Preventing financial disasters: Macroprudential policy and financial crises

The ultimate goal of macroprudential policy is to prevent and reduce the costs of systemic financial crises, and thus contribute to promoting sustainable economic growth. However, despite the active role played by such policies in recent decades, there is still limited empirical evidence regarding whether prudential regulation is effective to enhance financial stability by preventing and mitigating crisis risk. This paper seeks to close that gap by studying the relationship between macroprudential policy and both the likelihood and severity of financial crises. The contribution of the paper is twofold. First, I show that macroprudential policy tightenings are successful at reducing the frequency of systemic financial crises. Moreover, this result holds even if macroprudential policies are implemented when the economy is already experiencing a financial boom or when monetary conditions are rather accommodative. I point to the prevention and mitigation of financial booms as the main transmission mechanism through which macroprudential policy defuses crisis risk. Second, I find that macroprudential policy enhances the resilience of the financial system, by dampening the output losses associated with future systemic financial crises. The latter result implies that macroprudential policy not only makes financial crises less likely, but also less painful

A Practical Case of Software Localization after System Development

Internationalization of software as a previous step for localization is usually taken into account during early phases of the life-cycle of software development. However, the need to adapt software applications into different languages and cultural settings can appear once the application is finished and even in the market. In these cases, software localization implies a high cost of time and resources. This paper shows a real case of a existent software application, designed and developed without taking into account future necessities of localization, whose architecture and source code were modified to include the possibility of straightforward adaptation into new languages. The use of standard languages and advanced programming languages has permitted the authors to adapt the software in a simple and straightforward mode

La tensión entre educación y economía desde la perspectiva de Adam Smith

This paper analyzes Smith's theory compared to the analyses present in the theories of economics of education and philosophy of education.  Adam Smith argues that education plays an essential role in the evolution and development of market societies. For Smith, education is not an aggregate of economic relations. Still, it intervenes to account for the pathologies that the market society develops in its evolution, related to ignorance, stupidity and the loss of sociability. This sense of pertinence is compared with that proposed by contemporary educational policies in higher education, from the analysis of the economics of education, which end up developing proposals that are functional to socio-economic logic. The perspective of education as a space for resolving pathologies is similar to the positions of the philosophy of education developed by Dewey and Mill, which, according to Kitcher (2009), seek to increase public knowledge for society. Smith's approach is adequate to understand the place of education in societies where mercantile logics predominate; however, his practical solutions are inadequate because they end up reproducing what he wants to avoid, the pathologies of the market. In this sense, the purpose is in tension with its applicability; this tension is nothing more than a sample of the problems that the market society develops when it tries to position education in the life space of society.Este documento examina la teoría de Smith en comparación con los análisis presentes en las teorías de economía de la educación y de la filosofía de la educación. Adam Smith plantea que la educación desempeña un papel esencial en la evolución y el desarrollo de las sociedades de mercado. Para Smith, la educación no es un agregado de las relaciones económicas, sino que interviene para dar cuenta de las patologías que la sociedad mercantil genera en su evolución, relacionadas con la ignorancia, la estupidez y la pérdida de sociabilidad. Este sentido de pertinencia se confronta con el propuesto por las políticas educativas contemporáneas en educación superior, desde los análisis de la economía de la educación, que terminan por desarrollar propuestas funcionales a las lógicas socioeconómicas. La perspectiva de la educación como espacio para la solución de patologías se vuelve afín a las posturas de la filosofía de la educación abordadas por Dewey y Mill que buscan, al decir de Kitcher (2009), el aumento del conocimiento público para la sociedad. El planteamiento de Smith es adecuado para entender el lugar de la educación en sociedades donde predominan lógicas mercantiles; sin embargo, sus soluciones prácticas son inadecuadas porque terminan reproduciendo lo que quiere evitar: las patologías del mercado. En este sentido, el propósito entra en tensión con su aplicabilidad, y esta tensión no es más que la muestra de los problemas que surgen en la sociedad de mercado cuando se pretende posicionar a la educación en el espacio de vida de la sociedad

Macroprudential Policy in the Euro Area

It is now widely accepted that monetary authorities should have a mandate to safeguard financial stability and that macroprudential policies should be an integral part of such a mandate. However, our understanding of the effectiveness of macroprudential policies and their impact on monetary policy target variables and, more broadly, on macroeconomic outcomes, is still limited. This paper addresses that gap and examines the development and impact of macroprudential policies in the euro area. The contribution of the paper is twofold. First, we construct a novel index that captures the stance of the macroprudential policy and we highlight its main stylised facts since the inception of the euro in 1999. Second, we employ a combination of a narrative approach and a structural VAR method to identify both unanticipated and anticipated exogenous variations in macroprudential policies. Our results show that unanticipated or surprise shocks and anticipated or news macroprudential policy shocks exhibit differentiated effects on macroeconomic variables and that they both contribute over the medium term to safeguard financial stability. We also nd significant linkages between monetary and macroprudential policies over a sample period that includes events such as the great financial crisis and the sovereign debt crisis

Open Source Web Software Architectures for Geo-graphic Information Systems: A Systematic Mapping Study

Abstract. A geographic information system is an organized integration of hardware, software and geographic data designed to collect, store, manipulate, analyze and present geographically referenced information. In the development of applications web the software architecture are very important aspect when developing complex software efficiently. This research shows a mapping study which objective is know the state of the art of the software architectures of the geographic information systems for open source web environments. The results show that 74.19% of contributions are integrations of existing open source components, 16.13% add tools to the software architecture, and 9.68% integrate new methods to solve or improve algorithms that are part of the architecture. This indicates that further research is needed to experience new tools and/or new algorithms to solve or improve existing ones

Estudio de prefactibilidad para la instalación de una planta productora de stevia rebaudiana (Stevia rebaudiana)

En los últimos años tanto el Perú cómo la región ha tornado hacia alternativas más saludables de consumo, el presente trabajo busca evaluar la factibilidad de implementar un proyecto que aproveche económicamente un reemplazo del azúcar por Stevia. El capítulo I del trabajo abordará los objetivos y problemáticas, la hipótesis del trabajo será justificada en base al marco referencial y conceptual. Actualmente en el Perú el edulcorante de preferencia es la azúcar, punto que fue corroborado por medio de la encuesta, sin embargo, la tendencia de sustitución del azúcar por otros edulcorantes irá creciendo a raíz de la ley de alimentación saludable. Para determinar la ubicación de la micro localización y macro localización se hizo uso del ranking de factores, el resultado de estas evaluaciones fue que la planta de producción sería localizada en la ciudad de Lima, en el distrito de Lurigancho. El tipo de tecnología seleccionado fue el método de filtración por membranas, patentado por Kuttowy en 1999, ya que presentaba mayores ventajas para el proyecto. La capacidad de producción de la planta es de 5,19 toneladas anuales de producto terminado, aproximadamente 297 mil dosificadores. Por otra parte, la disposición de la planta fue elaborada en base al método Guerchet y al análisis relacional de las áreas. En el capítulo VI se determina la estructura organizacional de la empresa, así como el salario de los empleados. En el capítulo VII y VIII se realiza la estructura financiera de la empresa, así como análisis de sus principales indicadores. Los resultados de estos análisis indican que son necesarios 4 años y un mes para recuperar la inversión puesta sobre la empresa, se obtiene un VAN financiero de 1,3 millones de soles, así como un TIR de 48,05%. De estos indicadores se puede concluir que el proyecto es viable.Nowadays Peruvian population has been variating their consumption habits, frequently choosing those options with lower caloric values, or opting for more naturally produced food. That trend is expected to be satisfied by the launch of new products and the increased market share of others. The first chapter of this investigation will cover the objectives and problematics, the hypothesis will be justified based on a referential and conceptual framework. Nowadays the most consumed sweetener is sugar, a fact which was confirmed by the pool, although the trend of replacing sugar with other healthier sweeteners will continue raising as the new law of “Healthy Nutrition” was issued in 2019. The factor ranking was used to determine the location of the micro location and macro location. The result of these evaluations was that the production plant would be in the city of Lima, in the Lurigancho district. The type of technology selected was the membrane filtration method, patented by Kuttowy in 1999, since it had greater advantages for the project. The plant's production capacity is 5,19 tons per year of finished product, approximately 297 thousand dispensers. On the other hand, the layout of the plant was elaborated based on the Guerchet method and the relational analysis of the areas. Chapter VI determines the organizational structure of the company, as well as the salary of the employees. Chapter VII and VIII perform the financial structure of the company, as well as analysis of its main indicators. The results of these analyzes indicate that it takes 4 years and a month to recover the investment placed on the company, obtaining a financial NPV of 1,3 million soles, as well as an IRR of 48,05%. From these indicators it can be concluded that the project is viable

