Consumption and Hedging in Oil Importing Developing Countries

We study the consumption and hedging strategy of an oil-importing developing country that faces multiple crude oil shocks. In our model, developing countries have two particular characteristics: their economies are mainly driven by natural resources and their technologies are less e cient in energy usage. The natural resource exports can be correlated with the crude oil shocks. The country can hedge against the crude oil uncertainty by taking long/short positions in existing crude oil futures contracts. We find that both, ine ciencies in energy usage and shocks to the crude oil price, lower the productivity of capital. This generates a negative income e ect and a positive substitution e ect, because today's consumption is relatively cheaper than tomorrow's consumption. Optimal consumption of the country depends on the magnitudes of these e ects and on its risk-aversion degree. Shocks to other crude oil factors, such as the convenience yield, are also studied. We nd that the persistence of the shocks magni es the income and substitution e ects on consumption, thus a ecting also the hedging strategy of the country. The demand for futures contracts is decomposed in a myopic demand, a pure hedging term and productive hedging demands. These hedging demands arise to hedge against changes in the productivity of capital due to changes in crude oil spot prices. We calibrate the model for Chile and study up to what extent the country's copper exports can be used to hedge the crude oil risk.Crude oil prices, convenience yields, risk management, emerging markets, government policy, two-sector economies

De lo fantástico (y neofantástico): sus componentes

Conferencias y Comunicaciones del primer Congreso Internacional de literatura fantástica y ciencia ficción, celebrado del 6 al 9 de mayo de 2008 en la Universidad Carlos III de Madri

Guía práctica para profesionales de ciencias económicas sobre fideicomisos

Este trabajo es una guía práctica para profesionales sobre los aspectos jurídicos, tributarios y contables que tiene la figura del fideicomiso.Fil: Aldunate, Emmanuel. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.Fil: Carrin, Iván. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.Fil: Juri, Ramón. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas.Fil: Ríos, Mauricio. Universidad Nacional de Cuyo. Facultad de Ciencias Económicas

Remote lab experiments: opening possibilities for distance learning in engineering fields

Remote experimentation laboratories are systems based on real equipment, allowing students to perform practical work through a computer connected to the internet. In engineering fields lab activities play a fundamental role. Distance learning has not demonstrated good results in engineering fields because traditional lab activities cannot be covered by this paradigm. These activities can be set for one or for a group of students who work from different locations. All these configurations lead to considering a flexible model that covers all possibilities (for an individual or a group). An inter-continental network of remote laboratories supported by both European and Latin American institutions of higher education has been formed. In this network context, a learning collaborative model for students working from different locations has been defined. The first considerations are presented

Zona Recreacional Comunitaria para Municipalidades. Paso Nevado, Comuna de San Clemente. Chile

57 p.El proyecto rescata el lugar y lo potencia de acuerdo a sus condiciones naturales, logra armar un espacio de recreación para la masa social temporal, evitando transgredir el territorio, conservando las tradiciones del lugar, dando al campamento de funcionarios Municipales, un nuevo lugar para la recreación diaria consolidando el área de encuentro social. Para la realización de este proyecto se requirió del aporte económico de la Municipalidad de Talca, de la Asociación de Empleados Municipales y de los donativos del alcalde don Patricio Herrera Blanco, que aportó con una cantidad importante de materiales. La etapa constructiva comenzó el 16 de Octubre del año 2007 y finalizó el 7 de diciembre del mismo