Credit Default Swaps (CDS) y Collateral Debt Obligation (CDO) derivados financieros responsables de la crisis sub-prime de 2008 en Estados Unidos y una guía para el desarrollo del mercado de derivados exóticos en Colombia

La crisis financiera hipotecaria de 2008 en la que se declaró en quiebra el banco de inversión Lehman Brothers, se desarrolló en un ambiente que contemplaba apalancamientos financieros excesivos y el uso de derivados financieros de crédito innovadores. Razón por la cual, a partir del estudio de caso de quiebra de este banco de inversión y el análisis de las causas y consecuencias del ambiente desregulatorio que surgió en Estados Unidos desde la década de los 30 hasta el 2000, se orienta la investigación a indagar sobre lo que sucede en términos regulatorios y empresariales en el mercado de valores colombiano y así lograr definir objetivos que permitan el crecimiento del mercado de derivados exóticos en Colombia bajo un marco de responsabilidad financiera y ética empresarial.

Presión arterial en preescolares de la localidad de Usaquén en Bogotá

Introducción: La hipertensión arterial es un problema de salud pública tanto en países industrializados como en vía de desarrollo. Su prevalencia en la infancia viene en aumento por lo que es relevante determinarla en niños preescolares a nivel local. Objetivo: Determinar la prevalencia de hipertensión arterial en niños de tres a cinco años de una cohorte de 14 hogares infantiles del ICBF de la localidad de Usaquén en Bogotá. Materiales y métodos: Se realizó un estudio de corte transversal analítico, utilizando la base de datos de un ensayo aleatorizado y controlado del año 200913, y se evaluaron las cifras de tensión arterial de acuerdo a sexo, edad, talla y su correlación con el IMC con un nivel de confianza del 95% y precisión del 1%. Se calcularon las medias, desviaciones estándar, percentiles y prevalencia. Resultados: Se obtuvo una muestra de 1035 casos, encontrándose una prevalencia de 4,5% de HTA sistólica, 10,4% de diastólica, ambas en estadio I; teniendo en cuenta tanto sistólica como diastólica, fue de 11,6% en estadio I. Se determinaron los valores de presión arterial sistólica y diastólica en cuartiles de acuerdo a edad, sexo y talla. El coeficiente de correlación entre el IMC y los niveles de presión arterial sistólica y diastólica fueron de 0.0992 y 0.0362 respectivamente. Conclusión: La prevalencia de HTA general fue de 11,6%, predominando la diastólica en estadio I en niños preescolares. No se encontró correlación entre el IMC y las cifras de tensión arterial sistólica y diastólica.

De lo micro a lo macro prudencial: Un análisis de la supervisión bancaria desde la econometría espacial

La crisis que se desató en el mercado hipotecario en Estados Unidos en 2008 y que logró propagarse a lo largo de todo sistema financiero, dejó en evidencia el nivel de interconexión que actualmente existe entre las entidades del sector y sus relaciones con el sector productivo, dejando en evidencia la necesidad de identificar y caracterizar el riesgo sistémico inherente al sistema, para que de esta forma las entidades reguladoras busquen una estabilidad tanto individual, como del sistema en general. El presente documento muestra, a través de un modelo que combina el poder informativo de las redes y su adecuación a un modelo espacial auto regresivo (tipo panel), la importancia de incorporar al enfoque micro-prudencial (propuesto en Basilea II), una variable que capture el efecto de estar conectado con otras entidades, realizando así un análisis macro-prudencial (propuesto en Basilea III).

