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With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy.

The effect of the immobilization time on the activity of immobilized beta-galactosidase from K. lactis was investigated. Six biocatalytic membranes, different only for the time of the enzyme immobilization, were obtained by using nylon membranes grafted with glycidyl methacrylate (GMA) and activated by hexamethylenediamine (HMDA) and glutaraldehyde (Glu), used as spacer and coupling agent, respectively. Comparison between the isothermal and nonisothermal yield of these biocatalytic membranes was carried out in the process of lactose hydrolysis in milk. All of the results, reported as a function of the immobilization time, have evidenced the influence of our variable parameter on the activity of the catalytic membranes. The membrane giving highest yield under isothermal and nonisothermal conditions was that obtained with 2 h of immobilization time. The industrial application of these membranes has been discussed in terms of percentage reduction of the production times.

It is a popular notion that money and output are separate and autonomous entities. Money and Inflation argues that this idea can neither explain the purchasing power of money nor its variations over time, and a new theory is therefore presented in its place.

L’objectiu principal d’aquest informe és establir l’estat de les poblacions de corall vermell Corallium rubrum a la Costa Catalana i proposar les mesures de gestió, basades en el coneixements científics més actualitzats i validats per la comunitats científica internacional, que garanteixin la recuperació de les seves poblacions.

Dendrometer measurements provide time series composed of the rhythm of water storage fluctuations over the year and seasonal tree growth. For slow-growing trees, however, difficulties have been found in the identification of crucial events such as growth onset, stem growth period and cessation, rendering it necessary to define what can be measured and at which time scale. Time scale means the time interval (from one day to one month) at which stem radius variation is extracted. In this study, two conifer species were monitored by an automatic band dendrometer to assess several time scales and analysis approaches. Data were collected from 8 trees of Picea abies (L.) Karst and Larix decidua L., growing at 1020 and 2080 m a.s.l. in the eastern Italian Alps, from 2000 to 2003. Time series of stem radius variation were extracted with different approaches, such as the stem cycle, daily mean and daily maximum. Several approaches can be used, as very similar time series of stem radius variations were produced with high coefficients of correlation among the series. At lower altitude, the approximate onset was identified at the beginning of May with a 10-day time scale, when the distribution of stem radius variation differed from zero. The main growth period, from May to June-July, corresponded mainly with earlywood cell formation. At higher altitude, a time scale of at least 15 days facilitated identification of the main period of stem growth only, corresponding with earlywood cell formation. Even if latewood cells were produced in August at both altitudes, the variability in stem radius changes was higher than the amount of growth in terms of cell-wood production. For a slow-growing species in a cold environment, an understanding of the growth period, assessed with several time scales, is necessary when using time series of stem radius variation to assess growth and climate relationships. The period used for growth and climate analysis should correspond only with the main period of stem growth.

The current crisis is one of the great crises punctuating the long history of capitalism, and to be properly understood it is vital to take into account its ongoing structural transformation. This book offers plural perspectives on the Great Recession, placing the analysis of finance, class and gender at the center of the debate. It begins with a comprehensive insight into the crisis, before moving on to focus on debt, asset inflation and financial fragility. Following chapters discuss global imbalances, structural monetary reform and the management of public finance, including a investigation of the Italian experience. The book concludes with novel contributions on the gender dimension of the crisis and the analogies between a nuclear and financial chain reaction.

This major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified.

The characterisation of trophic nets in the deep-sea is challenging due to the remoteness and the logistic constraints to reach and sample these habitats. Stable carbon and nitrogen isotope (δ13C and δ15N) analysis has proven to be a useful tool in identifying trophic relationships. The benthic trophic network of the fauna in the recently discovered Angolan cold-water coral (CWC) mounds is being investigated through carbon and nitrogen isotopic characterization. Samples were collected in 2016 during the M122 ("ANNA") expedition on board the R/V METEOR. Organisms belonging to different functional groups of Porifera, Cnidaria, Mollusca, Annelida, Bryozoa, Arthropoda, Echinodermata, and Chordata, as well as potential food sources (suspended particulate organic matter and organic matter of sediments) were analysed. The main aims of the study are: (1) to describe the megabenthic trophic guilds of the Angolan CWC mounds, (2) to estimate the total number of trophic levels, and (3) to compare this unexplored area with previous results from other CWC dominated communities. Our first results show that particulate organic matter presented a marine signature (δ13C from -20 to -25‰ V.P.D.B.). However, the analysed CWC species seem to prefer a diet which combined a mix of detrital and resuspended organic matter (δ13C from -15 to -20‰ V.P.D.B.), similar to what has been observed for Antarctic gorgonians and other CWC habitats. Porifera presented the highest δ15N ratios (20.19±1.81‰). We hypothesise this could be due to the assimilation of bacterioplankton as a food source which has been already documented for Porifera.

This timely book uses cutting-edge research to analyse the fundamental causes of economic and financial crises, and illustrates the macroeconomic foundations required for future economic policymaking in order to avoid these crises.

