Academic literature on the topic 'Banca on line'

El presente trabajo se planteó como objetivo aplicar el Cuadro de Mando Integral (CMI) a la Planificación Estratégica de la Banca Privada, caso Banco del Austro. Para el desarrollo del trabajo se empleó la técnica de la revisión bibliográfica-documental y el estudio de casos. Se concluye el trabajo constatando que el CMI asegura la alineación entre finanzas, mercado, tecnología e innovación, al tiempo que resulta indispensable como estrategia de comunicación, dispositivo de control de gestión y de la estrategia corporativa. Los resultados en los objetivos estratégicos identificados en las perspectivas de aprendizaje y crecimiento permitirían al Banco del Austro promover sus procesos de trabajo internos, lo que, a su vez, ayudaría a la organización a obtener los resultados deseados en las perspectivas de clientes y finanzas. A su vez, los resultados obtenidos en el proceso de control le posibilitarían adquirir una visión general de las desventajas reales en el proceso de implementación estratégica e iniciarían una línea de actividades correctivas. En resumen, el CMI proporcionará a los administradores del Banco del Austro una visión completa de la entidad, incluidas medidas operativas para satisfacer a los clientes, nivel de innovación y actividad para mejorar la organización, así como medidas financieras.AbstractThe present research consisted in the application of the Balance ScoreCard (BSC) to the Strategic Planning of Private Banking, specifically Banco del Austro. The bibliographic-documentary review technique and the case study were used for the development of this work. The work concludes stating that the BSC ensures the alignment between finance, market, technology and innovation, while being essential as a communication strategy, management control device and corporate strategy. The results in the strategic objectives identified in the perspectives of learning and growth would allow the Banco del Austro to promote its internal work processes, which, in turn, would help the organization to obtain the desired results in the perspectives of clients and finances. In turn, the results obtained in the control process would enable them to acquire an overview of the real disadvantages in the strategic implementation process and initiate a line of corrective activities. In summary, the BSC will provide Banco del Austro managers with a complete overview of the entity, including operational measures to satisfy customers, level of innovation and activity to improve the organization, as well as financial measures.

<p><span style="line-height: 150%; font-family: &quot;Times New Roman&quot;,&quot;serif&quot;; font-size: 12pt; mso-fareast-font-family: &quot;Times New Roman&quot;; mso-fareast-language: ES-MX; mso-ansi-language: ES-MX; mso-bidi-language: AR-SA;"> </span></p><p style="margin: 0cm 0cm 0pt;" class="MsoNormal"><span style="line-height: 150%; mso-bidi-font-size: 12.0pt;">El presente trabajo analiza los mecanismos mediante los cuales la organización industrial del mercado de emisión de deuda soberana en Londres entre 1880 y 1913 afectaba los costos de los empréstitos de los gobiernos de países prestatarios. Si bien la reciente literatura ha debatido sobre la importancia de los fundamentos económicos en la percepción de riesgo país de los inversionistas, este trabajo enfatiza que su papel es secundario bajo ciertas circunstancias, y que la naturaleza de dicha percepción es dinámica. Mi demostración introduce el concepto de “relación bancaria” para describir la relación entre la banca internacional y los países prestatarios e ilustro su importancia para explicar la crisis de Baring de 1890.</span></p><p> </p>

<span style="line-height: 115%; font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;; font-size: 12pt; mso-fareast-font-family: Calibri; mso-fareast-language: ES-MX; mso-bidi-font-size: 11.0pt; mso-ansi-language: ES-MX; mso-bidi-language: AR-SA; mso-bidi-font-family: &quot;Times New Roman&quot;; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-bidi;">¿Qué relevancia tiene preservar los Archivos Bancarios para México? En primer lugar, porque los archivos permiten reexaminar la buena o mala experiencia histórica de esas organizaciones y en consecuencia distinguir los factores críticos que permitieron su supervivencia o las condujeron a su liquidación. En segundo, porque permiten describir y explicar las relaciones entre la actividad financiera y el crecimiento económico. Adicionalmente, porque la formación de generaciones mejor capacitadas de banqueros atraviesa por el conocimiento más puntual, más difundido y responsable de la actividad bancaria vista en una perspectiva histórica. En sentido contrario, la realización de nuevas investigaciones sobre el ramo puede dificultarse por malas condiciones o falta de información sobre el desempeño histórico de las organizaciones financieras. Su dispersión, el desinterés de los propios directivos bancarios, y la ausencia de una regulación clara pueden multiplicar los problemas que enfrenta la preservación de la memoria histórica de la banca.</span>

Introdução: O Instituto Nacional de Câncer José Alencar Gomes da Silva promove anualmente, desde 2009, o Curso de Verão Pesquisa em Oncologia, que já conta com sua 10ª edição. O objetivo é promover a integração de estudantes de graduação na área de ciências biológicas e saúde com as linhas de pesquisa do INCA através de conceitos, palestras e práticas utilizadas na pesquisa oncológica da instituição com o intuito de despertar o interesse e inserir o acadêmico na pesquisa científica. Objetivo: relatar a experiência adquirida com a participação no X Curso de Verão Pesquisa em Oncologia. Método: o presente estudo descritivo consiste em um relato de experiência vivenciado durante a participação no X Curso de Verão Pesquisa em Oncologia, ocorrido durante os dias 15 a 26 de janeiro. Resultados: O curso de pesquisa em oncologia constitui-se em um curso teórico-prático, onde após uma breve introdução sobre a temática biologia molecular-celular e aspectos genéticos do câncer (que atuou como um nivelamento), teve início os cursos, onde pelo período matutino havia diariamente apresentação de uma das 7 modalidades de minicurso ofertados e pelo período vespertino as atividades práticas segundo cada minicurso. As aulas eram ministradas pelos coordenadores dos minicursos, que eram pesquisadores do INCA, e as práticas realizadas com os mesmos e com um discente responsável, mestrandos e doutorandos da instituição. Optando pelo curso “Fontes de Dados sobre Epidemiologia do Câncer” obtive conhecimento acerca da extração de informações epidemiológicas em câncer, bem como na interpretação dos resultados utilizando as principais bases de dados disponíveis on-line no Brasil e no mundo. Cada minicurso deveria elaborar um projeto de pesquisa com base no que foi aprendido e discutido, e ao final haveria uma culminância com apresentação dos mesmos para uma banca avaliadora. Conclusão: com a participação foi possível ampliar o conhecimento acerca de pesquisas voltadas para oncologia, sobretudo fontes epidemiológicas, desenvolvendo senso crítico e raciocínio científico, que foi fundamental para agregar valores à minha formação acadêmica e pessoal, tais conhecimentos serão incorporados e difundidos dentro das linhas de pesquisa que atualmente integro.

A serial experimental fishing using skipjack pole and line had been carried out for 14 days from July to October 2007 in Banda Sea. The aim was to obtain the most productive colour of imitation bait to catch skipjack. The research tested three colours of imitation bait those were red, silver and green. Result showed that the silver colour of imitation bait caught more skipjack than those two other colours. Its hook rate was 0.67 fish/minute, followed by red and green with hook rate of 0,58 fish/minute and 0.47 fish/minute. Key Words: Imitation Bait, Life Bait, Pole and Line, Skipjack.

