Money, Credit and Default

This paper develops a quantitative model of unsecured debt, default, and money demand for heterogenous agents economies. The paper generates a theory of money demand for the case in which money is a dominate asset that is not needed to carry-out transactions. In this environment holding money helps the agents to smooth their consumption during those periods in which they are excluded from credit markets following a default in their debts. In the model the welfare of the individuals is affected by the inflation rate: high inflation rates preclude individuals of using money as an asset that helps them smooth their consumption profile but low inflation rates tend to make softer the punishment for default making it diffcult to sustain high levels of debt at equilibrium. This two opposite effects imply that in equilibrium the inflation rate that maximizes individuals welfare is positive but not too high.Default, Inflation, Money, Endogenous Borrowing Constraint

Default Risk and Risk Averse International Investors

This paper develops a quantitative model of debt and default for small open economies that interact with risk averse international investors. The model developed here extends the recent work on the analysis of endogenous default risk to the case in which international investors are risk averse agents with decreasing absolute risk aversion (DARA). By incorporating risk averse investors who trade with a single emerging economy, the present model oers two main improvements over the standard case of risk neutral investors: i.) the model exhibits a better fit of debt-to-output ratio and ii.) the model explains a larger proportion and volatility of the spread between sovereign bonds and riskless assets. The paper shows that if investors have DARA preferences, then the emerging economy’s default risk, capital flows, bond prices and consumption are a function not only of the fundamentals of the economy—as in the case of risk neutral investors—but also of the level of financial wealth and risk aversion of the international investors. In particular, as investors become wealthier or less risk averse, the emerging economy becomes less credit constrained. As a result, the emerging economy’s default risk is lower, and its bond prices and capital inflow are higher. Additionally, with risk averse investors, the risk premium in the asset prices of the sovereign countries can be decomposed into two components: a base premium that compensates the investors for the probability of default (as in the risk neutral case) and an “excess” premium that compensates them for taking the risk of default.

Contagion of Financial Crises in Sovereign Debt Markets

This paper develops a quantitative model of contagion of financial crisis and sovereign default for small open economies that cannot credibly commit to honor their international debts and have common international risk averse investors. The existence of common investors with preferences that exhibit decreasing absolute risk aversion (DARA) generates financial links between the emerging economies sovereign debt markets that help to explain the endogenous determination of credit limits, capital flows, and the risk premium in sovereign bond prices as function not only of the economy's fundamentals, the investors' characteristics (wealth, and degree of risk aversion) but more importantly of the fundamentals of other emerging economies. Therefore this paper provides a theoretical formalization that is the base for and endogenous explanation of the contagion of financial crises. The model shows that whenever a country suffers a domestic shock that forces it to default in its debts, this domestic shock will affect the investor's wealth and therefore her tolerance of risk, producing a contagion of the crisis in those countries whose fundamentals are not solid enough. Also, even when the crisis in a country does not force such country to default, the domestic shock affects the overall riskiness of the investor's portfolio, forcing her to rebalance it. In this case the investor moves away from countries that are ``too'' risky towards countries that are relatively solid, exhibiting a behavior consistent with the observed phenomena denominated as ``flight to quality''. Quantitatively, the application of the model to the case of the Argentinean default of $2001$ and the posterior contagion of the crisis to the neighboring country Uruguay shows that the model with financial links is not only consistent with the business cycle behavior of emerging economies considered but it is also superior to models that do not contemplate such links in the following dimensions: i.) the model explains a larger proportion and volatility of the spread between sovereign bonds and riskless assets; ii.) the model explains endogenously the positive correlation between the economies' sovereign bonds spreads, debt flows and consumptions, and iii.) the model exhibits the behavior observed in the data of higher volatility and comovement of the series of emerging economies during periods of volatility in financial markets prompted by the crisis in some emerging country

Default Risk and Risk Averse International Investors

This paper develops a model of debt and default for small open economies that interact with risk averse international investors. The model developed here extends the recent work on the analysis of endogenous default risk to the case in which international investors are risk averse agents with decreasing absolute risk aversion (DARA). By incorporating risk averse investors who trade with a single emerging economy, the present model offers two main improvements over the standard case of risk neutral investors: i.) the model exhibits a better fit of debt-to-output ratio and ii.) the model explains a larger proportion and volatility of the spread between sovereign bonds and riskless assets. The paper shows that if investors have DARA preferences, then the emerging economy's default risk, capital flows, bond prices and consumption are a function not only of the fundamentals of the economy---as in the case of risk neutral investors---but also of the level of financial wealth and risk aversion of the international investors. In particular, as investors become wealthier or less risk averse, the emerging economy becomes less credit constrained. As a result, the emerging economy's default risk is lower, and its bond prices and capital inflows are higher. Additionally, with risk averse investors, the risk premium in the asset prices of the sovereign countries can be decomposed into two components: a base premium that compensates the investors for the probability of default (as in the risk neutral base) and an ``excess'' premium that compensates them for taking the risk of default

