9,774 research outputs found
Mortgage defaults
We incorporate house price risk and mortgages into a standard incomplete market (SIM) model. We calibrate the model to match U.S. data and we show that the model also ac- counts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage default rate. In addition, we show that the average coefficients that measure the agents' ability to self-insure against income shocks are similar to those of a SIM model without housing (as presented by Kaplan and Violante, 2010). However, incorporating housing increases the values of these coefficient for younger agents, which narrows the gap between the SIM model's implications and the data. The response of consumption to house price shocks is minimal. We also study the effects of default prevention policies. Introducing a minimum down payment requirement of 15% reduces defaults on mortgages by 30%, reduces the home ownership rate up to only 0.2 percentage points (if the aggregate house price level does not adjust), and may cause house prices to decline up to 0.7% (if home ownership does not adjust). Garnishing defaulters' income in excess of 43% of median consumption for one year produces a similar decline in defaults; but, since it reduces the median equilibrium down payment from 19% to 9%, it boosts home ownership up to 4.3 percentage points (if the aggregate house price level does not adjust) and may increase house prices up to 16.1% (if home ownership does not adjust). The introduction of minimum down payments or income garnishment benefit a majority of the population.Mortgage loans ; Default (Finance)
Sampling Theorem and Discrete Fourier Transform on the Hyperboloid
Using Coherent-State (CS) techniques, we prove a sampling theorem for
holomorphic functions on the hyperboloid (or its stereographic projection onto
the open unit disk ), seen as a homogeneous space of the
pseudo-unitary group SU(1,1). We provide a reconstruction formula for
bandlimited functions, through a sinc-type kernel, and a discrete Fourier
transform from samples properly chosen. We also study the case of
undersampling of band-unlimited functions and the conditions under which a
partial reconstruction from samples is still possible and the accuracy of
the approximation, which tends to be exact in the limit .Comment: 22 pages, 2 figures. Final version published in J. Fourier Anal. App
La Terminación de las Relaciones Colectivas e Individuales de Trabajo de Luz y Fuerza del Centro como consecuencia del Decreto de Extinción.
El presente trabajo contiene imágenes.En el presente documento se analiza la historia del organismo descentralizado Luz y Fuerza del Centro, su origen, su desarrollo y su posterior extinción, como consecuencia de su desincorporación de la administración pública federal, los hallazgos que derivaron de este último suceso, y cuales han sido los efectos de esta decisión tomada por el ejecutivo federal
Towards the implementation of a preference-and uncertain-aware solver using answer set programming
Logic programs with possibilistic ordered disjunction (or LPPODs) are a recently defined logic-programming framework based on logic programs with ordered disjunction and possibilistic logic. The framework inherits the properties of such formalisms and merging them, it supports a reasoning which is nonmonotonic, preference-and uncertain-aware. The LPPODs syntax allows to specify 1) preferences in a qualitative way, and 2) necessity values about the certainty of program clauses. As a result at semantic level, preferences and necessity values can be used to specify an order among program solutions. This class of program therefore fits well in the representation of decision problems where a best option has to be chosen taking into account both preferences and necessity measures about information. In this paper we study the computation and the complexity of the LPPODs semantics and we describe the algorithm for its implementation following on Answer Set Programming approach. We describe some decision scenarios where the solver can be used to choose the best solutions by checking whether an outcome is possibilistically preferred over another considering preferences and uncertainty at the same time.Postprint (published version
Bolivia landlocked; a long search for solutions