Abstract Blastic plasmacytoid dendritic cell neoplasm (BPDCN) is a rare disease of controversial origin recently recognized as a neoplasm deriving from plasmacytoid dendritic cells (pDCs). Nevertheless, it remains an orphan tumor with obscure biology and dismal prognosis. In this study, we aimed to: 1) molecularly define the cellular counterpart of BPDCN and its relationship with other leukemias; 2) identify genes and cellular programs deregulated in the tumor; and 3) delineate novel potential therapeutic targets. To address these issues we collected and studied by gene expression profile (GEP) 27 BPDCN cases as well as 8 samples of non neoplastic pDCs. Further, a panel of samples including, myeloid precursors (MPs, N=4), lymphoid precursors (LPs, N=9), acute myeloid leukemias (AMLs, N=132), and acute lymphoblastic leukemias (ALLs, N=155) was analyzed. Validation was performed by immunohistochemistry (IHC) on tissue-microarrays, while functional experiments were carried out by using the CAL-1 cell line (derived from a BPDCN case). First, we recognized the cellular derivation of BPDCN, which proved to originate from the myeloid lineage and in particular from resting pDCs. Second, by comparing the GEP of BPDCN and resting pDCs, we identified genes and cellular programs deregulated in the tumor. Following, based on an integrated bio-informatic approach, including four different tools, we uncovered the aberrant activation of the NF-kB pathway that was confirmed in independent assays. Interestingly, among other molecules, we identified BCL2 and IRF4, two well known NFkB targets, as aberrantly upregulated in neoplastic samples and confirmed this observation by IHC. We then tested whether NFkB inhibition could represent a potential therapeutic strategy in this setting. We treated BPDCN cells ex vivowith either the proteasome inhibitor bortezomib or the selective IKKB inhibitor BMS-345541 and found them to be effective in inducing cell cycle arrest and apoptosis at relatively low dosage. By contrast, BPDCN cells turned out to be virtually insensitive to cytarabine, one of the most used drug in this condition. GEP and immunocytochemistry were then successfully used to prove that cell death was accompanied by NFkB shut-off. In conclusion, we identified a molecular signature representative of the transcriptional abnormalities of BPDCN and developed a cellular model proposing the first molecular targeted therapeutic approach in the setting of this currently incurable disease. Funding This work was supported by AIRC (IG10519 and 5xMille10007, Prof. Pileri), Centro Interdipartimentale per la Ricerca sul Cancro “G. Prodi”, BolognAIL, RFO (Prof. Pileri, Prof. Piccaluga), FIRB Futura 2011 RBFR12D1CB (Prof. Piccaluga), Fondazione Cassa di Risparmio in Bologna, Fondazione della Banca del Monte e Ravenna, Progetto Strategico di Ateneo 2006 (Prof. Pileri and Dr. Piccaluga) and by MIUR (PRIN 2011, Prof. Facchetti and Prof. Pileri). The authors have no conflicting financial interests to declare. Acknowledgments The Authors obtained the CAL-1 cell line from Takahiro Maeda (tmaeda@net.nagasaki-u.ac.jp), Department of Laboratory Medicine, Nagasaki University Graduate School of Biomedical Sciences, Nagasaki, Japan. Disclosures: No relevant conflicts of interest to declare.

SEMINARIO PARA OPTAR AL TÍTULO DE INGENIERO COMERCIAL, MENCIÓN ADMINISTRACIÓN
Este estudio se presenta como el primer intento por desarrollar una escala de medición de la calidad del servicio en la banca On Line en Chile. A lo largo de la revisión literaria se revisan distintos modelos creados con el fin de medir la calidad del servicio en general, como modelos particulares para la banca. A grandes rasgos la calidad del servicio puede ser definida según Parasuraman et al., (1985) como la diferencia entre las expectativas y las percepciones que los consumidores tienen de un servicio en particular. El principal objetivo de esta investigación es determinar la factibilidad de replicar en Chile un instrumento de medida de la calidad del servicio en la banca electrónica realizado en Inglaterra por Jayawardhena (2004). De esta manera, se determinó en una etapa cualitativa, que la escala utilizada en ese país debía ser adaptada a los requerimientos de los usuarios en Chile. Un análisis factorial llevado a cabo entrego como resultado 19 atributos relevantes acerca de que es lo que los consumidores valoran de la experiencia de ingresar al sitio Web de su banco, las que se distribuyeron en cuatro dimensiones. Finalmente una regresión llevada a cabo indicó el peso que cada dimensión tenía en la valoración de la calidad del servicio en la banca electrónica en Chile Los resultados obtenidos en este estudio no son del todo concluyentes, por lo que se sugiere su utilización como base en una futura investigación acerca del mismo tema abordado a lo largo de este estudio. Sin embargo, esta investigación da un Proxy confiable acerca de que valoran los consumidores al momento de utilizar la banca On Line.

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O presente trabalho introduz um novo método para confecção de acopladores híbridos do tipo branch-line que sejam de banda dupla, ou seja, que são projetados para operar em duas frequências desejadas quaisquer com a mesma resposta. Este método faz uso de uma nova estrutura de linha de transmissão artificial (LTA) implementada em microfita, a qual é composta por três linhas de transmissões conectadas em cascata, com estubes em aberto inseridos em paralelo entre as linhas de transmissão. Foram obtidas expressões algébricas que determinam, em função das frequências das bandas desejadas, os valores de impedância característica e comprimento elétrico de cada um dos segmentos e estubes para que, em ambas as frequências, a LTA tenha os mesmos parâmetros de espalhamento que, e portanto seja equivalente a, um único segmento de linha de transmissão convencional com impedância característica e comprimento elétrico quaisquer especificados. Para obter o acoplador híbrido do tipo branch-line com banda dupla, portanto, substituímos cada linha de transmissão do acoplador por uma ATL com os parâmetros calculados de acordo com as expressões encontradas. Essa técnica foi usada para projetar, simular, fabricar e medir um acoplador híbrido branch-line que funcionasse nas frequências GSM de 925MHz e ISM 5.8GHz. Essa técnica tem como principal vantagem a capacidade e a flexibilidade de obter acopladores branch-line com bom desempenho em duas bandas quaisquer.
This work deals with a new method for the design of dual band branch-line hybrid couplers with arbitrary central frequencies, in other words, branch-line couplers which operate in two desired frequencies. This method makes use of a new artificial transmission line (ATL) structure, which is composed of the cascade connection of three transmission lines segments with parallel open stubs between them. Algebraic expressions were obtained that specify, in function of the central frequencies, the values for the characteristic impedance and electric length of the segments, so that the ATL has, for both frequencies, the same scattering parameters, hence the same behavior, as an ordinary transmission line with any chosen characteristic impedance and electric length. To obtain a dual band branch line coupler, the desired frequencies are chosen and the expressions are evaluated to find out the characteristic impedances and electric lengths of the ATL’s to replace all transmission lines that make up the coupler. This technique was used to design, simulate, fabricate and measure a branch-line hybrid coupler that works on the 925MHz GSM and 5.8GHz ISM frequencies. This technique has as it’s main advantage the ability and flexibility to yield couplers with good performance in two arbitrary bands.