Xylogenesis was monitored during 2003 and 2004 in a timberline environment in southern Italy to assess links between temperature, cambial phenology and wood formation on a short-time scale. Wood microcores were collected weekly from May to October from 10 trees of Pinus leucodermis Ant., histological sections were cut with a rotary microtome and anatomical features of the developing and mature tracheids were observed and measured along the growing tree ring. Spring 2003 was hotter than spring 2004, with temperatures up to 2.6 degrees C above historical means. The hotter conditions resulted in an earlier onset of cambial activity and all differentiation phases of about 20 days, resulting in an increased duration of xylogenesis of about 23 days. Air and stem temperatures at which xylogenesis had a 0.5 probability of being active were calculated with logistic regressions fitted on binary responses. In both years, similar thresholds were estimated with daily mean values of 8.2 and 9.5 degrees C for air and stem temperatures, respectively. The observed convergent responses of cambium phenology to temperature during the two contrasting springs confirm the key role of this environmental factor in determining the onset and duration of wood formation in timberline areas. The intra-annual dynamics of ring-width increase differed between years, with significantly narrower rings formed in 2004 than in 2003. These differences were mainly related to cell size because larger earlywood tracheids were produced in 2003. This study demonstrates the plasticity of tree-ring formation in response to high temperatures as a result of modifications in the onset and duration of differentiation.

In this paper, the most recent and significant applications of Eosin Y as an organo-photocatalyst will be discussed, focusing the attention on enabling technological aspects in homogeneous photochemical flow reactions, as well as on recent developments in solid-supported catalyst applications for batch synthetic transformations.

International audience

Polychaetes are widespread across marine ecosystem reaching high density in various seabed habitats, where they play a relevant role in the functioning of benthic communities. Many polychaetes are sessile and tube-dwelling forms, often gregarious, which are able to create primary biogenic structures or to modify the abiotic characteristics of the pre-existing substrate. They act as real builders of forest-like structures that offer new substrates for other benthic species, affect habitat conditions and regulate ecosystem functioning. Thus, polychaetes are ascribed to the engineers of animal forests. In this chapter, the main evidences of polychaetes as habitat formers on both rocky and sedimentary bottoms are reported; the time-scale variations of the biogenic structures are considered and the sensitivity and threats of polychaete forests are exhibited for contributing in decision-making regarding protection measures and management of coastal ecosystems.

This document contains the draft Chapter 3 of the IPBES Global Assessment on Biodiversity and Ecosystem Services. Governments and all observers at IPBES-7 had access to these draft chapters eight weeks prior to IPBES-7. Governments accepted the Chapters at IPBES-7 based on the understanding that revisions made to the SPM during the Plenary, as a result of the dialogue between Governments and scientists, wouldbe reflected in the final Chapters.IPBES typically releases its Chapters publicly only in their final form, which implies a delay of several months post Plenary. However, in light of the high interest for the Chapters, IPBES is releasing the six Chapters early (31 May 2019) in a draft form. Authors of the reports are currently working to reflect all the changes made to the Summary for Policymakers during the Plenary to the Chapters, and to perform final copyediting.

Hydroids, one of the dominant components of the zoobenthic communities, share comparable growth patterns with higher plants because of their modular body organization, high potential of asexual reproduction, and phenotypic plasticity. These features, together with the ability to enter dormancy to overcome unfavorable conditions, make hydroids successful organisms adaptable to a wide range of environmental scenarios. Depending on their wide range of shapes and sizes, hydroids form three-dimensional forests at different dimensional scales, establishing both trophic and non-trophic relationships with several other organisms, from virus to vertebrates. Despite numerous researches conducted to study the hydroid ecology, the putative importance of hydroids in structuring zoobenthic communities is underestimated. Here, information available about hydroid ecology is summarized, in order to emphasize the role of hydroids as forest formers, as well as their function in the bentho-pelagic coupling.

International audience; We have over-powering evidence, gathered over centuries, that our capitalist system is subject to endemic imbalances, which, if large and/or persistent enough, lead to crisis. This is a recurrent pattern in which underlying imbalances and crises enter into a dialectical relationship, with crises serving here as adjustment processes that may (or may not) resolve the imbalances triggering them in the first place. Whereas orthodox economic theory tends to treat crises as exogenous shocks intruding from outside to upset our supposedly self-balancing system, we need to understand this phenomenon instead as intrinsic to capitalist economies. The key to such a reinterpretation effort is to pinpoint the imbalances which such a system gives rise to as a matter of its normal modus operandi.

International audience; This chapter reviews the major known monospecific and multispecific sponge aggregations in the world’s oceans. They are shown to occur from the intertidal to abyssal depths, in tropical, temperate, and high latitudes and sometimes to create spectacular formations, such as glass sponge reefs, lithistid reef-like fields, and carnivorous sponge grounds. Sponge aggregations are recognized as singular vulnerable habitats that deserve special research attention and legal protection. However, this review reveals that there is only a poor and fragmentary understanding of the main biological, environmental, and geochemical factors that favor and maintain these systems, including the food supply, which is fundamental knowledge. There is also a particular lack of information regarding reproductive biology, growth rates, life spans, and the main factors causing mortality, all crucial drivers for understanding population and community dynamics and for developing conservation strategies. The sponge aggregations have been shown to increase the structural complexity of the habitats, attracting a larger variety of organisms and locally enhancing biodiversity. From the very few cases in which sponge biomass and sponge physiology have been reliably approached jointly, phenomenal fluxes of matter and energy have been inferred. Through their benthic-pelagic coupling, some of the densest sponge aggregations have a significant local or regional impact on major biogeochemical cycles and food webs. Physical damage and habitat destruction derived from man-driven activities along with epidemic diseases facilitated by global environmental alterations emerge as major threats to the future of the sponge aggregations.

