The impact of real estate projects and their sustainability characteristics on land values: cause or consequence? two case studies from Santiago, Chile

From the point of view of developers, there is the belief that location determines the main characteristics of real estate projects. On the contrary, the bid rent theory proposes that land receives value from that which it supports, as expressed by means of architectural attributes. In light of two case studies in Santiago, Chile, the relationship between land value and real estate value was studied with the aim of identifying the meaning of this causality and the role of sustainability characteristics – as an expression of emergent architectural attributes – in price formation. It was observed that the interaction between land value and architectural characteristics generates property price through circular causality, where there is a certain typology for each location that can produce submarkets. In this sense, sustainability attributes effectively influence the creation of value – but not linearly – which clearly suggests the presence of housing submarkets according to price level, and a new element in the relationship between land and architectural attributes.Postprint (published version

Fiscal and Monetary Policy in Optimal and Non-optimal Currency Areas: The Discussion between Austerity and Countercyclical Policy

AbstractFrom 2010 there is a wide debate in the academic field on the topic of economic policy. Supporters of contractionary policies have had the political power to apply them absolutely in Europe. According to supporters of this current the problem is not the current deficiency in demand but on trust referring to the confidence of financial investors, confidence that will be regain through fiscal responsibility, which means, cut in public spending and punctual payment of the public debt. It doesńt matter that the investors represent less than 5% of total population and austerity affects more than 95% of people. The results that we will see in this paper clearly show the failure of austerity measures and, therefore, surprises the persistence of its promoters defending them and even worse, keeping them operating

Foreign Direct Investment and Gross Domestic Product Growth

AbstractIt has been assumed that foreign direct investment (FDI) is an important factor of economic growth (EG). The reason for this is that as investment is the dynamic element of gross domestic product (GDP), therefore, FDI is the independent variable and GDP growth the dependent. Recent studies in Argentina and Mexico have shown by the contrary that the consistent increase of GDP is the attractor of FDI. In our investigation we include other countries: China, Brazil, South Korea and Peru beside Mexico and the results are consistent with the prior studies and were proved empirically by testing causality in the Granger sense, adjusted by Toda and Yamamoto's method using the software e-views. We found that FDI, as a percentage of total gross fixed capital formation (GFCF), is so small that it has only a marginal influence in economic growth. In this paper we show only the econometric results for China

Are consumers willing to pay more for residential energy efficiency in emergent markets?

In most of the countries, energy efficiency has been delegated to the dynamics of real estate markets, after regulating a minimum legal (although not optimal) efficiency level. So, it is expected that high efficient housing stock receives a market premium that, at least, equals the over-cost invested in improved thermal insulation and more efficient appliances. Theoretically, under such a mechanism developers are fostered to promote sustainable housing schemes. Nonetheless, the question of whether residential users do pay more for more sustainable housing remains to be explored in emergent markets where green labelling is still not legally implemented. This paper explores the impact of energetic efficiency of housing on demand’s willingness to pay in Santiago de Chile. In doing so a contingent valuation approach is used in order to extract the structure of preferences for different levels of energetic efficiency for the residential market of houses. Results reveal that a significant proportion of respondents are willing to pay (WTP) a quantity that surpasses the cost of green investment. The results of a regression model aimed to explain the factors that lay behind WTP suggest that it is positively influenced by: income level (indirectly measured by the price range of the requested house), educational level and demographics, being households with small children who pay the most. These results have important implications on the design of public policies aimed to improve the energetic efficiency of new housing developments

Real estate and sustainable construction: private perspectives for progress in energy regulation of a liberalised market

In real estate markets such as Santiago de Chile where energy efficiency certificates are not mandatory, incorporating solutions that respond to the growing demand for sustainability entails a natural tension between their acceptance as necessary measures and the way they are addressed by the market. Under this mechanism, the market has introduced housing features that are communicated individually through real estate marketing. Energy efficient elements are more commonly seen in higher-end homes, where they are treated as standard features, while they are still considered innovations at the lower end of the housing market. However, it has been shown that energy efficient features decline in relative importance over time, ceasing to be considered marks of distinction. In contrast, energy efficiency certification shows great potential for generating a proposal to create sustainable value over time, particularly due to its ability to objectively communicate a buildings’ energy performance. This suggests that this model should be reviewed from a public policy perspective, with the understanding that the current voluntary standards must compete with other features, in addition to improving the minimum required standards.Postprint (published version

