Consumption and Hedging in Oil Importing Developing Countries

We study the consumption and hedging strategy of an oil-importing developing country that faces multiple crude oil shocks. In our model, developing countries have two particular characteristics: their economies are mainly driven by natural resources and their technologies are less e cient in energy usage. The natural resource exports can be correlated with the crude oil shocks. The country can hedge against the crude oil uncertainty by taking long/short positions in existing crude oil futures contracts. We find that both, ine ciencies in energy usage and shocks to the crude oil price, lower the productivity of capital. This generates a negative income e ect and a positive substitution e ect, because today's consumption is relatively cheaper than tomorrow's consumption. Optimal consumption of the country depends on the magnitudes of these e ects and on its risk-aversion degree. Shocks to other crude oil factors, such as the convenience yield, are also studied. We nd that the persistence of the shocks magni es the income and substitution e ects on consumption, thus a ecting also the hedging strategy of the country. The demand for futures contracts is decomposed in a myopic demand, a pure hedging term and productive hedging demands. These hedging demands arise to hedge against changes in the productivity of capital due to changes in crude oil spot prices. We calibrate the model for Chile and study up to what extent the country's copper exports can be used to hedge the crude oil risk.Crude oil prices, convenience yields, risk management, emerging markets, government policy, two-sector economies

De lo fantástico (y neofantástico): sus componentes

Conferencias y Comunicaciones del primer Congreso Internacional de literatura fantástica y ciencia ficción, celebrado del 6 al 9 de mayo de 2008 en la Universidad Carlos III de Madri

Evolución de la relación entre texto e imagen en la poesía chilena: Vicente Huidobro, Nicanor Parra y Juan Luis Martínez

The present reflection focuses on the phenomenon of writing and image. It is an evolutionary revision within the Chilean poetry from the moment in which the non-scriptural image made its appearance through the calligrams of Vicente Huidobro to later give way to the artifacts of Nicanor Parra arriving, finally, at the Installations of objects in “box-books” by Juan Luis Martínez. The present study addresses the type of relationship that evolves between image and text from the image “within” the text, passing through the text ‘within’ the image and, finally, arriving at/to/until the object-image. The “absent” text, which gives it meaning, arises as a responsibility of the reader. The reflection addresses the rejection of “pure writing” as an element that eradicates these texts from the metaphysics of the presence of logos, especially in the first two cases (Huidobro and Parra), while there would seem to be an ambiguity in Martínez, insofar as he is not giving all the elements necessary (for the reader) to construct the sense. Martinez encourages the reader to take charge of giving meaning to the elements that he provides (antilogocentric gesture), and, at the same time, he delivers the elements in his “box-books” which are impregnated with a beloved “authenticity”(hyperlogocentric gesture). This is why it is possible to speak of ambiguity

La utopía deshecha: El imposible freno de la plenitud al deseo

                            

Modular composition environment: A tool for improvisation of conventional electronic music.

This production thesis sets out to create a tool for live improvisation of music that allows musicians to create and modulate musical patterns in real-time and reduces the need for pre-recorded or pre-sequenced material. It starts by defining the scope of *conventional electronic music* and then explores the shortcomings of current tools in relation to the divergency of music making. The project is based on the author's previous experiences in the live improvisation of conventional electronic music, and thus it starts by surveying the currently existing tools. After that, it focuses on the iterative design process of modular environment, taking the modular synthesizer as a conceptual starting point. These processes led to the development of composition devices which are expressed through a hardware user interface, in a modular environment. This project finds that the shortcomings in divergency of current music improvisation tools come from the fact that musical modulations in an improvisation tool are inherently limited by the available procedures of any given system. While composition tools such as modular synthesizers lack this limitation they do not have the discrete musical abstractions required for conventional electronic music. The production project thus focuses on the design of a modular environment that could permit re-purposing of procedures that process discrete musical events. The outcome of this project is a new performance environment that can be used to generate more diverse improvisations of conventional electronic music

Análisis de los niveles de satisfacción de los usuarios de actividades deportivas, en el club Codelco-Chile.

Tesis (Magíster en Gestión de la Actividad Física y Deportiva)RESUMEN: Se analizan las características particulares que posee el club, las cuales condicionan a la organización a seguir ciertos patrones para lograr una buena participación deportiva de sus socios. Para conocer cuáles son estas características es indispensable realizar un análisis del entorno. Durante el transcurso de este estudio, se evalúa la comunicación que posee la organización deportiva con sus clientes y cómo la información condiciona la participación de los socios. La escasa investigación que existe en Chile en cuanto a gestión deportiva, implica cometer errores sólo por desconocimiento. Es por esta razón, que la presente investigación tiene importancia para las futuras gestiones que se realicen en clubes, ya que presenta un análisis de una organización deportiva enfocada principalmente a la satisfacción del cliente. Palabras claves: USUARIO, ORGANIZACIÓN DEPORTIVA, ANALISIS DEL ENTORNO.ABSTRACT: Analyzed the particular characteristics possessed by the club, which condition the organization to follow certain patterns to achieve good participation sports partners. To know what are these characteristics, is important to do an environmental analysis. During the course of this study, we evaluate the communication that has the sports organization to its customers and how information affects the participation of partners. The limited research that exists in Chile in terms of sports management involves making mistakes just because of ignorance. Is for this reason that this research is important for future actions that are undertaken in xii clubs, it presents an analysis of a sports organization primarily focused on customer satisfaction. KEYWORDS: USER; SPORTS ORGANIZATION; ANALYSIS OF THE ENVIRONMENT