A Market Risk Approach to Liquidity Risk and Financial Contagion

According to traditional literature, liquidity risk in individual banks can turn into a system-wide ¯nancial crisis when either interbank credit exposures or bank runs are present. This paper shows that this phenomenon can also arise when individual liquidity risk trans- forms into system-wide market risk (even in the absence of bank runs and interbank credit networks). This happens when banks try to sell some portion of its assets in order to overcome a liquidity shortage (individual liquidity risk). These sales depress the market price of assets if demand is not perfectly elastic. Given the fact that banks mark to market the asset book, the fall of market price reduces the value of assets of every bank in the system (system-wide market risk), leaving them less suited for future liquidity shortages and therefore more prone to bankruptcies. The paper rationalizes this idea through the simulation of a model that tries to capture the behavior of a liq- uidity manager that faces shocks on bank deposits and loans. The main results suggest that the extent of ¯nancial contagion depends crucially on the size of the market for assets.liquidity manager, liquidity risk, market risk, systemic risk, financial contagion, mark-to-market

Asymmetrical Flow Field-Flow Fractionation in the Separation, Characterization and Application of Wine Particle Matter

Wine particle matter is mainly constituted by wine colloids and wine macromolecules. These wine colloidal and macromolecular compounds are barely studied, possibly due to the difficulty in facing the challenges that their study merits. These compounds are mainly formed by polyphenols, proteins and polysaccharides that come from the grape seeds, skins and pulp and even, to a lesser extent, from the winemaking itself, since many of them are released during the process.These compounds exhibit fundamental properties in relation to the stability of the wine (color, polymerization, haze formation and precipitation) with impact in sensory properties i.e., bitterness, astringency and lastly towards the final quality of the product.However, there is a lack of understanding of the dynamics of the properties of these compounds during distinct stages of the winemaking process and during storage. This could possibly be due to the lack of methodologies that allow the separation and characterization of these colloidal and macromolecular compounds and their properties at their native state.These compounds, especially the phenols that are the major part of the colloidal fraction, are highly reactive and tend to undergo changes. Hence, it is of vital importance to develop methodologies for the characterization of these compounds and their properties, and therefore generate a useful knowledge of the dynamics in which these compounds are involved.This thesis presents a methodology for the separation and characterization of these colloidal and macromolecular compounds using Asymmetrical flow field fractionation coupled with multiple detectors (AF4-UV-MALS-dRI) determining the main macromolecular properties, such as molar mass (MW), hydrodynamic radius (rH), apparent density (ρ ̂), concentration (c) and specific absorptivity (ε) in relation to the processes that occur during vinification.The understanding and monitoring of these properties along with the effects and changes that occur at colloidal and macromolecular level during the production process chain may enable the control and monitoring of these compounds. In addition, knowledge of their different properties will assist decision making in the manufacturing of wine with a desired profile

Inspección de uniones soldadas mediante ensayo no destructivo de ultrasonido con el equipo VEO 16-64 sonatest

Este proyecto consiste en la inspección de uniones soldadas mediante el uso del equipo VEO 16-64 SONATEST de ultrasonido utilizado para ensayos no destructivos y la aplicación de la normatividad vigente para la inspección de soldadura. En base a los objetivos propuestos dentro del proyecto se decidió llevar a cabo un estudio acerca de la teoría del ultrasonido, incluyendo teoría sobre la propagación de ondas, dando inicio a las primeras mediciones con el equipo con el fin de adquirir las competencias necesarias en el manejo del equipo y en la correcta interpretación de las fallas encontradas. Después de entender el concepto teórico se llevó a cabo la inspección mediante ultrasonido a la probeta base, con la particularidad de que esta posee fallas inducidas para determinar la fiabilidad del método utilizado

Educación para una vida digna : un nuevo sentir desde el contexto

En un primer momento pretendo identificar algunas características de la situación actual del país, revelando las profundas problemáticas y algunas de sus causas, el rol del actual modelo de educación en la permanencia de dichas situaciones y su relación con la ideología dominante explicaba desde Van dijk en su trabajo discurso y contexto. En un segundo momento intentaré contextualizar el actual movimiento social, popular étnico y campesino y la construcción de un modelo educativo para la vida digna, amparado en los insumos de Henry giroux en teoría y resistencia en la educación, para finalmente desde las diversas posibilidades y alternativas construidas desde los pueblos en relación a un nuevo modelo de educación, evidenciar otras maneras de aprender y resaltar el papel del etnoeducador dentro de estas nuevas dinámicas

Análisis de los esquemas multiportafolios en pensiones obligatorias, luego de la implementación de la reforma 1328 DE 2009 en Colombia