Los clusters como mecanismo para la generación de economías a escala en el sector de medicamentos de alto costo en Colombia

La presente investigación tiene por objeto considerar los cluster en la industria farmacéutica Colombiana, como un mecanismo para la disminución de los sobrecostos de los medicamentos, que han impactado de forma importante, entre otras causas, al sistema de salud, con unos recobros (por concepto de medicamentos No POS) que superan el billón de pesos, situación que dada la crisis que enfrenta al respecto, el Estado Colombiano, ha propuesto una quinta reforma que cursa actualmente en el Congreso de la República. Se trata de una investigación cualitativa tipo estudio de caso, en la que se presenta el modelo Colombiano de Salud y las cifras de recobros de las Empresas Prestadoras de Servicios de Salud (EPS), cantidad que representó el 0.4% del PIB (Producto Interno Bruto) en el 2009. Para tal fin se analizará el comportamiento de los recobros durante el año 2012, en cuarenta y una (41) EPS reconocidas del sector. Subsecuentemente se estudian las diferentes estrategias para la generación de economías de escala y dentro de ellas, los clusters como un posible modelo a seguir hacia la disminución de estos costos en salud, se analizan sus componentes y su posible constitución dentro del entorno Colombiano. Al final del estudio se establece como conclusión, que existen suficiente evidencia para apoyar la implementación de un cluster farmacéutico dentro del territorio Colombiano.

Asymmetries in Business Cycles

Esta disertación busca estudiar los mecanismos de transmisión que vinculan el comportamiento de agentes y firmas con las asimetrías presentes en los ciclos económicos. Para lograr esto, se construyeron tres modelos DSGE. El en primer capítulo, el supuesto de función cuadrática simétrica de ajuste de la inversión fue removido, y el modelo canónico RBC fue reformulado suponiendo que des-invertir es más costoso que invertir una unidad de capital físico. En el segundo capítulo, la contribución más importante de esta disertación es presentada: la construcción de una función de utilidad general que anida aversión a la pérdida, aversión al riesgo y formación de hábitos, por medio de una función de transición suave. La razón para hacerlo así es el hecho de que los individuos son aversos a la pérdidad en recesiones, y son aversos al riesgo en auges. En el tercer capítulo, las asimetrías en los ciclos económicos son analizadas junto con ajuste asimétrico en precios y salarios en un contexto neokeynesiano, con el fin de encontrar una explicación teórica de la bien documentada asimetría presente en la Curva de Phillips.

Educación de la sexualidad, prácticas docentes y conocimientos de los estudiantes: una evaluación del Programa de Educación para la Sexualidad y Construcción de Ciudadanía (PESCC)

Este documento presenta los resultados del componente cuantitativo de la evaluación del Programa de Educación para la Sexualidad y Construcción de Ciudadanía (PESCC) del Ministerio de Educación Nacional de Colombia (MEN). Para identificar el efecto, la estrategia empírica explota la variación en la implementación del componente pedagógico del PESCC entre los colegios y la variación en el componente de fortalecimiento institucional del programa a nivel departamental. El principal hallazgo de este trabajo es que el PESCC mejora las prácticas docentes de planeación y los conocimientos de los estudiantes en servicios en salud sexual y reproductiva y en derechos humanos sexuales y reproductivos. No hay efectos significativos en otros índices de Conocimientos, Actitudes o Prácticas (CAP) de profesores o estudiantes.

Evaluaci??n de diagn??stico, Lengua y Matem??ticas, 4?? de Educaci??n Primaria : Plan General de Actuaci??n : informe final de la Inspecci??n Educativa : curso 2005-2006

En esta obra se mencionan los resultados generales de la prueba de Lengua y Matem??ticas que se aplic?? el d??a 13 de junio de 2006, a una muestra de 120 grupos de alumnos de cuarto de Educaci??n Primaria, lo que permite identificar y, despu??s, valorar las dificultades que presenta cada materia en ese nivel. El contenido de esta publicaci??n est?? constituido por las pruebas aplicadas, las normas de aplicaci??n, los criterios de correcci??n y valoraci??n, los resultados generales, los porcentajes de acierto por ??tem y sub??tem y, finalmente, por unas consideraciones cr??ticas de los resultados y tambi??n de las propias pruebas.

Estágio no escalão de iniciados (sub-15) no clube atlético e cultural 2010-2011

RESUMO: O Clube Atlético e Cultural (C.A.C.), apesar de ser relativamente recente, é reconhecido como um Clube Desportivo de formação de atletas de referência na zona de Lisboa. O seu pico de reconhecimento e a sua maior “montra” de formação é sem dúvida o Torneio Internacional da Pontinha (escalão Sub-13), onde é palco de jogos durante 4 dias entre os maiores clubes nacionais, bem como, alguns clubes mundialmente conhecidos. Como prova desse facto, se analisarmos alguns jogadores de elite profissional, têm no seu percurso de formação o C.A.C. como instituição representada. O relatório que de seguida se apresenta, surge no âmbito do estágio de Mestrado em Treino Desportivo e pretende divulgar todas as decisões, acções e reflexões subjacentes ao Treino Desportivo de jovens jogadores. O contexto onde foi realizado foi na equipa de Iniciados “A” (Sub-15), que disputou o Campeonato da Divisão de Honra da Associação Futebol de Lisboa. O relatório encontra-se estruturado do geral para o particular, estando dividido em três tipos de planificação: (1) Planificação Conceptual – na qual abrange uma análise ao Clube em questão, o seu contexto, os seus recursos e os vários constrangimentos. Compreende ainda um estudo prévio de situações anteriores, leia-se, épocas anteriores, bem como, a formação da equipa e dos seus jogadores, em função dos objectivos traçados e assumidos no inicio da época desportiva. Integra também a preparação de todo o período Pré-Competitivo e o recurso a meios de observação e análise visando a melhoria de todo o processo de planeamento do treino. (2) Planificação Estratégica – Esta prevê todas as acções que dizem respeito ao Período Competitivo da equipa, como por exemplo a recolha de dados tanto da nossa equipa como dos adversários, a antecipação dos graus de dificuldade dos nossos adversários, o planeamento mais operacional (Microciclos) e a escolha de estratégias consoante os diferentes adversários e por fim, as reflexões necessárias entre os vários intervenientes no processo. (3) Planificação Táctica – Por fim este tipo de planificação abarca todas as acções, decisões e reacções nos momentos que antecedem o jogo, no momento em que este decorre e ainda após este terminar. Em suma, o relatório pretende expor toda a preparação de uma equipa ao longo de uma época desportiva, visto de uma perspectiva das funções de um treinador principal. ABSTRACT: The Clube Atlético e Cultural (C.A.C.), although relatively recent, is recognized as a reference club in youths training in the Lisbon area. The peak recognition and more “showcase” training ins undoubtedly the Torneio Internacional da Pontinha (Under-13), which is host to games during four days among the biggest national clubs, as well as some world-renowned clubs. As proof thereof, if we look at some elite professional players, have in their educational path C.A.C. represented as an institution. The report that presents itself, appears in the stage of Master of Sports Training and intends to disclose all the decisions, actions and thoughts behind the Sports Training of young players. The report is structured from general to particular, being divided into three types of planning: (1) Conceptual Planning - which includes an analysis on the club in question, its context, its resources and various constraints. It also includes a previous study of past situations like earlier seasons, as well as the formation of the team and its players, according to the objectives and commitments outlined in the beginning of the season. Also includes the preparation of all pre-competition period and the use of means of observation and analysis aimed at improving the entire process of planning the training. (2) Strategic Planning - This provides all the activities that concern the competitive period of the team, such as collecting information both from our team as well as opponents, anticipating the degree of difficulty of our adversaries, the more operational planning (microcycles) and the choice of strategies depending on different opponents and finally the necessary reflections between the various actors in the process. (3) Tactical Planning - Finally this type of planning includes all actions, decisions and reactions in the moments before, during and even after the game. To resume, the report seeks to expose all the preparation of the team throughout a sports season, by the perspective of the functions of a head coach.

Variability of the Atlantic thermohaline circulation described by three-dimensional empirical orthogonal functions

We describe the use of bivariate 3d empirical orthogonal functions (EOFs) in characterising low frequency variability of the Atlantic thermohaline circulation (THC) in the Hadley Centre global climate model, HadCM3. We find that the leading two modes are well correlated with an index of the meridional overturning circulation (MOC) on decadal timescales, with the leading mode alone accounting for 54% of the decadal variance. Episodes of coherent oscillations in the sub-space of the leading EOFs are identified; these episodes are of great interest for the predictability of the THC, and could indicate the existence of different regimes of natural variability. The mechanism identified for the multi-decadal variability is an internal ocean mode, dominated by changes in convection in the Nordic Seas, which lead the changes in the MOC by a few years. Variations in salinity transports from the Arctic and from the North Atlantic are the main feedbacks which control the oscillation. This mode has a weak feedback onto the atmosphere and hence a surface climatic influence. Interestingly, some of these climate impacts lead the changes in the overturning. There are also similarities to observed multi-decadal climate variability.

National and sub-national assessments of soil organic carbon stocks and changes: The GEFSOC modelling system

Soil organic carbon (SOC) plays a vital role in ecosystem function, determining soil fertility, water holding capacity and susceptibility to land degradation. In addition, SOC is related to atmospheric CO, levels with soils having the potential for C release or sequestration, depending on land use, land management and climate. The United Nations Convention on Climate Change and its Kyoto Protocol, and other United Nations Conventions to Combat Desertification and on Biodiversity all recognize the importance of SOC and point to the need for quantification of SOC stocks and changes. An understanding of SOC stocks and changes at the national and regional scale is necessary to further our understanding of the global C cycle, to assess the responses of terrestrial ecosystems to climate change and to aid policy makers in making land use/management decisions. Several studies have considered SOC stocks at the plot scale, but these are site specific and of limited value in making inferences about larger areas. Some studies have used empirical methods to estimate SOC stocks and changes at the regional scale, but such studies are limited in their ability to project future changes, and most have been carried out using temperate data sets. The computational method outlined by the Intergovernmental Panel on Climate Change (IPCC) has been used to estimate SOC stock changes at the regional scale in several studies, including a recent study considering five contrasting eco regions. This 'one step' approach fails to account for the dynamic manner in which SOC changes are likely to occur following changes in land use and land management. A dynamic modelling approach allows estimates to be made in a manner that accounts for the underlying processes leading to SOC change. Ecosystem models, designed for site scale applications can be linked to spatial databases, giving spatially explicit results that allow geographic areas of change in SOC stocks to be identified. Some studies have used variations on this approach to estimate SOC stock changes at the sub-national and national scale for areas of the USA and Europe and at the watershed scale for areas of Mexico and Cuba. However, a need remained for a national and regional scale, spatially explicit system that is generically applicable and can be applied to as wide a range of soil types, climates and land uses as possible. The Global Environment Facility Soil Organic Carbon (GEFSOC) Modelling System was developed in response to this need. The GEFSOC system allows estimates of SOC stocks and changes to be made for diverse conditions, providing essential information for countries wishing to take part in an emerging C market, and bringing us closer to an understanding of the future role of soils in the global C cycle. (C) 2007 Elsevier B.V. All rights reserved.

Mesozoic climates: General circulation models and the rock record

General circulation models (GCMs) use the laws of physics and an understanding of past geography to simulate climatic responses. They are objective in character. However, they tend to require powerful computers to handle vast numbers of calculations. Nevertheless, it is now possible to compare results from different GCMs for a range of times and over a wide range of parameterisations for the past, present and future (e.g. in terms of predictions of surface air temperature, surface moisture, precipitation, etc.). GCMs are currently producing simulated climate predictions for the Mesozoic, which compare favourably with the distributions of climatically sensitive facies (e.g. coals, evaporites and palaeosols). They can be used effectively in the prediction of oceanic upwelling sites and the distribution of petroleum source rocks and phosphorites. Models also produce evaluations of other parameters that do not leave a geological record (e.g. cloud cover, snow cover) and equivocal phenomena such as storminess. Parameterisation of sub-grid scale processes is the main weakness in GCMs (e.g. land surfaces, convection, cloud behaviour) and model output for continental interiors is still too cold in winter by comparison with palaeontological data. The sedimentary and palaeontological record provides an important way that GCMs may themselves be evaluated and this is important because the same GCMs are being used currently to predict possible changes in future climate. The Mesozoic Earth was, by comparison with the present, an alien world, as we illustrate here by reference to late Triassic, late Jurassic and late Cretaceous simulations. Dense forests grew close to both poles but experienced months-long daylight in warm summers and months-long darkness in cold snowy winters. Ocean depths were warm (8 degrees C or more to the ocean floor) and reefs, with corals, grew 10 degrees of latitude further north and south than at the present time. The whole Earth was warmer than now by 6 degrees C or more, giving more atmospheric humidity and a greatly enhanced hydrological cycle. Much of the rainfall was predominantly convective in character, often focused over the oceans and leaving major desert expanses on the continental areas. Polar ice sheets are unlikely to have been present because of the high summer temperatures achieved. The model indicates extensive sea ice in the nearly enclosed Arctic seaway through a large portion of the year during the late Cretaceous, and the possibility of sea ice in adjacent parts of the Midwest Seaway over North America. The Triassic world was a predominantly warm world, the model output for evaporation and precipitation conforming well with the known distributions of evaporites, calcretes and other climatically sensitive facies for that time. The message from the geological record is clear. Through the Phanerozoic, Earth's climate has changed significantly, both on a variety of time scales and over a range of climatic states, usually baldly referred to as "greenhouse" and "icehouse", although these terms disguise more subtle states between these extremes. Any notion that the climate can remain constant for the convenience of one species of anthropoid is a delusion (although the recent rate of climatic change is exceptional). (c) 2006 Elsevier B.V. All rights reserved.

Empirical Orthogonal Functions: The Medium is the Message

Empirical orthogonal function (EOF) analysis is a powerful tool for data compression and dimensionality reduction used broadly in meteorology and oceanography. Often in the literature, EOF modes are interpreted individually, independent of other modes. In fact, it can be shown that no such attribution can generally be made. This review demonstrates that in general individual EOF modes (i) will not correspond to individual dynamical modes, (ii) will not correspond to individual kinematic degrees of freedom, (iii) will not be statistically independent of other EOF modes, and (iv) will be strongly influenced by the nonlocal requirement that modes maximize variance over the entire domain. The goal of this review is not to argue against the use of EOF analysis in meteorology and oceanography; rather, it is to demonstrate the care that must be taken in the interpretation of individual modes in order to distinguish the medium from the message.

Moving boundary value problems for the wave equation

We study certain boundary value problems for the one-dimensional wave equation posed in a time-dependent domain. The approach we propose is based on a general transform method for solving boundary value problems for integrable nonlinear PDE in two variables, that has been applied extensively to the study of linear parabolic and elliptic equations. Here we analyse the wave equation as a simple illustrative example to discuss the particular features of this method in the context of linear hyperbolic PDEs, which have not been studied before in this framework.

The Klein-Gordon equation in a domain with time-dependent boundary

We solve a Dirichlet boundary value problem for the Klein–Gordon equation posed in a time-dependent domain. Our approach is based on a general transform method for solving boundary value problems for linear and integrable nonlinear PDE in two variables. Our results consist of the inversion formula for a generalized Fourier transform, and of the application of this generalized transform to the solution of the boundary value problem.

Some general comparative points on Chao’s and Zelterman’s estimators of population size

Two simple and frequently used capture–recapture estimates of the population size are compared: Chao's lower-bound estimate and Zelterman's estimate allowing for contaminated distributions. In the Poisson case it is shown that if there are only counts of ones and twos, the estimator of Zelterman is always bounded above by Chao's estimator. If counts larger than two exist, the estimator of Zelterman is becoming larger than that of Chao's, if only the ratio of the frequencies of counts of twos and ones is small enough. A similar analysis is provided for the binomial case. For a two-component mixture of Poisson distributions the asymptotic bias of both estimators is derived and it is shown that the Zelterman estimator can experience large overestimation bias. A modified Zelterman estimator is suggested and also the bias-corrected version of Chao's estimator is considered. All four estimators are compared in a simulation study.