The Central Bank and bank credits in the Philippines : a survey on effectiveness of monetary policy and its measures

In the post-Asian crisis period, bank loans to the manufacturing sector have shown a slow recovery in the affected countries, unexceptionally in the Philippines. This paper provides a literacy survey on the effectiveness of the Central Bank’s monetary policy and the responsiveness of the financial market, and discusses on the future works necessary to better understand the monetary policy effectiveness in the Philippines. As the survey shows, most previous works focus on the correlation between the short-term policy rates and during the period of monetary tightening and relatively less interest in quantitative effectiveness. Future tasks would shed lights on (1) the asset side – other than loan outstanding – of banks to analyze their behavior/preference in structuring portfolios, and (2) the quantitative impacts during the monetary easing period.

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.

Changes in source of profits and business strategies? : some evidence from the Philippines' universal banks in the 2000s

In the 2000s, the Philippines' local banking sector have conducted very conservative lending behavior and at the same time, gradually but continuously improved their profitability in terms of ROE (return on equity). A set of analyses on the flow of funds and segment reports (information) of local universal banks, whose loans outstanding to the industrial sector have dominated more than three fourths of the total outstanding, shows that (1) they have actively manage assets overseas, (2) their profitability has come from investment activities in the securities markets, and (3) some universal banks have shifted their resources into the consumer/retail segment. Although further refinement in the dataset is needed for a more detailed analysis, diverse business strategies would be expected among the local universal banks in the near future.

Asset composition of the Philippines' universal and commercial banks : monetary policy or self-discipline?

The central bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) has improved its monetary policy measures since the 2000s. After rationalizing the country's banking sector since late-1990s, its monetary policy and the uniiversal/commercial banks' (UCBs) behavior in allocating their assets has changed since mid-2000s. Though further and more detailed studies are nesessary, based on the results of simple correlation analyses conducted in this paper suggest a possible mixture of the country's monetary policy and their own decision-making in asset allocations, instead of a "follow-through" attitude.

Del plan a la realidad: gobernanza y toma de decisiones en los procesos de regeneración urbana. El caso de Boston = From plan to reality: governance and decision-making in urban regeneration processes in Boston