International audience

Curral Velho es una comunitat tradicional, situada al nord-est de Brasil, que manté una relació directa amb els ecosistemes que la envolten. La comunitat depèn del estat de conservació del medi natura, ja que obtenen diferents serveis ecositemics. En aquest territori es desenvolupen dos tipus d’economies amb unes bases molt diferents. Una economia tradicional, desenvolupada per la pròpia comunitat, que es basa en la propietat col·lectiva del territori i en optimitzar a llarg termini els beneficis que s’obtenen del medi; y un altre com la camaronicultura, la base de la qual es la obtenció de beneficis a curt termini i amb un territori de propietat privada. Aquesta superposició de models de producció genera impactes ambientals, i un conflicte socio-ambiental entre la comunitat i els que desenvolupen la camaronicultura. L’objectiu es realitzar un estudi econòmic de la pesca artesanal de Curral Velho caracteritzant manera de viure, creant una base de dades sobre pesca artesanal i elaborant indicador de beneficis econòmics generats per la pesca artesanal. Per contextualitzar els resultats es va fer un anàlisis de les dos economies existents a la comunitat. Els resultats obtinguts en primer lloc són que l’economia d’explotació intensiva aporta més guanys per les persones de la comunitat que tenen un relació directa que les que es dediquen a la pesca artesanal, però es important no aturar-se aquí: s’ha de realitzar un anàlisis més profund. Com a conclusió, la activitat pesquera es més rentable a llarg termini ja que els recursos extrets de manera sostenible i així són il·limitats y accessibles a tota la comunitat. A diferència de la camaronicultura, la pesca artesanal no genera desigualtats socials ni vulneracions dels drets humans. Tot el contrari, genera forts vincles entre els individus de la comunitat basats en el treball en equip i l’aprenentatge vivencial e intergeneracional. Curral Velho is a traditional community, located in the northeast of Brazil, which maintains a direct relationship with the ecosystem that surrounds it. The community depends on the state of conservation of the natural environment, since it provides different ecosystem services. In this same territory two types of economies with a very different basis are coexisting. A traditional economy, developed by the community, based on collective ownership of the territory and on the optimisation over time of the benefits that can be obtained from the environment; and on the other hand shrimp aquaculture, whose base is the achievement of in short term with a territory of private property. This superposition of different production means generates environmental impacts, and therefore a socio-environmental conflict between the community and those who develop the aquaculture. The aim of this study is to carry out an economic analysis of the artisanal fisheries of Curral Velho, characterizing the way of life, creating a database of the fisheries and developing indicators of economic earnings generated by the artisanal fisheries. To contextualize the results an analysis of the two community-based economies will be done. The results obtained show, first of all that the based intensive explotation economy brings more earnings to the people of the community that have a direct relationship with it than those based on the other economy, the traditional local economy. But it is important execute a deeper analysis of the situation. As concluding remark, the fishing activity is more profitable in the long run, since the extracted resources are unlimited and also accessible to the whole community. Unlike the shrimp farming, the traditional fishing does not generate social inequality or violation of human rights. On the contrary, it generates strong links between the inhabitants of the community, based on teamwork and experiential and intergenerational learning. Curral Velho es una comunidad tradicional, situada al nordeste de Brasil, que mantiene una relación directa con los ecosistemas que la rodea. La comunidad depende del estado de conservación del medio natural, ya que de él obtiene diferentes servicios ecosistémicos. En este mismo territorio se desarrollan dos tipos de economía con unas bases muy distintas. Una economía tradicional, desarrollada por la propia comunidad, que se sustenta en la propiedad colectiva del territorio y en optimizar a lo largo del tiempo los beneficios que se pueden obtener del medio; y otra como la acuicultura del camarón, cuya base es la obtención de ganancias a corto plazo y con un territorio de propiedad privada. Esta superposición de modos de producción genera impactos ambientales, y por consiguiente un conflicto socioambiental entre la comunidad y los que desarrollan la acuicultura. El objetivo es realizar un estudio económico de la pesca artesanal de CurralVelho, caracterizando el modo de vida, creando una base de datos sobre la pesca artesanal y elaborando indicadores de ganancia económica generados por la pesca artesanal. Para contextualizar los resultados se hará un análisis de las dos economías existentes en la comunidad. Los resultados obtenidos en primer lugar son que la economía de explotación intensiva aporta más ganancias para las personas de la comunidad que tienen una relación directa que las que pueden obtener los que se basan en la otra economía, la tradicional, pero es importante no quedarse en ese punto: hay que realizar un análisis más profundo. Como conclusión, la actividad pesquera es más rentable a largo plazo ya que los recursos extraídos son ilimitados y además accesibles a toda la comunidad. A diferencia de la camaronicultura, la pesca artesanal no genera desigualdad social ni vulneración de los derechos humanos. Todo lo contrario, genera fuertes vínculos entre los individuos de la comunidad basados en el trabajo en equipo y el aprendizaje vivencial e intergeneracional.

