Facultad de Derecho, Empresa y Políticas

In this paper, the consequences of the lack of definition of so-called hybrid threats is explored. Special attention was paid to the importance of the work already completed by the North Atlantic Treaty Organisation (NATO) and the European Union (EU) regarding the ever evolving types of actions associated with hybrid threats in the so called grey zone. The latter can be thought of as activities undertaken by one state that are harmful to another, albeit not legal acts of war, sometimes referred to as a malevolent manifestation of the concept of peace. The vastly different experiences of democratic and authoritarian states acting in the grey zone was also examined. In addition, the law applicable to hybrid threats was studied to determine if the legal framework is sufficiently adapted to repel state-sponsored and nonstate- sponsored hybrid threats. In addition, the use of the European Convention on Human Rights in the struggle against hybrid threats in Europe and the limits to how state parties can react to hybrid threats established by this treaty was analysed. Lastly, the international rules of attribution of responsibility and difficulties associated with their application with respect to hybrid threats was considered. This article is structured in two parts. The first part explores the difficulty of defining hybrid threats, while the second presents the legal framework used to counter such threats, both at the international and European levels.

The EU aims to reduce emissions by at least 55% by 2030. To achieve this, the European Commission launched proposals to introduce price signals through the modification or extension of the Emission Trading Scheme and the Energy Tax Directive. These instruments could have a negative impact on households and companies' competitiveness. This research focuses on the one hand, on the role of energy taxation in the achievement of climate objectives and budget stability. And, on the other, in analysing the role of taxation to develop compensatory measures so that the transition is efficient, socially fair and inclusive.

El objetivo del presente trabajo consiste en demostrar la indisolubilidad entre educación y libertad desde una perspectiva histórica y filosófico-personalista. Desde una visión histórica, educación y libertad han estado íntimamente vinculadas, hasta el punto de afirmar que no existe verdadera educación de la persona si no es desde, en y para la libertad. Analizamos tres momentos sublimes en la historia de la educación: el nacimiento de la escuela en la Grecia clásica; la aportación educativa del cristianismo de la libertad interior; y el surgimiento de las universidades en la Edad Media como corporaciones libres de maestros y escolares. A continuación, aportamos la reflexión filosófico-personalista sobre la libertad en el encuentro educativo. Antes y al inicio, como impulso vocacional del maestro e impulso interior y espiritual del discípulo a hacerse. Durante, mediante el método dialéctico, el acompañamiento y la relación de confianza entre ambos. Y, al final del encuentro, como culmen del proceso de personalización formando la libertad del educando para que sepa elegir, desde su centro interior, aquello que le construye como persona en medio de las circunstancias y realidades concretas en que se desarrolla su existencia. En esta parte se han tenido en cuenta las reflexiones filosóficas y pedagógicas de autores personalistas, como Mounier, Guardini, Buber, Stefanini, Zubiri y López Quintás.

En el presente artículo se examinará la inviolabilidad de la persona del Rey. Tras un examen del Derecho Histórico Constitucional relativo a la Corona, se argumentará que la continuidad textual entre dicha Constitución y la vigente redacción del Título II de la Constitución de 1978 no redunda en una equivalencia normativa, pues responden a principios de legitimidad distintos, como también es diferente el sistema de gobierno constitucionalmente prescrito. Seguidamente se analizará el régimen de la Corona en relación con las potestades de las Cortes, de lo cual concluiremos que en un sistema parlamentario rigurosamente monista, el Rey puede poseer auctoritas, pero carece radicalmente de potestas. Una vez establecida la diferencia entre los “actos del Rey”, y los “actos de la persona del Rey”, que se dan cuando el monarca opera al margen de su actividad constitucional, se estudiará la figura de la inviolabilidad en la persona del Rey.

La despoblación de las zonas rurales en España es un problema del que derivan importantes consecuencias sociales, económicas y políticas. De entre las medidas orientadas a hacerles frente, parece especialmente significativa en términos jurídico-políticos el mecanismo de garantía rural. Dicho mecanismo, que persigue que se tenga en cuenta la visión rural en toda ley o política pública que se vaya a desarrollar por parte de los poderes públicos, se ha convertido en un reclamo para la llamada España Vaciada. El artículo se plantea cuál es el origen y la realidad del rural proofing en España -a nivel nacional y autonómico-, y si el desarrollo de medidas de este tipo en beneficio de los territorios rurales podría verse influenciado por el impacto electoral de las formaciones políticas que están surgiendo en los territorios más despoblados de nuestro Estado.

This paper analyzes the performance of various asset classes traded in the Spanish Capital Market. We compare the relative behavior of stock and corporate bond market indices, risk factors, and option-based expected market risk premia of the IBEX-35 at alternative horizons. We finally discuss the spillover volatility connections between the stock market portfolio, the general index of corporate bonds, the long-term government bond, and risk-neutral volatility and skewness. The stock market index is a net sender of volatility to the rest of asset classes, especially during the Great Recession and the Eurozone debt crises. The government bond is a net sender of volatility to corporate bonds and risk-neutral volatility and skewness. In fact, during stressed periods, the returns of the government bond have a positive exposure to the market stock return, which suggests that the Spanish long-term bond is a risky asset rather than being a hedging asset. This fact, together with the strong counter-cyclical behavior of the expected market risk premium at any horizon, suggests that the Spanish corporations are badly affected during recessions with a negative impact on investment and output growth. It is not surprising how rapidly the Spanish economy deteriorates at the beginning of recessions. Note that the ultimate objective is to learn about the Spanish real economy through the lens of financial markets

This analysis addressed the potential systemic effects of guarantee requirements by central counterparties. Using data from the Spanish BME and German Eurex central clearing counterparties and controlling for tail risk and monetary and real activity variables, we found a significant, positive, and robust relationship between the guarantees required and the spillover or total connectedness effects among nine financial assets in the Spanish, United States, and German capital markets. Bad economic times also had a significant incremental effect on the relationship between guarantees and connectedness. These findings are robust across central clearing corporations and futures contracts in the IBEX 35, DAX 30, and EURO STOXX 50. In addition, an event study indicated that global spillover effects tend to increase before central counterparty institutions raise their guarantees. The implication of the findings is that European clearing institutions react to rather than cause bad economic times.

Macro-finance asset pricing models provide a rationale for connectedness dynamics between equity and Treasury risk-neutral volatilities. In this paper, we study the total and directional connectedness, in the sense of spillover effects, between risk-neutral volatilities from the equity and Treasurymarkets. In addition, we analyze the economic and monetary drivers of connectedness dynamics. Most of the time, but especially during bad economic times, we find significant net spillovers from Treasury to equity risk-neutral volatility. The spillover channel between risk-neutral volatilities arises mainly through the government fixed income market.