En las últimas tres décadas, las dinámicas de restructuración económica a nivel global han redefinido radicalmente el papel de las ciudades. La transición del keynesianismo al neoliberalismo ha provocado un cambio en las políticas urbanas de los gobiernos municipales, que han abandonado progresivamente las tareas de regulación y redistribución para centrarse en la promoción del crecimiento económico y la competitividad. En este contexto, muchas voces críticas han señalado que la regeneración urbana se ha convertido en un vehículo de extracción de valor de la ciudad y está provocando la expulsión de los ciudadanos más vulnerables. Sin embargo, la regeneración de áreas consolidadas supone también una oportunidad de mejora de las condiciones de vida de la población residente, y es una política necesaria para controlar la expansión de la ciudad y reducir las necesidades de desplazamiento, promoviendo así ciudades más sostenibles. Partiendo de la hipótesis de que la gobernanza de los procesos de regeneración urbana es clave en el resultado final de las operaciones y determina el modelo de ciudad resultante, el objetivo de esta investigación es verificar si la regeneración urbana es necesariamente un mecanismo de extracción de valor o si puede mejorar la calidad de vida en las ciudades a través de la participación de los ciudadanos. Para ello, propone un marco de análisis del proceso de toma de decisiones en los planes de regeneración urbana y su impacto en los resultados de los planes, tomando como caso de estudio la ciudad de Boston, que desde los años 1990 trata de convertirse en una “ciudad de los barrios”, fomentando la participación ciudadana al tiempo que se posiciona en la escena económica global. El análisis se centra en dos operaciones de regeneración iniciadas a finales de los años 1990. Por un lado, el caso de Jackson Square nos permite comprender el papel de la sociedad civil y el tercer sector en la regeneración de los barrios más desfavorecidos, en un claro ejemplo de urbanismo “desde abajo” (bottom-up planning). Por otro, la reconversión del frente marítimo de South Boston para la construcción del Distrito de Innovación nos acerca a las grandes operaciones de regeneración urbana con fines de estímulo económico, tradicionalmente vinculadas a los centros financieros (downtown) y dirigidas por las élites gubernamentales y económicas (la growth machine) a través de procesos más tecnocráticos (top-down planning). La metodología utilizada consiste en el análisis cualitativo de los procesos de toma de decisiones y la relación entre los agentes implicados, así como de la evaluación de la implementación de dichas decisiones y su influencia en el modelo urbano resultante. El análisis de los casos permite afirmar que la gobernanza de los procesos de regeneración urbana influye decisivamente en el resultado final de las intervenciones; sin embargo, la participación de la comunidad local en la toma de decisiones no es suficiente para que el resultado de la regeneración urbana contrarreste los efectos de la neoliberalización, especialmente si se limita a la fase de planeamiento y no se extiende a la fase de ejecución, y si no está apoyada por una movilización política de mayor alcance que asegure una acción pública redistributiva. Asimismo, puede afirmarse que los procesos de regeneración urbana suponen una redefinición del modelo de ciudad, dado que la elección de los espacios de intervención tiene consecuencias sobre el equilibrio territorial de la ciudad. Los resultados de esta investigación tienen implicaciones para la disciplina del planeamiento urbano. Por una parte, se confirma la vigencia del paradigma del “urbanismo negociado”, si bien bajo discursos de liderazgo público y sin apelación al protagonismo del sector privado. Por otra parte, la planificación colaborativa en un contexto de “responsabilización” de las organizaciones comunitarias puede desactivar la potencia política de la participación ciudadana y servir como “amortiguador” hacia el gobierno local. Asimismo, la sustitución del planeamiento general como instrumento de definición de la ciudad futura por una planificación oportunista basada en la actuación en áreas estratégicas que tiren del resto de la ciudad, no permite definir un modelo coherente y consensuado de la ciudad que se desea colectivamente, ni permite utilizar el planeamiento como mecanismo de redistribución. ABSTRACT In the past three decades, the dynamics of global economic restructuring have radically redefined the role of cities. The transition from keynesianism to neoliberalism has caused a shift in local governments’ urban policies, which have progressively abandoned the tasks of regulation and redistribution to focus on promoting economic growth and competitiveness. In this context, many critics have pointed out that urban regeneration has become a vehicle for extracting value from the city and is causing the expulsion of the most vulnerable citizens. However, regeneration of consolidated areas is also an opportunity to improve the living conditions of the resident population, and is a necessary policy to control the expansion of the city and reduce the need for transportation, thus promoting more sustainable cities. Assuming that the governance of urban regeneration processes is key to the final outcome of the plans and determines the resulting city model, the goal of this research is to verify whether urban regeneration is necessarily a value extraction mechanism or if it can improve the quality of life in cities through citizens’ participation. It proposes a framework for analysis of decision-making in urban regeneration processes and their impact on the results of the plans, taking as a case study the city of Boston, which since the 1990s is trying to become a "city of neighborhoods", encouraging citizen participation, while seeking to position itself in the global economic scene. The analysis focuses on two redevelopment plans initiated in the late 1990s. The Jackson Square case allows us to understand the role of civil society and the third sector in the regeneration of disadvantaged neighborhoods, in a clear example of bottom-up planning. On the contrary, the conversion of the South Boston waterfront to build the Innovation District takes us to the big redevelopment efforts with economic stimulus’ goals, traditionally linked to downtowns and led by government and economic elites (the local “growth machine”) through more technocratic processes (top-down planning). The research is based on a qualitative analysis of the processes of decision making and the relationship between those involved, as well as the evaluation of the implementation of those decisions and their influence on the resulting urban model. The analysis suggests that the governance of urban regeneration processes decisively influences the outcome of interventions; however, community engagement in the decision-making process is not enough for the result of the urban regeneration to counteract the effects of neoliberalization, especially if it is limited to the planning phase and does not extend to the implementation of the projects, and if it is not supported by a broader political mobilization to ensure a redistributive public action. Moreover, urban regeneration processes redefine the urban model, since the choice of intervention areas has important consequences for the territorial balance of the city. The results of this study have implications for the discipline of urban planning. On the one hand, it confirms the validity of the "negotiated planning" paradigm, albeit under public leadership discourse and without a direct appeal to the leadership role of the private sector. On the other hand, collaborative planning in a context of "responsibilization" of community based organizations can deactivate the political power of citizen participation and serve as a "buffer" towards the local government. Furthermore, the replacement of comprehensive planning, as a tool for defining the city's future, by an opportunistic planning based on intervention in strategic areas that are supposed to induce change in the rest of the city, does not allow a coherent and consensual urban model that is collectively desired, nor it allows to use planning as a redistribution mechanism.

Resolving taxonomic uncertainty in vulnerable elasmobranchs : are the Madeira skate (Raja maderensis) and the thornback ray (Raja clavata) distinct species?

We are grateful to all those who helped with sample collection. This includes the MEDITS survey programme (IEO Mallorca) for Mediterranean samples. Portugal mainland samples were collected under the EU Data Collection Framework (DCF, PNAB). Azores specimens from the Department of Oceanography and Fisheries (DOP) of the University of the Azores (UAc) were collected under the project DEMERSAIS “Monitorização das espécies demersais dos Açores” financed by the Azorean government, and the project DEECON “Unravelling population connectivity for sustainable fisheries in the Deep Sea” project approved by the European Science Foundation (ESF) under the EUROCORES programme (proposal No 06-EuroDEEP-FP-008 & SFRH-EuroDEEP/0002/2007). This study was funded by the UK Natural Environment Research Council (NERC) Oceans 2025 Strategic Research Programme Theme 6 (Science for Sustainable Marine Resources). REB was supported by the Fisheries Society of the British Isles (FSBI), BSP was funded by the Fundação para a Ciência e a Tecnologia, SFRH/BPD/72351/2010 and JL was supported by The Alasdair Downes Marine Conservation Fund.

Trends and patterns in research and development expenditures in the United States

This paper is a review of recent trends in United States expenditures on research and development (R&D). Real expenditures by both the government and the private sector increased rapidly between the mid-1970s and the mid-1980s, and have since leveled off. This is true of both overall expenditures and expenditures on basic research, as well as funding of academic research. Preliminary estimates indicate that about $170 billion was spent on R&D in the United States in 1995, with ≈60% of that funding coming from the private sector and about 35% from the federal government. In comparison to other countries, we have historically spent more on R&D relative to our economy than other advanced economies, but this advantage appears to be disappearing. If defense-related R&D is excluded, our expenditures relative to the size of the economy are considerably smaller than those of other similar economies.

The International Human Rights Policies of New Democracies: Brazil and Chile in Comparative Perspective

Since the beginning of the 1990s, the majority of Latin American states have attempted to incorporate in some way or another human rights concern into their respective foreign policies, highlighting a history of human rights abuses and the return of democratic political rule as a trigger for galvanizing a commitment to assist in preventing such violations in other countries. Yet, while human rights have come to play a non-trivial role in the contemporary foreign policy of many Latin American states, there is great diversity in the ways and the extent to which they go about incorporating human rights concerns into their foreign policies. Explaining the diversity of human rights foreign policies of new Latin American democracies is at the heat of this project. The main research questions are the following: Why do new democracies incorporate human rights into their foreign policies? And what explains the different international human rights policies of new democracies? To answer these questions, this research compares the human rights foreign policies of Chile and Brazil for over two decades starting from their respective transitions to democracy. The study argues that states commitment to international human rights is the result of the intersection of domestic and international influences. At the international level, the search for international legitimacy and the desire for recognition and credibility affected the adoption of international human rights in both cases but with different degrees of impact. International values and pressures by themselves, while necessary, are an insufficient condition for human rights initiatives perceived to have not insubstantial political, economic or strategic costs. New democracies will be more or less likely to actively include human rights in their international policies depending on the following four domestic conditions: political leadership legitimizing the inclusion of human rights into a state's policies, civil society groups connected to international human rights advocacy networks with a capacity to influencing the foreign policy decisions of their government, and the Foreign Ministry's attitudes towards international human rights and the degree of influence it exercises over the outcome of the foreign policy process.

An investigative and interpretive study, with paintings, drawings and prints, of "All Saints' Day" and "All Souls" Day" in Mexico

"In Mexico, the first two days of November are set aside each year for the commemoration of the dead. This fete, called All Saints' Day and All Souls' Day, is observed throughout the world; however, in Mexico, it is celebrated in a manner peculiar to that country and to the various localities within that country . This holiday is sanctioned by both government and church; and is celebrated by practically all Mexicans, whether they be Catholic, pagan, relilious or irreligious. These are the two days when that contrast which is the essence of Mexico becomes obvious: the "triste~alegria" (sad-happiness). During these days , art objects are abundant and arresting ; and religious ceremonies, rites and fiestas blossom forth! Urban and folk arts, in every field, find full expression at this time. The religious, social, political, and artistic manifestations of the holiday are not only stimulating in themselves, but are exciting as subjects for painting, drawings, prints, and any other form of artistic expression!"

Contextual visual localization: cascaded submap classification, optimized saliency detection, and fast view matching

In this paper, we present a novel coarse-to-fine visual localization approach: contextual visual localization. This approach relies on three elements: (i) a minimal-complexity classifier for performing fast coarse localization (submap classification); (ii) an optimized saliency detector which exploits the visual statistics of the submap; and (iii) a fast view-matching algorithm which filters initial matchings with a structural criterion. The latter algorithm yields fine localization. Our experiments show that these elements have been successfully integrated for solving the global localization problem. Context, that is, the awareness of being in a particular submap, is defined by a supervised classifier tuned for a minimal set of features. Visual context is exploited both for tuning (optimizing) the saliency detection process, and to select potential matching views in the visual database, close enough to the query view.

A Survey on FPGA-Based Sensor Systems: Towards Intelligent and Reconfigurable Low-Power Sensors for Computer Vision, Control and Signal Processing

The current trend in the evolution of sensor systems seeks ways to provide more accuracy and resolution, while at the same time decreasing the size and power consumption. The use of Field Programmable Gate Arrays (FPGAs) provides specific reprogrammable hardware technology that can be properly exploited to obtain a reconfigurable sensor system. This adaptation capability enables the implementation of complex applications using the partial reconfigurability at a very low-power consumption. For highly demanding tasks FPGAs have been favored due to the high efficiency provided by their architectural flexibility (parallelism, on-chip memory, etc.), reconfigurability and superb performance in the development of algorithms. FPGAs have improved the performance of sensor systems and have triggered a clear increase in their use in new fields of application. A new generation of smarter, reconfigurable and lower power consumption sensors is being developed in Spain based on FPGAs. In this paper, a review of these developments is presented, describing as well the FPGA technologies employed by the different research groups and providing an overview of future research within this field.

