The Impossible Trinity: Inflation Targeting,Exchange Rate Management and Open Capital Accounts in Emerging Economies

This article contributes to the debate on macroeconomic management and capital account regulations in developing and emerging countries (DECs). It argues that the recommendation by neoclassical economists and international financial institutions (IFIs) to combine an inflation‐targeting regime with exchange rate management, whilst maintaining open capital accounts, is not only impossible but also potentially counterproductive. The article draws on extensive semi‐structured interviews with currency traders in Brazil and London to show that this is due to the particular way such a regime shapes central bank interventions in the money and foreign exchange markets and the destabilizing way these interventions interact with financial market expectations. The interview results also demonstrate that the guidelines issued by IFIs actually undermine, rather than aid, DEC central banks’ initial attempts to manage excessive exchange rate movements. These results support the long‐standing argument by heterodox economists and critical international political economists that DECs need to make the exchange rate an explicit instrument and goal of their macroeconomic policy and complement it with comprehensive capital account regulations to reduce the destabilizing impact of international capital flows. The interview results also give some concrete suggestions on how to achieve this.     

Late Mesolithic burials at Casa Corona (Villena,Spain): direct radiocarbon and palaeodietary evidence of the last forager populations in Eastern Iberia

Current knowledge about the Mesolithic–Neolithic transition in the Central and Western Mediterranean European regions is deeply limited by the paucity of Late Mesolithic human osteological data and the presence of chronological gaps covering several centuries between the last foragers and the first archaeological evidence of farming peoples. In this work, we present new data to fill these gaps. We provide direct AMS radiocarbon dating and carbon (δ¹³C) and nitrogen (δ¹⁵N) stable isotope analysis were carried out on bone collagen samples of two single burials from the recently discovered open-air Late Mesolithic site of Casa Corona (Villena, Spain). The results shed new light on the chronology and subsistence patterns of the last Mesolithic communities in the Central Mediterranean region of the Iberian Peninsula. Radiocarbon results date the human remains and funerary activity of the site to 6059–5849 cal BC, statistically different from other Late Mesolithic sites and the earliest Neolithic contexts, and bridging the 500 yrs chronological gap of the Mesolithic–Neolithic transition from the area. Isotopic evidence shows that diet was based on terrestrial resources despite the proximity to the site of lagoon and marine ecosystems. This and previous isotope studies from the region suggest a lower reliance upon marine resources than for Atlantic and Cantabrian sites, although intra-regional patterns of neighbouring Mesolithic populations exhibit both fully terrestrial diets and diets with significant amounts of aquatic resources in them. We hypothesize that in the Central Mediterranean region of Spain the Late Mesolithic dietary adaptations imposed structural limits on demographic growth of the last foragers and favoured rapid assimilation by the earliest Neolithic populations.     

MORE THAN ONE MONUMENT AT POZO MORO? NOTES ON IBERIAN ARCHITECTURAL DECORATION

More than fifty years after the discovery of the first remains from Pozo Moro, new research has begun to question the arrangement, until now agreed upon, of the tower-shaped monument. The recent paper by García Cardiel and Olmos (2021) employs iconography to sketch the possibility that the reliefs and sculptures encountered in said necropolis do not belong to a single monument, but two or more. In this paper we delve into this possibility by studying a fragment of architectural moulding from Pozo Moro, which allows us to conclude the possible existence of a pillar-stele datable between 425–300 BC, when the necropolis was at its floruit. To reach this conclusion special attention is paid to Iberian architectural ornaments, a subject seldom yet studied.     

Neuromyelitis optica: Application of computer diagnostics to historical case reports

The retrospective diagnosis of illnesses by medical historians can often be difficult and prone to bias, although knowledge of the medical disorders of historical figures is key to the understanding of their behavior and reactions. The recent application of computer diagnostics to historical figures allows an objective differential diagnosis to be accomplished. Taking an example from clinical neurology, we analyzed the earliest reported cases of Devic’s disease (neuromyelitis optica) that commonly affects the optic nerve and spinal cord and was previously often confused with multiple sclerosis. We conclude that in most identified cases the software concurred with the contemporary physicians’ interpretation, but some claimed cases either had insufficient data to provide a diagnosis or other possible diagnoses were suggested that had not been considered. Computational methods may, therefore, help historians to diagnose the ailments of historical figures with greater objectivity.     

‘Recíbanlos con cautela y consideración’: las pugnas por el poder entre el personal de la Compañía de Jesús en la Nueva España durante el generalato de Claudio Acquaviva (1581–1615)

Los obstáculos impuestos a los americanos para entrar a la Compañía de Jesús fueron una constante en la Nueva España durante el generalato de Claudio Acquaviva (1581–1615). Si bien aquellos pueden ser considerados como la prolongación de un debate que había comenzado con la llegada de los primeros franciscanos en 1524, y como parte de tensiones que existían a nivel global sobre la viabilidad de aceptar no europeos en las órdenes religiosas, esta cuestión evolucionó conforme a los nuevos estándares de la Iglesia postridentina, y a los cambios sociales y políticos del virreinato. Las tensiones provocadas por diversos grupos sociales emergentes al reclamar sus propios espacios dentro de la sociedad novohispana, ocasionaron que la discusión en torno a la creación de un clero indígena se subsumiera en una serie de pugnas entre diferentes facciones de la Compañía de Jesús, bajo la sombra de los poderes de la Corona española y Roma. Así, en una época en donde la Compañía de Jesús se debatía sus prioridades apostólicas con la disyuntiva colegios/misiones, el caso de la Provincia de México nos muestra cómo este problema estuvo inmerso en una lucha de bandos por los puestos de poder.