Esta dissertação de mestrado apresenta um estudo da aplicação de estruturas Electromagnetic Bandgap (EBG) em circuitos planares de micro-ondas, com a proposição de topologias originais de filtros rejeita-faixa de banda ultra-larga e dupla-banda e de uma metodologia de síntese desses filtros. Foi proposta uma metodologia de projeto de filtros EBG, que foi aplicada a um filtro em microlinha de transmissão utilizando duas estruturas EBG simultâneas, com a finalidade de se obter um filtro com banda de rejeição ultra-larga. Esse filtro foi construído em tecnologia planar, tendo demonstrado uma banda de rejeição ultra-larga de 11 GHz centrada em 11,5 GHz, com nível de rejeição superior a 34 dB, apresentando excelente concordância com os resultados de simulação computacional. Paralelamente, foi desenvolvida uma metodologia de síntese que permite a geração automática de novas topologias de filtros rejeita-faixa empregando estruturas EBG que resultem em uma banda larga de rejeição ou com duplas bandas de rejeição. A metodologia de síntese proposta envolve procedimentos computacionais de otimização da geometria das estruturas EBG aplicadas em microlinha de transmissão, visando a obtenção da resposta em frequência de um filtro definida por meio de uma Função Objetivo. Para esse fim empregou-se a ferramenta computacional MATLAB com o toolbox de algoritmos genéticos para desenvolver um programa de otimização, que interage com o simulador eletromagnético tridimensional EM-3D Microwave Suite da CST. O procedimento de síntese desenvolvido foi aplicado ao projeto de um filtro com dupla-banda de rejeição centradas em 3,3 GHz e 7,8 GHz e de três filtros com característica de rejeição em banda ultra-larga, capazes de rejeitar até uma banda de 9 GHz a 20 GHz com rejeição maior que 10 dB. Os filtros projetados foram construídos em tecnologia planar e caracterizados em frequências de micro-ondas. Os resultados experimentais comprovaram a eficácia e flexibilidade da metodologia de síntese proposta, que possibilitou contribuições originais na área de filtros rejeita-faixa usando estruturas EBG, com topologias inéditas.
This dissertation for a Master degree in Engineering, presents a survey of the application of Electromagnetic Bandgap (EBG) structures on microwave planar circuits, with the conception of original topologies for wide stopband and dual stopband filters, and the proposition of a synthesis methodology for these filters. A filter design methodology was proposed and applied to the design of a transmission line filter using two simultaneous EBG structures, aiming at the achievement of a filter with a wide stop-band. This filter was built in planar circuit technology, with the demonstration of an 11 GHz ultra-wide stopband centered in 11.5 GHz, with high degree of rejection superior than 34 dB, presenting excellent agreement with the computational simulation. In parallel, a synthesis methodology was developed to automatically generate new topologies of stopband filters using EBG structures, that results in filters with wide stopband or dual stop-bands. The proposed synthesis methodology involves computational processes for the optimization of the EBG structure geometry applied to microwave transmission line, aiming at achieving the filter response defined by an objective function. For that, the software MATLAB with the genetic algorithm toolbox was used to develop an optimization program, which interacts with the tridimensional electromagnetic simulator EM-3D Microwave Suite from CST. The synthesis procedure was applied to the project of one filter with dual stopband centered in 3.3 GHz and 7.8 GHz and to the project of three filters with an wide stopband feature capable of rejecting a frequency band from 9 GHz to 20 GHz with magnitude of rejection greater than 10 dB. The designed filters were built in planar technology and measured at microwave frequencies. The experimental results demonstrated the effectiveness and the flexibility of the proposed synthesis methodology, which allowed original contributions in the field of stopband filters using EBG structures, with novel topologies.

Lors de cette thèse, on a développé un banc automatisé de relevé du diagramme de rayonnement particulièrement pour des antennes millimétriques avec faible directivité. On propose trois méthodes d'alimentation. La première méthode développée a été de concevoir une nouvelle sonde ayant un accès micro-coaxial de plus de 5cm afin de réduire la zone de masquage au minimum. Associée à une configuration de type flip-chip inversée, cette méthode a permis d'avoir une réduction de la zone de masquage de 80° à 20°. La deuxième méthode a été de concevoir une liaison souple par film souple de Kapton. Cette méthode présente l'avantage de placer une plus grande partie des connexions métalliques sous un plan de masse, mais nécessite une connexion optimale à la puce. Les résultats obtenus présentent une zone de masquage pratiquement inexistante, et sont conformes à l'état de l'art. La troisième méthode SER est basée sur la mesure de l'antenne sans placer de sondes ou de connecteurs spéciaux, mais en utilisant un système à charges connues. La simulation nous montre qu'il nous manque une dynamique par ces trois charges.

Oggetto di questa tesi è la traduzione dall'inglese all'italiano della guida all'economia circolare pubblicata dalla Banca europea per gli investimenti (BEI) a gennaio 2019. Lo scopo della guida è promuovere la conoscenza dell’economia circolare e illustrare come la BEI intende sostenere la transizione verso questo nuovo modello economico. Dopo una sezione dedicata all'economia circolare e ai relativi progetti già finanziati dalla BEI, nel documento vengono infatti presentati gli strumenti di finanziamento mirati e le condizioni necessarie per poterne usufruire. Inoltre, il documento si inserisce nel quadro delle politiche UE sull'economia circolare. L'elaborato si compone di sei capitoli. Il primo contiene una presentazione dell'istituzione autrice e una panoramica sull'economia circolare. Il secondo capitolo fornisce un inquadramento teorico dei linguaggi specialistici e della traduzione specializzata in ambito economico-finanziario, nelle istituzioni europee e nella BEI in particolare. Il terzo capitolo presenta un'analisi del testo di partenza focalizzata sulle caratteristiche testuali, sintattiche e lessicali. Nel quarto capitolo vengono descritte le risorse create e individuate come supporto alla traduzione, tra cui i corpora ad hoc e le risorse utilizzate durante il tirocinio svolto presso la DG Traduzione della Commissione europea. Il quinto capitolo ospita il testo di partenza e la traduzione in italiano, mentre l'ultimo capitolo contiene il commento alla traduzione, in cui vengono discusse le problematiche incontrate nel processo traduttivo e le strategie adottate per risolverle.

