Saving rates and portfolio choice with subsistence consumption

We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining: (i) the higher saving rates of the rich, (ii) the higher fraction of personal wealth held in risky assets by the rich, and (iii) the higher volatility of consumption of the wealthier. On the contrary, time-variant “keeping-up-with-the-Joneses” weighted average consumption which plays the role of moving benchmark subsistence consumption gives the same portfolio composition and saving rates across the rich and the poor, failing to reconcile the model with what micro data say. JEL Classification: G11, D91, E21, D81, D14, D1

External Sovereign Debt in a Monetary Union: Bailouts and the Role of Corruption

We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent Öscal impatience which leads to excessive issuing of sovereign bonds. External creditors envision the corrupt economyís Öscal impatience and buy its bonds at higher interest rates. In turn, this interest-rate increase exacerbates the problem of oversupplying debt, leading the economy to a perfect-foresight trap. In incorrupt countries which have entered a high-interest-rate/high debt-GDP-ratio trap because an immediately recent disaster has caused a sudden jump to a high outstanding debt-GDP ratio, we show that bailout plans with controlled interest rates can help in reducing debt-GDP ratios after some time. On the contrary, under corruption, we show that bailouts are ine§ective unless rent-seeking groups are eradicated.sovereign debt, world interest rates, international lending, rent seeking.

External Sovereign Debt in a Monetary Union: Bailouts and the Role of Corruption

We build a tractable stylized model of external sovereign debt and endogenous international interest rates. In corrupt economies with rent-seeking groups stealing public resources, a politico-economic equilibrium is characterized by permanent fiscal impatience which leads to excessive issuing of sovereign bonds. External creditors envision the corrupt economy’s fiscal impatience and buy its bonds at higher interest rates. In turn, this interest-rate increase exacerbates the problem of oversupplying debt, leading the economy to a perfect-foresight trap. In incorrupt countries which have entered a high-interest-rate/high debt-GDP-ratio trap because an immediately recent disaster has caused a sudden jump to a high outstanding debt-GDP ratio, we show that bailout plans with controlled interest rates can help in reducing debt-GDP ratios after some time. On the contrary, under corruption, we show that bailouts are ineffective unless rent-seeking groups are eradicated.sovereign debt, world interest rates, international lending, rent seeking

Essays on Fiscal Policy and Political Economy

This thesis consists of three essays concerned with endogenous fiscal policy and its interaction with political economy constraints. The first essay presented in Chapter 2 examines the cyclical behavior of endogenous government consumption over the business cycle absent a commitment mechanism in a neoclassical economy with Total Factor Productivity (TFP) shocks and investment shocks. Tax rates that finance public consumption are chosen in a time consistent way in a dynamic game between the government and a representative agent that values public goods in his utility. It is found that government consumption set without commitment behaves procyclical in response to the mentioned shocks. The government-consumption-output ratio is mildly procyclical or countercyclical depending on the selected calibration. Particularly, the elasticity of substitution between private and public goods plays an important role. The second essay showed in Chapter 3 extends the model studied in Chapter 2 adding agent heterogeneity in wealth and labor productivity. The aim of this study is to identify how policy outcomes are affected by inequality of households, particularly the median voter's choice of tax rates that finance public goods. For a standard RBC calibration to the U.S. economy the result is a strong procyclical comovement of public consumption with output, and a relatively weak procyclical comovement of the output share of public consumption with output, that becomes stronger with rising inequality. The politico-economic channel induces causality from output to lagged tax rates, therefore after a Hicks neutral productivity shock the median voter tries to delay the increase in the tax rate, such that the increment will take place just after the accumulation of more capital. In the case of equal agents the response is to decrease the tax rate in the first year after the shock. Additionally, the model predicts that the size of government consumption decreases with inequality. The last essay in Chapter 4 presents a stylized model of external sovereign debt that incorporates corruption in the form of rent-seeking groups by which the choice to cooperate or non-cooperate in providing public goods, in extracting rents and in issuing debt, is endogenized. More than one rent-seeking group originates a "tragedy of the commons" over fiscal resources that make the borrower economy to show collective fiscal impatience. External creditors envision that impatience and require higher interest rates for buying bonds, exacerbating the problem of high debt. The high level of interest rates decreases the wealth of the country and endangers its ability to repay the debt. We show that bailout plans, defined as temporary loans with lower than market level interest rates, are not effective in such economies

Desenvolvimento da competência argumentativa através da tomada de decisões na abordagem da questão sócio-científica "uso e comercialização do PVC"