Default Risk and Risk Averse International Investors

This paper develops an endogenous default risk model for small open economies that interact with risk averse international investors whose preferences exhibit decreasing absolute risk aversion (DARA). By incorporating risk averse investors who trade with an emerging economy, the present model explains a larger proportion and volatility of the spread between sovereign bonds and riskless assets than the standard model with risk neutral investors. The paper shows that if investors have DARA preferences, then the emerging economy's default risk, capital flows, and bond prices are a function not only of the fundamentals of the economy but also of the level of financial wealth and risk aversion of international investors. In particular, as investors become wealthier or less risk averse, the emerging economy becomes less credit constrained. As a result, the emerging economy's default risk is lower, and its bond prices and capital inflows are higher. Additionally, with risk averse investors, the risk premium in the asset prices of the sovereign countries can be decomposed into two components: a base premium that compensates the investors for the probability of default and an ``excess'' premium that compensates them for taking the risk of default

Las artes escénicas como estrategia en la construcción de la igualdad de género con estudiantes y docentes del programa CREA

Esta propuesta busca hacer reflexiones con respecto a la desigualdad de género, de acuerdo a las situaciones evidenciadas a lo largo del ejercicio profesional como docente en el programa CREA en distintas instituciones educativas de la ciudad de Bogotá, y en donde permanentemente se evidencia un contexto en donde se ha normalizado la discriminación contra la mujer. Es importante abordar el tema para que estudiantes y docentes a partir de estas reflexiones pueden reconocer cuando se presentan estas situaciones en los contextos educativos, familiares y sociales, para después de este reconocimiento empezar a cambiarlos. Se plantea como estrategia de intervención un taller donde se exploran las artes escénicas, desde la expresión corporal hasta el montaje teatral, con un tema histórico, la Independencia de Colombia, replanteando el papel de las mujeres a lo largo de la historia. En primer lugar, se orienta a los docentes de distintas disciplinas quienes apropian las herramientas de las artes escénicas, para luego aplicarlas en sus talleres. En la metodología se parte del juego como base para el aprendizaje y para la construcción del texto teatral se toma el método de creación colectiva de Enrique Buenaventura. El propósito es abonar el camino para que cada día más mujeres tengan posibilidades de proyectarse en nuevos espacios y no se vean enfrentadas a la discriminación por su género.This proposal seeks to make reflections regarding gender inequality, according to the situations evidenced throughout the professional exercise as a teacher in the CREA program in different educational institutions of the city of Bogotá, and where a context is constantly evidenced in where discrimination against women has been normalized. It is important to address the issue for students and teachers from these reflections can recognize when presented this s situations in educational and social contexts, relatives, later this recognition start to change. Is posed as an intervention strategy workshop where the performing arts are explored, from body language to the theatrical production, with a historical theme, the Independence of Colombia, rethinking the role of women throughout the history. In the first place, teachers from different disciplines who appropriate the tools of the performing arts are oriented, and then apply them in their workshops. The methodology is based on the game as a basis for learning and for the construction of the theatrical text the method of collective creation of Enrique Buenaventura is taken. The purpose is to pay the way so that every day more women have the possibility of projecting themselves in new spaces and do not face discrimination based on their gender

Development of technological appropriation with open educational resources for learning basic rural primary education

