Overborrowing, financial crises and ‘macro-prudential’ taxes

We study overborrowing and financial crises in an equilibrium model of business cycles and asset prices with collateral constraints. Private agents in a decentralized competitive equilibrium do not internalize the effects of their individual borrowing plans on the market price of assets at which collateral is valued and on the wage costs relevant for working capital financing. Compared with a constrained social planner who internalizes these effects, they undervalue the benefits of an increase in net worth when the constraint binds and hence they borrow "too much" ex ante. Quantitatively, average debt and leverage ratios are only slightly larger in the competitive equilibrium, but the incidence and magnitude of financial crises is much larger. Excess asset returns, Sharpe ratios and the market price of risk are also much larger. A state-contingent tax on debt of about 1 percent on average supports the planner's allocations as a competitive equilibrium and increases social welfare.

Essays on Financial Crises and Financial Regulation

This dissertation studies the optimal regulatory response to financial crises. The first two chapters focus on prevention of financial crises, and the third chapter focuses on resolution of financial crises. Chapter 1 develops a quantitative theory of overborrowing based on a systemic risk externality in an emerging market economy. In the model, debt denominated in foreign currency and balance sheet constraints cause depreciations of the real exchange rate to be contractionary. The externality arises because when private agents take debt in good times, they do not internalize that during bad times, the reduction in demand for consumption causes a higher depreciation of the real exchange rate and a further tightening of balance sheet constraints across the economy. The quantitative analysis suggests that there is an important role for policies that ``throw sand in the wheels of international finance." Chapter 2 analyzes an externality that arises because of a feedback loop between asset prices and collateral constraints in a dynamic stochastic general equilibrium model calibrated to US data. In the model, a collateral constraint limits private agents not to borrow more than a fraction of the market value of their collateral assets, which take the form of an asset in fixed aggregate supply (e.g. land). When the collateral constraint binds, fire-sales of assets cause a Fisherian debt-deflation spiral that causes asset prices to decline and the economy's borrowing ability to shrink in an endogenous feedback loop. The externality produces deeper recessions and a larger collapse in asset prices compared to the constrained efficient allocations. Chapter 3 studies the macroeconomic and welfare effects of government intervention in credit markets during financial crises. A DSGE model to assess the interaction between ex-post interventions in credit markets and the build-up of risk ex ante is developed. During a systemic crisis, the central bank finds it beneficial to bail out the financial sector to relax balance sheet constraints across the economy. Ex ante, this leads to an increase in risk-taking, making the economy more vulnerable to a financial crisis. We ask whether the central bank should commit to avoiding a bailout of the financial sector during a systemic crisis. We find that bailouts can improve welfare by providing insurance against systemic financial crises

Optimal Time-Consistent Macroprudential Policy

Collateral constraints widely used in models of financial crises feature a pecuniary externality: Agents do not internalize how borrowing decisions made in “good times” affect collateral prices during a crisis. We show that under commitment the optimal financial regulator’s plans are time inconsistent and study time-consistent policy. Quantitatively, this policy reduces sharply the frequency and magnitude of crises, removes fat tails from the distribution of asset returns, and increases social welfare. In contrast, constant debt taxes are ineffective and can be welfare reducing, while an optimized “macroprudential Taylor rule” is effective but less so than the optimal time-consistent policy

Overborrowing and Systemic Externalities in the Business Cycle

Credit constraints that link a private agent's debt to market-determined prices embody a systemic credit externality that drives a wedge between competitive and (constrained) socially optimal equilibria, which induces private agents to ``overborrow". We quantify the effects of this externality in a two-sector DSGE model of a small open economy calibrated to emerging markets. Debt is denominated in units of tradable goods, and is constrained not to exceed a fraction of income, including nontradables income valued at the relative price of nontradables. The externality arises because agents fail to internalize the price effects of their individual borrowing, and hence the adverse debt-deflation amplification effects of negative income shocks that trigger a binding credit constraint. Quantitatively, the credit externality causes a modest increase in average debt, of about 2 percentage points of GDP, but it triples the probability of financial crises and doubles the average current account and consumption reversals caused by these crises