This paper presents the design and implementation of a strategy of classroom with the implementation of a teaching sequence that applies to high school student’s (junior) of a public school in Bogotá-Colombia. This strategy uses a qualitative methodology through categories of analysis of argumentation and decision making. The results of this classroom experience seeking to assess the relevance to articulate the argument in decision-making; by addressing the socio-scientific issue "use and marketing of Polyvinyl Chloride (PVC)". At first previous ideas of students compared to polymers, specifically PVC, in order to establish some parameters to improve the sequence to implement are discussed. Subsequently, the results of the proposed activities of the sequence, analyzing the level of argumentation in the decision making of students.Se plantea el diseño y la puesta en práctica de una estrategia de aula con la implementación de una secuencia didáctica, que se aplica a estudiantes de grado undécimo de un colegio público de la ciudad de Bogotá D.C. Dicha estrategia utiliza una metodología cualitativa a través de categorías de análisis de argumentación y toma de decisiones. Los resultados de esta experiencia de aula buscan evaluar la articulación entre la argumentación y la toma de decisiones, mediante el abordaje de la cuestión sociocientífica: uso y comercialización del Policloruro de Vinilo (PVC). En un primer momento se analizan las ideas previas de los estudiantes frente a los polímeros, específicamente el PVC, con el objetivo de establecer algunos parámetros que permitan mejorar la secuencia a implementar. Posteriormente se presentan los resultados obtenidos en las actividades planteadas de la secuencia, analizando el nivel de argumentación en la toma de decisiones que presentan los estudiantes.O desenho e implementação de uma estratégia de sala de aula é proposto com a implementação de uma seqüência didática, que é aplicada aos alunos da décima primeira série de uma escola pública da cidade de Bogotá D.C. Esta estratégia utiliza uma metodologia qualitativa através de categorias de análise de argumentação e tomada de decisão. Os resultados desta experiência em sala de aula buscam avaliar a articulação entre argumentação e tomada de decisão, abordando a questão sócio-científica: uso e comercialização do Policloreto de Vinila (PVC). A princípio, são analisadas as idéias anteriores dos alunos sobre polímeros, especificamente o PVC, com o objetivo de estabelecer alguns parâmetros que permitirão a melhoria da seqüência a ser implementada. Posteriormente, são apresentados os resultados obtidos nas atividades da seqüência, analisando o nível de argumentação na tomada de decisão que os alunos apresentam

Check list of ground-dwelling ant diversity (Hymenoptera: Formicidae) of the Iguazú National Park with a comparison at regional scale

We describe the ant fauna of Iguazú National Park (INP), a region of high biodiversity andendemism in northeastern Argentina that includes the southernmost protected area ofthe Atlantic Forest (AF). Ants were sampled over seven periods from 1998 to 2011 usinga variety of techniques. We also surveyed museum collections and the scientific literatureto obtain additional records of ants from INP. In addition to providing a species list, wecompare ant composition of INP to other sites in the Upper Paraná, Serra do Mar CoastalForest and Araucaria ecoregion of AF. A total of 172 ant species belonging to 56 genera arereported; 56 species are new records for Misiones Province and 39 species are reportedfrom Argentina for the first time. Alto Paraná and Canindeyú departments in Paraguaypresent the most similar ant fauna to INP. Serra da Bodoquena in Brazil and Pilcomayoin Argentina showed higher similarity with the Upper Paraná AF ecoregion, despite thatSerra da Bodoquena is composed of a mix of ecoregions. Ant diversity was lower in UpperParaná than in Serra do Mar Coastal Forest ecoregion. This difference may result fromhigher primary productivity and a greater altitudinal variation in the coastal region.Fil: Hanisch, Priscila Elena. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Museo Argentino de Ciencias Naturales ; ArgentinaFil: Calcaterra, Luis Alberto. Fundación para el Estudio de Especies Invasivas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Leponce, M.. Royal Belgian Institute of Natural Sciences. Aquatic and Terrestrial Ecology unit; BélgicaFil: Achury, R.. University of Illinois at Urbana; Estados UnidosFil: Suarez, A. V.. University of Illinois at Urbana; Estados UnidosFil: Silva, R. R.. Museu Paraense Emílio Goeldi; BrasilFil: Paris, Carolina Ivon. Universidad de Buenos Aires; Argentin

Evaluación de riesgo químico en el área de producción de asfalto a partir de neumáticos

29p

Viabilidad de una herramienta tecnológica para estructurar proyectos

Trabajo de investigaciónEsta investigación evalúa la viabilidad de una herramienta tecnológica que apoye y oriente la estructuración de los proyectos productivos que realizan los aprendices de la media fortalecida con formación técnica de articulación SENA. Se espera que este instrumento permita: mayor interacción entre los actores del proceso, ajustes en línea, mejora en los tiempos y en las correcciones con mayores niveles de eficiencia, optimización de los recursos existentes y finalmente, cualificación en las prácticas pedagógicas en este proceso formativo.1. Generalidades del proyecto de investigación 2. Marco teórico 3. Estudio de factibilidad 4. Conclusiones y recomendaciones 5. Glosario Bibliografía Webgrafía AnexosEspecializaciónEspecialista en Formulación y Evaluación Social y Económica de Proyecto

Presencia de músculos flexores accesorios del antebrazo durante osteosíntesis de fracturas de radio distal. Reporte de caso y análisis de literatura