Existe un número elevado de sectores de la sociedad que identifican los beneficios ofrecidos por el ecosistema del manglar así como la interacción entre ellos y el bienestar humano. Aún así, los servicios ecosistémicos (ESs) ofrecidos por la naturaleza son poco visibles y reconocidos legislativamente. Se puede observar que el manglar es uno de los ecosistemas más productivos del planeta. Tienen gran importancia tanto económica, social, ambiental como cultural, pero en las últimas décadas se ha hecho más notable una degradación progresiva debida, en gran parte, a la cría de camarón en cautividad, la camaronicultura. Por esta causa, se observa que la legislación y las políticas que pretenden gestionar estos ecosistemas, no actúan en consecuencia al no imponer ciertas medidas necesarias para esta vital protección, ni considera la importancia de los ecosistemas para la vida de las comunidades tradicionales que dependen de sus servicios para sobrevivir. Por ello es necesario producir un conocimiento sobre ESs a partir de la percepción por parte de la comunidad y que la comunidad se implique en la resolución de esta problemática, ya sea en la toma de decisiones o mediante ciertas actividades o acciones que puedan denunciar estas prácticas insostenibles. Frente a este contexto, este trabajo fue realizado a partir de la información obtenida en la comunidad de Curral Velho (Ceará, Brasil), con el objetivo de realizar un estudio sobre los ESs proveídos por los manglares a partir de la percepción de la comunidad para demostrar la importancia que éstos tienen para el bienestar de los habitantes de la comunidad que se benefician. Los resultados fueron alcanzados a partir de una combinación de metodologías sociales que hacen posible la participación por parte de los habitantes: free listing, encuestas de valoración, grupos focales y observación participante. En la aplicación de estos métodos fueron identificados nuevos ESs de carácter psicológico por los pescadores/as de la pesca artesanal. Por lo que se concluye que es importante tener en cuenta la opinión de las comunidades adyacentes para preservar los flujos ecosistémicos que proporciona el manglar. Existeix un nombre elevat de sectors de la societat que identifiquen els beneficis oferts per l’ecosistema manglar, així com la interacció entre ells i el benestar humà. Tot i això, els serveis ecosistèmics (ESs) oferts per la naturalesa són poc visibles y reconeguts legislativament. Es pot observar que el manglar és un dels ecosistemes més productius del planeta. Tenen gran importància tant econòmica, social, ambiental com cultural però en les últimes dècades s’ha fet més notable una degradació progressiva deguda, en gran part, a la cria de gambeta en captivitat, la camaronicultura. Per aquesta causa s’observa que la legislació i les polítiques que pretenen gestionar aquests ecosistemes, no actuen en conseqüència al no imposar certes mesures necessàries per aquesta protecció vital, ni considera la importància dels ecosistemes per la vida de les comunitats tradicionals que depenen dels seus serveis per sobreviure. Per això es necessari produir un coneixement sobre ESs a partir de la percepció per part de la comunitat, i que la comunitat s’impliqui en la resolució d’aquesta problemàtica ja sigui en la presa de decisions o mitjançant certes activitats o accions que poden denunciar aquestes pràctiques insostenibles. Front a aquest context, aquest treball ha sigut realitzat a partir de la informació obtinguda en la comunitat de Curral Velho (Cearà, Brasil), amb l’objectiu de realitzar un estudi sobre els ESs provinents pels manglars a partir de la percepció de la comunitat per demostrar la importància que aquests tenen pels habitants de les comunitats que es beneficien. Els resultats es van aconseguir a partir d’una combinació de metodologies socials que fan possible la participació per part dels habitants: free listings, enquestes de valoració, grups focals i observació participant. En l’aplicació d’aquests mètodes es van identificar nous ESs de caràcter psicològic pels pescadors/es de la pesca artesanal. Pel que es conclou que és molt important tenir en compte la opinió de les comunitats adjacents per preservar els fluxos ecosistèmics que proporciona el manglar. There is a large number of sectors of the society that identify the benefits offered by the mangrove ecosystem and the interaction between them and human welfare. Nevertheless, the ecosystem services (ESs) offered by nature are not very visible and recognized legislatively. In fact, the mangrove is one of the most productive ecosystems on the planet. Having a great economic, social, environmental and cultural importance. On the other hand, a progressive degradation has become more noticeable in the recent decades due, mainly, to the prawn breeding in captivity, i.e., shrimp farming. Due to this fact, the laws and policies that seek to manage these ecosystems, do not act accordingly, therefore not imposing measures that are necessary for this vital protection, and they do not consider the importance of ecosystems to the life of traditional communities that in fact depend on these services to survive. Therefore, it is necessary to produce knowledge of the ESs from the perception of the community. In fact, the community should be involved in the resolution of this problem, either in the decision-making or by certain activities or actions that could expose these unsustainable practices. In this context, this work was carried out from the information obtained in the community of Curral Velho (Ceará, Brazil), in order to conduct a study on the ESs provided by mangroves from the perception of the community to demonstrate the importance that they have for the welfare of the citizens of the community who benefit from it. The results were achieved from a combination of social methodologies that enabled the participation of the inhabitants: free listing, assessment surveys, focus groups and participant observation. In the application of these methods new ESs of psychological character by traditional fishermen were identified. So the main conclusion is that it is important to consider the opinions of the adjacent communities to preserve the ecosystem flows provided by the mangroves.

