Contractual savings for housing : How suitable are they for transitional economies?

Problems of developing financial services for housing are acute in transitional socialist economies. The authors examine contractual savings for housing (CSH), which are often advocated as a primary solution, especially in Central and Eastern European countries. A CSH instrument links a phase of contractual savings remunerated at below-market rate to the promise of a housing loan at a rate also fixed below market at the time the contract is signed. This contract can contain a variety of options. CSH were used very successfully in Europe after World War II. The issue today is not whether such specialized instruments can work. They clearly can under low inflation. The issue is whether CSH systems are advisable today in latecomer countries with vastly different financial technology and financial policy environments. The authors focus on two influential CSH systems: the"closed"German Bausparsystem and the"open"French epargne-logement. In a"closed"CSH system, access to a housing loan is based on queuing: a loan can be made only if funds are available in the specialist institution. In an"open"system, the saver can legally call his or her loan at contract maturity, regardless of the liquidity conditions in the CSH system. From the perspective of households, CSH contracts facilitate the accumulation of equity and offer the prospect of a low-interest loan. They promote savings discipline and provide a concrete goal that many households find important. But CSH instruments leave the objective of providing a primary loan unmet. In additon, even moderate inflation quickly leads to very low loan-to-value ratios for CSH loans and a large financing gap for housing purchases. From the perspective of financial institutions, CSH can help overcome the severe information asymmetries they face in transitional socialist economies, where there are no retail financial markets, no credit bureaus, problematic income reporting. CSH are very effective in screening, monitoring, and establishing the reputation of steady savers as future borrowers, and they are good at lowering credit risks. With their saving periods of four to five years, CSH also help bridge the gap between long-term loans and short-term deposits. Finally, CSH can be an important commercial tool for developing cross-lending activities. But CSH can be risky. When the interest rate on outstanding contracts is low compared with current market rates, holders of mature contracts will want to call their loans. And new savers will be reluctant to sign on at very low contract rates. Eliminating this liquidity risk with a"closed"CSH system erodes the attractiveness of CSH. From the perspective of government, a CSH instrument can work in a noninflationary environment, yet a CSH system would have no justification in fully developed and competitive financial markets today. CSH instruments can play a useful but not a dominant role in housingfinance. After stabilization, they can overcome information constraints on financial contracts, and contribute to higher financial savings rates. CSH instruments are best used to finance home improvements. They can also be used as part of a social policy to reach targeted social groups.Financial Intermediation,Banks&Banking Reform,Payment Systems&Infrastructure,Public Sector Economics&Finance,Housing Finance,Public Sector Economics&Finance,Banks&Banking Reform,Housing Finance,Financial Intermediation,Non Bank Financial Institutions

Symmetrization in jellyfish: reorganization to regain function, and not lost parts

We recently reported a previously unidentified strategy of self-repair in the moon jellyfish Aurelia aurita. Rather than regenerating lost parts, juvenile Aurelia reorganize remaining parts to regain essential body symmetry. This process that we called symmetrization is rapid and frequent, and is not driven by cell proliferation or cell death. Instead, the swimming machinery generates mechanical forces that drive symmetrization. We found evidence for symmetrization across three other species of jellyfish (Chrysaora pacifica, Mastigias sp., and Cotylorhiza tuberculata). We propose reorganization to regain function without recovery of initial morphology as a potentially broad class of self-repair strategy beyond radially symmetrical animals, and discuss the implications of this finding on the evolution of self-repair strategies in animals

Alpine topography of the Gamburtsev Subglacial Mountains, Antarctica, mapped from ice sheet surface morphology