Modelos animales en anfibios

Un modelo animal es aquel que emplea animales de especies distintas a la humana, seleccionados por sus características específicas, para ser utilizados en investigación o docencia. En el diseño de los mismos las claves son la elección de la especie animal y la viabilidad de extrapolación de los datos obtenidos a la especie en que se vayan a aplicar los resultados obtenidos. En este trabajo se revisan los aspectos anatómicos, fisiológicos y ecológicos que han convertido a algunas especies de anfibios en unas de las más utilizadas como modelos animales en experimentación dentro de campos diversos (fisiología, toxicología): facilidad de mantenimiento en cautividad, excelente adaptabilidad a diversos hábitats, elevada prolificidad, capacidad de regeneración de tejido y gran sensibilidad de los individuos adultos y de sus embriones a los cambios del medio ambiente. Así mismo, se hace una revisión de las especies más utilizadas por campos de investigación.An animal model is a non-human animal useful for research and teaching because it has specific characteristics that resemble a human or superior animal. In the design of those animal models, the keys are the election of the correct species and the viability to extrapolate the data obtained to the species in which these are going to be used. In this work the anatomic, physiologic and ecological aspects that turn some of the amphibian species in the most employed animal models in investigation are reviewed. These are: easy breeding, tolerance to diverse habitats, high prolificity, phylogenetic and ecological diversity, tissue regeneration capability, unique ability to undergo metamorphosis, high sensitivity to climatic and habitat changes. The most important amphibian models used in research are reviewed in this article

Energy-efficient real estate or how it is perceived by potential homebuyers in four Latin American countries

This article analyses how energy efficiency regulatory frameworks have been developed in Argentina, Brazil, Mexico and Chile, within a context of developing countries, and it discusses if this context has been able to influence a culture of buildings’ energy efficiency in consumers. An online survey was applied to consumers who wanted to buy a house, aiming to understand their position regarding sustainability, and the role of the state versus the individual role, among other issues. The aim of the study is to identify consumer’s perception of energy efficiency and sustainability to promote a future research agenda in the Latin American context. In general, consumers value sustainability, except when they are presented in opposition to economic growth and social protection. However, it is possible to identify differences between Chile, with an established neoliberal economy, and countries that have economies in transition. Indeed, Argentina and Brazil show differences in terms of the role of the State, or the thermal comfort, which is considered a matter of habits rather than a mere technological problem. For driving more sustainable behaviours, consumers should be engaged in the implementation of these standards, creating a twofold process including homebuyers on one hand and mandatory requirements on the other.Peer ReviewedPostprint (published version

Comportamiento termico de edificios de departamentos en Santiago de Chile: segmentación de nichos en el mercado inmobiliario privado a partir de las exigencias de la reglamentación térmica nacional