La localitat de Cumbe és una comunitat tradicional que es troba al tram baix del riu Jaguaribe situat a l’estat de Ceará (Brasil) i que ha viscut centenars d’anys a partir de les pràctiques extractives que es porten a terme a l’ecosistema del manglar. Fa 20 anys va aparèixer a la regió una nova economia basada en l’explotació intensiva. L’aqüicultura destinada a la cria de gamba està causant danys severs a l’ecosistema del manglar i perjudicant greument la font d’ingressos de moltes famílies, amenaçant la continuïtat de l’economia local i deteriorant la qualitat de vida de les persones que s’hi dediquen. A partir de l’observació personal i la immersió en aquesta societat s’ha detectat que l’economia tradicional està infravalorada pel govern i per les persones que donen suport a l’aqüicultura. Per aquest motiu s’han creat una sèrie d’indicadors, a partir de les activitats extractives del cranc, que posin en valor aquesta economia tradicional envers la nova economia emergent. La localidad de Cumbe es una comunidad tradicional que se encuentra en el tramo bajo del río Jaguaribe que se encuentra en el estado de Ceará (Brasil) y que ha vivido centenares de años de las prácticas extractivas que se llevan a cabo en el ecosistema del manglar. Hace 20 años apareció en la región una nueva economía basada en la explotación intensiva. La acuicultura destinada a la cría de camarón está causando daños severos al ecosistema del manglar i perjudicando gravemente la fuente de ingresos de muchas familias, amenazando la continuidad de la economía local i deteriorando la cualidad de vida de las personas que trabajan en ella. A partir de la observación personal i la inmersión en ésta sociedad se ha detectado que la economía tradicional está infravalorada por el gobierno i por las personas que apoyan la acuicultura. Por éste motivo se han creado una serie de indicadores, a partir de las actividades extractivas del cangrejo, que pongan en valor ésta economía tradicional frente a la presión que ejerce la nueva economía emergente. Cumbe is a traditional community located in the lowest part of Jaguaribe river, in Ceará state (Brasil), which had been living during centuries due to the extraction practices performed in the mangrove ecosystem. Approximately twenty years ago, it appeared in that region a new economy system based in the intensive exploitation. Aquaculture focused in shrimp farming is causing severe damage to the mangrove ecosystem and serious consequences to the economic income of a lot of families, threatening the continuity of the local economy and deteriorating the life quality of the people who live from mangrove resources. From personal observation and immersion to this society, it was detected that traditional economy is undervalued by the government and the aquaculture supporters. For that reason, several indicators have been created, with the crab capture activities, in order to restore the value of the traditional economy and the equilibrium with the environment towards this new emergent economy.

