Paraguay: a housing finance proposal for middle- to low-income groups

The construction and ownership of homes is fundamental to economic development, the generation of wealth and the formation of the middle class. Although a number of studies have been conducted and programmes implemented in recent decades, there remains a significant housing deficit in Paraguay and Latin America, indicating that such programmes have been unsuccessful. For families unable to document a steady income, the main obstacle to homeownership is often financing. This paper aims to demonstrate the economic and financial feasibility —provided there is sufficient political will and coordination between public and private entities— of a project to build 75,000 homes for 300,000 people (4.5% of the Paraguayan population) with middle to low incomes. The median household income in this segment, for which there is a significant shortage of decent housing, is US$ 396.50. A maximum of US$ 63.44 per month may be set aside for housing costs.

The Challenges of Psychology at Work in Mental Health: the drugs issue.

This article aims to show that the challenges of psychology in working with mental health in the field of drugs is traversed by both the conceptions molded by biopolitical forces (FOUCAULT) as the decadence of modern democracy (AGAMBEN), and visible features in the current treatment given in Brazil to issue of smoking (SILVA), as well as urbanistic projects such as the case of Luz district in São Paulo (LEITE & CASTRO). In this sense, it leads us to question about what is prohibited, about who actually suffers the punishment, in short, about what do we really take care when we take into account the Unheimlich (FREUD) and other social interdicts (BATAILLE).

Psychology and psychoanalysis in Brazil - From cultural syncretism to the collapse of liberal individualism

This paper focuses first on cultural syncretism, used to characterize Brazilian culture. The other aspect of this socially and racially blended culture is the unfinished assimilation of liberalism in politics and the economy, which defines Brazilian society. The increased assimilation and dissemination of psychology may be linked with these in cultural and social aspects. During the military period (1964-1974) the major expansion in university-level studies in psychology contributed ideologically to the dissemination of psychology throughout Brazilian society. This introduced a type of psychology that was related primarily to clinical practice and developed in opposition to social work practice. This paper examines the ideological bases for this conflict between clinical and social work. Criteria for understanding the cultural dissemination of psychoanalysis are then discussed, and it is argued that cultural incorporation of psychoanalysis involves the development of discourse complexes to reflect particular aspects of Brazilian society. The criteria (a non-totalitarian society and the displacement of a magical and religious interpretation of mental disturbance by psychiatric interpretation) are evaluated in relation to the peculiarities of Brazilian syncretism. The paper argues that cultural syncretism and the incomplete assimilation of liberal ideology must be included as criteria in understanding the particular cultural incorporation of psychoanalysis in Brazil.

Amerindian anthropology and cultural psychology: Crossing boundaries and meeting otherness` worlds

Addressing integrative possibilities between psychology and anthropology, this paper aims to design conceptual linkages between semiotic-cultural constructivist psychology and the anthropological theory of Amerindian perspectivism. From the psychological view, it is the interdependence between the structural and processual dimensions of the personal culture that makes parallels with Amerindian perspectivism fruitful. This anthropological frame proposes an experiment with native conceptions, which I argue similar to what Baldwin (1906) called sembling. Hence, it can be considered an active imitation of otherness` viewpoint in order to approach indigenous worlds. It is supposed that this procedure leads to the emergence of new symbolic elements configuring the cultural action field of each agency in interaction. It is proposed that ""making-believe`` the Amerindian is convergent with the dialogic-hermeneutic approach of semiotic-cultural constructivism. As a result of the present integrative effort, is designed a meta-model that multiplies the genetic process of concrete symbolic objects.

Bayesian Analysis of Linear Inverse Problems with Applications in Economics and Finance

In my PhD thesis I propose a Bayesian nonparametric estimation method for structural econometric models where the functional parameter of interest describes the economic agent's behavior. The structural parameter is characterized as the solution of a functional equation, or by using more technical words, as the solution of an inverse problem that can be either ill-posed or well-posed. From a Bayesian point of view, the parameter of interest is a random function and the solution to the inference problem is the posterior distribution of this parameter. A regular version of the posterior distribution in functional spaces is characterized. However, the infinite dimension of the considered spaces causes a problem of non continuity of the solution and then a problem of inconsistency, from a frequentist point of view, of the posterior distribution (i.e. problem of ill-posedness). The contribution of this essay is to propose new methods to deal with this problem of ill-posedness. The first one consists in adopting a Tikhonov regularization scheme in the construction of the posterior distribution so that I end up with a new object that I call regularized posterior distribution and that I guess it is solution of the inverse problem. The second approach consists in specifying a prior distribution on the parameter of interest of the g-prior type. Then, I detect a class of models for which the prior distribution is able to correct for the ill-posedness also in infinite dimensional problems. I study asymptotic properties of these proposed solutions and I prove that, under some regularity condition satisfied by the true value of the parameter of interest, they are consistent in a "frequentist" sense. Once I have set the general theory, I apply my bayesian nonparametric methodology to different estimation problems. First, I apply this estimator to deconvolution and to hazard rate, density and regression estimation. Then, I consider the estimation of an Instrumental Regression that is useful in micro-econometrics when we have to deal with problems of endogeneity. Finally, I develop an application in finance: I get the bayesian estimator for the equilibrium asset pricing functional by using the Euler equation defined in the Lucas'(1978) tree-type models.

Essays in Media and Finance

This Ph.D. thesis consists in three research papers focused on the relationship between media industry and the financial sector. The importance of a correct understanding what is the effect of media on financial markets is becoming increasingly important as long as fully informed markets hypothesis has been challenged. Therefore, if financial markets do not have access to complete information, the importance of information professionals, the media, follows. On the other side, another challenge for economic and finance scholar is to understand how financial features are able to influence media and to condition information disclosure. The main aim of this Ph.D. dissertation is to contribute to a better comprehension for both the phenomena. The first paper analyzes the effects of owning equity shares in a newspaper- publishing firm. The main findings show how for a firm being part of the ownership structure of a media firm ends to receive more and better coverage. This confirms the view in which owning a media outlet is a source of conflicts of interest. The second paper focuses on the effect of media-delivered information on financial markets. In the framework of IPO in the U.S. market, we found empirical evidence of a significant effect of the media role in the IPO pricing. Specifically, increasing the quantity and the quality of the coverage increases the first-day returns (i.e. the underpricing). Finally the third paper tries to summarize what has been done in studying the relationship between media and financial industries, putting together contributes from economic, business, and financial scholars. The main finding of this dissertation is therefore to have underlined the importance and the effectiveness of the relationship between media industry and the financial sector, contributing to the stream of research that investigates about the media role and media effectiveness in the financial and business sectors.

Der vertragliche Nachrang von Forderungen : über Rechtsnatur und Rechtsfolgen der Forderungssubordination bei Nachrangdarlehen, Finanzplankredit, Mezzanine-Finance und Rangrücktritt

Die Arbeit behandelt den vertraglichen Nachrang von Forderungen. Sie beleuchtet unter Einbeziehung rechtsvergleichender Erkenntnisse zum us-amerikanischen und englischen Recht Inhalt und Reichweite der Rangvereinbarung und beschreibt die vertragliche Rangvereinbarung als einheitliches Institut einer schuldändernden Verfügung. Der Rangrücktritt zur Vermeidung der Überschuldung und die Rangvereinbarung im Rahmen von Mezzanine-Finanzierungen werden zueinander in Bezug gesetzt, die mit dem Rangrücktritt im Vertrags-, Gesellschafts- Insolvenz-, Bilanz- und Steuerrecht verbundenen Probleme werden erörtert.