The Working Paper Series seeks to disseminate original research in economics and fi nance. All papers have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute to economic analysis and, in particular, to knowledge of the Spanish economy and its international environment. The opinions and analyses in the Working Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the Internet at the following website: http://www.bde.es. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.
We study determinants of sovereign portfolios of Spanish banks over a long time-span, starting in 2008. Our findings challenge the view that banks engaged in moral hazard strategies to exploit the regulatory treatment of sovereign exposures. In particular, we show that being a weakly capitalized bank is not related to higher holdings of domestic sovereign debt. While a strong link is present between central bank liquidity support and sovereign holdings, opportunistic strategies or reach-for-yield behavior appear to be limited to the nondomestic sovereign portfolio of well-capitalized banks, which might have taken advantage of their higher risk-bearing capacity to gain exposure (via central bank liquidity) to the set of riskier sovereign bonds. Furthermore, we document that financial fragmentation in EMU markets has played a key role in reshaping sovereign portfolios of banks. Overall, our results have important implications for the ongoing discussion on the optimal design of the riskweighted capital framework of banks.
The Working Paper Series seeks to disseminate original research in economics and fi nance. All papers have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute to economic analysis and, in particular, to knowledge of the Spanish economy and its international environment. The opinions and analyses in the Working Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the Internet at the following website: http://www.bde.es. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.
Abstract:We present a new record of Amphisbaena trachura (Squamata: Amphisbaenidae) for the northeast of Corrientes province, Argentina. Seven specimens (five females and two males) were identified using morphological and meristic characters. The specimens were found under Eucalyptus sp. logs on
Resumen. Diversos aspectos de la historia natural de especies del grupo Leptodactylus marmoratus son escasamente conocidos y la poca información existente aborda principalmente los de la biología reproductiva. El objetivo de este trabajo es aportar información acerca de la dieta y del parasitismo de poblaciones de Leptodactylus diptyx del nordeste argentino. Para el estudio trófico, se analizó el contenido estomacal e intestinal de 22 individuos adultos, mientras que para el estudio parasitario, se examinó el tubo digestivo de 40 individuos. Se registró un total de 91 presas, clasificadas en 17 categorías, entre los cuales los himenópteros formícidos fueron los más numerosos (45%) y frecuentes (55%). Otras presas importantes fueron colémbolos, coleópteros y arañas. Los valores de diversidad de presas (índice de Shannon) y amplitud del nicho (índice de Levins) fueron 2.06 y 4.29, respectivamente. El 57.5% de los individuos examinados resultó positivo al examen de endoparásitos, entre los que se incluyen nematodos y acantocefalos. Leptodactylus diptyx representa un nuevo hospedador para los nematodos Cosmocerca sp. y Aplectana sp.
We present a new record of Amphisbaena trachura (Squamata: Amphisbaenidae) for the northeast of Corrientes province, Argentina. Seven specimens (five females and two males) were identified using morphological and meristic characters. The specimens were found under Eucalyptus sp.
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