Landscapes buried beneath the Antarctic Ice Sheet preserve information about the geologic and geomorphic evolution of the continent both before and during the wide-scale glaciation that began roughly 34×106 years ago. Since the inception of this ice sheet, some areas have remained cold-based and non-erosive, preserving ancient landscapes remarkably intact. The Gamburtsev Subglacial Mountains in central East Antarctica are one such landscape, maintaining evidence of tectonic, fluvial and glacial controls on their distinctly alpine morphology. The central Gamburtsev Mountains have previously been surveyed using airborne ice-penetrating radar; however, many questions remain as to their evolution and their influence on the East Antarctic Ice Sheet, including where in the region to drill for a 1.5×106 year-long “oldest-ice” core. Here, we derive new maps of the planform geometry of the Gamburtsev Subglacial Mountains from satellite remote sensing datasets of the ice sheet surface, based on the relationship between bed roughness and ice surface morphology. Automated and manual approaches to mapping were tested and validated against existing radar data and elevation models. Manual mapping was more effective than automated approaches at reproducing bed features observed in radar data, but a hybrid approach is suggested for future work. The maps produced here show the detail of mountain ridges and valleys on wavelengths significantly smaller than the spacing of existing radar flightlines, and mapping has extended well beyond the confines of existing radar surveys. Morphometric analysis of the mapped landscape reveals that it constitutes a preserved (>34 Ma) dendritic valley network, with some evidence for modification by topographically confined glaciation prior to ice sheet inception. The planform geometry of the landscape is a significant control on locations of basal melting, subglacial hydrological flows and the stability of the ice sheet over time, so the maps presented here may help to guide decisions about where to search for oldest ice

Cooperative Hydration of Pyruvic Acid in Ice

About 3.5 ± 0.3 water molecules are still involved in the exothermic hydration of 2-oxopropanoic acid (PA) into its monohydrate (2,2-dihydroxypropanoic acid, PAH) in ice at 230 K. This is borne out by thermodynamic analysis of the fact that Q_H(T) = [PAH]/[PA] becomes temperature independent below ∼250 K (in chemically and thermally equilibrated frozen 0.1 ≤ [PA]/M ≤ 4.6 solutions in D_2O), which requires that the enthalpy of PA hydration (ΔHH ∼ −22 kJ mol^(-1)) be balanced by a multiple of the enthalpy of ice melting (ΔH_M = 6.3 kJ mol^(-1)). Considering that:  (1) thermograms of frozen PA solutions display a single endotherm, at the onset of ice melting, (2) the sum of the integral intensities of the ^1δ_(PAH) and ^1δ_(PA) methyl proton NMR resonances is nearly constant while, (3) line widths increase exponentially with decreasing temperature before diverging below ∼230 K, we infer that PA in ice remains cooperatively hydrated within interstitial microfluids until they vitrify

Legal and Clinical Issues Regarding the Pro Se Defendant: Guidance for Practitioners and Policy Makers

Defendants who attempt to represent themselves, or proceed pro se, make up less than 1% of felony cases. However, when the issue of competency to proceed pro se arises, it can present interesting questions and challenges not only for the defendant, but also for others involved with the trial process. In Indiana v. Edwards (2008), the U.S. Supreme Court permitted states to impose a higher standard of competency for defendants who wish to proceed to trial without an attorney than for defendants who stand trial with representation. States have responded by adopting a patchwork of different, and often vague, competency standards. The current paper describes states’ differing responses to Edwards, courts’ efforts to ensure the constitutionality of those standards, and extant research on the legal standards and guidelines that should apply to forensic evaluators. Drawing upon this body of law and commentary, this paper distills principles to guide evaluations of defendants’ pro se competency. To facilitate discussion, this paper utilizes three case studies involving defendants with severe mental illness, antisocial personality disorder, and communication impediments unrelated to mental illness. The analysis of these case studies illustrates the application of guiding principles and demonstrates how to distinguish impairments relevant to pro se competence from those that may be legally irrelevant yet still present significant fairness or efficiency concerns

The p80 homology region of TEP1 is sufficient for its association with the telomerase and vault RNAs, and the vault particle