The aim of this dissertation is to know to what extent an economic crisis can result from a specific dimension of financialization: the search for shareholder value by firms. Financialization is the unprecedented influences of financial systems over some components of the economic activities after the liberalization of such systems since the 1970s. Among the aforesaid components we can find the management of firms. Such management is shaped so that production expenditures are lowered as much as possible while priority is given to debt for financing decisions. The objective is to create as much 'shareholder value' as possible, to wit, to create as much income as possible for shareholders. The dissertation unfolds in four steps. First, a critical survey is made. The problem is generally solved by means of models putting into equations equilibrated markets. However, the convergence to equilibrium is barely proved. This logical inconsistency is not new and affects economic theory as a whole. Thus, solving the problem can be based on a model which conceptualizes the economic activities without referring to equilibrated markets. The second step is to elaborate on such conceptualization. A possibility is to account for the economic activities on the basis of money, thus giving rise to a monetary approach of these activities. The emphasis is put on the interrelated payments made possible by the use of money, the latter being the unit for payments to be expressed and the means through which payments are made. Payments are conceptualized in relation with three components: i) the process that creates means of payment, generally bank credit; ii) the settlement of negative balances (some agents cannot fully repay their debts as they do not benefit from enough payments); and iii) the modification of payments by agents from one period to another, according to their objectives and constraints. These modifications lead the network of payments to evolve over time. The third step is to put into equations an evolving network of payments in order to solve the problem. A system of non-linear recurrence equations determine all payments from a typology elaborated beforehand, as well as the financing of them. The system also determines the settlement of the negatives balances which result from payments. The numerous recurrences give rise to evolution. The whole system abstracts from goods and the related phenomena, in accordance with the monetary approach. The fourth step is to use the model for the problem to be solved. An economic crisis can be the result of the evolution per se. Agents which periodically change their payments can lead other agents to record negative balances. Thus, the network of payments can evolve in such a way that some firms are insolvent. The subsequent bankruptcies can be large enough to decrease production and employment, as in an economic crisis. In that case, the evolution of the network of payments is defined as non-viable. To know if the search for shareholder value leads to an economic crisis thus amounts to know if the search for shareholder value leads to a non-viable evolution of the network of payments. Numerical simulations are made, notably with the configurations of parameters that are associated to a more or less search for shareholder value by firms. The model leads to the following general result: either the search for shareholder value results in an economic crisis, either it moves the economic activities closer to a crisis, either the latter occurs irrespective of the search for shareholder value. This result applies whether management is totally oriented by shareholder value or only a few. This result also applies without savings and with the indebtedness of wage-earners, contrary to the models of the survey; however they fail due to the difficulties to prove the formation of their equilibrated markets.; Cette thèse cherche à savoir dans quelle mesure une crise économique peut résulter d'une dimension particulière de la financiarisation : la gouvernance actionnariale. La financiarisation est la structuration inédite de certaines composantes des activités économiques par un système financier libéralisé à partir des années 1970. Parmi les composantes concernées figure la gestion des entreprises. Sa financiarisation consiste à réduire autant que possible les dépenses de production tout en privilégiant l’endettement comme mode de financement. L’objectif est de générer autant de revenus que possible pour l’actionnaire, sous forme de dividendes et de gains en capital. C'est pourquoi une telle gestion est qualifiée de gouvernance actionnariale. Une démarche en quatre étapes est suivie. En premier, la littérature existante est soumise à la critique. Le problème posé est généralement résolu à partir de modèles formalisant des marchés équilibrés, mais la formation de tels marchés est à peine prouvée. Ce biais n'est pas nouveau et affecte la théorie économique dans son ensemble. La résolution peut donc s’appuyer sur un modèle représentant les activités économiques sans référence à des marchés équilibrés. La seconde étape est de construire cette représentation. Cette dernière peut s’organiser autour de la monnaie, c’est-à-dire une approche monétaire des activités économiques. Ces dernières sont saisies à partir des paiements interdépendants rendus possibles par l’utilisation de la monnaie, en tant qu'unité d'expression des paiements et moyen de les effectuer. Les paiements sont mis en relation avec trois composantes : i) le mode d’émission de moyens de paiement, typiquement le crédit bancaire ; ii) le règlement des déficits résultant des paiements (crédits bancaires non totalement remboursés, faute d'avoir enregistré suffisamment de paiements) ; et iii) la modification des paiements d'une période à l'autre par les agents, afin de les ajuster à leurs objectifs et contraintes. Ces modifications produisent une évolution du réseau de paiements formé à chaque période.La troisième étape est de modéliser un réseau de paiements en évolution. Un système d’équations non-linéaires de récurrence détermine chaque paiement parmi une typologie préalablement établi, ainsi que son mode de financement. Le système détermine aussi le règlement des déficits résultant des paiements. Les multiples récurrences produisent l’évolution. Le tout est saisi en faisant abstraction des biens et des phénomènes afférents, conformément à une approche monétaire. La quatrième étape est de mobiliser le modèle pour résoudre le problème. La crise peut être le résultat de l'évolution elle-même. Des agents modifiant leurs paiements peuvent conduire d’autres agents à enregistrer des déficits. Le réseau de paiements peut donc évoluer de manière à ce que des entreprises soient insolvables. Les faillites subséquentes peuvent être en nombre suffisant pour diminuer la production et de l'emploi, d’où la crise économique. Une telle évolution est définie comme non-viable. Savoir si la gouvernance actionnariale est un facteur de crise revient donc à savoir si la gouvernance actionnariale implique une évolution non-viable du réseau de paiements. Des simulations numériques sont effectuées, avec notamment des sous-configurations de paramètres associées à une plus ou moins grande diffusion de la gouvernance actionnariale parmi les entreprises. Le modèle produit le résultat général suivant : soit la gouvernance actionnariale génère une crise, soit elle rapproche de cette situation, soit la crise se produit indépendamment de la gouvernance actionnariale. Ce résultat vaut quel que soit le degré de diffusion de cette gouvernance parmi les entreprises. Ce résultat vaut également en l'absence d'épargne et avec l'endettement des salariés, contrairement aux modèles déjà existants mais sujets au biais conceptuel relatif à la formation des marchés équilibrés.

