External Financial Liberalization and Macroeconomic Performance in Emerging Countries: An Empirical Evaluation of the Brazilian Case

This article evaluates the effects of external financial liberalization on Brazilian macroeconomic performance from 1995 to 2016. Its main contributions are to assess the influence of the global financial cycle on the level of external financial liberalization and to analyse the short- and long-run macroeconomic effects of such liberalization on the performance of a peripheral economy in the global currency hierarchy. Methodologically, the article employs the Markov-Switching Vector Autoregressive and Vector Error Correction models. The results show that the global financial cycle directly affects cross-border financial flows and frames the impact of external financial liberalization on the macroeconomic performance. The article concludes that external financial liberalization has negative macroeconomic effects in the short run and generates a trade-off between stability and growth in the long run.     

3D electrical prospection in the archaeological site of El Pahñú, Hidalgo State,Central Mexico

The implementation of a 3D Electrical Resistivity Tomography (ERT-3D) survey was carried out in El Pahñú archaeological site, Hidalgo State, Central Mexico. A combination of a new ERT arrays allowed studying the subsoil beneath the Main Pyramid built near the edge of a plateau, along with another important structure (the Tecpan), which was a smaller structure that lodged the governmental council in pre-Hispanic times. The recorded information was acquired through the combination of several electrodic designs: L-Corner (LC), Equatorial (Eq), and Minimum Coupling (MC). For the Main Pyramid, the electrodes were set up around the perimeter of the structure, since they were not permitted to be inserted over the edifice, thus preventing damages to the architectonic elements. The second structure allowed inserting electrodes on selected spots within the architectonic space. The combination of the different arrays made possible the acquisition of 1204 apparent resistivities beneath the Main Pyramid and 2460 resistivity data beneath the Tecpan. The apparent resistivity data were inverted to obtain a three dimensional display of the subsoil electrical resistivity beneath the archaeological structure. The interpreted resistivity model under the Main Pyramid displayed a highly resistive structure towards its northern face that could be associated with infill. Such material was employed by the ancient constructors to level the terrain close to the edge of the cliff. Another interesting anomaly was found towards the central portion of the structure that could be associated to a foundation offer. The interpretation of data beneath the Tecpan identified the structural foundations and other interesting anomalies related to the different occupational times. The investigation supported the archaeological investigation of the site, suggesting areas of potential geological risk and of archaeological interest. For example, the Main Pyramid presents serious stability problems, indicating that the infill has weakened, producing cracks threatening long-term pyramid integrity.     

Taphonomy of ungulate ribs and the consumption of meat and bone by 1.2-million-year-old hominins at Olduvai Gorge,Tanzania

The phenomenon of equifinality complicates behavioral interpretations of faunal assemblages from contexts in which Pleistocene hominins are suspected bone accumulators. Stone tool butchery marks on ungulate fossils are diagnostic of hominin activities, but debate continues over the higher-order implications of butchered bones for the foraging capabilities of hominins. Additionally, tooth marks imparted on bones by hominins overlap in morphology and dimensions with those created by some non-hominin carnivores, further confounding our view of early hominins as meat-eating hunters, scavengers or both. We report on the manual/oral peeling of cortical layers of ungulate ribs as taphonomically diagnostic of hominoid/hominin meat- and bone-eating behavior that indicates access to large herbivore carcasses by hominins at the site of BK, Olduvai. Supporting these inferences, we show that certain types of rib peeling damage are very rare or completely unknown in faunas created by modern carnivores and African porcupines, but common in faunas modified by the butchery and/or consumption activities of modern humans and chimpanzees, during which these hominoids often grasp ribs with their hands, and then used their teeth to peel strips of cortex from raggedly chewed ends of the ribs. Carnivores consume ungulate ribcage tissues soon after kills, so diagnostic traces of hominin butchery/consumption on ribs (i.e., peeling and butchery marks) indicate early access to ungulate carcasses by BK hominins. Tooth marks associated with the peeling and butchery marks are probably hominin-derived, and may indicate that it was not uncommon for our ancestors to use their teeth to strip meat from and to consume portions of ribs. Recognition of rib peeling as a diagnostic signature of hominoid/hominin behavior may also aid the search for pre-archaeological traces of hominin meat-eating.     

