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

A Stochastic Compartmental Model for Fast Axonal Transport

In this paper we develop a probabilistic micro-scale compartmental model and use it to study macro-scale properties of axonal transport, the process by which intracellular cargo is moved in the axons of neurons. By directly modeling the smallest scale interactions, we can use recent microscopic experimental observations to infer all the parameters of the model. Then, using techniques from probability theory, we compute asymptotic limits of the stochastic behavior of individual motor-cargo complexes, while also characterizing both equilibrium and non-equilibrium ensemble behavior. We use these results in order to investigate three important biological questions: (1) How homogeneous are axons at stochastic equilibrium? (2) How quickly can axons return to stochastic equilibrium after large local perturbations? (3) How is our understanding of delivery time to a depleted target region changed by taking the whole cell point-of-view

Bonos cubiertos: Usos internacionales y su aplicación en el caso peruano

En la actualidad, el doctor Lea participa en una misión técnica del Fondo Monetario Internacional para ayudar al desarrollo de instrumentos hipotecarios en el Perú.

The effect of training on referrals to an outpatient adolescent sex offender treatment program

This study examines the effect of training on referrals to an outpatient adolescent sexual offender treatment program. Fifty-two juvenile court probation officers were trained to assess and identify adolescent sex offenders who met program referral criteria. Pre- and post-training tests were administered to measure the effect of training on a subject\u27s knowledge and understanding of sex offender assessment. Utilizing the Juvenile Sexual Offender Decision Criteria Form (University of Washington, 1986), referrals before and following training were evaluated to determine if they met program criteria. Analysis of the data suggested that training improved subjects\u27 knowledge and understanding, but not their ability to correctly identify adolescent sex offenders who met program referral criteria. Methodological problems, interagency differences, minimal treatment/referral options, and training inadequacies may explain the obtained results

Toward interoperability in a web of things

In this position paper we explore the challenges and issues around interoperability in the web of things. A key concern is how to increase interoperability while maintaining a high degree of innovation and exploration in the community. To that end we propose a hub- centric approach toward interoperability consisting of four levels or stages. We are working to validate this approach in the context of a large-scale IoT ecosystem project consisting of eight IoT hubs in different domains where a key requirement is hub-to-hub and hub- application interoperability

Smart Cities:an IoT-centric approach

A number of recent Smart City testbeds and deployments have focused on the use of the Internet of Things (IoT) paradigm and technologies for improving the efficiency of city infrastructures. Building on this work, we have explored the use of IoT hubs as easy-to-use aggregators and focal points for access to emerging data infrastructures of smart cities. A hub can support not only access to infrastructure data, but also participatory sensing and crowd sourced data where city employees and citizens contribute directly to the data infrastructure of a city. In this way, smart cities can realize a variety of new applications created by local entrepreneurs and community groups without the need for ongoing coordination by governments. In this paper, we outline the growing interest in a hub-centric approach to the IoT and discuss our own experiences in building an IoT hub for two Smart City projects, one in the UK and the other in Canada

City Hub:a cloud based IoT platform for Smart Cities

Cloud based Smart City hubs are an attractive approach to addressing some of the complex issues faced when deploying PaaS infrastructure for Smart Cities. In this paper we introduce the general notion of IoT hubs and then discusses our work to generalize our IoT hub as a Smart City PaaS. Two key issues are identified, support for hybrid public/private cloud and interoperability. We briefly describe our approach to these issues and discuss our experiences deploying two cloud-based Smart City hubs, one in the UK and the other in Canada

IoT interoperability:a hub-based approach

Interoperability in the Internet of Things is critical for emerging services and applications. In this paper we advocate the use of IoT ‘hubs’ to aggregate things using web protocols, and suggest a staged approach to interoperability. In the context of a UK government funded project involving 8 IoT projects to address cross-domain IoT interoperability, we introduce the HyperCat IoT catalogue specification. We then describe the tools and techniques we developed to adapt an existing data portal and IoT platform to this specification, and provide an IoT hub focused on the highways industry called ‘Smart Streets’. Based on our experience developing this large scale IoT hub, we outline lessons learned which we hope will contribute to ongoing efforts to create an interoperable global IoT ecosystem