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654 tulosta hakusanalla Tito Perdue
Reserve Requirements in the Brave New Macroprudential World
Tito Cordella; Pablo Federico; Carlos Vegh; Guillermo Vuletin
World Bank Publications
2014
nidottu
In the aftermath of the global financial crisis, it is hard to find any macroeconomic policy report that does not include some reference to financial stability or systemic risk and the resulting need for 'macroprudential policies.' While there is a large and growing literature on macroprudential policies and financial stability, less attention has been paid to how macroprudential policies may facilitate macroeconomic stabilisation in the presence of large capital flows. To fill such a gap, this report looks at the use of reserve requirements (RR) as a macroprudential tool. Its findings should be of particular interest to emerging market economists and policymakers that are faced with difficult questions regarding how to cope effectively with volatile capital flows.The analysis builds upon a new dataset on quarterly RR covering a large number of industrial and developing countries for the period 1970-2011. It finds that while no industrial country has resorted to active RR policy since 2004, almost half of developing countries have. Indeed, together with interest rates adjustments and forex interventions, RR seem to be an important component of a trio of policy instruments that developing countries have relied upon to navigate through the boom-bust cycles driven by capital flows.The ultimate reason for resorting to RR lies essentially on the procyclical behavior of the exchange rate over the business cycle in developing countries (with the currency depreciating in bad times and appreciating in good times) that complicates enormously the use of interest rates as a countercyclical instrument. Under such circumstances, RR are an effective instrument that can be used countercyclically when concerns about the effects of interest rates on the exchange rate become paramount.Finally, the report suggests that while, from a macroprudential point of view, the most common macroprudential instruments are equivalent, from a microprudential one they are not. Conflicts may thus arise between the micro- and macro-prudential policy stances. In addition, the overall design of macroprudential policies should follow a careful analysis of the role that different financial frictions play in various environments since similar symptoms can reflect very different underlying forces.
Hispanic Protestants have been one of the most rapidly growing demographic groups in the United States over the last few decades. Sociologists have written about the cultural and political identities of this group, and theologians have reflected on theology and ethics from Hispanic Protestant perspectives, but considerably less attention has been paid to the predicadores/preachers in Hispanic Protestant congregations and the messages they proclaim on a weekly basis.In Predicadores: Hispanic Preaching and Immigrant Identity, Tito Madrazo explores the sermons of Hispanic Protestant preachers within the context of their individual and communal journeys. Formed by overlapping experiences of migration and calling and rooted in their own bilingual and bicultural realities, the first-generation preachers who collaborated in this study interpret and proclaim Scripture in ways that refuse easy characterization. What is certain is that their preaching—which incorporates both traditional and liberative elements—resonates deeply with their immigrant congregations. Madrazo contends that the power of these preachers lies in how they consistently proclaim the characteristics of God that have been most significant to them in their own migrations. Based on four years of collaborative ethnographic research, Predicadores reveals the richness of everyday preaching in local Hispanic Protestant congregations. Madrazo utilizes contemporary sociology, history, and theology in order to situate this study's preachers within broader discourses. The witness of Hispanic Protestant predicadores is a reminder of the homiletical importance of understanding and proclaiming the gospel from within particular cultures.
El Pináculo del Poder: La Saga del Guardián del Balance
Tito Martínez Barberi
Createspace Independent Publishing Platform
2014
nidottu
En el planeta Akaladia, nada es lo que parece. Las fronteras entre los pa ses y las naciones han desaparecido, y la guerra est convertida en el doloroso recuerdo de un pasado distante, al que nadie desea regresar.Cuando la sociedad secreta de los Selectos descubre su destrucci n inminente por medio de un fat dico presagio, los amos secretos de Akaladia no se detendr n ante nada ni nadie, y no s lo har n todo lo posible por permanecer en el poder, sino por asegurar su propia supervivencia.En un mundo donde la magia y lo espiritual son supersticiones absurdas para la mayor a, s lo la magia y la espiritualidad podr n impedir que los Selectos alcancen su objetivo final: despojar a todo el pueblo de Akaladia de lo m s preciado y valioso que un ser humano puede poseer, su alma.Entre conspiraciones secretas, identidades falsas, traiciones, alianzas y tratos hechos tras puertas cerradas, el destino del Balance Universal pender de un hilo, cuando los vientos de guerra vuelvan a soplar en el planeta Akaladia, por primera vez en casi mil a os.S lo la informaci n contenida en la mayor fuente de conocimiento conocida por el hombre podr decidir el resultado del conflicto: el Pin culo del Poder.
The Pinnacle of Power
Tito Barberi Martinez
Createspace Independent Publishing Platform
2015
nidottu
Nothing is what it seems in planet Akaladia. In a world where all things magical and spiritual are nothing but laughable superstitions in the minds of the many, only magic and spirituality shall stand between the secret society of the Selected and their final goal: stripping the people of Akaladia of the most precious and valuable thing that a human being can possess, their soul.Thirteen is the number of people who can stop the Selected from reaching their goal . . . And only one of them is aware of the terrible fate awaiting his world.Only the greatest source of knowledge known to man may determine the impending conflict's final outcome: The Pinnacle of Power.