Les equipements electroniques automobiles connaissent une expansion considerable. Les connexions entre ces differents organes conduisent a des densites de cablage elevees et sont le siege de couplages electromagnetiques sur une large bande de frequence. L'optimisation grande serie oblige les constructeurs automobiles, en phase de conception de nouveaux vehicules, a se placer en limite de technologie et de trouver le meilleur compromis qualite cout, a l'aide d'outils de simulation et mesure en cem. Cette recherche optimale se perpetue en production et conduit a des modifications de cablage durant la vie courante des vehicules de fabrication, alterant leur qualite electromagnetique. Cette these propose donc l'etude de faisabilite d'un banc de test cem des vehicules de production, garantissant leur tenue aux normes iso11451-2. Nous commencons par exposer le contexte de l'etude en terme de cem automobile, production grande serie et finalite du banc de test. A partir d'etudes bibliographiques, on envisage plusieurs solutions et prenons en consideration les hypotheses et travaux necessaires a leur developpement. On presente alors la topologie electromagnetique appliquee aux lignes de transmission multiconducteur et son application a un reseau automobile. Nous exposons les contraintes liees a une approche numerique, confrontee a la caracterisation de nombreux parametres definissant le probleme electromagnetique considere. Pour finir, nous presentons des resultats experimentaux de susceptibilite conduite et rayonnee sur vehicule et l'application d'une approche en irradiation a bas niveau conjuguee a des tests de susceptibilite conduite comme solution au banc de test. Des travaux supplementaires sur une plus grande gamme de vehicules et d'equipements sont suggeres afin de statuer sur la faisabilite du principe et sa conjugaison a une connaissance statistique du comportement du cablage et des equipements.

La memoria se divide en tres capítulos principales, el primero de ellos describe de manera general el planteamiento de la problemática o situación original, dentro de la cuál se presentan algunas imágenes que muestran la solución anterior, así como algunas gráficas de rendimiento.

La tesi, svolta a seguito di un tirocinio presso ENEA, ha come scopo quello di sviluppare uno studio LCA sul mix nazionale di produzione e consumo di energia elettrica al fine di individuare quantitativamente i potenziali impatti ambientali che ne derivano per poter creare successivamente i dataset da inserire nella banca dati nazionale LCA sviluppata nel progetto europeo Arcadia - Approccio ciclo di vita nei contratti pubblici e banca dati italiana LCA per l’uso efficiente delle risorse, in collaborazione con ENEA. Si è scelto di iniziare l’elaborato fornendo un quadro generale sulla metodologia di Life Cycle Assessment (LCA), ponendo l’attenzione sulle principali fasi che lo costituiscono e sull’importanza che assumono i dataset, secondo la ISO 14048. Successivamente, sono state valutate le caratteristiche dei sistemi di generazione elettrica in merito al mix di fonti utilizzate, all’utilizzo dei combustibili nel settore termoelettrico e alle diverse tecnologie rinnovabili, focalizzandosi sul panorama elettrico italiano al fine di valutarne gli impatti ambientali. Una volta individuata la composizione del mix elettrico nazionale, si è dunque creato un modello di calcolo da implementare nel Software GaBi per poter procedere allo studio di LCA, in modo da crearne i dataset. Seguendo il modello, è stato necessario creare 5 Dataset: 2 di Elettricità di Produzione in Alta Tensione (AT) e Bassa Tensione (BT), rispettivamente, e 3 di Elettricità al Consumo in Alta, Media e Bassa Tensione. Per l’analisi degli impatti relativi ai differenti dataset si farà riferimento alla metodologia CML – 2001, aggiornata al 2016. Il presente lavoro di tesi si concluderà con la visualizzazione dei Dataset in formato ILCD, ovvero un formato XML riconosciuto dalla Commissione Europea come formato ufficiale per lo scambio dei dati lca.

The thesis deals with women in Komerční banka focusing on their career and possibilities of work-life balance. The main aim of the thesis is to find out an attitude of the bank towards the equal opportunities, employees' awareness of instruments of family policy as well as the biggest difficulties in women's career. In order to support the practical part of the thesis, we present information about women's role in society, women in the media, career, equal rights and work-life balance. The adopted method of the empirical part is an individual interview with women managers and a questionnaire aimed at selected employees of the bank.

Una línia de transmissió three-line-microstrip consisteix en tres pistes paral·leles practicades sobre la cara d'un dielèctric amb un pla de massa inferior. La propagació en aquesta línia es pot descriure en termes de tres modes fonamentals anomenats ee, oo i oe. Tot i que aquests modes són ortogonals interaccionen entre sí a qualsevol transició, discontinuïtat o asimetria. En el pla d'una transició o asimetria es genera un intercanvi d'energia o conversió modal en el que prenen part tots els modes.
En aquest treball s'analitza la conversió modal que s'origina en un conjunt de transicions i asimetries construïdes sobre línies three-line-microstrip. L'estudi es realitza aplicant la tècnica de l'anàlisi multimodal. L'ús d'aquesta tècnica permet la deducció d'una sèrie de models multimodals (un per a cada transició) que proporcionen una anàlisi simple, rigorosa i quantitativa d'aquest fenomen.
La validesa d'aquest estudi es verifica de manera experimental. Els bons resultats obtinguts demostren que els models multimodals proposats prediuen de manera precisa el comportament de les transicions. Aquest fet permet el seu ús per analitzar circuits o estructures constituïts per trams de tres pistes acoblades. En el cas d'aquesta tesi, han estat aplicats als camps de l'EMC i de les microones. Pel que fa a l'EMC, s'ha realitzat un estudi de l'acoblament i la integritat del senyal en configuracions de PCB amb trams de tres pistes acoblades. Aquest estudi ha permès identificar les transicions i asimetries en aquests circuits com a possibles fonts d'interferència i de degradació dels senyals ja que la conversió modal es pot interpretar com a un procés d'interferència que involucra tots els senyals presents. Pel que fa a les microones, s'ha realitzat una anàlisi multimodal de filtres spurline. Aquesta anàlisi ha permès desenvolupar dues noves estructures, la principal característica de les quals és la seva compacitat que, a diferència d'altres estructures similars, s'aconsegueix permetent la presència d'un nou mode en el procés de ressonància. L'ús dels models multimodals per a l'anàlisi d'aquestes estructures ha permès una interpretació clara i senzilla del seu funcionament així com el desenvolupament d'una sèrie de regles de disseny que permeten un ajust fàcil i ràpid de certs paràmetres dels filtres com ara la freqüència central i l'ample de banda.
Una línea de transmisión three-line-microstrip consiste en tres pistas paralelas practicadas sobre la cara de un dieléctrico con un plano de masa inferior. La propagación en esta línea se puede describir en términos de tres modos fundamentales llamados ee, oo i oe. Aunque estos modos son ortogonales interaccionan entre se en cualquier transición, discontinuidad o asimetría. En el plano de una transición o asimetría se genera un intercambio de energía o conversión modal en el que toman parte todos los modos.
En este trabajo se analiza la conversión modal que se origina en un conjunto de transiciones i asimetrías construidas sobre líneas three-line-microstrip. El estudio se realiza aplicando la técnica del análisis multimodal. El uso de esta técnica permite la deducción de una serie de modelos multimodales (un per a cada transición) que proporcionan un análisis simple, riguroso i cuantitativo de este fenómeno.
La validez de este estudio se verifica de manera experimental. Los buenos resultados obtenidos demuestran que los modelos multimodales propuestos predicen de manera precisa el comportamiento de las transiciones. Este hecho permite su uso para analizar circuitos o estructuras constituidos por tramos de tres pistas acopladas. En esta tesis doctoral, han sido aplicados a los campos de la EMC i de las microondas. En el primero de ellos, se ha realizado un estudio del acoplamiento y la integridad de la señal en configuraciones de PCB con tramos de tres pistas acopladas. Este estudio ha permitido identificar las transiciones y asimetrías en estos circuitos como posibles fuentes de interferencia y de degradación de las señales ya que la conversión modal se puede interpretar como a un proceso de interferencia que involucra todas las señales presentes. En el campo de las microondas, se ha realizado un análisis multimodal de filtros spurline. Este análisis ha permitido desarrollar dos nuevas estructuras, cuya principal característica es su compacidad que, a diferencia de otras estructuras similares, se consigue permitiendo la presencia de un nuevo modo en el proceso de resonancia. El uso de los modelos multimodales para el análisis de estas estructuras ha permitido una interpretación clara i sencilla del su funcionamiento así como el desarrollo de una serie de reglas de diseño que permiten un ajuste fácil i rápido de ciertos parámetros de los filtros como por ejemplo la frecuencia central y el ancho de banda.
A three-line-microstrip transmission line consists of three parallel coupled strips printed on a grounded dielectric substrate. The propagation in this line can be described in terms of three fundamental modes, namely the ee, oo and oe modes. These modes are orthogonal and propagate independently unless a transition or asymmetry is present in the line. Any transition or asymmetry will generate an energy exchange or modal interaction among all the propagating modes.
In this work, the modal interaction of a set of transitions and asymmetries in three-line-microstrip transmission lines is analyzed. The study is carried out by using the multimodal analysis. By means of this technique a set of multimodal circuit models (one for each transition) is derived. These models provide a simple and a quantitative interpretation of the modal interaction.
The proposed multimodal analysis is experimentally validated. The obtained results show that the derived multimodal models accurately predict the behavior of the transitions. Due to this fact, they can be used for the analysis of circuits and structures composed of three-coupled-strip sections. In this work, the models have been applied to both the EMC and microwave fields. In the former, they have been employed to study the cross-talk and signal-integrity problems in PCB configurations involving tree-coupled-trace sections. The performed analysis has shown that transitions and asymmetries in these circuits must be considered as a source of interference and signal degradation since the modal interaction can be interpreted as an interference process that involves all the present signals. In the latter, a multimodal analysis of spurline filters has been performed. This study has allowed the derivation of two new filter structures whose main feature is their compactness, which, in contrast to other analogous filters, is achieved by allowing the presence of an additional mode in the resonance process. The use of the multimodal models for the analysis of these structures has permitted both a simple interpretation of the filter operation and the derivation of a set of design rules which allows a rapid fine tuning of some filter parameters such as the center frequency and the bandwidth.