Cathodoluminescence from beta-Ga_2O_3 nanowires

ß-Ga_2O_3 nano- and microwires with diameters ranging from tens of nanometers to about one micron and lengths of up to tens of microns, have been obtained by sintering Ga_2O_3 powder under argon flow. The structures have been investigated by cathodoluminescence in the scanning electron microscope. The samples showed the violet-blue emission characteristic of Ga_2O_3 and a red emission at 1.73 eV dominant in the nanowires and other nano- and microstructures formed during the sintering treatment. At temperatures below 210 K, this band exhibits sharp peaks separated by 20 meV. This observation suggests the exchange of phonons in the recombination process

Colon adenocarcinoma diagnosis in human samples by multicontrast nonlinear optical microscopy of hematoxylin and eosin stained histological sections

Combined multimodal nonlinear optical (NLO) microscopies were used to detect and quantify morphological changes associated with stroma and epithelial transformation in colon cancer. Our findings provide complementary information about tissue microstructure, displaying distinctive patterns between normal and malignant human colon. Additionally, we have demonstrated the usefulness of using fixed tissues for the disease diagnostic and prognostic. The present work provides a framework for using NLO techniques as a clinical diagnostic tool for human colon cancer. NLO metrics could be applied to other disorders, which are characterized by abnormal cell proliferation and collagen assembly.Fil: Adur, Javier Fernando. Universidad Nacional de Entre Ríos. Facultad de Ingeniería; Argentina. National Institute of Science and Technology on Photonics Applied to Cell Biology; Brasil. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro de Investigaciones y Transferencia de Entre Ríos. Universidad Nacional de Entre Ríos. Centro de Investigaciones y Transferencia de Entre Ríos; ArgentinaFil: Bianchi, Mariana. Universidad Nacional de Entre Ríos. Facultad de Ingeniería; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Pelegati, Vitor B.. National Institute of Science and Technology on Photonics Applied to Cell Biology; BrasilFil: Viale, Silvia. Universidad Nacional de Entre Ríos. Facultad de Ingeniería; ArgentinaFil: Izaguirre, María Fernanda. Universidad Nacional de Entre Ríos. Facultad de Ingeniería; ArgentinaFil: Carvalho, Hernandes Faustino. Universidade Estadual de Campinas; BrasilFil: Cesar, Carlos L.. Universidade Estadual de Campinas; BrasilFil: Casco, Victor Hugo. Universidad Nacional de Entre Ríos. Facultad de Ingeniería; Argentin

La imagen de la OSC y la identificación consumidor-OSC: antecedentes y efectos

Esta investigación tiene por propósito profundizar los antecedentes y los efectos tanto de la imagen de la OSC como de la identificación Consumidor-OSC. En un estudio cuantitativo se evaluaron unas 26 campañas de marketing de causa desarrolladas en la Argentina en 2015, en las que participaron unas 15 OSC y unas 22 empresas. Los resultados de esta investigación permiten concluir tres grandes ideas centrales. Primero, que la actitud ante las OSC y ante el marketing de causa tienen un efecto directo sobre la imagen en la OSC. Segundo, no se ha podido comprobar que la actitud y la imagen de OSC sean antecedentes de la identificación del Consumidor-OSC, ni el efecto de este sobre la reputación de la OSC. Solo se ha comprobado un relación débil entre la identificación con la intención de donar. Por último, la vinculación directa y positiva de la actitud ante la OSC y la intención de donar es muy fuerte. Se concluye que el bajo rol verificado que juega la identificación Consumidor-OSC en el modelo puede dar cuenta de la necesidad de desarrollar una mayor cercanía, confianza, habitualidad de los vínculos entre consumidores y OSC, por medio del marketing de relaciones.The purpose of this research is to deepen the background and effects of both the NGO image and the Consumer-NGO identification. In a quantitative study, some 26 marketing campaigns were carried out in Argentina in 2015, in which 15 NGOs and 22 companies participated. The results of this research allow us to conclude three main ideas: First, the attitude to NGOs and to marketing of cause have a direct effect on the image in the NGO. Second, it has not been possible to verify that the attitude and image of NGOs are antecedents of the identification of the NGO-Consumer, nor the effect of NGO on the reputation of the NGO. Only a weak relationship between identification with intent to donate has been established. Finally, the direct and positive linkage of the attitude towards the NGO and the intention to donate is very strong. It is concluded that the low verified role played by the Consumer-NGO identification in the model can account for the need to develop closer proximity, trust, and habitual links between consumers and NGOs through relationship marketing