El trabajo de investigación que aquí se presenta tuvo como objetivo analizar el desarrollo de la apropiación tecnológica en alumnos de tercer grado de educación básica de una primaria rural, con un ambiente de aprendizaje que integró recursos educativos abiertos de contenidos en el área de matemáticas de operaciones básicas (adición, sustracción, multiplicación y división), solución de problemas, lectura y escritura de números; con el fin de contribuir con la innovación en los ambientes de aprendizaje de educación básica en contextos rurales. La investigación se desarrolló en una escuela rural con estudiantes de tercer grado de educación básica primaria y se basó en un análisis cualitativo con un enfoque de estudio de casos, cuya pregunta de investigación fue: ¿Cómo se desarrolla la apropiación tecnológica en los alumnos de educación básica primaria rural al trabajar con recursos educativos abiertos? Este tipo de análisis permitió hacer observaciones, llevar registros de clase y examinar los casos particulares que se estaban presentando. Se tuvieron en cuenta tres categorías de estudio: nivel de apropiación tecnológica, evaluación de los entornos con REA e innovación con REA en ambientes educativos rurales. Los datos se analizaron a través de instrumentos como el registro de observación de las actividades significativas de los alumnos, el cuestionario, el diario del investigador y los trabajos de los alumnos resultado de la integración de REA. Los resultados indican que: a) La familiarización de la apropiación tecnológica se desarrolla cuando los alumnos conocen por primera vez los recursos tecnológicos, b) la utilización de la apropiación tecnológica se presenta cuando los alumnos utilizan dispositivos y recursos tecnológicos en actividades cotidianas de clase, c) la integración de la apropiación tecnológica se presenta cuando los alumnos se apoyan en los recursos tecnológicos para realizar otras actividades diferentes a las de clase, d) la reorientación de la apropiación tecnológica se desarrolla cuando los alumnos entienden que los dispositivos y recursos tecnológicos son herramientas para la construcción de conocimiento y e) la evolución de la apropiación tecnológica se desarrolla cuando los alumnos comprenden que los recursos tecnológicos tienen diferentes usos y aplicaciones.Instituto Tecnológico de Estudios Superiores de Monterrey ITESMAgradecimientos ii Resumen iii Índice de contenidos iv Índice de figuras vi Introducción vii Capítulo 1. Naturaleza y dimensión del tema de investigación 1 1.1 Marco contextual 1 1.2 Antecedentes 4 1.3 Planteamiento del problema 6 1.4 Objetivo 7 1.5 Supuestos de investigación 7 1.6 Justificación 7 1.7 Delimitaciones y limitaciones 8 1.8 Definición de términos 9 Capítulo 2. Revisión de literatura 10 2.1 Apropiación tecnológica 10 2.1.1 Conceptualizaciones y desarrollo de apropiación tecnológica 10 2.1.2 Tipos de apropiación tecnológica y cómo se enseñan 12 2.1.3 Evaluación de apropiación tecnológica 14 2.2 Recursos Educativos Abiertos para la enseñanza de la educación básica primaria rural 17 2.2.1 Conceptualizaciones y desarrollo de Recursos Educativos Abiertos 17 2.2.2 Tipos de Recursos Educativos Abiertos y cómo se enseñan 20 2.2.3 Innovación con Recursos Educativos Abiertos 22 2.3 Investigaciones relacionadas con apropiación tecnológica y Recursos Educativos Abiertos 26 2.3.1 Investigaciones relacionadas con apropiación tecnológica 26 2.3.2 Investigaciones relacionadas con algún otro elemento de los Recursos Educativos Abiertos 28 Capítulo 3. Metodología General 34 3.1 Método de investigación 34 3.2 Descripción de la situación educativa 35 3.3 Población y muestra 41 3.4 Tema, categorías e indicadores de estudio 42 3.5 Fuentes de información 43 3.6 Técnicas de recolección de datos 44 3.7 Prueba piloto 46 3.8 Aplicación de instrumentos 47 3.9 Captura y análisis de datos 48 Capítulo 4. Resultados obtenidos 51 4.1 Presentación de resultados 51 4.2 Análisis e interpretación de resultados 62 Capítulo 5. Discusión, conclusiones y recomendaciones 70 5.1 Sobre la pregunta de investigación 70 5.2 Sobre el objetivo de investigación 71 5.3 Sobre los supuestos de investigación 72 5.4 Recomendaciones para futuras investigaciones 73 Referencias 75 Apéndices 82 Apéndice A. Cuadro de triple entrada 82 Apéndice B. Registro de Observación de las actividades significativas de los alumnos 87 Apéndice C. Diario del investigador 88 Apéndice D. Protocolo del cuestionario 89 Apéndice E. Solicitud de permiso 93 Apéndice F. Autorización para realizar el proyecto 94 Apéndice G. Fotografías 95 Curriculum Vitae 98MaestríaThe research presented here had as an objective to analyze the development of technological appropriation in third grade students of basic education in a rural primary, with a learning environment that integrated OER content in the area of math, in basic operations (addition, subtraction, multiplication and division), problem solving, reading and writing of numbers; to contribute to innovation in learning environments of basic education in rural contexts. The research was conducted in a rural school with students from third grade of basic education and was based on a qualitative analysis with a focus on case study, the research question was: How technological appropriation takes place in students of the rural primary basic education when working with open educational resources? This type of analysis allowed to make observations, to keep records of classes and to examine the particular cases that were occurring. Three categories of study were considered: Level of technological appropriation, assessment of the environments with OER and innovation with OER in rural educational environments. Data were analyzed through instruments such as the observation record of significant activities of students, the questionnaire, the researcher’s diary and student work resulting from the integration of OER. The results indicate that: a) The familiarization of the technological appropriation is developed when students meet technological resources for the first time, b) use of technological appropriation occurs when students use devices and technological resources in everyday classroom activities, c) the integration of technological appropriation occurs when students rely on technological resources for activities other than those of class, d) reorientation of technological appropriation is developed when students understand that the devices and technological resources are tools for knowledge building and e) the evolution of technological appropriation is developed when students understand that technological resources have different uses and applications.Modalidad Presencia

