Collateral, default penalties and almost finite-time solvency

We argue that it is possible to adapt the approach of imposing restrictions on available plans through finitely effective debt constraints, introduced by Levine and Zame (1996), to encompass models with default and collateral. Along this line, we introduce in the setting of Araujo, Páscoa and Torres-Martínez (2002) and Páscoa and Seghir (2008) the concept of almost finite-time solvency. We show that the conditions imposed in these two papers to rule out Ponzi schemes implicitly restrict actions to be almost finite-time solvent. We define the notion of equilibrium with almost finite-time solvency and look on sufficient conditions for its existence. Assuming a mild assumption on default penalties, namely that agents are myopic with respect to default penalties, we prove that existence is guaranteed (and Ponzi schemes are ruled out) when actions are restricted to be almost finite-time solvent. The proof is very simple and intuitive. In particular, the main existence results in Araujo et al. (2002) and Páscoa and Seghir (2008) are simple corollaries of our existence result.

Growth, increasing returns, and public infrastructure : time series evidence

Initial endogenous growth models emphasized the importance of external effects and increasing retums in explaining growth. Empirically, this hypothesis can be confumed if the coefficient of physical capital per hour is unity in the aggregate production function. Previous estimates using time series data rejected this hypothesis, although cross-country estimates did nol The problem lies with the techniques employed, which are unable to capture low-frequency movements of high-frequency data. Using cointegration, new time series evidence confum the theory and conform to cross-country evidence. The implied Solow residual, which takes into account externaI effects to aggregate capital, has its behavior analyzed. The hypothesis that it is explained by government expenditures on infrasttucture is confIrmed. This suggests a supply-side role for government affecting productivity.

On the consistency of arbitrary money-demand functions with the Sidrauski and the shopping-time models

This paper investigates which properties money-demand functions have to satisfy to be consistent with multidimensional extensions of Lucasí(2000) versions of the Sidrauski (1967) and the shopping-time models. We also investigate how such classes of models relate to each other regarding the rationalization of money demands. We conclude that money demand functions rationalizable by the shoppingtime model are always rationalizable by the Sidrauski model, but that the converse is not true. The log-log money demand with an interest-rate elasticity greater than or equal to one and the semi-log money demand are counterexamples.

Ammonium and nitrate in soil and upland rice yield as affected by cover crops and their desiccation time

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Fault Current Limiter Using YBCO Coated Conductor-The Limiting Factor and Its Recovery Time

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Evaluation of geomembrane UV degradation using melt flow index and oxidative induction time tests

Many factors such as the sunlight, intensity of radiation, temperature, and moisture may influence the degradation process of geosynthetics. UV stabilizers are used especially in polyolefin geomembrane to prevent the degradation process. In these geomembranes the service lifetime is initially governed by the consumption of antioxidants. Tests like MFI and OIT are a alternative to detect the oxidative degradation in polyolefins. This article evaluates HDPE geomembrane degradation after UV exposure through the results of MFI and OIT tests. Two kinds of geomembranes were evaluated: a black and smooth (0.8, 1.0, 1.5, 2.5 mm) and a white and textured (1.0 mm). MFI test showed some levels of superficial degradation (crosslink) in HDPE geomembrane.

Quantitative comparisons and models of time-averaging in bivalve and brachiopod shell accumulations

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Signatures of primordial non-Gaussianities in the matter power-spectrum and bispectrum: the time-RG approach

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Association between diastolic blood pressure and cumulative work time

A pressão arterial diastólica foi analisada enquanto indicador genérico de envelhecimento, e sua associação com o tempo de serviço foi estudada após o controle da idade como possível fator de confundimento. O estudo foi realizado entre operários de um curtume brasileiro em julho de 1993. Foi testada a associação entre pressão diastólica e tempo de serviço, ajustando um modelo de regressão linear de segunda ordem, em que a pressão diastólica era função da idade e do tempo de serviço do operário. Ao ajustar o modelo, pode-se prever que, no início do trabalho no curtume, em média, cada período de um ano está associado com um aumento de cerca de 1,5 mmHg na pressão diastólica. O ajuste obtido realça um componente diretamente associado ao trabalho como parte do coeficiente de aumento da pressão no grupo estudado. Esse componente é o dobro daquele diretamente associado com a idade.

Pharyngeal clearance and pharyngeal transit time determined by a biomagnetic method in normal humans

Clearance and transit time are parameters of great value in studies of digestive transit. Such parameters are nowadays obtained by means of scintigraphy and videofluoroscopy, with each technique having advantages and disadvantages. In this study we present a new, noninvasive method to study swallowing pharyngeal clearance (PC) and pharyngeal transit time (PTT). This new method is based on variations of magnetic flux produced by a magnetic bolus passing through the pharynx and detected by an AC biosusceptometer (ACB). These measurements may be performed in a simple way. cause no discomfort. and do not use radiation. We measured PC in 8 volunteers (7 males and I female. 23-33 years old) and PTT in 8 other volunteers (7 males and I female. 21-29 years old). PC was 0.82 +/- 0.10 s (mean +/- SD) and PTT was 0.75 +/- 0.03 s. The results were similar for PC but longer for PTT than those determined by means of other techniques. We conclude that the biomagnetic method can be used to evaluate PC and PTT.

Ageing, solidarity and social protection in Latin America and the Caribbean: time for progress towards equality

Includes bibliography