Banyas have been in the Russian region since before there were Russians. They appear in the first written records of Russian history and continued to remain relevant to belief and behavior though the Muscovite period and into the reign of Peter the Great. As bathing fell out of favor in Western Europe, the persistency of the banya struck outsiders as barbaric, titillating, and licentious. This chapter discusses the origins of the bania in Kievan Rus’, with an emphasis on everyday life, the law, and belief. The bania’s ambiguity as a place of healing and danger, rebirth and illicit behavior was evident from the beginning.

At Alamán’s initiative a law of 1830 established the Banco de Avío, a government-funded development bank for the spurring of industrialization, especially in the textile sector, with which his name has forever been associated. His views of industrialization as a development strategy as opposed to a renewed reliance upon silver mining are discussed, as well as the short- and long-term effects of loans made to textile entrepreneurs and the cronyism employed by Alamán both in organizing the Banco itself and in allotting its capital as loans to industrialists. The state of the textile industry in Mexico before and after the Banco is described.

Abstract Masauko Chipembere brought a much older Dr. Hastings Kamuzu Banda back to Malawi to become its popular liberation leader and to take Malawi to independence, which he did in 1964. Very soon, however, Banda behaved autocratically, dismissing cabinet ministers who were more democratically inclined, jailing political prisoners, enforcing dress codes, and persecuting opponents. The twenty-nine years that Banda ruled did little to advance Malawi out of extreme poverty. Even medically and educationally, Malawi remained stunted under Banda’s uncompromisingly restrictive presidency for life. By rejecting the efforts of younger advocates like Chipembere, Banda retarded Malawi’s growth and progress for its many millions of citizens.

As elites in Russia became more integrated into Western culture, going to the banya became more associated with the unreformed peasantry and lower classes. Most outsiders, like the astronomer Chappe D’Auteroche, who was in Russia to observe the transit of Venus, saw the banya as further indication of Russia’s backwardness and barbarity. Catherine the Great wrote a pamphlet, her famous “antidote,” to rebut his views in general and on the banya specifically. Meanwhile, the prominent medical doctor, Antonio Sanches, used his connections with Catherine and members of her court to systematically defend the banya not as a popular custom, but as a valuable tool of modern medicine. He used his connections with Western European intellectuals to promote the use of the banya there as well.

By the late 1960s, the growth of apartments with indoor plumbing and bathing facilities took the pressure off the state to build banyas. Yet that growth was not universal enough to alleviate the need for banyas altogether. As the utilitarian need for banyas ebbed, the sense of the banya as a crucial meeting place only grew. Stories, films, and memoirs pointed to the banya as a place to escape from the pressures of public life and to reconnect with spiritual and communal identities. By the time the USSR collapsed, the banya was clearly more than just a institution of Soviet hygiene; it was also a symbol of Russian resiliency.

Introdução; A comunidade surda brasileira conquistou direitos importantes ao longo da história. Pode-se destacar o reconhecimento da Língua Brasileira de Sinais-LIBRAS, como língua oficial do surdo, proporcionando assim, a presença do Intérprete de Libras nas escolas públicas. Desta forma, a Secretaria de Estado da Educação do Amazonas, nos dois últimos concursos públicos realizados para diversos cargos, disponibilizou 54 vagas para Tradutor intérprete de Libras. Objetivos; Objetivou-se neste estudo conhecer a papel do Intérprete de Libras na inclusão do aluno surdo na Educação Básica. Neste sentido, buscou-se identificar a formação exigida por lei para atuação, e a metodologia indicada durante a interpretação no contexto escolar. Metodologia; A metodologia consistiu da revisão da literatura mediante o levantamento bibliográfico em artigos e documentos oficiais disponível nos sites, Scielo Brasil, Capes periódico, Secretaria de Estado e Educação do Amazonas, e portal do Ministério da Educação. Resultados; Identificou-se durante a pesquisa que a formação do Intérprete de Libras deve ser em nível superior, e médio mediante cursos de educação profissional. Verificou-se ainda que a secretária exigiu para o cargo curso superior de licenciatura plena em qualquer área de conhecimento, e comprovação de formação em Libras expedida pelo PROLIBRAS MEC ou pelo Centro de Apoio ao Surdo. Em 2018 foi adicionada a prova prática de caráter eliminatório que consistiu de avaliação prática perante uma banca examinadora, buscando verificar os conhecimentos e a capacidade de tradução e interpretação de Libras para Língua Portuguesa e vice - versa. Sobre a atuação em sala de aula o intérprete não pode ser confundido com o professor regente. Considerando as questões éticas, os intérpretes devem manter-se neutros e garantirem o direito dos educandos surdos de manter as informações confidenciais. Precisam ainda empregar e desenvolver estratégias tradutórias e interpretativas para lidar com os textos escritos e orais e com o tipo de discurso específico ao seu contexto de atuação. Conclusão; Os resultados mostram que o Intérprete de Libras, precisa ter formação coerente com a legislação, e buscar estratégias interpretativas, que favoreça o desenvolvimento acadêmico do educando frequente na educação básica..

