Debts of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances

This paper describes the participation of Cyprus households in various types of debt using data from the first (1999) Cyprus Survey of Consumer Finances. It complements the 2001 paper by Haliassos et al. The findings are of interest to policy makers, as they show the extent of household participation in various loans and the indebtedness of various demographic groups. We document the considerable popularity of credit cards as borrowing instruments and a continuing parallel presence of antiquated forms of borrowing. There is surprisingly limited use by the young of mortgages, despite very high home ownership rates, and of car loans, despite high car ownership rates. We find evidence of a strong reliance on family transfers for the financing of higher education, home acquisitions and car purchases by the young. Finally, we note a tendency for Cypriot entrepreneurs to take out large loans from their business for personal use.

Debts of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances

This paper describes participation of Cyprus households in various debts using data from the first (1999) Cyprus Survey of Consumer Finances. It complements our previous paper that described household participation in various types of assets (Haliassos et al., 2001). Debts considered encompass personal unsecured loans, including credit card debt, and loans secured by housing collateral, mainly mortgage debt. Findings are of policy interest, as they show the extent of household participation in various loans, and the indebtedness of various demographic groups. We document considerable popularity of credit cards as borrowing instruments despite their recent introduction, and a continuing parallel presence of antiquated forms of borrowing (informal store credits). There is surprisingly limited use by the young of mortgages, despite very high homeownership rates, and of car loans, despite high car ownership rates. We find evidence of considerable reliance on family transfers for the financing of education, home acquisition, and car purchase by the young. Particularly problematic for equality of opportunities is the limited ability of the young to take student loans and the reliance on their parents to do so in order to finance their post-secondary education. Finally, we have noted a tendency of Cyprus business owners to take out large loans from their business for personal use.

Assets of Cyprus Households: Lessons from the first Cyprus Survey of Consumer Finances

This paper describes participation of Cyprus households in financial and real assets using new data from the 1999 Cyprus Survey of Consumer Finances, and compares Cyprus to the United States and four major European countries. Almost 9 out of 10 Cyprus households own some financial asset. After checking accounts, the most popular financial asset is government savings bonds. One in two households participated in stocks directly or indirectly in 1999, a year of stock market frenzy, reaching participation levels comparable only to the United States. Despite the absence of mutual funds, almost one third of households invest in managed portfolios linked to life insurance, and this exceeds direct stockholding even in 1999. Participation in direct stockholding is higher than in other countries, overall and for households below 50 years, and unusually high for the very young. Potential sources of concern include the limited number of stocks held by direct stockholders, and the presence of a significant contingent with limited background. Diversification across risk categories of financial assets is limited, but the majority of those holding few assets do not hold stocks directly. Those who do hold stocks directly are poorly diversified across different stocks. More than one in two households have some form of life insurance, but participation in individual retirement accounts is very low. Participation in risky assets, financial or real, far exceeds that in other countries. Yet, a strong contingent of households concentrates on risky real assets and abstains from risky financial assets, even during 1999. Rates of ownership of real assets are exceptionally high compared to the other countries. Homeownership rates far exceed those in the United States, and the majority of homeowners own their home fully. One quarter of Cyprus households own business equity, more than double the rate in the United States.

Assets of Cyprus Households: Lessons from the First Cyprus Survey of Consumer Finances

This paper describes participation of Cyprus households in financial and real assets using new data from the 1999 Cyprus Survey of Consumer Finances, and compares Cyprus to the United States and four major European countries. Almost 9 out of 10 Cyprus households own some financial asset. After checking accounts, the most popular financial asset is government savings bonds. One in two households participated in stocks directly or indirectly in 1999, a year of stock market frenzy, reaching participation levels comparable only to the United States. Despite the absence of mutual funds, almost one third of households invest in managed portfolios linked to life insurance, and this exceeds direct stockholding even in 1999. Participation in direct stockholding is higher than in other countries, overall and for households below 50 years, and unusually high for the very young. Potential sources of concern include the limited number of stocks held by direct stockholders, and the presence of a significant contingent with limited background. Diversification across risk categories of financial assets is limited, but the majority of those holding few assets do not hold stocks directly. Those who do hold stocks directly are poorly diversified across different stocks. More than one in two households have some form of life insurance, but participation in individual retirement accounts is very low. Participation in risky assets, financial or real, far exceeds that in other countries. Yet, a strong contingent of households concentrates on risky real assets and abstains from risky financial assets, even during 1999. Rates of ownership of real assets are exceptionally high compared to the other countries. Homeownership rates far exceed those in the United States, and the majority of homeowners own their home fully. One quarter of Cyprus households own business equity, more than double the rate in the United States.

HISTORICAL ARCHIVE OF THE AEGEAN – ERGANI: DOCUMENTATION, MANAGEMENT AND PUBLICATION OF CULTURAL HERITAGE RESOURCES ON THE SEMANTIC WEB

This paper introduces the Historical Archive of the Aegean, its archival resources and the ways in which this material is treated using Semantic Web technologies and tools to the benefit of a wide community of users and researchers

Energy dissipation devices for structural design and retrofit

Proceedings of the fib Symposium 2003: Concrete Structures in Seismic Regions 2003, Pages 496-49

Elastic and inelastic seismic response of buildings with damping systems

The effect of damping on the response of elastic and inelastic single-degree-of-freedom systems was studied by nonlinear response-history analysis using earthquake histories that matched on average a 2000 NEHRP spectrum on a stiff soil site for a region of high seismic risk. New displacement reduction factors for levels of damping greater than 5% of critical are presented. New equations to relate inelastic and elastic displacements in the short-period range, for levels of damping greater than 5% of critical, are presented. The technical basis for reducing the minimum design base shear in damped buildings by a maximum of 25%, from that required for the corresponding undamped building, is derived based on comparable levels of damage in both the damped and undamped buildings

Emerging technologies and materials for the seismic protection of cultural heritage

Cultural heritage artifacts and buildings are under a constant thread of destruction during devastating earthquakes. Any intervention should be such that it neither violates their form nor changes drastically their structural behavior and should be reversible. In addition, the materials to be used must be compatible with the ones the monument is constructed of. Traditional seismic retrofitting techniques have the disadvantage that most of them violate the above conditions. An alternative approach is the use of innovative seismic-protection systems to enhance the seismic resilience of cultural heritage against the effects of earthquakes, which is reported in this chapter. The potential of seismic-isolation strategy to mitigate the seismic risk of museum artifacts will be first exploited. Subsequently, the state of the art of the use of energy-dissipation devices, such as viscous dampers and shape memory alloys, as well as innovative materials such as FRPs, for the protection of monuments and historic structures will be presented

Numerical simulation of the experimental results of a RC frame retrofitted with RC Infill walls

The effectiveness of seismic retrofitting of RC-frame buildings by converting selected bays into new walls through infilling with RC walls was studied experimentally using a full-scale four-storey model tested with the pseudo-dynamic (PsD) method. The frames were designed and detailed for gravity loads only using different connection details between the walls and the bounding frame. In order to simulate the experimental response, two numerical models were formulated differing at the level of modelling. The purpose of this paper is to illustrate the capabilities of these models to simulate the experimental nonlinear behaviour of the tested RC building strengthened with RC infill walls and comment on their effectiveness. The comparison between the capacity, in terms of peak ground acceleration, of the strengthened frame and the one of the bare frame, which was obtained numerically, has shown a five-fold increase