Liability dollarization and fear of floating

This paper explores the idea that fear of floating can be justified as an optimal discretionary monetary policy in a dollarized emerging economy. Specifically, I consider a small open economy in which intermediate goods importers borrow in foreign currency and face a credit constraint. In this economy, exchange rate depreciation not only worsens importers' net-worth but also increases the financing amount in domestic currency, therefore exaggerating their borrowing finance premium. Besides, because of high exchange rate pass-through into import prices, fluctuations in the exchange rate also have strong impacts on domestic prices and production. These effects, together, magnify the macroeconomic consequences of the floating exchange rate policy in response to external shocks. The paper shows that the floating exchange rate regime is dominated by the fixed exchange rate regime in the role of cushioning shocks and in welfare terms.

The asset/liability structure of the Philippine banks and non-bank financial institutions in 2000s : a preliminary study for financial access analyses

Based on the consolidated statements data of the universal/commercial banks (UKbank) and non-bank financial institutions with quasi-banking licenses, this paper presents a keen necessity of obtaining data in detail on both sides (assets and liabilities) of their financial conditions and further analyses. Those would bring more adequate assessments on the Philippine financial system, especially with regard to each financial subsector's financing/lending preferences and behavior. The paper also presents a possibility that the skewed locational and operational distribution exists in the non-UKbank financial subsectors. It suggests there may be a significant deviation from the authorities' (the BSP, SEC and others) intended/anticipated financial system in the banking/non-bank financial institutions' real operations.

Professional Liability of the Construction Professional as an Expert Witness in the Spanish Legal Framework

Inside COBRA 2011 RICS International Research Conference, the present paper is linked to analyze the liability of the construction professional in his practice as a expert witness in the Spanish legal framework. In a large number of legal procedures related to the building it is necessary the intervention of the expert witness to report on the subject of litigation, and to give an opinion about possible causes and solutions. This field is increasingly importantly for the practice of construction professional that requires an important specialization. The expert provides his knowledge to the judge in the matter he is dealing with (construction, planning, assessment, legal, ...), providing arguments or reasons as the base for his case and acting as part of the evidence. Although the importance of expert intervention in the judicial process, the responsibilities arising from their activity is a slightly studied field. Therefore, the study has as purpose to think about the regulation of professional activities raising different aims. The first is to define the action of the construction professional-expert witness and the need for expert evidence, establishing the legal implications of this professional activity. The different types of responsibilities (the civil, criminal and administrative) have been established as well as the economic, penal or disciplinary damages that can be derived from the expert report

Strict and non-strict independent and-parallelism in logic programs: Correctness, efficiency, and compile-time conditions.

This paper presents some fundamental properties of independent and-parallelism and extends its applicability by enlarging the class of goals eligible for parallel execution. A simple model of (independent) and-parallel execution is proposed and issues of correctness and efficiency discussed in the light of this model. Two conditions, "strict" and "non-strict" independence, are defined and then proved sufficient to ensure correctness and efñciency of parallel execution: if goals which meet these conditions are executed in parallel the solutions obtained are the same as those produced by standard sequential execution. Also, in absence of failure, the parallel proof procedure does not genérate any additional work (with respect to standard SLD-resolution) while the actual execution time is reduced. Finally, in case of failure of any of the goals no slow down will occur. For strict independence the results are shown to hold independently of whether the parallel goals execute in the same environment or in sepárate environments. In addition, a formal basis is given for the automatic compile-time generation of independent and-parallelism: compile-time conditions to efficiently check goal independence at run-time are proposed and proved sufficient. Also, rules are given for constructing simpler conditions if information regarding the binding context of the goals to be executed in parallel is available to the compiler.

Effectiveness of global analysis in strict independence-based automatic program parallelization

This paper presents a study of the effectiveness of global analysis in the parallelization of logic programs using strict independence. A number of well-known approximation domains are selected and tlieir usefulness for the application in hand is explained. Also, methods for using the information provided by such domains to improve parallelization are proposed. Local and global analyses are built using these domains and such analyses are embedded in a complete parallelizing compiler. Then, the performance of the domains (and the system in general) is assessed for this application through a number of experiments. We argüe that the results offer significant insight into the characteristics of these domains, the demands of the application, and the tradeoffs involved.

