Credit and inflation under borrower’s lack of commitment

Here we investigate the existence of credit in a cash-in-advance economy where there are complete markets but for the fact that agents cannot commit to repay their debts. Defectors are banned from the credit market but they can use money balances for saving purposes. Without uncertainty, deflation crowds out credit completely. The equilibrium allocation, however, is efficient if the government deflates at the time preference rate. Efficiency can also be restored with positive inflation. For any non negative inflation rate below the optimal level, the volume of credit and the real interest rate increase with inflation. Our results hold when idiosyncratic uncertainty is introduced and households are sufficiently impatient but in one instance: efficiency cannot be restored if the deflation rate is nearby the rate of time preference. Our numerical examples suggest that the optimal inflation rate is not too large for reasonable levels of patience and risk aversion. Finally, we present a framework where the use of money arises endogenously and show that it is tantamount to our cash-in-advance framework. Our results hold in this modified environment

Linking and Weighting Efficiency Estimates with Stock Performance in Banking Firms

The purpose of this paper is to contribute further evidence on bank efficiency by defining alternative measures of costs when estimating efficiency and competitive viability by linking the results of efficiency estimates to market returns of financial institutions. Given a series of functions (production costs, opportunity costs of capital with systematic risk, opportunity cost of capital with specific risk, and branch network distribution), we estimate alternative partial measures of bank efficiency with DEA. Assuming that these functions are related to market returns on shares, an estimation of the relative importance of each of the functions is carried out, considering an additional initially unknown function which can be attributed to individual differences not accounted for in the previous four definitions. Due to the nature of the model, strong collinearity may be expected among efficiency measures. With the aid of a tabu search procedure, artificial instrumental variables are generated which avoid collinearity and permit the isolation of the underlying relationships. Results are applied to all Spanish banks quoting on the stock exchange.

Adaptive Multi-Pattern Fast Block-Matching Algorithm Based on Motion Classification Techniques

Motion estimation is the most time-consuming subsystem in a video codec. Thus, more efficient methods of motion estimation should be investigated. Real video sequences usually exhibit a wide-range of motion content as well as different degrees of detail, which become particularly difficult to manage by typical block-matching algorithms. Recent developments in the area of motion estimation have focused on the adaptation to video contents. Adaptive thresholds and multi-pattern search algorithms have shown to achieve good performance when they success to adjust to motion characteristics. This paper proposes an adaptive algorithm, called MCS, that makes use of an especially tailored classifier that detects some motion cues and chooses the search pattern that best fits to them. Specifically, a hierarchical structure of binary linear classifiers is proposed. Our experimental results show that MCS notably reduces the computational cost with respect to an state-of-the-art method while maintaining the qualityPublicad

Ecological Urbanism, Daydream or Nightmare?

El desgaste del término “Urbanismo sostenible” ha dado lugar a la utilización de otras expresiones de recambio; entre ellas destaca la de “Ecourbanismo”. El texto plantea las bases teóricas de un Urbanismo Ecológico que responda a los desafíos planteados por la crisis ecológica y la depleción de las materias primas. Ni la opción “cosmética”, ni la “tecnológica”, ni la “ambientalista” suponen una verdadera alternativa para la construcción de modelos urbanos viables. Desde la asunción del concepto central de la finitud del desarrollo, y teniendo en cuenta el balance de una década de boom inmobiliario, se formulan propuestas de intervención a corto, medio y largo plazo, entendiendo el Ecourbanismo no como un sueño, una situación ideal, sino como una alternativa de supervivencia.The weakening of the word “Sustainable Urbanism” has given way to the use of other terms such as “Ecourbanism”. In the text we discuss the basis of valid Ecological Urbanism, one that fulfils the challenges derived from the Ecological Crisis and the Depletion of raw materials. Neither the “cosmetic” choice, nor the “technological” one, not even the “environmentalist” option are real alternatives for the construction of long lasting urban models. Assuming that finiteness is the central concept of an ecological system, and considering the balance of a decade of real estate boom in Spain, proposals on a short, medium and long terms are formulated, agreeing that Ecourbanism will not be anymore a daydream, but a survival strategy.Peer Reviewe

La doctrina del enriquecimiento injusto y la violación de los derechos de propiedad industrial

El presente trabajo analiza la plasmación de la doctrina\ud del enriquecimiento injusto en las diferentes normas reguladoras de la\ud responsabilidad civil derivada de la violación de alguno de los derechos\ud sobre propiedad industrial (patentes, marcas, diseños industriales¿), la\ud plasmación explícita de la acción de enriquecimiento injusto en la Ley\ud de Competencia Desleal, así como la concurrencia de ambas normativas.\ud Tras una breve introducción de los antecedentes de la cuestión, se aborda\ud el tratamiento doctrinal y jurisprudencial de los diferentes supuestos\ud previstos en cada una de las citadas leyes y las diversas alternativas indemnizatorias\ud que tiene el titular del derecho infringido frente al infractor.This paper examines the translation of the doctrine of unjust\ud enrichment in the different rules governing civil liability resulting\ud from violation of any of the rights on industrial property (patents, trademarks,\ud industrial designs¿), the translation of the explicit action unjust\ud enrichment by the Law on Unfair Competition, as well as the concurrence\ud of both regulations. After a brief introduction to the history of\ud the issue, examines the treatment of doctrine and jurisprudence of the different scenarios under each of those laws and the various alternatives\ud for compensation that is the holder of the infringed right against the\ud offender

Lecturas territoriales: tres métodos y un recurso en la construcción del territorio como paisaje cultural: el caso del Norte de Traslasierra, Córdoba, Argentina

El estudio de una extensa y postergada región del oeste cordobés, en Argentina, obligó a revisar enfoques y a definir un conjunto de procedimientos con arreglo a las particularidades del territorio. Así, la escala del espacio, la diversidad paisajística y los escasos elementos construidos -a los que se agregó, la ausencia de cartografías y documentos escritos-, fueron los principales obstáculos que el ajuste metodológico aspiraba a sortear, a los fines de cumplir con el objetivo final: la construcción de un relato del territorio, como sustento del desarrollo futuro de la región a partir de posibles futuros proyectos de paisaje cultural.The study of an extensive and postponed region of western Cordoba in Argentina forced to review approaches and to define a set of procedures according to the particularities of the territory. Thus, the scale of the space, the landscape diversity and the few constructed elements -to which it was added, the absence of cartographies and written documents- were the main obstacles that the methodological adjustment aspired to draw, in order to comply with the final objective: the construction of a narrative of the territory, as sustenance of the future development of the region from possible future projects of cultural landscape

Youth and public policies of digital inclusion in argentina: new practices of communication and socialization in a province of frontera

Desde el año 2010 en Argentina se vienen implementando políticas públicas de comunicación e inclusión digital, ante esto, se reflexiona a partir de los usos y apropiaciones que hacen los jóvenes de las Tecnologías de la Información y la comunicación (TIC) que viven en la comunidad rural de El Fuerte, departamento Santa Bárbara, provincia de Jujuy. Teniendo en cuenta el impacto social y cultural que tienen las políticas sociales de inclusión digital destinadas a disminuir las brechas de acceso, como el Programa Conectar Igualdad (PCI) que tiene sus orígenes en el año 2010 y el Plan Federal de Internet reorganizado en el año 2016. Esto permitió, que estudiantes de muchas de las escuelas que funcionan en contextos geográficos rurales sean destinatarios de una computadora (netbook) y la posibilidad de conectividad a Internet satelital en el establecimiento educativo y espacios públicos de las comunidades destinatarias de estas políticas, lo que modificó muchas de las prácticas cotidianas de las juventudes.Since 2010, in Argentina, public policies for communication and digital inclusion have been implemented, reflecting on the uses and appropriations made by young people in Information Technology and communication in the rural community of El Fuerte, Santa Bárbara department, province of Jujuy. Taking into account the social and cultural impact of social inclusion policies aimed at reducing access gaps, such as the Programa Conectar Igualdad (PCI), which has its origins in 2010 and the Federal Internet Plan reorganized in the year 2016. This allowed students from many of the schools operating in rural geographic contexts to be recipients of a netbook and the possibility of satellite internet connectivity in the educational establishment and public spaces of the target communities of these policies. Which modified many of the daily practices of youth