The objective of this study is to trace the historical evolution of the present Nile Basin regulatory framework and examine its influence on the current interactions among Nile riparian states. This research adopts a case-study design, with in-depth qualitative analysis of the Nile Basin as an example of the complex transboundary relations over shared waters. It uses an analytical framework derived from the New Institutional Economics (NIE) to analyse the evolution of the institutional framework that has governed the Nile basin and how it affected the annual water share allocated to each riparian country. The study argues that the historical beliefs and social norms of the riparian societies have been among the major factors that influenced the cooperation attempts during the past century and determined their outcomes. Therefore, a prerequisite to develop sustainable cooperation is levelling the playing field by addressing the beliefs and norms that have prevented cooperation while identifying the beliefs that can support cooperation.

Alonso, Fernando y Blázquez, Pablo. Carry trade y credit crunch en la economía española. RESUMENEl trabajo presenta algunos factores que han causado la restricción crediticia a las empresas y al consumo durante la etapa de crisis que vive aún hoy la economía española. Analiza las claves que han desembocado en esta situación como son las políticas aplicadas antes y durante la crisis por los Bancos Centrales, la distribución sectorial del crédito y el uso que del mismo han hecho los bancos comerciales en sus políticas de riesgo y liquidez. Los datos analizados vinculan la situación a dos fenómenos que tienen una clara integración en la actual situación del sistema financiero en España: el "carry trade" o uso del crédito a los bancos en la adquisición de deuda pública ha llevado al "credit crunch" con niveles de crédito muy por debajo de los existentes en cualquier otro país de la OCDE resultado del comportamiento de la banca comercial en el mecanismo de transmisión de la política monetaria.PALABRAS CLAVE: crédito, política monetaria, credit crunch, carry trade, trading.ABSTRACT This paper presents some factors which contribute and originate the current credit restrictions to companies and consumption during the crisis phase that have affected the Spanish economy is now experiencing. It analyzes key questions that lead to the current situation as policies applied by Central Banks before and during the crisis period, sectorial distribution of the credit, and performance of credit in commercial banks in their risk and liquidity policies. The quantitative data shows a clear link between two phenomena detected and integrated in the Spanish Financial System: the "carry trade" or the use of credit by the European Central Bank to buy great amounts of Public Debt caused the "credit crunch" with levels much lower than those existing in the other countries of OECD originated in base to the commercial banks behavior in their transmission role of the monetary policy.