PoS-tagging the Web in Portuguese. National varieties, text typologies and spelling systems

The great amount of text produced every day in the Web turned it as one of the main sources for obtaining linguistic corpora, that are further analyzed with Natural Language Processing techniques. On a global scale, languages such as Portuguese - official in 9 countries - appear on the Web in several varieties, with lexical, morphological and syntactic (among others) differences. Besides, a unified spelling system for Portuguese has been recently approved, and its implementation process has already started in some countries. However, it will last several years, so different varieties and spelling systems coexist. Since PoS-taggers for Portuguese are specifically built for a particular variety, this work analyzes different training corpora and lexica combinations aimed at building a model with high-precision annotation in several varieties and spelling systems of this language. Moreover, this paper presents different dictionaries of the new orthography (Spelling Agreement) as well as a new freely available testing corpus, containing different varieties and textual typologies.

Beyond the H2/CO2 upper bound: one-step crystallization and separation of nano-sized ZIF-11 by centrifugation and its application in mixed matrix membranes

The synthesis of nano-sized ZIF-11 with an average size of 36 ± 6 nm is reported. This material has been named nano-zeolitic imidazolate framework-11 (nZIF-11). It has the same chemical composition and thermal stability and analogous H2 and CO2 adsorption properties to the conventional microcrystalline ZIF-11 (i.e. 1.9 ± 0.9 μm). nZIF-11 has been obtained following the centrifugation route, typically used for solid separation, as a fast new technique (pioneering for MOFs) for obtaining nanomaterials where the temperature, time and rotation speed can easily be controlled. Compared to the traditional synthesis consisting of stirring + separation, the reaction time was lowered from several hours to a few minutes when using this centrifugation synthesis technique. Employing the same reaction time (2, 5 or 10 min), micro-sized ZIF-11 was obtained using the traditional synthesis while nano-scale ZIF-11 was achieved only by using centrifugation synthesis. The small particle size obtained for nZIF-11 allowed the use of the wet MOF sample as a colloidal suspension stable in chloroform. This helped to prepare mixed matrix membranes (MMMs) by direct addition of the membrane polymer (polyimide Matrimid®) to the colloidal suspension, avoiding particle agglomeration resulting from drying. The MMMs were tested for H2/CO2 separation, improving the pure polymer membrane performance, with permeation values of 95.9 Barrer of H2 and a H2/CO2 separation selectivity of 4.4 at 35 °C. When measured at 200 °C, these values increased to 535 Barrer and 9.1.

Letter from James Otis, Jr. to James Otis, Sr., and portrait print of James Otis Jr., 1743 June 17

Letter from Otis in Boston to his father, James Otis Sr. on June 17, 1743. In the short, half-page letter, Otis asks his father for money to pay for expenses relating to Commencement including the printing of theses, shoes, buckles, and any entertainment. He mentions that he will share entertainment expenses with his classmate Lothrop Russell.

Rules and orders relating to a Professor of the Mathematicks, of Natural and Experimental Philosophy, in Harvard College, 18 January 1726

This folder contains a single document describing the "rules and orders" of the Hollis Professor of Mathematics and Natural Philosophy. The document begins by defining the subjects to be taught by the Hollis Professor including natural and experimental philosophy, elements of geometry, and the principles of astronomy and geography. It then outlines the number of public and private lectures to be given to students, how much extra time the professor should spend with students reviewing any difficulties they may encounter understanding class subject matter discussed, and stipulates that the professor's duties shall be restricted solely to his teaching activities and not involve him in any religious activities at the College or oblige him to teach any additional studies other than those specified for the Hollis Professor of Mathematics and Natural Philosophy. Furthermore, the rules establish the professor's salary at £80 per year and allow the professor to receive from students, except those students studying theology under the Hollis Professor of Divinity, an additional fee as determined by the Corporation and Board of Overseers, to supplement his income. Moreover, the rules assert that all professorship candidates selected by the Harvard Corporation must be approved by Thomas Hollis during his lifetime or by his executor after his death. Finally, the rules state that the Hollis professor take an oath to the civil government and declare himself a member of the Protestant reformed religion. This document is signed by Thomas Hollis and four witnesses, John Hollis, Joshua Hollis, Richard Solly, and John Williams.