Extracting non-strict independent and-parallelism using sharing and freeness information

Logic programming systems which exploit and-parallelism among non-deterministic goals rely on notions of independence among those goals in order to ensure certain efficiency properties. "Non-strict" independence (NSI) is a more relaxed notion than the traditional notion of "strict" independence (SI) which still ensures the relevant efficiency properties and can allow considerable more parallelism than SI. However, all compilation technology developed to date has been based on SI, because of the intrinsic complexity of exploiting NSI. This is related to the fact that NSI cannot be determined "a priori" as SI. This paper filis this gap by developing a technique for compile-time detection and annotation of NSI. It also proposes algorithms for combined compiletime/ run-time detection, presenting novel run-time checks for this type of parallelism. Also, a transformation procedure to eliminate shared variables among parallel goals is presented, aimed at performing as much work as possible at compile-time. The approach is based on the knowledge of certain properties regarding the run-time instantiations of program variables —sharing and freeness— for which compile-time technology is available, with new approaches being currently proposed. Thus, the paper does not deal with the analysis itself, but rather with how the analysis results can be used to parallelize programs.

Non-strict independent and-parallelism

This paper presents and develops a generalized concept of Non-Strict Independent And Parallelism (NSIAP). NSIAP extends the applicability of Independent And- Parallelism (IAP) by enlarging the class of goals which are eligible for parallel execution. At the same time it maintains IAP's ability to run non-deterministic goals in parallel and to preserve the computational complexity expected in the execution of the program by the programmer. First, a parallel execution framework is defined and some fundamental correctness results, in the sense of equivalence of solutions with the sequential model, are discussed for this framework. The issue of efficiency is then considered. Two new definitions of NSI are given for the cases of puré and impure goals respectively and efficiency results are provided for programs parallelized under these definitions which include treatment of the case of goal failure: not only is reduction of execution time guaranteed (modulo run-time overheads) in the absence of failure but it is also shown that in the worst case of failure no speed-down will occur. In addition to applying to NSI, these results carry over and complete previous results shown in the context of IAP which did not deal with the case of goal failure. Finally, some practical examples of the application of the NSIAP concept to the parallelization of a set of programs are presented and performance results, showing the advantage of using NSI, are given.

Towards extracting non-strict independent and-parallelism using sharing and freeness information

Logic programming systems which exploit and-parallelism among non-deterministic goals rely on notions of independence among those goals in order to ensure certain efficiency properties. "Non-strict" independence (NSI) is a more relaxed notion than the traditional notion of "strict" independence (SI) which still ensures the relevant efficiency properties and can allow considerable more parallelism than SI. However, all compilation technology developed to date has been based on SI, presumably because of the intrinsic complexity of exploiting NSI. This is related to the fact that NSI cannot be determined "a priori" as SI. This paper fills this gap by developing a technique for compile-time detection and annotation of NSI. It also proposes algorithms for combined compile- time/run-time detection, presenting novel run-time checks for this type of parallelism. Also, a transformation procedure to eliminate shared variables among parallel goals is presented, attempting to perform as much work as possible at compiletime. The approach is based on the knowledge of certain properties about run-time instantiations of program variables —sharing and freeness— for which compile-time technology is available, with new approaches being currently proposed.

A Fair Day's Wages: Liberty, Legality, and Liability Among Denver's Day Laborers

Day laborers occupy an essential position in Denver’s booming construction industry. Day laborers make up a highly flexible, highly effective workforce able to respond to market changes. For day laborers, informal day-labor gathering points provide increased control over working hours and employee-employer relationships when compared to traditional wage labor. Still, recent legislation and policies around irregular migration has forced large numbers of workers who may have benefited from the stability of full-time regular employment into the informal sector. The day laborers’ flexibility also exposes them to employers constantly inventing ways to deny them the wages and benefits they are owed. Despite changes in Colorado law in attempts to strengthen workers’ recourse against their employers, and despite social and individual tactics day laborers employ to mitigate their vulnerability, systematic structural, symbolic, and everyday violence continue to advantage employers.