Con la sanción de la ley 1328 del 2009, el gobierno aprobó la llamada reforma financiera, la cual propone un nuevo esquema de funcionamiento para el sistema pensional en Colombia con la implementación de los multifondos en el régimen de ahorro individual administrado por las administradoras de fondos de pensiones y cesantías (AFP), con la finalidad de dar más flexibilidad al sistema, que traerá como consecuencia un mayor desarrollo del mercado de capitales en Colombia. Con la entrada en vigencia de la ley los afiliados tendrán una participación más activa en el sistema y en el futuro de sus ahorro previsional en el largo plazo, a partir de los parámetros definidos por la ley. Cabe resaltar que bajo este nuevo modelo de multifondos donde los afiliados podrán contar con tres portafolios en el periodo de acumulación (conservador, moderado y mayor riesgo) y un portafolio diseñado para el periodo de des acumulación (retiro programado), se contribuirá a desarrollar planes de capitalización en la pensión obligatoria en el largo plazo, con portafolios de inversión que buscan maximizar los recursos y aumentar el valor recibido por pensión en la edad de retiro, así como también facilitar a los actuales afiliados en el sistema pensional, invertir en una cartera compuesta por diferentes instrumentos financieros, cuya combinación de rentabilidad y riesgo, este acorde con el horizonte de inversión y el nivel de aversión al riesgo por parte de cada afiliado. Algunos trabajos consultados sobre Pensiones se basan en analizar los modelos aplicados en Chile, México y Perú y su aproximación al sistema colombiano, como lo son “Desarrollo del sistema de multifondos en Colombia partiendo de la experiencia en Chile, México y Perú, de Ana María Duque Salazar, Isabel Cristina Giraldo Oviedo y Beatriz Elena Cardona Ramírez” y “Análisis de los modelos multifondos en Chile, Peru, México y su aproximación al sistema pensional colombiano de Iban Darío Gómez Giraldo, Juan Camilo Marín Herrera y Henry Nelson Ramírez Aristizabal”, pero se encuentra que no se ha ahondado ningún análisis en los elementos de riesgo y rentabilidad. De esta manera los multifondos de pensiones, son el tema central de estudio en lo que respecta a su rentabilidad y riesgo de los nuevos portafolios en comparación con el portafolio único administrado bajo la Ley 50 de 1990. El objetivo principal de este trabajo es generar conocimiento en los lectores y afiliados frente a la administración de las Pensiones y el óptimo beneficio que podrían recibir, de igual forma, informar que tipo de fondo es ideal para que tipo de afiliado. Por lo anterior se plantea la necesidad de determinar ¿cuál es la influencia que tendrá el esquema de multiportafolios sobre el mercado de capitales en Colombia

Prospective memory in patients with relapsing remitting Multiple Sclerosis

Prospective Memory (PM) is a set of cognitive abilities that allow us to remember to perform planned actions or delayed intentions. It requires the recall of the content of the planned task in the form of an intention to be able to execute it at the 4 appropriate moment. Previous studies have yielded conflicting results as some show that MS patients have difficulty in remembering the content of intentions and others in the process of self-initiation of delayed intentions. Moreover, the relationship between PM and clinical variables also remains unclear. The aim of this study is to investigate PM in Relapsing-Remitting Multiple Sclerosis (RRMS) with two experimental tests that evaluate different aspects of the MP. Another aim of the current study was to analyse the relationship between PM and demographic variables and clinical variables. Methods: 36 outpatients with a diagnosis of RRMS attending to two centers specialized in multiple sclerosis clinics, were recruited. Thirty five healthy volunteers formed the contrast group (CG), matched for age, gender and education with the MS patients. A neuropsychological test battery that included two techniques for measuring PM was administered. The Cóndor test consists of reading a text whilst simultaneously executing many actions. In the Multitask Prospective Memory (MTPM), the participant must remember to initiate a complex intention, which was previously planned. The test yields formation scores of the intention, initiation, plan retention capacity and finally two execution scores. A depression scale (Beck Depression Inventory, BDI-II) was administered and physical disability was revealed using the Expanded Disability Status Scale. Results: In the RRMS group, the majority of patients (80.6%) had none or minimal signs of depression according to BDI-II classification criteria. Seventy five % of patients were in full- or half-time employment, 13.9% were unemployed or in occasional employment and 11.1% were house wives or retired on grounds of age. With respect to cognitive performance 47.2% of MS patients presented cognitive impairment. RRMS patients and the CG did not differ significantly on age and years of formal education. Groups showed no significant differences in distribution of Gender. Patients scored significantly lower than the CG on the Cóndor?s total score, p = 5 .007, d = 0.7. On the MTPM, the CG obtained significantly more points for intention formation than patients, p = .027, d = 0.5. Sixty-three percent of patients versus 88.5% of the CG self-initiated the intention, p = .014. Patients who obtained a higher score on Formation, self-initiated more often, p = .012. Education, disease progression and depression measure with the Beck Depression Inventory, significantly and mildly correlate with the Cóndor and the MTPM. Physical disability was only associated with the intention planning phase of MTPM. Conclusion: PM appears to be impaired in patients with RRMS. A deficit was found in planning and self-initiation of planned actions. Self-initiation was influenced by planning quality. Education, disease progression and depression were shown to influence recall and execution of future intentions. Physical disability was only associated with the intention planning phase. Some previous studies have not found a significant relationship between physical disability and cognitive measures. This study suggests that PM can be affected in patients with a low level of physical impairment. Results highlight the need for objective assessment of PM in RRMS patients to be able to detect any disorder in the initial stages of the disease and start appropriate rehabilitation. Amongst the limitations of this study, the observational, non-blind design must be acknowledged, as well as the small sample size. Also, the instruments used to assess PM are relatively new and studies of their psychometric properties are lacking. Nevertheless, the use of an instrument like El Cóndor is notable, given that it was developed for local population.Fil: Cores, Evangelina Valeria. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Vanotti, Sandra Ines. Universidad de Buenos Aires. Facultad de Psicología; Argentina. Instituto de Neurociencias Buenos Aires S. A.; ArgentinaFil: Orlando, Garcea. Universidad de Buenos Aires. Facultad de Medicina; Argentina. Gobierno de la Ciudad de Buenos Aires. Hospital General de Agudos "Ramos Mejía"; ArgentinaFil: Osorio, Mabel. Provincia de Buenos Aires. Ministerio de Salud. Hospital Interzonal de Agudos "Eva Perón"; ArgentinaFil: Politis, Daniel Gustavo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Provincia de Buenos Aires. Ministerio de Salud. Hospital Interzonal de Agudos "Eva Perón"; Argentin