La falta de salida al mar de Bolivia, supone un inmenso desafío y una desventaja notable para esta nación en diferentes sentidos. A más de un siglo de perder su soberanía al mar, en la Guerra del Pacífico, se siguen presentando polémicas entre las naciones latinoamericanas en torno a este tema, que ponen en riesgo la estabilidad y el equilibrio regional que se ha mantenido durante años. El actual momento de esta situación está marcado por la demanda de Bolivia ante la Corte Internacional de Justicia (CIJ) de la Haya, lo cual ha tensionado sus relaciones con Chile y nos lleva a plantear la hipótesis que en un corto plazo Bolivia no obtendrá salida al mar producto de un tratado bilateral que le conceda esta posibilidad, por razones que se explicarán más adelante.Lack of landlocked Bolivia is a huge challenge and a significant disadvantage to this nation in different ways. More than a century to lose this power in the Pacific War, there continue to be controversial among Latin American nations on this issue, which endanger the stability and regional balance that has been maintained for years at risk. The current time of this situation is marked by the demand for Bolivia before the International Court of Justice (ICJ) in The Haya, which has strained relations with Chile and leads us to hypothesize that in a short term Bolivia will not get out sea product of a bilateral treaty to provide this opportunity for reasons that will be explained later.Pregrad
Contextualización, definición y características de la gimnasia acuática
El análisis de la evolución de las prácticas físicas de ocio en nuestra sociedad, nos revela que las actividades acuáticas de acondicionamiento físico saludable a través de la música y la recreación se consolidan de manera importante. Tales propuestas, debido a nuevos planteamientos conceptuales y modos de actuación de la actual sociedad, se entienden de manera ecléctica, superando las limitaciones que aportaban otros modelos tradicionales. En consecuencia, ha surgido una amplia variedad de opciones de ejercitación que necesitan ser ubicadas, definidas y delimitadas con precisión para garantizar que dicho avance cuantitativo también lo sea a nivel cualitativo, de tal forma que se pueda tutelar adecuadamente este emergente proceso
Rafael Gasset y la política hidráulica de la Restauración, 1900-1923
Este trabajo plantea una nueva visión del reformismo agrario llevado a cabo
desde el Gobierno durante la Restauración. Esta revisión se centra en el estudio de
las aportaciones de Rafael Gasset, el sempiterno ministro de Fomento restauracionista
—lo fue nueve veces entre 1900 y 1923—, a la solución de la llamada
cuestión agraria en el período histórico iniciado en la coyuntura crítica del 98 y finalizado
con la liquidación del sistema del turno de partidos en septiembre de
1923. El análisis de las causas de lo que hemos denominado como fracaso de la
puesta en práctica de la política agraria hidráulica en los años de vigencia del régimen
canovista —a nuestro juicio de carácter esencialmente político—, así como las
paradójicas razones que explican su continuidad histórica y éxito efectivo durante
las dictaduras primorriverista y franquista, sirve, por añadidura, para esbozar algunas
hipótesis que nos permiten entender mejor la naturaleza de estos regímenes
históricos.This work offers a new vision of the agrarian reformism carried out by the Government
during the Restauracion. This revision focusses on the study of the contributions
of Rafael Gasset, the everlasting mínister of Fomento during the Restauración
—a duty he occupied nine times between 1900 and 1923— to the
solution of so called agrarian question in the histórical period which started in the
critical moment of 98 and finished with the liquidation of the turno de partidos system
in september 1923. The analysis looks at the reasons of the failure of the hydraulic
agrarian policy during the years of the Canovite system —in our opinión essentially polítical—, as well as to the reasons that explain its histórical continuity
and success during the dictatorships of Primo de Rivera and Franco; it also serves
to establish some hiypothesis with allow us to understand better the nature of
these historical regimes.Publicad
Plan de negocios para montaje de una planta de producción de arneses de uso automotriz Arneses Automotrices del Ecuador
The business plan proposes the creation of a production of automotive harnesses to provide companies that assemble vehicles locally. The developed plan consider the reality of the automotive environment in Ecuador, where government regulations require a change in the productive matrix, promoting the development and production of goods and services in the country. Additionally regulations limiting the import of vehicles and parts for local assembly, it is required by COMEX. (Comité de Comercio Exterior)
The business is consider a volume of 42500 units assembled annually, regulated by COMEX. The volume in cash market value exceeds 1.86 million US dollars, with a discount rate of 19.34%, the balance point in the first year is 15,265 units produced, and requires an initial investment of 24.000.000 de dólares en un año, considerando el abastecimiento para el ensamblaje de automóviles, camionetas (Pick Up) y SUV´s.
El proyecto tiene una Valor Presente Neto de 1.535.000 dólares.
Como se puede ver el proyecto bajo las condiciones y premisas presentadas en rentable, siendo una oportunidad de inversión
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