Introduction. Wrist fractures are frequent traumas that require surgical management in some cases. Forearm muscle anatomical abnormalities are varied and are associated with multiple clinical manifestations. Due to the increase in the incidence of distal radiusfractures, the frequency of visualization of muscle variants has increased.Objective. To describe the possible intraoperative complications associated with the presence of a forearm accessory flexor muscle during a palmar approach to the distal radius for osteosynthesis.Materials and methods. A literature review was conducted in databases and clinical studies reporting the presence of an accessory flexor muscle in the forearm during distal radius fixation surgeries were selected. Cadaveric or imaging reports were excluded.Results. 1066 reports or series of cases were found, from which 4 articles were selected.Discussion. The frequency of reporting muscle variants in intraoperative settings is increasing. Their identification can reduce iatrogenic complications and facilitate surgical management of distal radius fractures.Introducción. Las fracturas de muñeca son traumas frecuentes que requieren manejo quirúrgico en algunos casos. Las anomalías anatómicas musculares del antebrazo son variadas y están asociadas a múltiples manifestaciones clínicas. Debido al aumento en la incidencia de fracturas de radio distal, se ha incrementado la frecuencia de visualización de variantes musculares.Objetivo. Describir las posibles complicaciones intraoperatorias asociadas a la presencia de un flexor accesorio del antebrazo durante un abordaje palmar al radio distal para osteosíntesis.Materiales y métodos. Se realizó una revisión de la literatura en bases de datos y se seleccionaron los estudios clínicos que reportaban la presencia de un flexor accesorio en el antebrazo durante cirugías de fijación de radio distal. Se excluyeron los reportes cadavéricos o imagenológicos.Resultados. Se encontraron 1 066 reportes o series de casos, de los cuales se seleccionaron 4 artículos.Conclusiones. La frecuencia de reporte de variantes musculares en los ámbitos intraoperatorios está aumentando y su identificación puede disminuir complicaciones iatrogénicas y facilitar el manejo quirúrgico de fracturas de radio distal

Clima organizacional una estrategia de seguimiento para el mejoramiento de las relaciones laborales en la empresa distribuciones del campo s.a.s.

Apéndice A Encuesta de satisfacción Pretest y Post test, Apéndice B Registro fotográfico de la aplicación de encuestas, Apéndice C Registro fotográfico de capacitaciones, Apéndice D Acta de conformación del comité de convivencia labora, Apéndice E Acta de asistencia, Apéndice F Evidencia toma de decisiones en trabajo investigativo.La presente investigación tiene como objetivo Identificar y diagnosticar el clima organizacional con el fin de fomentar una adecuada gestión de los diferentes procesos acorde a las necesidades que requiera la gestión del talento humano en la empresa Distribuciones del Campo S.A.S. Como consecuencia de la mala comunicación entre los colaboradores de la empresa; se ha determinado la falta de interés y motivación a la hora de hacer sus actividades, es decir, que la productividad de los colaboradores no está llegando al nivel esperado, es por eso que el clima organizacional siendo uno de los pilares más importantes de los recursos humanos ha generado factores y variables claves para darles solución y mejoras a su ambiente laboral. De este modo la empresa Distribuciones del Campo S.A.S., ha tomado en cuenta la opinión de sus colaboradores por medio de una encuesta Pre-test, donde el resultado del diagnóstico inicial de la empresa es bajo y trae problemas de convivencia, se analizaron los resultados y se necesita establecer un comité de convivencia en la cual se realizó un acta para generar un equilibrio entre el personal y la empresa, por medio de charlas, pausas activas, etc. Esto se hace con el fin de mejorar el bienestar motivacional y productividad del personal; por último, se realizó un Post-test para identificar el nivel del clima organizacional de la empresa, en la cual el diagnostico arrojo unos resultados positivos donde los colaboradores poseen armonía, buena comunicación, productivos, motivados en sus actividades cuyos rendimientos son beneficiosos para la empresa.The objective of this research is to identify and diagnose the organizational climate in order to promote proper management of the different processes according to the needs required by the management of human talent in the Company Campo S.A.S. As a consequence of the poor communication between the company's collaborators, the lack of interest and motivation when carrying out their activities has been determined, that is, that the productivity of the collaborators is not reaching the expected level, that is why The organizational climate, being one of the most important pillars of human resources, has generated key factors and variables to provide solutions and improvements to their work environment. In this way the company Distribuciones del Campo S.A.S. It has taken into account the opinion of its collaborators through a Pre-test survey, where the result of the initial diagnosis of the company is low and brings coexistence problems, the results were analyzed and it is necessary to establish a coexistence committee in which an act was carried out to generate a balance between the staff and the company, through talks, active breaks, etc. This is done in order to improve the motivational well-being and productivity of the staff, finally, a Post-test was carried out to identify the level of the company's organizational climate, in which the diagnosis yielded positive results where the collaborators have harmony, good communication, productive, motivated in their activities whose returns are beneficial for the company