Endothelin system in intestinal villi: A possible role of endothelin-2/vasoactive intestinal contractor in the maintenance of intestinal architecture

The endothelin system consists of three ligands (ET-1, ET-2 and ET-3) and at least two receptors (ETA and ETB). In mice ET-2 counterpart is a peptide originally called " vasoactive intestinal contractor" (VIC) for this reason, this peptide is frequently named ET-2/VIC. In intestinal villi, fibroblasts-like cells express endothelin's receptors and response to ET-1 and ET-3 peptides, changing their cellular shape. Several functions have been attributed to these peptides in the " architecture" maintenance of intestinal villi acting over sub-epithelial fibroblasts. Despite this, ET-2/VIC has not been analyzed in depth. In this work we show the intestine gene expression and immunolocalization of ET-1, ET-2 and the ETA and ETB receptors from duodenum to rectus and in the villus-crypt axis in mice, allowing a complete analysis of their functions. While ET-1 is expressed uniformly, ET-2 had a particular distribution, being higher at the bottom of the villi of duodenum, ileum and jejunum and reverting this pattern in the crypts of colon and rectus, where the higher expression was at the top. We postulated that ET-2 would act in a cooperative manner with ET-1, giving to the villus the straight enough to withstand mechanical stress.Fil: Bianchi, Mariana. Universidad Nacional de Entre Ríos. Facultad de Ingeniería. Departamento de Biología. Laboratorio de Microscopía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Adur, Javier Fernando. Universidad Nacional de Entre Ríos. Facultad de Ingeniería. Departamento de Biología. Laboratorio de Microscopía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Takizawa, Satoshi. Institute for Biological Resources and Functions; JapónFil: Saida, Kaname. Soka University; Japón. Institute for Biological Resources and Functions; JapónFil: Casco, Victor Hugo. Universidad Nacional de Entre Ríos. Facultad de Ingeniería. Departamento de Biología. Laboratorio de Microscopía; Argentin

A novel underactuated smart surface for parts feeding and sorting

In material handling, numerous solutions have been proposed to enhance the flexibility and adaptability of transport systems. Among these solutions, smart surfaces stand out as one of the most interesting responses, utilizing an array of actuators for common feeding tasks. The current paper focuses on a novel system within this category, notable for its distinguishing factor of being underactuated. With this characteristic, the concept leads to a simplified cost-effective design and a not actively driven functioning, leveraging gravity or object own velocity to manipulate the material flow maintaining top class performances, as the sorting rate reaches 4000 pcs/h. Specifically, the article begins with an introduction of the concept design and its digital model, followed by a description of the experimental setup built to test the surface’s functionality and evaluate the predictions of the virtual counterpart. On top of that, a method to determine the essential parameters for the surface simulation is proposed and applied. As a result, the prototype successfully completed the three main intralogistic tasks experimented, i.e., sorting, slowing, and stopping of packages. Lastly, the digital model outcomes of the same operations were computed and compared with the measured results, demonstrating an accuracy of prediction with displacements and time errors below 7%