Santiago, capital de la República de Chile, se sitúa en el valle central del país en los 33º 27’ de latitud sur y 70º 42’ de longitud oeste, presentando un clima templado cálido con una estación seca prolongada de 7 a 8 meses de duración. La temperatura media anual es de 12,2°C y la oscilación térmica es considerable: hay casi 13°C de diferencia en la temperatura media entre el mes más cálido (enero) y el más frío (julio) y la diferencia entre las medias de las temperaturas máximas y mínimas para todos los meses del año fluctúan entre 10 y 16°C. De acuerdo a datos del Instituto Nacional de Estadísticas de Chile (INE), el 37,4% de los permisos de edificación de viviendas nuevas del 2006, declara que el ladrillo es su material predominante de muros, mientras que otro 36,0% está asociado con el hormigón armado. Dada la generalmente nula presencia de aislación térmica en estos sistemas constructivos y su alta inercia térmica de absorción, se podría esperar para Santiago un comportamiento térmico - en términos de confort - más bien desfavorable en invierno y favorable en verano. Sin embargo, estudios recientes presentan un escenario opuesto, dado que un gran porcentaje de usuarios encuestados acusa un alto nivel de sobrecalentamiento en sus viviendas. Esta aparente contradicción podría entenderse desde las limitaciones propias de esta base datos del INE del año 2006, puesto que por ejemplo, no refleja el impacto de la implementación de la 2° etapa de la Reglamentación Térmica nacional. Esta regulación, en vigencia desde enero de 2007, establece valores máximos de transmitancia térmica admisible para los diversos elementos de la envolvente de una vivienda. A partir del valor exigido en muros en Santiago (1,9 W/m2K), los nuevos edificios de departamentos han tenido que necesariamente incorporar al menos 10 mm de aislante térmico en su envolvente vertical, modificando su comportamiento térmico tanto en invierno como en verano.Este artículo propone la simulación del desempeño energético y condiciones de confort térmico para invierno y verano, de edificios de departamentos en Santiago para estratos socioeconómicos medios y medios altos, con el objetivo de establecer los impactos de las soluciones constructivas adoptadas en estos. Estas simulaciones numéricas se realizarán sobre tipologías de productos de vivienda ofertadas en el mercado privado durante el periodo 2006-2007, incorporando su materialidad y los datos de mercado, precios y atributos inmobiliarios, según datos de oferta del Portalinmobiliario.com. Estas tipologías de vivienda se traducirán en nichos, los cuales serán determinados a partir de la generación de grupos homogéneos de viviendas mediante a la técnica de generación de conglomerados, sobre las variables de cada producto inmobiliario. Estos grupos de viviendas se encontrarán en los mismos sub mercados inmobiliarios, evaluándose diferentes combinaciones de atributos asociados a las materialidades. Las simulaciones numéricas del comportamiento térmico en invierno y en verano, se realizan mediante el software de evaluación de desempeño energético TAS, mediante un sistema dinámico que calcula las condiciones de las viviendas en régimen horario, evaluando las condiciones de confort térmico. Se espera probar que las soluciones técnico-arquitectónicas actuales, y su interpretación de la Reglamentación Térmica vigente, generan desfavorables condiciones de confort independiente del nicho de mercado donde estén compitiendo. Estas conclusiones permitirán establecer desafíos y oportunidades para el mercado inmobiliario privado, tanto en términos de tecnología de la construcción, como en el diseño arquitectónico, permitiendo el desarrollo de nuevas propuestas para integrar las exigencias de la Reglamentación Térmica nacional a la realidad del mercado de vivienda privada.Santiago de Chile (33°27’S and 70°42’W), capital city of the country, is placed in the central valley. It has a Mediterranean climate with a long dry season (between 7 and 8 months). Its annual average temperature is 12,2°C, whereas the thermal oscillation is considerable: there is almost 13°C between January and July average temperatures (hottest and coldest months, respectively) and the difference between maximum and minimum temperatures ranges between 10°C and 16°C during all the year. According to the National Statistics Institute, 37.4% and 36.0% of new housing during 2006 were built using mainly brick masonry and concrete in their walls, respectively. In both cases, thermal insulation was not generally considered. On the contrary for the heating period, a favorable thermal performance in summer should be expected (low thermal insulation in combination to high thermal mass). However, some recent studies show the completely opposite scenario, since an important percentage of users declare overheating in their own dwellings. This apparent contradiction could be understood from a database limitation, due to these official data do not reflect the impact of the current thermal regulation, which is in force since January 2007. Notwithstanding the required standards are weak in comparison to the international state-of-art (e.g. 1,9 W/m2K as maximum U-value for walls in Santiago), nowadays apartment buildings in Santiago are including at least 20 mm of thermal insulation in their walls to give compliance to the code. This paper proposes a series of dynamic thermal simulations to apartment buildings in Santiago, with the aim of establish the impact of different constructive solutions by means of thermal behavior, both in winter and summer. These digital models are statistically based on the typologies offered in the private real estate market during both periods 2001-2002 and 2006-2007, according to a database from Portalinmobiliario.com. These were determined using a multivariate analysis of their attributes – producing homogeneous market niches - through the hierarchical clustering technique. These homogeneous niches were identified in the real estate private submarkets, assessing different attributes. Thermal simulations were made using the TAS software, a dynamic-state digital tool. According to the results, the implementation of the thermal regulation – intended mainly to reduce heating consumption – have produced unfavorable comfort conditions in all the studied market niches, in comparison with the business as usual scenario. These conclusions allow establishing challenges and opportunities for the private real estate market, in order to integrate new thermal regulations with the private market reality.Peer Reviewe

