Wealth, financial intermediation and growth

This paper presents empirical support for the existence of wealth effects in the contribution of financial intermediation to economic growth, and offers a theoretical explanation for these effects. Using GMM dynamic panel data techniques applied to study the growth-promoting effects of financial intermediation, we show that the exogenous contribution of financial development on economic growth has different effects for different levels of income per capita. We find that this contribution is generally increasing with the level of income per capita of the economy, up to a relatively high level of income. This contribution is consistently lower for poor countries; and for some low levels of income per capita it can be negative. We provide a model to account for these wealth effects. The model is a overlapping generations growth model where financial intermediaries implement liquidity risk sharing among depositors. We show that at early stages of economic development, a bank can increase welfare of its depositors only at the cost of lowering investment and growth. However, once the economy has crossed certain wealth threshold, the liquidity role of banks becomes unambiguously growth enhancing. As wealth increases, banks offer improving liquidity insurance, and higher growth; however, for high levels of wealth, growth generated by financial intermediation declines as the economy attains the optimal level of consumption risk sharing.Financial development, economic growth, OLG growth models, liquidity, financial intermediation

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies. –OLG growth models, liquidity, financial intermediation, financial fragility, banking crises

Banks, Liquidity Crises and Economic Growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. Middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, eventually converge to a financially safe long run steady state. The model also replicates the empirical fact of higher costs of banking crises for middle income economies. Finally, using GMM dynamic panel data techniques for a sample of 83 countries we show that growth implications of the model are consistent with the empirical facts.OLG growth models, liquidity, financial intermediation, financial fragility, banking crises

Aplicación móvil con realidad aumentada basada en scrum para la enseñanza-Aprendizaje del curso de ciencia y ambiente del 5to Grado de Primaria en la I.E.P. CEPAE

En distintos centros educativos de nuestro país, hay docentes en los diversos niveles de formación académica que continúan aplicando la enseñanza tradicional. Como consecuencia, existen estudiantes que al aprendizaje lo consideran como una obligación, difícil y complicado, dado que los docentes mantienen este tipo de enseñanza tradicional como se ha venido diciendo. La educación y la tecnología son necesarios para impulsar el crecimiento en el Perú. Con el fin de recibir una enseñanza de calidad e igualdad en todo el país y en los distintos niveles de formación académica. Los alumnos mayormente emplean textos y figuras fijas que solo son fuente de comunicación esencial y no ayudan a aumentar la motivación y creatividad de los alumnos. La finalidad de esta tesis es mejorar la Enseñanza-Aprendizaje del curso de Ciencia y Ambiente del 5to Grado de Primaria en la I.E.P. CEPAE, mediante la Aplicación Móvil con Realidad Aumentada basada en SCRUM. Las técnicas utilizadas fueron observación directa e indirecta, y métodos como fichas de observación, pc, fotografías, otros. Finalmente, al desarrollar una Aplicación Móvil con Realidad Aumentada utilizando la metodología Scrum, mejora la Enseñanza-Aprendizaje del curso de Ciencia y Ambiente del 5to Grado en la I.E.P. CEPAE. Logró resultados positivos en cada uno de los indicadores propuestos, alcanzando el propósito de la investigació

Aproximación exponencial para cálculo de capacitor en rectificador de onda completa

En este trabajo se presenta el análisis, cálculo y simulación del capacitor de salida de un rectificador de onda completa utilizando el método de aproximación exponencial.Este método de cálculo, resulta de utilidad si se desea obtener un rizado de voltaje en la salida de hasta el 60%. Otro método, basado en la aproximación a una función lineal, para el cálculo de éste capacitor está pensado para obtener rizados inferiores al 10%.Sin embargo, si se desea obtener un elevado rizado de voltaje, el método de aproximación lineal se vuelve inapropiado ya que con éste, se obtienen valores de capacitores que no corresponden con los valores deseados de rizado. En éste trabajo, se presenta el análisis de la forma de onda del voltaje de salida considerándola en su descarga como una señal exponencial. Con éste método, se obtienen resultados para rizados mayores al 10% del voltaje de salida con resultados satisfactorios. Para validar los cálculos y simulaciones, se han construido circuitos rectificadores con elevado rizado de voltaje, encontrando una correspondencia de los resultados obtenidos con los diseños y las simulaciones. Esta aproximación se utilizará para diseñar el rectificador de entrada de un convertidor CD-CD que alimentará un motor de 90V

Subsoil classification and geotechnical zonation for Guadalajara City, México: Vs30, soil fundamental periods, 3D structure and profiles

Guadalajara, Jalisco, is the second largest city in Mexico with around 4.5 million inhabitants. A high seismic hazard exists in the city due to forces produced by the interaction between the Rivera, Cocos and North American plates and the smaller Jalisco Block. Guadalajara is one of the largest cities built over pumice soil deposits. Furthermore, the near‐surface phreatic level causes a high susceptibility to liquefaction. All these features can cause extreme earthquake site effects. Due to the fragile inner structure of pumice sands, traditional geotechnical tests are inappropriate to characterize the seismic response. Therefore, we propose the use of surface wave analysis methods (multichannel analysis of surface waves and refraction microtremor), which we applied in 33 sites to define the soil classification in terms of VS30 (the average shear wave velocity between the surface and 30 m depth), the bedrock depth and the fundamental period. From the soil classification, we construct a microzonation map consisting of four geotechnical zones, which we superimpose on the known construction systems within the city. The comparison between the construction period of the buildings and the fundamental frequencies of the soil indicates a high vulnerability to resonance in 1‐ to 4‐storied old buildings constructed of adobe and unreinforced masonry within zones II and III, followed by a medium vulnerability to seismic resonance in compact buildings of 1–4 stories within zone I and 1–12 stories within zones II and IV.TU Berlin, Open-Access-Mittel – 202

Wealth, financial intermediation and growth

This paper presents empirical support for the existence of wealth effects in the contribution of financial intermediation to economic growth, and offers a theoretical explanation for these effects. Using GMM dynamic panel data techniques applied to study the growth-promoting effects of financial intermediation, we show that the exogenous contribution of financial development on economic growth has different effects for different levels of income per capita. We find that this contribution is generally increasing with the level of income per capita of the economy, up to a relatively high level of income. This contribution is consistently lower for poor countries; and for some low levels of income per capita it can be negative. We provide a model to account for these wealth effects. The model is a overlapping generations growth model where financial intermediaries implement liquidity risk sharing among depositors. We show that at early stages of economic development, a bank can increase welfare of its depositors only at the cost of lowering investment and growth. However, once the economy has crossed certain wealth threshold, the liquidity role of banks becomes unambiguously growth enhancing. As wealth increases, banks offer improving liquidity insurance, and higher growth; however, for high levels of wealth, growth generated by financial intermediation declines as the economy attains the optimal level of consumption risk sharing

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies