Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?

Credit markets with asymmetric information often prefer credit rationing as a profit maximizing device. This paper asks whether the presence of informal credit markets reduces the cost of credit rationing, that is, whether it can alleviate the impact of asymmetric information based on the available information. We used a dynamic general equilibrium model with heterogenous agents to assess this. Using Indian credit market data our study shows that the presence of informal credit market can reduce the cost of credit rationing by separating high risk firms from the low risk firms in the informal market. But even after this improvement, the steady state capital accumulation is still much lower as compared to incentive based market clearing rates. Through self revelation of each firm's type, based on the incentive mechanism, banks can diversify their risk by achieving a separating equilibrium in the loan market. The incentive mechanism helps banks to increase capital accumulation in the long run by charging lower rates and lending relatively higher amount to the less risky firms. Another important finding of this study is that self-revelation leads to very significant welfare improvement, as measured by consumptiuon equivalence.

Impacto de la afirmación del nuevo modo de acumulación y reproducción del capital en la ciudad de Catriel

En el presente artículo intentaremos mostrar cómo las políticas aplicadas en la Argentina desde 1976, han influído sobre las ciudades/pueblos del país. Específicamente, se intentará ilustrar por medio de un caso concreto, la Ciudad de Catriel, Río Negro, la dinámica de la desconexión de los pueblos-fantasmas de sus circuitos productivos. Así, intentaremos demostrar cómo los cambios estructurales que generaron el nuevo régimen de acumulación y reproducción del capital y su reafirmación, principalmente a través del proceso privatizador de principios de los años ´90, produjeron la polarización de los distintos agentes productivos involucrados en la actividad petrolera.

Allocation efficiency in China : an extension of the dynamic Olley-Pakes productivity decomposition

This paper develops a quantitative measure of allocation efficiency, which is an extension of the dynamic Olley-Pakes productivity decomposition proposed by Melitz and Polanec (2015). The extended measure enables the simultaneous capture of the degree of misallocation within a group and between groups and parallel to capturing the contribution of entering and exiting firms to aggregate productivity growth. This measure empirically assesses the degree of misallocation in China using manufacturing firm-level data from 2004 to 2007. Misallocation among industrial sectors has been found to increase over time, and allocation efficiency within an industry has been found to worsen in industries that use more capital and have firms with relatively higher state-owned market shares. Allocation efficiency among three ownership sectors (state-owned, domestic private, and foreign sectors) tends to improve in industries wherein the market share moves from a less-productive state-owned sector to a more productive private sector.

Pietilä: El proyecto de Dipoli

Dipoli es un edificio plurifuncional localizado en el campus de Otaniemi que acoge los servicios generales del alumnado. Tanto encargo como propiedad pertenecía, hasta 2013, a la Asociación de Estudiantes de Helsinki University of Technology TKK (actualmente conocida como Aalto University), cuando se vendió y traspasó a la propia universidad. La tesis estudia este proyecto (1961-66) como uno de los ejemplos más significativos de la obra de los arquitectos Reima (1923-93)y Raili Pietilä (1926-), quienes se unieron tanto personal como profesionalmente el mismo año de la convocatoria del concurso (1961). Debido a la dificultad del encargo por la dimensión y flexibilidad de los espacios requeridos, el primer premio quedó desierto puesto que ninguna propuesta cumplía con todos los requisitos establecidos. El jurado otorgó el segundo premio a su proyecto junto con Osmo Lappo y solicitó posteriormente a ambos un desarrollo más profundo del mismo. Finalmente optaron por construir el edificio planteado por los Pietilä. En él debía desarrollarse un amplio abanico de actividades sociales como reuniones, entretenimiento nocturno, actuaciones, proyecciones de películas, cenas y bailes, así como servir de comedor durante los meses de invierno y espacio destinado a congresos en la época estival. Además, en dicho edificio se pretendía acoger el Sindicato de Estudiantes de la Universidad Tecnológica de Helsinki y se localizaría en el nuevo campus de Otaniemi a escasos kilómetros de la capital, donde Alvar Aalto ya estaba diseñando varios equipamientos universitarios siguiendo el planeamiento general que proyectó en el concurso de 1949. El elemento más característico de este proyecto es la cubierta, una estructura continua formada a partir de un caparazón hueco de hormigón in situ capaz de absorber dos lenguajes diferentes y generar, bajo ella, un espacio singular con multitud de posibilidades funcionales. Su geometría permite dividir el programa en estancias de menor tamaño sin perder ni la identidad ni unidad formal. La manera en que se iluminan los espacios bajo ella se consigue de formas diferentes: si bien la volumetría de líneas cartesianas presenta un sistema de aperturas longitudinales por donde penetra la luz cenital, en la forma más libre aparecen un conjunto de lucernarios de diferente tamaños y posiciones aparentemente aleatorias que introducen la luz natural por el plano del techo de forma más controlada, apoyada por la disposición de las ventanas perimetrales. El juego de espesores de la cubierta ofrece un conjunto de matices que pretenden resolver los tres condicionantes principales del proyecto, la adecuación de los usos en su interior, la compatibilidad de circulaciones de los usuarios y la inserción en el lugar. La percepción de este plano horizontal atraviesa lecturas múltiples, desde su uso primario de cubrición y cuya distancia con el plano del suelo se comprime para tensionar la grieta de luz al tiempo que ofrece nuevas relaciones con el paisaje hasta convertirse en fachada al apoyarse en el suelo y crear un límite físico entre interior y exterior. El objetivo fundamental de la tesis es entender mejor la traza particular de Dipoli desde una visión rigurosa que amplíe el conocimiento del edificio y al mismo tiempo explique el espacio propuesto a través de las diferentes herramientas de proyecto. Para ello se ha elaborado una documentación de la obra que parte de recopilar, seleccionar y redibujar la información existente desde el estado previo a la construcción del objeto terminado. El sentido de volver al Centro de Estudiantes de Otaniemi, supone, además de ayudar a comprender el trabajo de sus autores, entender el proceso de la historia de la arquitectura finlandesa y detectar relaciones con otras obras más lejanas con las que pudiese compartir ciertos valores, facilitando un entendimiento más global de la historia. Esta investigación se inicia desde la hipótesis que la forma final del edificio y su relación con el lugar, para proponer un tipo de arquitectura que confía en la observación sensible del programa, del uso, de las escalas de los espacios, del movimiento de las personas y su relación y anclaje con el lugar. Y en este sentido, el trabajo se desarrolla guiado por estos aspectos que se manifiestan también desde la influencia y comprensión de otros trabajos propios y ajenos. Para detectar las claves de proyecto que les han permitido la construcción espacial y formal de su arquitectura, entendiendo éstas como el conjunto de herramientas y mecanismos que reflexionan sobre una particular composición volumétrica y espacios dinámicos que ofrecen un aspecto exterior expresivo, la tesis se articula sobre dos capítulos principales “Contextos” y “Proyecto y Construcción” donde se quiere estudiar el proyecto en su forma más completa. Esta pareja de apartados aborda la descripción del marco temporal, físico, cultural, personal y profesional de los arquitectos, el análisis y síntesis de la propuesta y, por último, la repercusión del proyecto. Contextos pretende ubicar la obra además de facilitar la comprensión del conjunto de aspectos y condicionantes que determinaron la materialización de Dipoli. Este capítulo se subdivide a su vez en cinco apartados: Contexto Histórico, Físico y Cultural, Personal, Profesional e Incidencia de Dipoli. El Contexto histórico se centra en la descripción pormenorizada del conjunto de situaciones que influyen en el arquitecto cuando se toman decisiones durante el proceso de proyectar. El objetivo es definir los condicionantes que pueden haber afectado directa o indirectamente la obra. El capítulo comienza subrayando los temas de interés comunes para el resto de sus homólogos finlandeses. Principalmente se centra en la década de 1950 como etapa previa a la gestación de Dipoli. También atiende el proceso de evolución de la arquitectura finlandesa desde finales del S.XIX unido a la crisis de identidad nacional que el maestro Alvar Aalto superará por sus obras pero también por su personalidad y supondrá una gran sombra al resto de sus compañeros en el marco nacional e internacional provocando una reacción contraria a sus proyectos y persona entre el resto de arquitectos. Por este motivo, al tiempo que se gestaba el proyecto de Dipoli emergieron un grupo de profesionales que defendían fuertemente las trazas cartesianas del racionalismo como Aulis Blomstedt o Juhani Pallasmaa y que consiguieron abrir una nueva perspectiva intelectual. Por tanto será inevitable que la presencia del maestro nórdico Alvar Aalto aparezca a lo largo de toda la tesis, permitiéndonos un mejor entendimiento de la carga orgánica y humana de sus trabajos desde la perspectiva de los Pietilä. Posteriormente este capítulo desgrana aquellos intereses que dominaban el marco arquitectónico internacional y que pudieron influir en las soluciones planteadas. Dipoli será puesto en relación a diversas arquitecturas contemporáneas que presentan un enfoque diferente al esbozado por el Movimiento Moderno y cuyo marco de referencias guarda algún tipo de relación con los mismos temas de proyecto. Es el caso del grupo Team 10 o determinados ejemplos de arquitectos alemanes como Hugo Häring y Hans Scharoun, incluso puntos en común con el sistema constructivista del vanguardismo soviético. Estas relaciones con otras arquitecturas matizan su carácter singular e incluso se revisa en qué medida esta propuesta amplifica los aspectos que comparten. En cuanto al Contexto físico y cultural, una primera aproximación al ámbito donde el edificio se sitúa nos revela las características generales de un lugar claramente diferente a la ubicación del resto de edificios del campus. A continuación se adentra en el origen del nuevo centro universitario desde el planeamiento urbanístico de Alvar Aalto y revela tanto la forma de disponer las construcciones como las propuestas que el maestro había desarrollado con anterioridad a la convocatoria del concurso. Además aquí se destacan aquellos aspectos que propiciaron la elección del solar. Prosigue adentrándose en el programa propuesto por el jurado –entre cuyos miembros se encontraba el propio Aalto- y el análisis de las propuestas presentadas por cada uno de los arquitectos que obtuvieron una mención. Por último, se estudian y definen las obras más relevantes localizadas en el entorno físico del proyecto y que existían con anterioridad, destacando principalmente el trabajo de los Siren (Heikki y Kaija) y Alvar Aalto por los motivos desarrollados en el punto anterior. Prosigue con el Contexto Personal donde se seleccionan de datos biográficos que expliquen, en parte, las circunstancias personales que perfilaron su manera de entender la arquitectura y que consecuentemente influyeron en su camino intelectual hasta llegar a Dipoli. A continuación se indaga en la relación profesional y personal con Raili Paatelainen para establecer en qué medida participaron ambos en la propuesta. Este apartado concluye con el estudio de la etapa docente que profundiza en los temas de proyecto que Pietilä presentaba a los alumnos en sus clases de proyectos. En el proceso de comprensión de la evolución teórica y proyectual de los arquitectos se considera imprescindible la revisión de otros edificios propios que se enmarcan en el Contexto profesional. Éstos forman parte de la etapa de mayor actividad del estudio como son el Pabellón de Finlandia para la Exposición de Bruselas (1956-58), la Iglesia de Kaleva en Tampere (1959-66) y el Pabellón Nórdico para la Bienal de Venecia de 1960. Se completa la visión de estos tres ejemplos previos a Dipoli desde las investigaciones teóricas que realizó de forma paralela y que se difundieron a través de varias exposiciones. Nos centraremos en aquellas tres que fueron más relevantes en la madurez del arquitecto (Morfología y Urbanismo, La Zona y Estudios Modulares) para establecer relaciones entre unos aspectos y otros. En esta sección no se pretende realizar un análisis en profundidad, ni tampoco recoger la mayor parte de la obra de los Pietilä, sino más bien revelar los rasgos más significativos que faciliten el entendimiento de los valores anteriormente mencionados. Por último, Incidencia de Dipoli se refiere a la repercusión del edificio durante su construcción y finalización. Desde esta premisa, recoge el conjunto de críticas publicadas en las revistas de mayor difusión internacional que decidieron mostrar la propuesta además desde el propio interés del proyecto, por tratarse de un arquitecto reconocido internacionalmente gracias a la repercusión que obtuvieron sus proyectos anteriores. Se analiza el contenido de los artículos para establecer diversos encuentros con el capítulo Contextos y con los propios escritos de Pietilä. También se recogen las opiniones de críticos relevantes como Kenneth Frampton, Bruno Zevi o Christian Norberg-Schulz, destacando aquellos aspectos por los que mostraron un interés mayor. También se recoge y valora la opinión de sus homólogos finlandeses y que contradictoriamente se sitúa en el polo opuesto a la del juicio internacional. Se adentra en las situaciones complejas que propició el rechazo del edificio al desvincularse por completo de la corriente racionalista que dominaba el pensamiento crítico finés unido a la búsqueda de nuevas alternativas proyectuales que les distanciase del éxito del maestro Alvar Aalto. Pretende esclarecer tanto la justificación de dichos comentarios negativos como los motivos por los cuales Reima y Raili no obtuvieron encargos durante casi diez años, tras la finalización de Dipoli. Nos referiremos también a la propia opinión de los arquitectos. Para ello, en el apartado Morfología Literal se recoge el texto que Reima Pietilä publicó en el número 9 de la revista Arkkitehti para contrarrestar las numerosas críticas recibidas. Se subraya aquellos aspectos de proyecto que inciden directamente en la percepción y razón de ser de la propuesta. Por último, se manifiesta la valoración crítica de dos personas muy próximas al entorno personal y profesional de los Pietilä: Roger Connah y Malcolm Quantrill. Ambas figuras son las que han adentrado en el trabajo de los arquitectos con mayor profundidad y aportado una visión más completa del contexto arquitectónico de Finlandia en el s.XX. Se han interesado principalmente por el conocimiento morfológico que les ha llevado a la observación de los fenómenos de la naturaleza. Se apunta también la falta de objetividad de sus opiniones originadas en parte por haber colaborado profesionalmente y ser amigo íntimo de la familia respectivamente. El valor de la documentación aportada por ambos reside principalmente en la fiel transmisión de las explicaciones del propio Pietilä. El último capítulo Proyecto y Construcción engloba tanto la descripción exhaustiva del proyecto como el análisis de la obra. Al tiempo que se explica la propuesta, se establecen continuamente relaciones y paralelismos con otras arquitecturas que ayudan a entenderla. Para ello, se establecen tres apartados elementales: “El lugar”, “Programa y geometrías” y “Presencia y materialidad física” y se pretende identificar aquellas herramientas de proyecto en las que confía para la materialización de la obra al tiempo que se profundiza en la evolución de la propuesta. En cuanto a El lugar, se describe de manera pormenorizada el recorrido hasta alcanzar el edificio y cómo la mirada atenta de la naturaleza que lo rodea está continuamente presente en todos los dibujos de la propuesta. Se realiza un estudio tanto de la multiplicidad de accesos como del vacío existente en planta baja que forma parte del espacio público y que atraviesa el edificio diagonalmente. Desde aquí se evaluará los espacios intermedios existentes que matizan los ámbitos donde se desarrolla cada una de las actividades. A continuación se enfoca el estudio de la ventana como elemento relevante en la transición de espacios interiores y exteriores para posteriormente adentrarnos en la importancia de los recorridos en la planta superior y cómo las salas polivalentes se acomodan a estos. Programas y geometrías explica la solución y desarrollo de la propuesta a través de los tanteos de la planta. Detecta simultáneamente aquellos aspectos que aparecen en otros proyectos y que pueden haber influido en el desarrollo de la obra. Una vez que han sido estudiados los dos niveles se introduce la sección para analizar las conexiones entre ambos planos, destacando los tipos de escaleras y accesos que propician la multiplicidad de recorridos y en consecuencia el movimiento de las personas. En el último apartado se identifica la geometría de la estructura a través de la descripción formal de la cubierta y sus apoyos en planta para conocer cómo responde el volumen definitivo a la adecuación de los usos. El carácter del edificio a través del empleo de los materiales y las técnicas de construcción utilizadas se indaga desde la Materialidad física. Este punto de vista esclarece temas de proyecto como la relación multisensorial de Dipoli y el concepto del tiempo relacionado con espacios de carácter dinámico o estático. Una vez se ha realizado un análisis de la obra construida a través de sus recorridos, se plantea un último regreso al exterior para observar la presencia del edificio a través de su tamaño, color y texturas. Este apartado nos mostrará la mirada atenta a la escala del proyecto como vector de dirección que pretende encontrar la inserción adecuada del edificio en el lugar, cerrando el proceso de proyecto. El motivo de desarrollar esta tesis en torno a Dipoli se apoya en su consideración como paradigma de una arquitectura que confía en la observación sensible del programa, uso, las escalas de los espacios, circulaciones y su relación y anclaje con el lugar como argumentos fundamentales de proyecto, cuya realidad concreta consigue situar la propuesta en el marco histórico de la arquitectura nórdica e internacional. Además la distancia histórica desde mundo actual respecto a la década de los años 60 del s.XX nos permite entender el contexto cultural donde se inserta Dipoli que continúa nuestra historia reciente de la arquitectura y concibe la obra construida como una extensión de nuestro mundo contemporáneo. Por ello se valora el proyecto desde la mirada hacia atrás que analiza las diferencias entre la realidad construida y las intenciones de partida. Esta revisión dotada de una distancia crítica nos permite adentrarnos en la investigación de manera objetiva. Igualmente presenta una distancia histórica (referida al tiempo transcurrido desde su construcción) y socio-cultural que favorece la atenuación de prejuicios y aspectos morales que puedan desviar una mirada analítica y se alejen de una valoración imparcial. Dipoli, enmarcada en dicho periodo, mantiene la capacidad crítica para ser analizada. ABSTRACT The dissertation defends Dipoli ( 1961-1966 ) as one of the most significant examples of the Reima ( 1923-1993 ) Raili Pietilä (1926 -), who joined both personally and professionally the same year of the project´s competition (1961). Due to the difficulty of the commission by the size and flexibility of the required areas, there was not first prize awarded because none of the submitted proposals met all the requirements. The jury awarded Dipoli with second prize together with a competing scheme by Osmo Lappo. The board subsequently asked for a further development of both proposals and finally selected the one by Pietilä. The completed project allows a wide range of social activities such as meetings, night entertainment, performances, film screenings, dinners and dance to take place while the facility can also serve as a dining hall during winter months and conference center in the summer when necessary. In addition, the building was intended to house the Helsinki University of Technology (now Aalto University) Student Union. The University, at the time being designed by Alvar Aalto following his successful entry to the master plan competition in 1949, was located a few kilometers from the capital on the new campus in Otaniemi. The most characteristic element of the project is its roof which can be described as a continuous form achieved an in-situ concrete cavity structure that can modulate two different geometric languages and generate a singular space under it. The building is, in general terms, an unique shell space with many functional possibilities. Its geometry allows the program to split its functions into smaller sizes without losing the identity or formal unity of the general object. The way in which the spaces are illuminated is solved in two different ways. First, while the Cartesian-line volume presents a series of longitudinal openings into which natural light penetrates, the free-form volume shows a set of skylights in apparently random positions that vary in size and that introduce natural light through the roof in a more controlled manner. In addition the perimeter openings are present that relate directly to the nature that surrounds the building. The adaptable thickness of the roof provides a set of solutions that resolve the three main issues of the project: the adequacy of the functions in the interior areas, the complex capability for user flows and circulation and the manner in which the building is inserted in its context. The perception of the roof´ horizontal plane offers multiple interpretations, from its primary use as a primitive cover whose distance from the ground compresses the void and creates a light tension, to the new relationships with the landscape where by the roof becomes a façade cladding and rests directly on the ground to create a physical boundary between interior and exterior. The main scope of this research is to better understand the particular trace of Dipoli from a rigorous architectural view to deep into the knowledge of the building and, at the same time, to explain the space through a series of project design tools that have been used. For this reason, an accurate documentation has arisen from collecting, selecting and redrawing the existing information from the sketching stage to the built object. A through reanalysis of the Otaniemi Student Center therefore provides not only a more complete understanding of the work of the architects, but also leads to a better comprehension of the history of Finnish architecture, which is related to other cultural relationships and which shares certain architectural values which a more comprehensive understanding of general architectural history. This research starts from the working hypothesis that the final shape of the building and its relationship to its place created a type of architecture that relies on a sensitive observation of the program, the use of varying scales of space, the movement and flow of people and finally the coexistence with the natural context. In this sense, the work is developed based on those aspects that are also reflected in the influence of others architects by understanding both their own and other architects´ work. In order to obtain a personal reading of the project facts that allowed the architects construct Dipoli (understanding the facts as a set of tools and project mechanisms that are able to generate a particular volumetric composition and dynamic spaces that at the same time provide an expressive exterior), the research hinges on two main sections, "Contexts" and "Design and Construction", that study the project from all perspectives. This two parts address the description of temporal , physical , cultural , personal and professional framework, analysis and synthesis of the proposal and finally, the national and international influences on the project. Contexts seek to place the work and to facilitate the understanding of all aspects and conditions that led to the creation of Dipoli. This chapter is subdivided into five sections: Historical Context, Cultural and Physical, Personal, Professional and Dipoli Influences. Historical Context focuses on a detailed description of a set of precedents that influenced the architect when making decisions during design process. The objective is to define the conditions that could directly or indirectly shape the work. This chapter begins by highlighting issues of common interest to the rest its Finnish counterparts. The text is mainly focused on the 1950s as a prelude to Dipoli´s conception. It will also address the process of Finnish architecture from the late nineteenth century as linked to the national identity crisis that the great master Alvar Aalto overcame with both his works and personality, being a great drain on the rest of his colleagues. This aspect caused a reaction against Aalto and his projects. For this reason, at the time that Dipoli came into being a number of professionals who strongly defended the traces of Cartesian Rationalism, including Juhani Pallasmaa and Aulis Blomstedt emerged and brought a new intellectual perspective to the Finnish architecture scene. It is thus inevitable that the presence of Alvar Aalto will be apparent throughout the dissertation to allow a better understanding of the organizational and human character of their work from the Pietiläs´ perspective. Later, this chapter identifies those interests that dominated the international architectural framework that could have influenced Dipoli. The project will be placed in relation to various contemporary architectural works that were created using a different approach to that outlined by the Modern Movement. This is present in the case of Team 10 group and with specific examples of German architects including Hans Scharoun and Hugo Häring, as well as some commonalities with Soviet Constructivism. These