El impacto de los proyectos inmobiliarios y sus atributos de sustentabilidad sobre el valor del suelo: ¿causa o consecuencia? dos estudios de casos para Santiago de Chile.

Desde la perspectiva de los desarrolladores existe la hipótesis arraigada que la localización acaba condicionando las principales determinantes de los proyectos inmobiliarios. Ante dicho paradigma se confronta la teoría de la renta ofertada según la cual el suelo recibe valor de aquello a lo que da soporte, expresado por medio de atributos arquitectónicos. A la luz de dos estudios de casos en Santiago se pretende estudiar la relación que existe entre el valor del suelo y el valor inmobiliario con el objetivo de identificar el sentido de esta causalidad, a la vez de establecer el rol que juegan los atributos de sustentabilidad – como expresión de atributos arquitectónicos emergentes – en la conformación del precio. Se observó que el valor del inmueble es producto de la interacción entre el valor del suelo y las características arquitectónicas generada a través de una causalidad circular, donde a cada localización le corresponde una tipología que puede producir submercados. En este sentido, los atributos de sustentabilidad efectivamente influyen en la formación de valor, pero no de forma lineal, sugiriendo claramente la existencia de submercados de vivienda acordes a los niveles de precios, y constituyendo un nuevo elemento en la relación entre suelo y atributos. From the point of view of developers, there is the belief that location determines the main characteristics of real estate projects. On the contrary, the bid rent theory proposes that land receives value from that which it supports, as expressed by means of architectural attributes. In light of two case studies in Santiago, Chile, the relationship between land value and real estate value was studied with the aim of identifying the meaning of this causality and the role of sustainability characteristics – as an expression of emergent architectural attributes – in price formation. It was observed that the interaction between land value and architectural characteristics generates property price through circular causality, where there is a certain typology for each location that can produce submarkets. In this sense, sustainability attributes effectively influence the creation of value – but not linearly – which clearly suggests the presence of housing submarkets according to price level, and a new element in the relationship between land and architectural attributes.&nbsp

Evolución del estereotipo del personaje homosexual masculino en tres películas peruanas de las tres últimas décadas, Lima, 2019

En esta investigación se analizó la evolución de la construcción de los personajes homosexuales masculinos en el cine peruano de las tres últimas décadas, ordenada a partir del estudio de la caracterización de los personajes. Con el pasar de los años, la homosexualidad masculina ha obtenido una mayor importancia en la cinematografía peruana, su representación en la gran pantalla ha estado adaptándose y modificándose con el tiempo plasmando una imagen de la opinión de la sociedad peruana. El presente estudio está abordado desde el enfoque cualitativo, presenta el diseño interpretativo y estudio de caso. Para poder realizar el análisis de este estudio se ha seleccionado a los personajes homosexuales masculino de cada cinta cinematográfica de diferente década y se hizo un análisis. Para finalmente se armó un cuadro comparativo para constatar la evolución de cómo se retrata la imagen del personaje homosexual masculino. Concluyendo en que los personajes van mostrando una mejor relación con sus entornos sociales. Mayor diversidad tanto étnica, estética y socioeconómica en la representación de los personajes. Dejan de ser personajes caóticos con actitudes conformistas y con conflictos internos por no aceptar su homosexualidad para ser personajes más decididos y fuertes con sus convicciones adaptando actitudes de rebelión