Beneficial bile acid metabolism from Lactobacillus plantarum of food origin

Bile acid (BA) signatures are altered in many disease states. BA metabolism is an important microbial function to assist gut colonization and persistence, as well as microbial survival during gastro intestinal (GI) transit and it is an important criteria for potential probiotic bacteria. Microbes that express bile salt hydrolase (BSH), gateway BA modifying enzymes, are considered to have an advantage in the gut. This property is reported as selectively limited to gut-associated microbes. Food-associated microbes have the potential to confer health benefits to the human consumer. Here, we report that food associated Lactobacillus plantarum strains are capable of BA metabolism, they can withstand BA associated stress and propagate, a recognised important characteristic for GIT survival. Furthermore, we report that these food associated Lactobacillus plantarum strains have the selective ability to alter BA signatures in favour of receptor activation that would be beneficial to humans. Indeed, all of the strains examined showed a clear preference to alter human glycol-conjugated BAs, although clear strain-dependent modifications were also evident. This study demonstrates that BA metabolism by food-borne non-pathogenic bacteria is beneficial to both microbe and man and it identifies an evolutionary-conserved characteristic, previously considered unique to gut residents, among food-associated non-pathogenic isolates

The computer as a tool for the writer: the quest for the "right" word

This symposium paper discusses the role of dictionaries in the process of writing and the effects of computerization. The authors include examples of several different hypothetical lexical searches and their outcomes, based on a writer's needs, and argue that these relationships differ from what is to be found in lexicons. A key point is that writers often want to break habits of thought, predigested thinking and prejudice, in which case dictionaries will not directly serve their writing requirements. The dictionary could be seen as a decision support system for writing, with a computerized system that tracks what has been written and suggests ideas based on the evolving text or on dictionary searches carried out or attempted by the writer

A mão invisível de Smith. Uma abordagem a partir da análise metafórica

The invisible hand of the market is the metaphor that founds the modern economy. Indeed, Adam Smith’s reference in The Wealth of Nations to the selfregulation capacity of the market marks, in some way, the theoretical and practical developments of the economy. We use two interpretations of the invisible hand metaphor: unintended consequences and divine order, which lead us to reflect on the role of this metaphor in economic science. In this context, the article shows the potential and multifunctionality of the invisible hand of the market. Methodologically, the analysis proposed by Andrew Goatly on metaphor in discourse is used as a valuable resource to explain abstract concepts.La mano invisible del mercado es la metáfora que funda la economía moderna.En efecto, la referencia de Adam Smith en La Riqueza de las naciones a la capacidad de autorregulación del mercado signa, de alguna manera, los desarrollos teóricos y prácticos de la economía. Utilizamos dos interpretaciones de la metáfora de la mano invisible: consecuencias no buscadas y orden divino, que llevan a reflexionar acerca del papel que cumple dicha metáfora en la ciencia económica. En este contexto, el artículo muestra la potencialidad y multifuncionalidad de la mano invisible del mercado. Metodológicamente se utiliza el análisis propuesto por Andrew Goatly sobre la metáfora en el discurso, como un valioso recurso para explicar conceptos abstractos.A mão invisível do mercado é a metáfora que funda a economia moderna.Com efeito, a referência de Adam Smith em A Riqueza das Nações à capacidade de autorregulação do mercado marca, de alguma forma, os desenvolvimentos teóricos e práticos da economia. Utilizamos duas interpretações da metáfora da mão invisível: consequências não intencionais e ordem divina, que nos levam a refletir sobre o papel dessa metáfora na ciência econômica. Nesse contexto, o artigo mostra o potencial e a multifuncionalidade da mão invisível do mercado. Metodologicamente, a análise proposta por Andrew Goatly sobre a metáfora no discurso é utilizada como recurso valioso para explicar conceitos abstratos

La mano invisible de Smith. Un acercamiento a partir del análisis metafórico

La mano invisible del mercado es la metáfora que funda la economía moderna. En efecto, la referencia de Adam Smith en La Riqueza de las naciones a la capacidad de autorregulación del mercado signa, de alguna manera, los desarrollos teóricos y prácticos de la economía. Utilizamos dos interpretaciones de la metáfora de la mano invisible: consecuencias no buscadas y orden divino, que llevan a reflexionar acerca del papel que cumple dicha metáfora en la ciencia económica. En este contexto, el artículo muestra la potencialidad y multifuncionalidad de la mano invisible del mercado. Metodológicamente se utiliza el análisis propuesto por Andrew Goatly sobre la metáfora en el discurso, como un valioso recurso para explicar conceptos abstractos