Introdução: A pandemia do novo Coronavírus trouxe uma série de modificações em atividades diárias exercidas nas organizações. O distanciamento social tornou-se uma realidade e para tornar possível o cumprimento das recomendações de órgãos de saúde internacionais e nacionais para o enfrentamento da Covid-19, as instituições utilizaram Protocolos de Biossegurança com ações voltadas para a prevenção e cuidados individuais e coletivos. Objetivos: Descrever a criação do Protocolo de Biossegurança e as ações que puderam ser realizadas pelo NGI Carajás em Parauapebas, PA, após a implementação do mesmo para o retorno das atividades presenciais de turmas do Voluntariado do Instituto Chico Mendes de Conservação da Biodiversidade - ICMBio. Material e métodos: Fui selecionada na chamada pública do edital Nº 0001/2021 do Programa de Voluntariado do ICMBio para a elaboração do Protocolo de Biossegurança para o retorno de atividades presenciais do Programa de Formação de Condutores do ICMBio Carajás no contexto da pandemia, cujo prazo para sua realização seguiu-se de 08/03/2021 a 08/04/2021. A metodologia utilizada para a escrita baseou-se nas normas presentes no edital da chamada pública e em protocolos de instituições públicas e privadas, Unidades de Conservação e Parques Nacionais brasileiros, cartilhas de Órgãos de Saúde nacionais e internacionais. Ao término do prazo, apresentei de maneira formal para a banca do edital como foi construído o documento que foi aprovado com sucesso e implementado. Resultados: A implementação do Protocolo de Biossegurança possibilitou a visita de três turmas de voluntários para atividades de Formação de Condutores, sendo a primeira turma com 10 pessoas, a segunda e terceira com 15 pessoas. Desde a implementação, foi possível a realização de ações do Projeto Sala Verde e um mutirão de limpeza as margens do Rio Parauapebas de acordo com as diretrizes e medidas de segurança presentes no protocolo. Conclusão: Dessa forma, a participação como voluntária na elaboração do protocolo foi uma experiência enriquecedora no âmbito pessoal e profissional, pois me abriu a mente para o uso da ciência aplicada no cotidiano das pessoas visando sanar um problema de saúde pública e ao mesmo tempo impactar a vida de vários voluntários do ICMBio positivamente.

Introdução: Curcuma longa, popularmente conhecida como açafrão-da-terra, pertence à família Zingiberaceae, é uma planta herbácea de clima tropical quente e úmido, originária da Ásia, e foi introduzida no Brasil no período colonial. A cúrcuma possui flavor característico, aroma picante e sabor amargo que são rotulados como especiaria na maioria das classificações encontradas (AOAC, 1995). Além da sua ampla utilização como especiaria na culinária, a cúrcuma vem sendo utilizada amplamente na medicina asiática tradicional o que desencadeou estudos sobre as suas propriedades. Na literatura há relatos confirmado as atividades antioxidantes, anti-inflamatórias, antimicrobianas e anticancerígenas da cúrcuma (ASAI et al., 1999; GUL et al., 2004; FERRARI et al., 2019). Objetivos: Obtenção de plantas axênicas e criação de um banco de germoplasma. Materiais e Métodos:: O presente estudo é dividido em quatro partes de execução. A primeira, a obtenção do material vegetal, onde os Rizomas de C. longa foram coletados de uma cultura comercial cultivada na fazenda Macaúba em Catalão, Goiás, Brasil. A segunda, a obtenção dos explantes para o cultivo in vitro. A terceira, a desinfestação do explantes para a não propagação de contaminantes e a quarta, o cultivo in vitro da Cúrcuma, o qual foi utilizado a metodologia descrita por RODRIGUES et al. (2007). Resultados: Com o decorrer da execução do projeto, houveram incidências de contaminação, o que fez ser necessária a adequação do protocolo de desinfestação dos explantes, e posteriormente, a produção de plantas axênicas e a elaboração de um banco de germoplasma. Conclusão: Um banco de germoplasma é importante para posteriores estudos e cultivos de uma espécie. Ao final desse trabalho, por se tratar de um projeto em andamento, espera-se que haja um considerável número de plantas e um banco de germoplasma para posterior estudo da atividade biológica do óleo essencial da Curcuma longa.

Introdução: O leite humano apresenta componentes indispensáveis para defesa e proteção do recém-nascido. Variações na qualidade do leite materno afetam o desenvolvimento, saúde e crescimento do recém-nascido, tornando-o vulnerável. Objetivos: determinar a dosagem de Imunoglobulina A (IgA) e proteínas totais em amostras de leite materno do Banco de Leite Humano (BLH) de Blumenau/SC; assim como determinar possíveis fatores que podem influenciar nessas dosagens. Material e métodos: Estudo transversal, com análise de 105 amostras de leite provenientes do BLH de Blumenau/SC. A dosagem das proteínas totais foi realizada em equipamento Human Milk Analyser (HMA) por metodologia de infravermelho, enquanto a dosagem da IgA foi realizada pela técnica de turbidimetria. Dados sobre estágio do leite, idade materna, IMC, tipo de parto, tempo gestacional e peso do bebê ao nascer também foram coletados. Resultados: Em relação a dosagem do anticorpo secretório, o leite maduro apresentou uma redução de 26% na quantidade de IgA em relação ao colostro. Quando associado ao tipo de parto, observou-se uma redução de 21% na quantidade de proteínas do leite materno quando realizado parto vaginal. Os valores de proteínas totais apresentaram correlação estatisticamente significativa com a idade gestacional, IMC inicial e final. A correlação do nível de proteínas totais com o IMC, tanto inicial como final da mãe, demonstrou que há influência sobre a dosagem de proteínas no leite materno, ou seja, quanto maior o IMC da mãe, maior a dosagem de proteínas totais do leite. Não houve diferenças significativas entre IgA com as demais variáveis analisadas. Apesar disso, a quantidade de IgA apresentou uma tendência decrescente em relação ao aumento da idade materna. Conclusão: a dosagem média das proteínas foi relativamente abaixo da média da literatura; diferindo da dosagem da IgA que se apresentou como esperado. Houve redução na dosagem de IgA no leite maduro em relação ao colostro e diminuição na quantidade de proteínas no parto vaginal. Quanto as correlações, a variável proteínas apresentou associação com Idade materna, IMC inicial e final; diferente da variável IgA, na qual não houve nenhuma correlação significativa.