relationships with other architecture qualify its singular character and even extend how this proposal amplifies those shared aspects. Physical and Cultural Context involves the unique site where the building is located which includes different features from the location of other buildings on the campus. IT then progresses into the origin of the new campus from the urban planning of Alvar Aalto and reveals both the setting and proposed constructions that Aalto had developed. This section also highlights the aspects that led to the choice of the site. I go deep into the program proposed by the jury (of whom Aalto was a member) and the analysis of the alternative proposals that received a special commendation. Finally, I study and define the most relevant works located near Dipoli, emphasizing primarily the work of the Sirens (Heikki and Kaija) and Alvar Aalto for the reasons developed in the previous section. I then proceed with the Personal Context, where a series of biographical data are selected to begin to explain the personal circumstances that outlined the Pietilas´ architectural understanding and consequently could have influenced their intellectual approach to design Dipoli. Then the text explores their professional and personal relationship to establish what extent they participated in the proposal. This section concludes with the study of the Reima Pietilä´s teaching period at Oulu that explores the issues he presented to his students there. In the process of understanding the Pietiläs´ theoretical and design evolution, it must be considered essential to study other buildings that are part of their professional context. These projects belong to the most active stage of their office and include the Finnish Pavilion for the World´s Fair in Brussels (1956-1958), Kaleva Church in Tampere (1959-1966) and the Nordic Pavilion at the 1960 Venice Biennale. We will complete the view of Dipoli from previous theoretical investigations performed in parallel that were spread through several exhibitions. We will focus on the three that were most relevant to the evolution of the architect (Morphology and Urbanism, the Zone, and Stick Studies) to establish a series of useful relationships. This section is not intended to be an in-depth analysis nor to collect most of the work of the Pietiläs´; but rather to reveal the most significant features that facilitate an understanding of the above values. Finally, Dipoli´s Impact refers to the influence of the building from many points of view during its construction and after its completion. It collects the reviews published in the world's most relevant magazines which had decided to show the alternate proposals, generally conceived of by internationally-renowned architects. I analyze the content of the articles in order to establish a series of parallels with the chapter Contexts and own writings Pietilä to clarify if main design directions were clear at that time. The views of relevant critics, including Kenneth Frampton, Bruno Zevi and Christian Norberg -Schulz, are also collected here. This episode also collects and assesses the views of these critics´ Finnish counterparts that generally stood at the opposite side of the international debate. It delves into the complex situation that led to the rejection of the building by the rationalists that dominated the Finnish critical thinking while searching for new alternatives to distance themselves from the Alvar Aalto´s success. It aims to clarify both the justification for these negative comments and the reasons why Reima and Raili not obtain a single commission for nearly ten years after the completion of Dipoli. From the critics we will approach the opinion of Reima Pietilä himself. To do this, in the Literal Morphology section we will see how the architect tried to defend his position. Those design tool that directly affected the perception of the proposal are provided through the figures of Roger Connah and Malcolm Quantrill. Finally, a critical –personal and professional- review of these two very close figures will take place. Despite knowing that both delved into the work of architects with greater depth and provided a complete view of the Finnish architectural context in 20th century, they have focused mainly morphological knowledge which has led to the observation of natural phenomena. It also notes the lack of objectivity in their views caused in part by, in the case of Connah, collaborating professionally and in that of Quantrill being a close friend of the Pietilä family. The value of the documentation provided by both resides mainly in the faithful transmission of the Pietiläs´ own explanations. The final chapter covers both Design and Construction and provides a comprehensive project description in order tofaithfully analyse the work. As the proposal is being explained, relationships of its built form are continuously linked to other architectural projects to gain a better understanding of Dipoli itself. To do this we have set three basic sections: "The Place", "Geometries & Function" and "Presence and Materiality. Construction process" that intended to identify those project tools for the realization of the work while deepens the proposal´s evolution. The Place describes how to approach and reach the building in detail and how the view out towards the surrounding natural setting is continuously shown in the proposal´s drawings. We will study both the multiplicity of entrances as well as the corridor downstairs as part of the public space that diagonally goes through the building. Then, the existing voids in the concrete cave for public activities will be evaluated. Lastly, the study will focus on the openings as a significant element in the transition from interior and exterior areas to describe the importance of the circulation on the second floor and how function is able to accommodate through the areas of void. Geometries & Function explains the final solution and the development of the proposal through the floor plan. Simultaneously it detects those aspects that appear in other projects and that may have influenced the development of the work. Once we have analyzed both levels –ground and second floor- section drawings come into the topic to study the connections between the two levels and highlighting the types of hierarchy for the multiple paths to organize the flows of people inside the building. In the last section the structural geometry is identified through the description of the form and how it responds to the final volumetrical settings. The character of the building through the use of materials and construction techniques inquires from Presence and Materiality. This point of view clarifies multisensory project issues as Dipoli relationship to the dynamic or static character or different spaces inside the building. Once the analysis has been made we will step back to a final return to the building´s exterior to analyze the presence of the building through its scale, colour and textures. This section emphasizes the project´s scale and orientation to find the proper insertion of the building in place. In short, this dissertation has been done by the idea that Pietiläs´special abilities were allowed from a sensitive observation of the program, the creation of a variety of special scales, dynamic circulation and the relating relationship with the project´s location as fundamental design tools. From this aspect, Dipoli could be more usefully framed in the historical context of Nordic and international architecture. The dissertation allows us to better understand the cultural context of the 1960s, in which Dipoli was established since it continues our recent architectural history. The final built form is conceived as an extension of our contemporary world. Therefore the project is assessed through the comparison of the architects´ intentions and the final completed project.

Gestión intelectual de las prácticas comunicativas en arquitectura : S, M, L, XL, el gran evento = The intellectual management of communication practices in architecture : S, M, L, XL, the big event

La tesis doctoral se centra en la posibilidad de entender que la práctica de arquitectura puede encontrar en las prácticas comunicativas un apoyo instrumental, que sobrepasa cualquier simplificación clásica del uso de los medios como una mera aplicación superficial, post-producida o sencillamente promocional. A partir de esta premisa se exponen casos del último cuarto del siglo XX y se detecta que amenazas como el riesgo de la banalización, la posible saturación de la imagen pública o la previsible asociación incorrecta con otros individuos en presentaciones grupales o por temáticas, han podido influir en un crecimiento notable de la adquisición de control, por parte de los arquitectos, en sus oportunidades mediáticas. Esto es, como si la arquitectura hubiera empezado a superar y optimizar algo inevitable, que las fórmulas expositivas y las publicaciones, o más bien del exponer(se) y publicar(se), son herramientas disponibles para activar algún tipo de gestión intelectual de la comunicación e información circulante sobre si misma. Esta práctica de “autoedición” se analiza en un periodo concreto de la trayectoria de OMA -Office for Metropolitan Architecture-, estudio considerado pionero en el uso eficiente, oportunista y personalizado de los medios. Así, la segunda parte de la tesis se ocupa del análisis de su conocida monografía S,M,L,XL (1995), un volumen que contó con gran participación por parte de sus protagonistas durante la edición, y de cuyo proceso de producción apenas se había investigado. Esta publicación señaló un punto de inflexión en su género alterando todo formato y restricciones anteriores, y se ha convertido en un volumen emblemático para la disciplina que ninguna réplica posterior ha podido superar. Aquí se presenta a su vez como el desencadenante de la construcción de un “gran evento” que concluye en la transformación de la identidad de OMA en 10 años, paradójicamente entre el nacimiento de la Fundación Groszstadt y el arranque de la actividad de AMO, dos entidades paralelas clave anexas a OMA. Este planteamiento deviene de cómo la investigación desvela que S,M,L,XL es una pieza más, central pero no independiente, dentro de una suma de acciones e individuos, así como otras publicaciones, exposiciones, eventos y también artículos ensayados y proyectos, en particular Bigness, Generic City, Euralille y los concursos de 1989. Son significativos aspectos como la apertura a una autoría múltiple, encabezada por Rem Koolhaas y el diseñador gráfico Bruce Mau, acompañados en los agradecimientos de la editora Jennifer Sigler y cerca de una centena de nombres, cuyas aportaciones no necesariamente se basan en la construcción de fragmentos del libro. La supresión de ciertos límites permite superar también las tareas inicialmente relevantes en la edición de una publicación. Un objetivo general de la tesis es también la reflexión sobre relaciones anteriormente cuestionadas, como la establecida entre la arquitectura y los mercados o la economía. Tomando como punto de partida la idea de “design intelligence” sugerida por Michael Speaks (2001), se extrae de sus argumentos que lo esencial es el hallazgo de la singularidad o inteligencia propia de cada estudio de arquitectura o diseño. Asimismo se explora si en la construcción de ese tipo de fórmulas magistrales se alojaban también combinaciones de interés y productivas entre asuntos como la eficiencia y la creatividad, o la organización y las ideas. En esta dinámica de relaciones bidireccionales, y en ese presente de exceso de información, se fundamenta la propuesta de una equivalencia más evidenciada entre la “socialización” del trabajo del arquitecto, al compartirlo públicamente e introducir nuevas conversaciones, y la relación inversa a partir del trabajo sobre la “socialización” misma. Como si la consciencia sobre el uso de los medios pudiera ser efectivamente instrumental, y contribuir al desarrollo de la práctica de arquitectura, desde una perspectiva idealmente comprometida e intelectual. ABSTRACT The dissertation argues the possibility to understand that the practice of architecture can find an instrumental support in the practices of communication, overcoming any classical simplification of the use of media, generally reduced to superficial treatments or promotional efforts. Thus some cases of the last decades of the 20th century are presented. Some threats detected, such as the risk of triviality, the saturation of the public image or the foreseeable wrong association among individuals when they are introduced as part of thematic groups, might have encouraged a noticeable increase of command taken by architects when there is chance to intervene in a media environment. In other words, it can be argued that architecture has started to overcome and optimize the inevitable, the fact that exhibition formulas and publications, or simply the practice of (self)exhibition or (self)publication, are tools at our disposal for the activation of any kind of intellectual management of communication and circulating information about itself. This practice of “self-edition” is analyzed in a specific timeframe of OMA’s trajectory, an office that is considered as a ground-breaking actor in the efficient and opportunistic use of media. Then the second part of the thesis dissects their monograph S,M,L,XL (1995), a volume in which its main characters were deeply involved in terms of edition and design, a process barely analyzed up to now. This publication marked a turning point in its own genre, disrupting old formats and traditional restrictions. It became such an emblematic volume for the discipline that none of the following attempts of replica has ever been able to improve this precedent. Here, the book is also presented as the element that triggers the construction of a “big event” that concludes in the transformation of OMA identity in 10 years. Paradoxically, between the birth of the Groszstadt Foundation and the early steps of AMO, both two entities parallel and connected to OMA. This positions emerge from how the research unveils that S,M,L,XL is one more piece, a key one but not an unrelated element, within a sum of actions and individuals, as well as other publications, exhibitions, articles and projects, in particular Bigness, Generic City, Euralille and the competitions of 1989. Among the remarkable innovations of the monograph, there is an outstanding openness to a regime of multiple authorship, headed by Rem Koolhaas and the graphic designer Bruce Mau, who share the acknowledgements page with the editor, Jennifer Sigler, and almost 100 people, not necessarily responsible for specific fragments of the book. In this respect, the dissolution of certain limits made possible that the expected tasks in the edition of a publication could be trespassed. A general goal of the thesis is also to open a debate on typically questioned relations, particularly between architecture and markets or economy. Using the idea of “design intelligence”, outlined by Michael Speaks in 2001, the thesis pulls out its essence, basically the interest in detecting the singularity, or particular intelligence of every office of architecture and design. Then it explores if in the construction of this kind of ingenious formulas one could find interesting and useful combinations among issues like efficiency and creativity, or organization and ideas. This dynamic of bidirectional relations, rescued urgently at this present moment of excess of information, is based on the proposal for a more evident equivalence between the “socialization” of the work in architecture, anytime it is shared in public, and the opposite concept, the work on the proper act of “socialization” itself. As if a new awareness of the capacities of the use of media could turn it into an instrumental force, capable of contributing to the development of the practice of architecture, from an ideally committed and intelectual perspective.

An endogenous rate of time preference, the Penrose effect, and dynamic optimality of environmental quality.

In the present paper, the endogenous theory of time preference is extended to analyze those processes of capital accumulation and changes in environmental quality that are dynamically optimum with respect to the intertemporal preference ordering of the representative individual of the society in question. The analysis is carried out within the conceptual framework of the dynamic analysis of environmental quality, as has been developed by a number of economists for specific cases of the fisheries and forestry commons. The duality principles on intertemporal preference ordering and capital accumulation are extended to the situation where processes of capital accumulation are subject to the Penrose effect, which exhibit the marginal decrease in the effect of investment in private and social overhead capital upon the rate at which capital is accumulated. The dynamically optimum time-path of economic activities is characterized by the proportionality of two systems of imputed, or efficient, prices, one associated with the given intertemporal ordering and another associated with processes of accumulation of private and social overhead capital. It is particularly shown that the dynamically optimality of the processes of capital accumulation involving both private and social overhead capital is characterized by the conditions that are identical with those involving private capital, with the role of social overhead capital only indirectly exhibited.

Wind Shear, Gust, and Yaw-Induced Dynamic Stall on Wind-Turbine Blades

This study examined the effect of a spanwise angle of attack gradient on the growth and stability of a dynamic stall vortex in a rotating system. It was found that a spanwise angle of attack gradient induces a corresponding spanwise vorticity gradient, which, in combination with spanwise flow, results in a redistribution of circulation along the blade. Specifically, when modelling the angle of attack gradient experienced by a wind turbine at the 30% span position during a gust event, the spanwise vorticity gradient was aligned such that circulation was transported from areas of high circulation to areas of low circulation, increasing the local dynamic stall vortex growth rate, which corresponds to an increase in the lift coefficient, and a decrease in the local vortex stability at this point. Reversing the relative alignment of the spanwise vorticity gradient and spanwise flow results in circulation transport from areas of low circulation generation to areas of high circulation generation, acting to reduce local circulation and stabilise the vortex. This circulation redistribution behaviour describes a mechanism by which the fluctuating loads on a wind turbine are magnified, which is detrimental to turbine lifetime and performance. Therefore, an understanding of this phenomenon has the potential to facilitate optimised wind turbine design.

International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.

Simulation Results of AgriPoliS about Diminishing Capital Subsidies and Restrictions. Factor Markets Working Document No. 55, June 2013

This paper investigates the impacts of high interest rates for borrowed capital and credit restrictions on the structural development of four European regions. The method used is the model AgriPoliS which is a spatial-dynamic agent-based model. It is able to provide aggregated results at the regional level, but very individual results as well by considering farms as independent entities. Farms can choose between different investment options during the simulation. Several scenarios with different interest rates for borrowed capital on the one hand as well as with different levels of credit restrictions on the other hand are tested and compared. Results show that higher interest rates have less impact on declining production branches than on expanding ones. If they have the possibility farms invest in the most profitable production branch which relative profitability might have changed with high interest rates. Credit restrictions lead farms to choose smaller and cheaper investments than expensive and large ones. Results also show that income losses in both cases due to under-investment compared to the reference situation are partially compensated by lower rental prices. The impacts on structural change also differ depending on the region and the initial situation. In summary, credit subsidies or imperfections on credit markets might have indirect impacts on the type of dominant investment and therefore on the whole regional agricultural sector as well.

