growth. These results together aim at the hypothesis that the Spanish economy could be placed within the productivity paradox.