The aim of this dissertation is to know to what extent an economic crisis can result from a specific dimension of financialization: the search for shareholder value by firms. Financialization is the unprecedented influences of financial systems over some components of the economic activities after the liberalization of such systems since the 1970s. Among the aforesaid components we can find the management of firms. Such management is shaped so that production expenditures are lowered as much as possible while priority is given to debt for financing decisions. The objective is to create as much 'shareholder value' as possible, to wit, to create as much income as possible for shareholders. The dissertation unfolds in four steps. First, a critical survey is made. The problem is generally solved by means of models putting into equations equilibrated markets. However, the convergence to equilibrium is barely proved. This logical inconsistency is not new and affects economic theory as a whole. Thus, solving the problem can be based on a model which conceptualizes the economic activities without referring to equilibrated markets. The second step is to elaborate on such conceptualization. A possibility is to account for the economic activities on the basis of money, thus giving rise to a monetary approach of these activities. The emphasis is put on the interrelated payments made possible by the use of money, the latter being the unit for payments to be expressed and the means through which payments are made. Payments are conceptualized in relation with three components: i) the process that creates means of payment, generally bank credit; ii) the settlement of negative balances (some agents cannot fully repay their debts as they do not benefit from enough payments); and iii) the modification of payments by agents from one period to another, according to their objectives and constraints. These modifications lead the network of payments to evolve over time. The third step is to put into equations an evolving network of payments in order to solve the problem. A system of non-linear recurrence equations determine all payments from a typology elaborated beforehand, as well as the financing of them. The system also determines the settlement of the negatives balances which result from payments. The numerous recurrences give rise to evolution. The whole system abstracts from goods and the related phenomena, in accordance with the monetary approach. The fourth step is to use the model for the problem to be solved. An economic crisis can be the result of the evolution per se. Agents which periodically change their payments can lead other agents to record negative balances. Thus, the network of payments can evolve in such a way that some firms are insolvent. The subsequent bankruptcies can be large enough to decrease production and employment, as in an economic crisis. In that case, the evolution of the network of payments is defined as non-viable. To know if the search for shareholder value leads to an economic crisis thus amounts to know if the search for shareholder value leads to a non-viable evolution of the network of payments. Numerical simulations are made, notably with the configurations of parameters that are associated to a more or less search for shareholder value by firms. The model leads to the following general result: either the search for shareholder value results in an economic crisis, either it moves the economic activities closer to a crisis, either the latter occurs irrespective of the search for shareholder value. This result applies whether management is totally oriented by shareholder value or only a few. This result also applies without savings and with the indebtedness of wage-earners, contrary to the models of the survey; however they fail due to the difficulties to prove the formation of their equilibrated markets.; Cette thèse cherche à savoir dans quelle mesure une crise économique peut résulter d'une dimension particulière de la financiarisation : la gouvernance actionnariale. La financiarisation est la structuration inédite de certaines composantes des activités économiques par un système financier libéralisé à partir des années 1970. Parmi les composantes concernées figure la gestion des entreprises. Sa financiarisation consiste à réduire autant que possible les dépenses de production tout en privilégiant l’endettement comme mode de financement. L’objectif est de générer autant de revenus que possible pour l’actionnaire, sous forme de dividendes et de gains en capital. C'est pourquoi une telle gestion est qualifiée de gouvernance actionnariale. Une démarche en quatre étapes est suivie. En premier, la littérature existante est soumise à la critique. Le problème posé est généralement résolu à partir de modèles formalisant des marchés équilibrés, mais la formation de tels marchés est à peine prouvée. Ce biais n'est pas nouveau et affecte la théorie économique dans son ensemble. La résolution peut donc s’appuyer sur un modèle représentant les activités économiques sans référence à des marchés équilibrés. La seconde étape est de construire cette représentation. Cette dernière peut s’organiser autour de la monnaie, c’est-à-dire une approche monétaire des activités économiques. Ces dernières sont saisies à partir des paiements interdépendants rendus possibles par l’utilisation de la monnaie, en tant qu'unité d'expression des paiements et moyen de les effectuer. Les paiements sont mis en relation avec trois composantes : i) le mode d’émission de moyens de paiement, typiquement le crédit bancaire ; ii) le règlement des déficits résultant des paiements (crédits bancaires non totalement remboursés, faute d'avoir enregistré suffisamment de paiements) ; et iii) la modification des paiements d'une période à l'autre par les agents, afin de les ajuster à leurs objectifs et contraintes. Ces modifications produisent une évolution du réseau de paiements formé à chaque période.La troisième étape est de modéliser un réseau de paiements en évolution. Un système d’équations non-linéaires de récurrence détermine chaque paiement parmi une typologie préalablement établi, ainsi que son mode de financement. Le système détermine aussi le règlement des déficits résultant des paiements. Les multiples récurrences produisent l’évolution. Le tout est saisi en faisant abstraction des biens et des phénomènes afférents, conformément à une approche monétaire. La quatrième étape est de mobiliser le modèle pour résoudre le problème. La crise peut être le résultat de l'évolution elle-même. Des agents modifiant leurs paiements peuvent conduire d’autres agents à enregistrer des déficits. Le réseau de paiements peut donc évoluer de manière à ce que des entreprises soient insolvables. Les faillites subséquentes peuvent être en nombre suffisant pour diminuer la production et de l'emploi, d’où la crise économique. Une telle évolution est définie comme non-viable. Savoir si la gouvernance actionnariale est un facteur de crise revient donc à savoir si la gouvernance actionnariale implique une évolution non-viable du réseau de paiements. Des simulations numériques sont effectuées, avec notamment des sous-configurations de paramètres associées à une plus ou moins grande diffusion de la gouvernance actionnariale parmi les entreprises. Le modèle produit le résultat général suivant : soit la gouvernance actionnariale génère une crise, soit elle rapproche de cette situation, soit la crise se produit indépendamment de la gouvernance actionnariale. Ce résultat vaut quel que soit le degré de diffusion de cette gouvernance parmi les entreprises. Ce résultat vaut également en l'absence d'épargne et avec l'endettement des salariés, contrairement aux modèles déjà existants mais sujets au biais conceptuel relatif à la formation des marchés équilibrés.

