Hedging Alternatives for the Mortgage Stabilization Fund (FRECH) European Cap Options for the Real Interest Rate

The World Bank has proposed an alternative hedging instrument to be offered by the FRECH, instead of the collar- swap currently available. The suggested derivate corresponds to a European Cap option for the real interest rate, which could give greater flexibility to the hedging mechanism, allowing it to be tailored for the specific needs of each Colombian Mortgage Bank (BECH). This paper finds the value of this derivative and analyses the critiques that have been made about the pricing of the collar-swap.

Austrian Way of Life

While still in the midst of their study abroad experiences, students at Linfield College write reflective essays. Their essays address issues of cultural similarity and difference, compare lifestyles, mores, norms, and habits between their host countries and home, and examine changes in perceptions about their host countries and the United States. In this essay, Vanessa Zea-Ledesma describes her observations during her study abroad program at the Austro-American Institute of Education in Vienna, Austria

Pass-through of International food prices to domestic ination during and after the great recession: evidence from a set of Latin American economies

We examined how international food price shocks have impacted local ination processes in Brazil, Chile, Colombia, Mexico, and Peru in the past decade -- Using impulse-response analysis coming from cointegrated VARs, we wind that international food ination shocks take from one to six quarters to pass through to domestic head-line ination, depending on the country -- In addition, by calculating the elasticity of local prices to an international food price shock, we found that this pass-through is not complete -- We also take a closer look at how this type of shock affects local food and core prices separately, and asses the possibility second round effects over core ination stemming from the shock -- We wind that a transmission to headline prices does occur, and that part of the transmission is associated with rising core prices both directly and through possible second round effects, which implies a role for monetary policy when such a shock takes place -- This is especially relevant given that international food prices have recently been on an upward trend after falling considerably during the Great Recessio

PRARANCANGAN PABRIK ETIL KLORIDA DARI HIDROGEN KLORIDA DAN ETILEN KAPASITAS 45.150 TON/TAHUN

Pabrik etil klorida dengan bahan baku hidrogen klorida dan etilen kapasitas 45.150 ton per tahun direncanakan beroperasi selama 330 hari per tahun. Proses pembuatan etil klorida dilakukan dalam reaktor fixed bed multi tube yang bekerja secara kontinyu, yang berlangsung dalam fase gas-gas, irreversible, eksothermis, non adiabatic, isothermal padad kondisi 175oC dan tekanan 17 atm. Kebutuhan hidrogen klorida untuk pabrik ini 3.543,6957 kg/jam, kebutuhan etilen sebanyak 2.500,0942 kg/jam. Produk berupa etil klorida sebanyak 5.702,4382 kg/jam. Utilitas pendukung proses meliputi penyediaan air sebesar 26.455,03 kg/jam yang diperoleh dari air sungai, penyesiaan saturated sebesar 9.708,5511 kg/jam kebutuhan udara tekanan sebesar 100 m3/jam, kebutuhan listrik diperoleh dari PLN dan dua buah generator set sebesar 182,9 kW sebagai cadangan, bahan bakar sebanyak 23,65 liter/jam. Pabrik ini didirikan dikawasan industri cilegon, banten dengan luas tanah 12.000 m2 dan jumlah karyawan 107 orang Pabrik etil klorida ini menggunakan modal tetap sebesar Rp.2.889.039,63 Dan modal kerja sebesar Rp49.130.220.217,61 dari anallisis terhadap pabrik ini menunjukan keuntungan sebelum pajak Rp56.755.700.216,96 per tahun setelah dipotong pajak 30% keuntungan mencapai Rp39.728.990.151,47 per tahun. Percent return of invesment (ROI) sebelum pajak 51,504% dan setelah pajak 36,053%. Pay out time sebelum pajak selama 1,82 tahun dan setelah pajak3,08 tahun. Break event point sebesar 52,042%. shut down point (SDP) sebesar 23,412% discount cash flow (DCF) terhitung sebesar 30,42%. dari data analisis kelayakan diatas disimpulkan, bahwa pabrik ini menguntungkan dan layak didirikan

Development of an interactive virtual teaching system for the recognition of common minerals

El estudio de los minerales ocupa una parte importante del módulo básico materia Geología, prestándose dichos contenidos muy bien a un estudio descriptivo. Como actividad individual no presencial del alumno se propone en este trabajo la utilización de una aplicación informática que debe contribuir a la adquisición de destrezas y habilidades sobre el material geológico que nos rodea. Para programar la aplicación informática se construyó, en primer lugar, una base de datos y el material audiovisual necesario. Una vez realizado el programa informático, se sometió éste a un grupo crítico de usuarios y, finalmente, se realizó un periodo de pruebas para un grupo de alumnos de cursos superiores, a fin de afinar, fundamentalmente, sobre la facilidad de uso del programaThe study of minerals occupies an important part of the basic module of the subject of Geology, the said content lending itself very well to a descriptive study. As an individual, off-campus study activity, this project proposes the use of a computer application that contributes to the acquisition of skills concerning the geological material that surrounds us. To programme the computer application, firstly, a database and the necessary audiovisual material were compiled. Once the software was completed it was submitted to a user critique group and, finally, was put through a test period by a group of students in higher level courses, with the main aim of fine tuning the user-friendliness of the softwar

The importance of detailed epigenomic profiling of different cell types within organs.

