Local polynomial convexity of the union of two totally-real surfaces at their intersection

We consider the following question: Let S (1) and S (2) be two smooth, totally-real surfaces in C-2 that contain the origin. If the union of their tangent planes is locally polynomially convex at the origin, then is S-1 boolean OR S-2 locally polynomially convex at the origin? If T (0) S (1) a (c) T (0) S (2) = {0}, then it is a folk result that the answer is yes. We discuss an obstruction to the presumed proof, and provide a different approach. When dim(R)(T0S1 boolean AND T0S2) = 1, we present a geometric condition under which no consistent answer to the above question exists. We then discuss conditions under which we can expect local polynomial convexity.

New Ventures’ influence on the Growth of SME Employment, Production and Exports in India: Does Institutional Credit matter?

New ventures are considered to be a major source of small firm growth. In Indian context the contribution of new ventures in terms of new employment, production and exports has largely remained unexplored. It is equally important and unexplored, the significance of the contribution of bank credit to the growth of new ventures in India. This paper is an attempt to throw light on these two aspects. The research is based on secondary data of the liberalized period provided by Ministry of Micro, Small and Medium Enterprises, Government of India and Reserve Bank of India. To analyze the influence of bank credit growth on new ventures and the influence of new ventures on growth of additional employment, additional production and additional exports, we used a Bi-Variate Vector Auto Regression. Based on the model generated, Granger causality tests are conducted to obtain the results. The study found that rate of growth of bank credit causes the number of new ventures, implying any increase in the rate of growth of bank credit will be beneficial to the growth of new ventures. The study also concluded that new ventures are not causing the growth of additional employment or additional production. However new ventures cause the growth of additional exports. This is reasonable as entrepreneurs start their new ventures with minimum possible employment and relatively low rate of capacity utilization and they come up to take advantage of the process of globalization by catering to the international market.

Pricing credit derivatives

The financial crisis set off by the default of Lehman Brothers in 2008 leading to disastrous consequences for the global economy has focused attention on regulation and pricing issues related to credit derivatives. Credit risk refers to the potential losses that can arise due to the changes in the credit quality of financial instruments. These changes could be due to changes in the ratings, market price (spread) or default on contractual obligations. Credit derivatives are financial instruments designed to mitigate the adverse impact that may arise due to credit risks. However, they also allow the investors to take up purely speculative positions. In this article we provide a succinct introduction to the notions of credit risk, the credit derivatives market and describe some of the important credit derivative products. There are two approaches to pricing credit derivatives, namely the structural and the reduced form or intensity-based models. A crucial aspect of the modelling that we touch upon briefly in this article is the problem of calibration of these models. We hope to convey through this article the challenges that are inherent in credit risk modelling, the elegant mathematics and concepts that underlie some of the models and the importance of understanding the limitations of the models.

Computing Reeb Graphs as a Union of Contour Trees

The Reeb graph of a scalar function tracks the evolution of the topology of its level sets. This paper describes a fast algorithm to compute the Reeb graph of a piecewise-linear (PL) function defined over manifolds and non-manifolds. The key idea in the proposed approach is to maximally leverage the efficient contour tree algorithm to compute the Reeb graph. The algorithm proceeds by dividing the input into a set of subvolumes that have loop-free Reeb graphs using the join tree of the scalar function and computes the Reeb graph by combining the contour trees of all the subvolumes. Since the key ingredient of this method is a series of union-find operations, the algorithm is fast in practice. Experimental results demonstrate that it outperforms current generic algorithms by a factor of up to two orders of magnitude, and has a performance on par with algorithms that are catered to restricted classes of input. The algorithm also extends to handle large data that do not fit in memory.

Union Formation and Bargaining Rules in the Labor Market

This paper analyzes union formation in a model of bargaining between a firm and several unions. We address two questions: first, the optimal configuration of unions (their number and size) and, second, the impact of the bargaining pattern (simultaneous or sequential). For workers, grouping into several unions works as a price discrimination device which, at the same time, decreases their market power. The analysis shows that optimal union configuration depends on the rules that regulate the bargaining process (monopoly union, Nash bargaining or right to manage).

Consumer Expertise or Credit Risk? An empirical analysis of mortgage pricing

Loan mortgage interest rates are usually the result of a bank-customer negotiation process. Credit risk, consumer cross-buying potential, bundling, financial market competition and other features affecting the bargaining power of the parties could affect price. We argue that, since mortgage loan is a complex product, consumer expertise could be a relevant factor for mortgage pricing. Using data on mortgage loan prices for a sample of 1055 households for the year 2005 (Bank of Spain Survey of Household Finances, EFF-2005), and including credit risk, costs, potential capacity of the consumer to generate future business and bank competition variables, the regression results indicate that consumer expertise-related metrics are highly significant as predictors of mortgage loan prices. Other factors such as credit risk and consumer cross-buying potential do not have such a significant impact on mortgage prices. Our empirical results are affected by the credit conditions prior to the financial crisis and could shed some light on this issue.

Assistance in poverty alleviation through improved aquatic resources management in Asia-Pacific: DoF/NACA-STREAM/FAO Workshop on livelihoods approaches and analysis. Yangon, Union of Myanmar, 11-15 May 2004

This is the report of the “DoF/NACA-STREAM/FAO Workshop on Livelihoods Approaches and Analysis” that was conducted in Yangon, Union of Myanmar from 11-15 May 2004. The purpose of the workshop was to develop and document mechanisms for training in livelihoods approaches and analysis, and to build national capacity to conduct livelihoods studies. The workshop in Yangon was the first STREAM event in Myanmar, with colleagues coming to participate from Yangon and many Divisions and States throughout the country. The workshop in Yangon was the fourth in a series, the first of which was held in Iloilo City, Philippines, in November 2003, the second in Ranchi, India, in February 2004, and the third in Vientiane, Lao PDR in March 2004. A subsequent workshop will take place in Yunnan, China. The objectives of the workshop were to: Understand issues of interest to people whose livelihoods include aquatic resources management, especially those with limited resources Build “(national) livelihoods teams” to do livelihoods analyses and training, and share their experiences with communities and other stakeholders Share understandings of livelihoods approaches and analysis using participatory methods Review current NACA-STREAM livelihoods analysis documentation, adapt and supplement, towards the drafting of a Guide for Livelihoods Analysis Experience the use of participatory tools for livelihoods analysis Plan activities for carrying out livelihoods analyses, and Consider how to build capacity in monitoring and evaluation (M&E) and “significant change”. (Pdf contains 56 pages).

Credit financing of aquaculture programmes -- a review

A discussion is presented on the role of credit financing in the development of aquaculture programmes in Nigeria. The constraints militating against credit availability to aquaculture vis-a-vis the competition between aquaculture and other agricultural and industrial sectors for the allocation of available credit facilities are examined. Possible ways of enhancing preferential allocation of capital to the aquaculture industry from the various sources of credit available to the Nigerial agricultural economy are suggested

L'économie argelienne et ses connexions avec l' Union Européenne de l'indépendance à l'actualité

Analyse about all the economical connexions between the European Union and Algeria since 1962 until 2014.