Introdução: A aplicação das técnicas in vitro de tecidos vegetais, tem disponibilizado uma importante contribuição no que diz respeito a multiplicação de genótipos , sendo considerada como uma estratégia de preservação de plantas. A mandioca (Manihot spp.) apresenta uma baixa taxa de multiplicação, o que pode prejudicar sua produção e conservação. Objetivo: O objetivo do presente trabalho foi estudar o crescimento e a multiplicação de acessos de mandioca estabelecidos in vitro, visando avaliar sua eficiência para conservação e multiplicação. Material e Métodos: Foram avaliados 12 acessos provenientes do Banco Ativo de Germoplasma da Embrapa Semiárido, localizado em Petrolina-PE. Esses acessos foram multiplicados em meio MS suplementado com 30 g/L de sacarose, 0,04 mg/L de BAP (benzilaminopurina), 0,05 mg/L de GA3 (ácido giberélico), 0,02 mg/L de ANA (ácido naftalenoacético) e 6 g/L de ágar com pH ajustado para 5,9 antes da autoclavagem a 121 °C (1 kgf/cm2). Os explantes de cada acesso foram mantidos em sala de crescimento sob temperatura de 25±2 °C, fotoperíodo de 16 horas e densidade de fluxo de fótons 40 μmol.m-2.s-1 por 75 dias. Após este período, foram avaliados o número de gemas foliares axilares produzidas e a altura das plantas. Resultados: Os resultados mostraram uma considerável variação de resposta de crescimento e multiplicação em função dos acessos estudados, com valores médios de altura variando de 2,0cm (acesso 235) até 11,67cm (acesso A3), e número médio de gemas variando de 4 (acessos A25, 129 e 235) até 7,75 no acesso 419. Conclusão: A variabilidade genética entre os acessos é o principal fator que influencia o desenvolvimento dos materiais.

The corona virus has shaped our everyday life in many ways during the last two years. The COVID-19 pandemic has upended the travel and tourism industries and opened many questions about the future of individuals working in the tourism industry. Traditional well-known concepts must be changed. The urban tourist of the post-covid time will probably travel in a world more digitally mediated than ever before. To stay relevant during the pandemic, business organizations had to apply digital tools. Tourism organizations did the same. Therefore, the position and perspectives of the tour guides whose role has always been an inevitable segment of the touristic offer has been called into question and is significantly threatened. The number of tourists was limited because of lockdowns, which seemingly led to disappearance of the ‘traditional’ guided group tours. This paper aims to provide the description of the position of the tour guides in the world considering the current epidemiological situation and to focus on the future trends that should be developed in this field. It also emphasizes the importance of recognizing new forms of touristic offers that shall influence the way of engaging tour guides, thus considering whether digitalization will somehow suppress the “live performance” of a tour guide.

Introdução: A dormência é caracterizada pela incapacidade de sementes viáveis germinarem em condições favoráveis, sendo causada por fatores genéticos e/ou ambientais. A mamona (Ricinus communis Linné), cuja dormência não apresenta causa definida, é uma planta da família Euphorbiaceae. O óleo extraído de suas sementes apresenta diversas caraterísticas interessantes para aplicação industrial, sendo comercializado com alto valor agregado. Objetivo: Este estudo tem como objetivo investigar as causas da dormência em sementes de mamona e identificar genes relacionados ao fenômeno. Materiais e métodos: Inicialmente realizamos uma revisão de literatura para identificar genes relacionados a dormência em Arabidopsis thaliana, e então uma busca pelas sequências proteicas no banco de dados do TAIR. Após a seleção dos genes, utilizamos o banco de dados Phytozome para realizar um BLASTP no genoma de mamona, selecionando as sequências homólogas. Com a seleção das sequências, realizamos uma análise filogenética para montagem de árvore NJ e análise de motifs, identificando genes relacionados à dormência em mamona. Em seguida, realizamos uma curva de embebição com sementes escarificadas e não-escarificadas da Cultivar BRS Energia, que apresenta dormência, para verificar se o tegumento representa uma barreira à absorção de água. Paralelamente, preparamos extrato aquoso do tegumento, que foi utilizado em ensaio para verificar seu efeito sobre a germinação de sementes de alface. Resultados: Na análise filogenética, foram identificados 17 genes homólogos aos genes relacionados à dormência em Arabidopsis, indicando a possibilidade de dormência fisiológica na mamona. A curva de embebição demonstrou que as sementes dormentes atingem a fase II de embebição, descartando-se a possibilidade de dormência física. O extrato possuiu efeito inibitório na germinação de sementes de alface, que é atribuída a substâncias presentes no tegumento. Conclusão: Os resultados obtidos indicam a possibilidade de dormência fisiológica/química nas sementes de Ricinus communis. Com esse trabalho, esperamos contribuir em futuros estudos voltados à dormência na espécie.

Banco de la República’s main objective is to preserve the purchasing power of the currency in coordination with the general economic policy that is intended to stabilize output and employment at long-term sustainable levels. Properly meeting the goal assigned to the Bank by the 1991 Constitution critically depends on preserving financial stability. This is understood to be a general condition in which the financial system assesses and manages the financial risks in a way that facilitates the economy’s performance and efficient allocation of resources while, at the same time, it is able to, on its own, absorb, dissipate, and mitigate the shocks that may arise as a result of adverse events. This Financial Stability Report meets the goal of giving Banco de la República’s diagnosis of the financial system’s and its debtors’ recent performance as well as of the main risks and vulnerabilities that could affect the stability of the Colombian economy. In this way, participants in financial markets and the public are being informed, and public debate on trends and risks affecting the system is being encouraged. The results presented here also serve the monetary authority as a basis for making decisions that will enhance financial stability in the general context of its objectives. In recent months, several positive aspects of the financial system have preserved a remarkable degree of continuity and stability: the liquidity and capital adequacy of financial institutions have remained well above the regulatory minimums at both the individual and consolidated levels, the coverage of past-due loans by loan-loss provisions remains high, and the financial markets for public and private debt and stocks have continued to function normally. At the same time, a surge in all the types of loan portfolios, a sharp downturn in the non-performing loan portfolio, and a rise in the profitability of credit institutions can be seen for the first time since the beginning of the pandemic. In line with the general recovery of the economy, the main vulnerability to the stability of the Colombian financial system identified in the previous edition—uncertainty about changes in the non-performing loans portfolio—has receded and remains on a downward trend. In this edition, the main source of vulnerability identified for financial stability in the short term is the system’s exposure to sudden changes in international financial conditions; the results presented in this Report indicate that the system is sufficiently resilient to such scenarios. In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth functioning of the payment system. Leonardo Villar Gomez Governor Box 1 -Decomposition of the Net Interest Margin in Colombia and Chile Wilmar Cabrera Daniela Rodríguez-Novoa Box 2 - Spatial Analysis of New Home Prices in Bogota, Medellín, and Cali Using a Geostatistical Approach María Fernanda Meneses Camilo Eduardo Sánchez Box 3 - Interest Rate Model for the SYSMO Stress Test Exercise Wilmar Cabrera Diego Cuesta Santiago Gamba Camilo Gómez Box 4 - The Transition from LIBOR and other International Benchmark Rates Daniela X. Gualtero Briceño Javier E. Pirateque Niño