The human body consists of hundreds of kinds of cells specified from a single genome overlaid with cell type-specific epigenetic information. Comprehensively profiling the body's distinct epigenetic landscapes will allow researchers to verify cell types used in regenerative medicine and to determine the epigenetic effects of disease, environmental exposures and genetic variation. Key marks/factors that should be investigated include regions of nucleosome-free DNA accessible to regulatory factors, histone marks defining active enhancers and promoters, DNA methylation levels, regulatory RNAs, and factors controlling the three-dimensional conformation of the genome. Here we use the lung to illustrate the importance of investigating an organ's purified cell epigenomes, and outline the challenges and promise of realizing a comprehensive catalog of primary cell epigenomes

Derivative Markets' Impact on Colombian Monetary Policy

Derivatives are contingent claims that complete financial markets. Their use allow agents and firms to ameliorate the impact over con- sumption, production and investment given a change in relative prices induced by an active monetary policy. In this sense, derivatives gene- rate in some cases a loss in the effectiveness of the traditional monetary transmission channels in the short run, and in others, they promote an increase in the speed of transmission itself. Using an investment model, the impact of the use of interest rate and exchange rate derivatives in the dilution of colombian monetary channels is verified. Empirical exercises suggest that monetary policy has lost effectiveness in the short run.In spite of the surprise this result may offer given the relative im- matureness of domestic derivative markets, the marginal effect of these instruments appears to be significant, in the face of local financial mar- kets' imperfections. In addition, not only the hedge directly taken by firms with access to this instruments matter; there could be hedging spill-overs whenever commercial banks use derivatives, which allow for a more stable and cheap credit supply for firms with no access to those markets. The natural recommendation deriving from this conclusion suggests an urgent analysis of the derivatives impact over the speed of monetary transmission in Colombia.Derivatives; Monetary Policy Transmission Channels;Investment

ACTIVIDAD ANTIMICROBIANA DE PRODUCTOS NATURALES CONTRA Helicobacter pylori

Desde el hallazgo e identificaci\uf3n de Helicobacter pylori en material de tejido g\ue1strico por Marshall y Warrant en 1983, nuestro conocimiento sobre esta infecci\uf3n ha evolucionado notablemente. Se acepta al momento actual, su rol dentro de la multifactoriedad de la patolog\ueda ulcero p\ue9ptica gastroduodenal y el adenocarcinoma g\ue1strico. En la actualidad, numerosas terapias a base de antibi\uf3ticos est\ue1n disponibles, Sin embargo, estas terapias tienen varios problemas, incluyendo la aparici\uf3n de resistencia y los efectos adversos asociados a los antibi\uf3ticos, el riesgo de re-infecci\uf3n y el alto costo de dicho tratamiento. Este trabajo resume y analiza los estudios recientes m\ue1s relevantes de plantas con actividad anti Helicobacter pylori. Las especies vegetales se presentan como una fuente muy diversa para la obtenci\uf3n de compuestos activos con potencial bactericida, as\ued como para el desarrollo de nuevas terapias dise\uf1adas para el control de H pylori. Palabras clave: Helicobacter pylori, Productos naturales, Actividad antimicrobiana, Agentes derivados de plantas. ABSTRACT Since its discovery and identification in gastric tissue by Marshall and Warren in 1983, our knowledge about the effects of Helicobacter pylori infection has grown considerably. Its role in the multifactorial pathology of peptic ulcer disease (gastroduodenal ulcer disease), gastric adenocarcinoma, is now widely accepted. Currently, numerous antibiotic-based therapies are available. However, these therapies have several problems, including the appearance of resistance to the antibiotics used and associated adverse effects, the risk of re-infection and the high cost of treatment. This paper summarizes and analyzes the most important recent studies of plants with anti H. pylori activity. Plants species are presented as a very diverse source of bactericidal compounds, as well as for the development of new therapies for H. pylori control. Key words: Helicobacter pylori, natural products, antimicrobial activity, plant-derived agents. <br