Proyecto de investigación El arte del reciclaje como estrategia didáctica, con estudiantes del grado pre-jardín del hogar Comunitario Huellitas Mágicas del Municipio de Choconta.

Implementar estrategias artísticas con los estudiantes del grado prejardín, que contribuyan a fomentar el cuidado del entorno, manejo de residuos y embellecimiento del hogar Comunitario Huellitas Mágicas de Chocontá Cundinamarca.El presente trabajo de investigación está encaminado en sensibilizar a los niños, niñas agentes educativas y padres de familia, del Hogar comunitario Huellitas Mágicas del municipio de Chocontá Cundinamarca, en el uso adecuado de los residuos sólidos. El reciclaje como estrategia de disminución de residuos o proceso de transformación y aprovechamiento de estos, se realiza un diagnóstico sobre el comportamiento de los niños y niñas frente al uso de los residuos sólidos. Es por eso que se hace necesario implementar estrategias que contribuyan a motivar a los niños niñas y demás miembros del hogar comunitario Huellitas Mágicas a realizar acciones concretas que permitan disminuir las problemáticas ambientales. De igual forma, con el diseño se daría solución al manejo inadecuado que se está dando a los residuos que se generan en el hogar comunitario, , realizando actividades artísticas en las cuales se utilicen estos materiales de manera creativa. El Marco Normativo de este proyecto se sustenta en la normas internacionales y nacionales que existente sobre la protección del medio ambiente, el manejo de residuos sólidos, la consolidación de los PRAES, La metodología utilizada es la Investigación acción, para esto se realizaron algunos pasos a seguir en cada uno de los procesos. Se realiza actividades donde cada uno de los niños y niñas utilizan diversos materiales para reutilizarlos y convertirlos en grandes obras artística de igual manera se evidencia la participación de docentes y padres de familia durante la realización de cada una de las actividades. el reciclaje es un proceso que depende de la aportación de todos, es por eso que seguirá siendo la mejor ayuda tanto para el hombre como para el medio ambiente, lo más importante es que mediante las estrategias se construyan grandes obras de arte.This research work is aimed at raising awareness among children, educational agents and parents of the community home Huellitas mágicas of the municipality of Chocontá Cundinamarca, in the proper use of solid waste. Recycling as a strategy for the reduction of waste or process of transformation and use of these, a diagnosis is made on the behaviour of children against the use of solid waste. That is why it is necessary to implement strategies that help motivate the children and other members of the community home Huellitas Magic to carry out concrete actions that allow to reduce the environmental problems. In the same way, the design would give solution to the inadequate management that is being given to the wastes that are generated in the community home, doing artistic activities in which these materials are used in a creative way. The normative framework of this project is based on the international and national standards that exist on the protection of the environment, the management of solid waste, the consolidation of the PRAES, the methodology used is the investigation action, for this was done some steps to follow in each one of the processes. Activities are carried out where each of the children use different materials to reuse them and turn them into great artistic works in the same way it is evident the participation of teachers and parents during the realization of each one of the Activities. Recycling is a process that depends on the contribution of all, that's why it will continue to be the best help for both man as for the environment, the most important thing is that through strategies are built great works of art