TEP1 is a protein component of two ribonucleoprotein complexes: vaults and telomerase. The vault-associated small RNA, termed vault RNA (VR), is dependent upon TEP1 for its stable association with vaults, while the association of telomerase RNA with the telomerase complex is independent of TEP1. Both of these small RNAs have been shown to interact with amino acids 1–871 of TEP1 in an indirect yeast three-hybrid assay. To understand the determinants of TEP1–RNA binding, we generated a series of TEP1 deletions and show by yeast three-hybrid assay that the entire Tetrahymena p80 homology region of TEP1 is required for its interaction with both telomerase and VRs. This region is also sufficient to target the protein to the vault particle. Electrophoretic mobility shift assays using the recombinant TEP1 RNA-binding domain (TEP1–RBD) demonstrate that it binds RNA directly, and that telomerase and VRs compete for binding. VR binds weakly to TEP1–RBD in vitro, but mutation of VR sequences predicted to disrupt helices near its central loop enhances binding. Antisense oligonucleotide-directed RNase H digestion of endogenous VR indicates that this region is largely single stranded, suggesting that TEP1 may require access to the VR central loop for efficient binding

Self-repairing symmetry in jellyfish through mechanically driven reorganization

What happens when an animal is injured and loses important structures? Some animals simply heal the wound, whereas others are able to regenerate lost parts. In this study, we report a previously unidentified strategy of self-repair, where moon jellyfish respond to injuries by reorganizing existing parts, and rebuilding essential body symmetry, without regenerating what is lost. Specifically, in response to arm amputation, the young jellyfish of Aurelia aurita rearrange their remaining arms, recenter their manubria, and rebuild their muscular networks, all completed within 12 hours to 4 days. We call this process symmetrization. We find that symmetrization is not driven by external cues, cell proliferation, cell death, and proceeded even when foreign arms were grafted on. Instead, we find that forces generated by the muscular network are essential. Inhibiting pulsation using muscle relaxants completely, and reversibly, blocked symmetrization. Furthermore, we observed that decreasing pulse frequency using muscle relaxants slowed symmetrization, whereas increasing pulse frequency by lowering the magnesium concentration in seawater accelerated symmetrization. A mathematical model that describes the compressive forces from the muscle contraction, within the context of the elastic response from the mesoglea and the ephyra geometry, can recapitulate the recovery of global symmetry. Thus, self-repair in Aurelia proceeds through the reorganization of existing parts, and is driven by forces generated by its own propulsion machinery. We find evidence for symmetrization across species of jellyfish (Chrysaora pacifica, Mastigias sp., and Cotylorhiza tuberculata)

3D Human Pose Estimation via Intuitive Physics

Estimating 3D humans from images often produces implausible bodies that lean, float, or penetrate the floor. Such methods ignore the fact that bodies are typically supported by the scene. A physics engine can be used to enforce physical plausibility, but these are not differentiable, rely on unrealistic proxy bodies, and are difficult to integrate into existing optimization and learning frameworks. In contrast, we exploit novel intuitive-physics (IP) terms that can be inferred from a 3D SMPL body interacting with the scene. Inspired by biomechanics, we infer the pressure heatmap on the body, the Center of Pressure (CoP) from the heatmap, and the SMPL body's Center of Mass (CoM). With these, we develop IPMAN, to estimate a 3D body from a color image in a "stable" configuration by encouraging plausible floor contact and overlapping CoP and CoM. Our IP terms are intuitive, easy to implement, fast to compute, differentiable, and can be integrated into existing optimization and regression methods. We evaluate IPMAN on standard datasets and MoYo, a new dataset with synchronized multi-view images, ground-truth 3D bodies with complex poses, body-floor contact, CoM and pressure. IPMAN produces more plausible results than the state of the art, improving accuracy for static poses, while not hurting dynamic ones. Code and data are available for research at https://ipman.is.tue.mpg.de.Comment: Accepted in CVPR'23. Project page: https://ipman.is.tue.mpg.d