Reviews

Shi^cite Islam: Polity, Ideology, and Creed , Yann Richard, trans. Antonia Nevill, Oxford, U.K. and Cambridge, U.S.A.: Blackwell, 1995, pp. 217, chronology, glossary, bibliography, index.

Mongols and Mamluks: The Mamluk‐Ilkhanid War, 1260–1281 , Reuven Amitai‐Preiss, Cambridge: Cambridge University Press, 1995, xv + 272 pp.

The Bukharans: A Dynastic, Diplomatic and Commercial History 1550–1702 , Audrey Burton, Richmond, Surrey: Curzon Press, 1997, 664 pp.

Cahiers d'Asie Centrale, No. 1/2 (1996): Inde‐Asie centrale. Routes du commerce et des idées , Tashkent: l'Institut Français d'études sur l'Asie centrale/Aix‐en‐Provence: Editions Edisud, 1996, 366 pp.

The Diary of H.M. Shah of Persia during his tour through Europe in A.D. 1873 , trans. from the Persian by J.W. Redhouse, London, 1874, reprinted 1995, with a new introduction by Carole Hillenbrand, Bibliotheca Iranica. Reprint Series No. 2, Mazda Publishers, Costa Mesa, Calif., [xvi] + xi + 427 pp.

Presse und Öffentlichkeit im Nahen Osten , Christoph Herzog, Raoul Motika, and Anja Pistor‐Hatam, eds., Heidelberg: Heidelberger Orientverlag, 1995, viii + 183 pp.

The Army and the Creation of the Pahlavi State in Iran, 1910–1956 , Stephanie Cronin, London: Tauris Academic Studies, 1997, 296 pp., 3 appendices.

The Republic of Armenia, Volume III: From London to Sèvres, February‐August, 1920; Volume IV: Between Crescent and Sickle: Partition and Sovietization , Richard Hovannisian, Berkeley: University of California Press, 1996, xx + 534 pp., xii + 496 pp.

Majlis va Intikhabat: az Mashrūtah ta Payan‐i Qajar , Mansoureh Ettehadieh (Nezam‐Mafi), Tehran: Nashr‐i Tarikh‐i Iran, 1375/1996–97, 368 pp.

L'Iran au XXe siècle , Jean‐Pierre Digard, Bernard Hourcade, Yann Richard, Paris: Fayard, 1996, 459 pp.

The Shi^cis of Iraq , Yitzhak Nakash, Princeton: Princeton University Press, 1994, xiv + 312 pp., cloth and paperback.

Debating Religion and Politics in Iran: The Political Thought of Abdolkarim Sorush , Valla Vakili, New York, N.Y.: Studies Department, Occasional Paper Series, no. 2, The Council on Foreign Relations, Inc., 1996, 56 pp.

Tanker Wars: The Assault on Merchant Shipping during the Iran‐Iraq Conflict, 1980–1988 , Martin S. Navias and E. R. Horton, London and New York: I.B. Tauris Publishers, 1996, ix + 244 pp., including appendix, notes, index of ships, and general index. Cloth.

The Turbulent Gulf: People, Politics and Power , 2nd ed., Liesl Graz, London and New York: I.B. Tauris Publishers, 1992. 311 pp., including notes, appendices, bibliography, and index. Paperback.

The Topkapi Scroll: Geometry and Ornament in Islamic Architecture , Gülru Necipo?lu, with an essay on the geometry of the muqarnas by Mohammad al‐Asad, Santa Monica: Getty Center for the History of Art and the Humanities, 1995, xiii + 395, plates, plan, bibliography, index, $160.00.

Techniques et ressources en Iran du 7e au 19e siècle , Parviz Mohebbi, Tehran: Institut Français de Recherche en Iran, 1996.

Suppressed Persian: An Anthology of Forbidden Literature , Paul Sprachman, Costa Mesa, Calif.: Mazda Publishers, lviii + 111 pp., $29.95.     

Renewable Electricity in the EU: Are We Meeting the Targets?

This paper analyses differences in the degree to which European Union countries have achieved the renewable electricity (RES-E) targets set by the European Commission for each Member State for 2010. After defining an RES-E target achievement (TA) indicator, both conventional and novel techniques are used to examine the main features of its distribution, including the degree of inequality, external shape and intra-distribution dynamics, for the 1996–2006 time period. The analysis demonstrates that disparities in TA have been strongly reduced and that intra-distribution mobility was very high.