Capital Markets Union: a vision for the long term. Bruegel Policy Contribution ISSUE 2015/05 April 2015

Capital Markets Union (CMU) is a welcome initiative. It could augment economic risk sharing, set the right conditions for more dynamic development of risk capital for high-growth firms and improve choices and returns for savers. This offers major potential for benefits in terms of jobs, growth and financial resilience. • CMU cannot be a short-term cyclical instrument to replace subdued bank lending, because financial ecosystems change slowly. Shifting financial intermediation towards capital markets and increasing cross-border integration will require action on multiple fronts, including increasing the transparency, reliability and comparability of information and addressing financial stability concerns. Some quick wins might be available but CMU’s real potential can only be achieved with a long-term structural policy agenda. • To sustain the current momentum, the EU should first commit to a limited number of key reforms, including more integrated accounting enforcement and supervision of audit firms. Second, it should set up autonomous taskforces to prepare proposals on the more complex issues: corporate credit information, financial infrastructure, insolvency, financial investment taxation and the retrospective review of recent capital markets regulation. The aim should be substantial legislative implementation by the end of the current EU parliamentary term.

Trade policy in a dynamic Heckscher-Ohlin model

The Import Substitution Process in Latin Amer ica was an attempt to enhance GDP growth and productivity by rising trade barriers upon capital-intensive products. Our main goal is to analyze how an increase in import tariff on a particular type of good affects the production choices and trade pattern of an economy. We develop an extension of the dynamic Heckscher-Ohlin model – a combination of a static two goods, two-factor Heckscher-Ohlin model and a two-sector growth model – allowing for import tariff. We then calibrate the closed economy model to the US. The results show that the economy will produce less of both consumption and investment goods under autarky for low and high levels of capital stock per worker. We also find that total GDP may be lower under free trade in comparison to autarky.

Macroeconomic Dynamics of Market Risk Capital Requirements and Credit Supply Interdependence

Thesis (Ph.D.)--University of Washington, 2016-06

ANÁLISE DA ASSOCIAÇÃO DE OPERAÇÕES DE CAPITALIZAÇÃO DE PRIVATE EQUITY E VENTURE CAPITAL NO DESEMPENHO DE EMPRESAS COM AÇÕES NA BOVESPA

A vantagem competitiva e o desempenho organizacional são conceitos administrativos estreitamente ligados à competitividade das empresas e sua permanência no mercado a longo prazo. Para que alcancem tal objetivo, de acordo com os fundamentos da RBV, as capacidades organizacionais dessas empresas devem ser dinâmicas, o que significa estar à frente das mudanças ambientais, mantendo, criando e desenvolvendo novas capacidades. Um dos caminhos para que isso se realize é a aposta na sua capitalização, que pode ocorrer com a captação de recursos de terceiros ou recursos próprios, com maior ou menor grau de risco. A captação de recursos com capital de terceiros acontece, principalmente, via instituições financeiras e factorings. A captação por meio de capital próprio pode ocorrer por retenção de lucros ou pelo underwriting. A emissão feita via mercado primário configura a oferta pública inicial de ações ou Initial Public Offering (IPO). No Brasil, a escolha dos fundos de Private Equity e Venture Capital, segmentos do mercado financeiro que consistem fundamentalmente em aporte temporário de capital, vem crescendo consideravelmente nos últimos anos. Contudo, existem poucas pesquisas a respeito da utilização e do desempenho financeiro que esses fundos trazem para as empresas. O presente estudo procura averiguar se as empresas que estavam listadas na BOVESPA no período de 2002 a 2008 e que receberam recursos via Private Equity e Venture Capital com IPO desenvolveram desempenho financeiro superior às que receberam ou não outros tipos de financiamento no mesmo período. Foram selecionados dados secundários como: balanços patrimoniais, demonstração de resultados e valores das ações, utilizando-se da base de dados da Economática. Tomando o logaritmo do Q de Tobin como variável dependente e log_Ativo, Debt to Equity, ROA, crescimento de vendas, crescimento de investimentos, crescimento investimento Fama e CrescInv_endividamento como variáveis de controle, foram aplicados testes estatísticos, comparando a média dos índices, seguidos de análise por setor econômico, subsetor e segmento. Os resultados encontrados apontam que as empresas que receberam recursos via Private Equity e Venture Capital com IPO, tornaram-se diferentes das demais empresas que estavam listadas na BOVESPA naquele período. O presente trabalho busca, dessa forma, contribuir para o enriquecimento de conhecimento acadêmico acerca do tema.(AU)

Measurement of productivity index with dynamic DEA

Fare, Grosskopf, Norris and Zhang developed a non-parametric productivity index, Malmquist index, using data envelopment analysis (DEA). The Malmquist index is a measure of productivity progress (regress) and it can be decomposed to different components such as 'efficiency catch-up' and 'technology change'. However, Malmquist index and its components are based on two period of time which can capture only a part of the impact of investment in long-lived assets. The effects of lags in the investment process on the capital stock have been ignored in the current model of Malmquist index. This paper extends the recent dynamic DEA model introduced by Emrouznejad and Thanassoulis and Emrouznejad for dynamic Malmquist index. This paper shows that the dynamic productivity results for Organisation for Economic Cooperation and Development countries should reflect reality better than those based on conventional model.

A mathematical model for dynamic efficiency using data envelopment analysis

In this paper we propose a data envelopment analysis (DEA) based method for assessing the comparative efficiencies of units operating production processes where input-output levels are inter-temporally dependent. One cause of inter-temporal dependence between input and output levels is capital stock which influences output levels over many production periods. Such units cannot be assessed by traditional or 'static' DEA which assumes input-output correspondences are contemporaneous in the sense that the output levels observed in a time period are the product solely of the input levels observed during that same period. The method developed in the paper overcomes the problem of inter-temporal input-output dependence by using input-output 'paths' mapped out by operating units over time as the basis of assessing them. As an application we compare the results of the dynamic and static model for a set of UK universities. The paper is suggested that dynamic model capture the efficiency better than static model. © 2003 Elsevier Inc. All rights reserved.