L'objectiu principal d'aquest estudi és analitzar i quantificar com s’han vist modificades les característiques ambientals i socioambientals del camp de dunes del curs baix del riu Jaguaribe, a causa del Parc Eòlic Aracati-Bons Ventos, i com aquests canvis han afectat a la població de Cumbe.

En los últimos años la industria camaronera ha adquirido mucha importancia en Brasil y genera presiones sobre ecosistemas y comunidades tradicionales que viven en equilibrio con su entorno. En Cumbe, una comunidad tradicional del municipio de Aracati, Ceará, Brasil, el ecosistema que rodea a su población es el manglar. Debido a esta fuerte presión, tanto el manglar como los servicios ambientales que la población local se beneficia, están transformándose. En este trabajo, la población local de Cumbe identifica, valora y caracteriza los servicios ambientales que les proporciona el manglar dándole así una vital importancia, que puede servir de precedente para una posible protección. Por otra parte, se hace una aproximación en términos económicos de la pesca artesanal y las granjas de camarón para discutir a corto y a largo plazo cuál es el modelo más sostenible a seguir. Ens els últims anys la indústria camaronera està agafant molta importància al Brasil i genera pressions sobre ecosistemes i comunitats tradicionals que viuen en equilibri amb el seu entorn. A Cumbe, una comunitat tradicional del municipi d’Aracati, Cearà, Brasil, l’ecosistema que envolta a la seva població és el manglar. A causa d’aquesta forta pressió, tant el manglar com els serveis ambientals els quals la població local es beneficia, estan en transformació. En aquesta investigació, la població local de Cumbe identifica, valora i caracteritza els serveis ambientals que els proporciona el manglar donant-li així una vital importància, que pot servir de precedent per una possible protecció. Per altra banda, es fa una aproximació en termes econòmics de la pesca artesanal i les granges de camarón per discutir a curt i a llarg termini quin és el model més sostenible a seguir. Nos últimos anos, a indústria do camarão está ficando muito importante no Brasil e gera pressões sobre os ecossistemas e as comunidades tradicionais que vivem em equilíbrio com seu meio ambiente. Em Cumbe, uma comunidade tradicional no município de Aracati, Ceará, Brasil, o ecossistema que envolve a cidade é o mangue. Devido a essa forte pressão, o mangue e os serviços ambientais que beneficiem a população local, estão em transformação. Na investigação, a população local de Cumbe identifica, avalia e caracteriza os serviços ambientais prestados pelos manguezais estão dando-lhe uma importância vital, que pode servir como precedente para a proteção possível. Além disso, é uma abordagem em termos econômicos das pescarias artesanais e fazendas de camarão para discutir curto e longo prazo o que é o modelo sustentável a seguir. In recent years the shrimp industry has become of huge importance in Brazil but it has also created pressures on the ecosystems and traditional communities that used to live in harmony with their environment. Cumbe, a traditional community in the municipality of Aracati, Ceara, Brazil, is surrounded by the ecosystem of mangrove. Due to this pressure, both the mangrove and the environmental services which the local population benefits from are in a transformation process. In the investigation, the local population of Cumbe identifies, defines and values the environmental services provided by the mangrove, and this is the reason why they consider it of vital importance and that it can be used to set a precedent for a possible protection. Aside from that, we have elaborated an economic estimate on artisanal fishing and shrimp farms to discuss, in the short and long term, which is the most sustainable model to follow.

The behavior of three different catalytic membranes, obtained by immobilizing urease on nylon sheets chemically grafted with methyl methacrylate, was studied in a bioreactor operating under isothermal and non-isothermal conditions. Membrane activation was carried out by condensation or acyl azide reaction, and spacers of different lengths, such as hexamethylendiamine or hydrazine, were used. Under isothermal conditions, the activities of the catalytic membranes and soluble urease were characterized as a function of pH, temperature, and urea concentration. Both enzyme forms showed the same optimum pH, whereas the optimum temperature was lower for the immobilized enzymes. The spacer length appeared to determine broader pH- and temperature-activity profiles for the urease derivatives. The apparent K(m) values of the insoluble urease were dependent on membrane type and were higher than those of the soluble counterpart, thus indicating an affinity loss for urea. Under non-isothermal conditions, all membranes exhibited an increase of percentage activity proportional to the applied temperature difference and decreasing with the increase of urea concentrations. A decrease of the apparent K(m) was also observed. These results suggest that substrate diffusion limitations due to the immobilization process can be overcome in the presence of temperature gradients. In addition, the remarkable reduction of the production times supports the use of non-isothermal bioreactors for the treatment of urea-polluted waste waters.

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