Macroeconomic summary Several factors contributed to an increase in projected inflation on the forecast horizon, keeping it above the target rate. These included inflation in December that surpassed expectations (5.62%), indexation to higher inflation rates for various baskets in the consumer price index (CPI), a significant real increase in the legal minimum wage, persistent external and domestic inflationary supply shocks, and heightened exchange rate pressures. The CPI for foods was affected by the persistence of external and domestic supply shocks and was the most significant contributor to unexpectedly high inflation in the fourth quarter. Price adjustments for fuels and certain utilities can explain the acceleration in inflation for regulated items, which was more significant than anticipated. Prices in the CPI for goods excluding food and regulated items also rose more than expected. This was partly due to a smaller effect on prices from the national government’s VAT-free day than anticipated by the technical staff and more persistent external pressures, including via peso depreciation. By contrast, the CPI for services excluding food and regulated items accelerated less than expected, partly reflecting strong competition in the communications sector. This was the only major CPI basket for which prices increased below the target inflation rate. The technical staff revised its inflation forecast upward in response to certain external shocks (prices, costs, and depreciation) and domestic shocks (e.g., on meat products) that were stronger and more persistent than anticipated in the previous report. Observed inflation and a real increase in the legal minimum wage also exceeded expectations, which would boost inflation by affecting price indexation, labor costs, and inflation expectations. The technical staff now expects year-end headline inflation of 4.3% in 2022 and 3.4% in 2023; core inflation is projected to be 4.5% and 3.6%, respectively. These forecasts consider the lapse of certain price relief measures associated with the COVID-19 health emergency, which would contribute to temporarily keeping inflation above the target on the forecast horizon. It is important to note that these estimates continue to contain a significant degree of uncertainty, mainly related to the development of external and domestic supply shocks and their ultimate effects on prices. Other contributing factors include high price volatility and measurement uncertainty related to the extension of Colombia’s health emergency and tax relief measures (such as the VAT-free days) associated with the Social Investment Law (Ley de Inversión Social). The as-yet uncertain magnitude of the effects of a recent real increase in the legal minimum wage (that was high by historical standards) and high observed and expected inflation, are additional factors weighing on the overall uncertainty of the estimates in this report. The size of excess productive capacity remaining in the economy and the degree to which it is closing are also uncertain, as the evolution of the pandemic continues to represent a significant forecast risk. margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. The technical staff revised its GDP growth projection for 2022 from 4.7% to 4.3% (Graph 1.3). This revision accounts for the likelihood that a larger portion of the recent positive dynamic in private consumption would be transitory than previously expected. This estimate also contemplates less dynamic investment behavior than forecast in the previous report amid less favorable financial conditions and a highly uncertain investment environment. Third-quarter GDP growth (12.9%), which was similar to projections from the October report, and the fourth-quarter growth forecast (8.7%) reflect a positive consumption trend, which has been revised upward. This dynamic has been driven by both public and private spending. Investment growth, meanwhile, has been weaker than forecast. Available fourth-quarter data suggest that consumption spending for the period would have exceeded estimates from October, thanks to three consecutive months that included VAT-free days, a relatively low COVID-19 caseload, and mobility indicators similar to their pre-pandemic levels. By contrast, the most recently available figures on new housing developments and machinery and equipment imports suggest that investment, while continuing to rise, is growing at a slower rate than anticipated in the previous report. The trade deficit is expected to have widened, as imports would have grown at a high level and outpaced exports. Given the above, the technical staff now expects fourth-quarter economic growth of 8.7%, with overall growth for 2021 of 9.9%. Several factors should continue to contribute to output recovery in 2022, though some of these may be less significant than previously forecast. International financial conditions are expected to be less favorable, though external demand should continue to recover and terms of trade continue to increase amid higher projected oil prices. Lower unemployment rates and subsequent positive effects on household income, despite increased inflation, would also boost output recovery, as would progress in the national vaccination campaign. The technical staff expects that the conditions that have favored recent high levels of consumption would be, in large part, transitory. Consumption spending is expected to grow at a slower rate in 2022. Gross fixed capital formation (GFCF) would continue to recover, approaching its pre-pandemic level, though at a slower rate than anticipated in the previous report. This would be due to lower observed GFCF levels and the potential impact of political and fiscal uncertainty. Meanwhile, the policy interest rate would be less expansionary as the process of monetary policy normalization continues. Given the above, growth in 2022 is forecast to decelerate to 4.3% (previously 4.7%). In 2023, that figure (3.1%) is projected to converge to levels closer to the potential growth rate. In this case, excess productive capacity would be expected to tighten at a similar rate as projected in the previous report. The trade deficit would tighten more than previously projected on the forecast horizon, due to expectations of an improved export dynamic and moderation in imports. The growth forecast for 2022 considers a low basis of comparison from the first half of 2021. However, there remain significant downside risks to this forecast. The current projection does not, for example, account for any additional effects on economic activity resulting from further waves of COVID-19. High private consumption levels, which have already surpassed pre-pandemic levels by a large margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. External demand for Colombian goods and services should continue to recover amid significant global inflation pressures, high oil prices, and less favorable international financial conditions than those estimated in October. Economic activity among Colombia’s major trade partners recovered in 2021 amid countries reopening and ample international liquidity. However, that growth has been somewhat restricted by global supply chain disruptions and new outbreaks of COVID-19. The technical staff has revised its growth forecast for Colombia’s main trade partners from 6.3% to 6.9% for 2021, and from 3.4% to 3.3% for 2022; trade partner economies are expected to grow 2.6% in 2023. Colombia’s annual terms of trade increased in 2021, largely on higher oil, coffee, and coal prices. This improvement came despite increased prices for goods and services imports. The expected oil price trajectory has been revised upward, partly to supply restrictions and lagging investment in the sector that would offset reduced growth forecasts in some major economies. Elevated freight and raw materials costs and supply chain disruptions continue to affect global goods production, and have led to increases in global prices. Coupled with the recovery in global demand, this has put upward pressure on external inflation. Several emerging market economies have continued to normalize monetary policy in this context. Meanwhile, in the United States, the Federal Reserve has anticipated an end to its asset buying program. U.S. inflation in December (7.0%) was again surprisingly high and market average inflation forecasts for 2022 have increased. The Fed is expected to increase its policy rate during the first quarter of 2022, with quarterly increases anticipated over the rest of the year. For its part, Colombia’s sovereign risk premium has increased and is forecast to remain on a higher path, to levels above the 15-year-average, on the forecast horizon. This would be partly due to the effects of a less expansionary monetary policy in the United States and the accumulation of macroeconomic imbalances in Colombia. Given the above, international financial conditions are projected to be less favorable than anticipated in the October report. The increase in Colombia’s external financing costs could be more significant if upward pressures on inflation in the United States persist and monetary policy is normalized more quickly than contemplated in this report. As detailed in Section 2.3, uncertainty surrounding international financial conditions continues to be unusually high. Along with other considerations, recent concerns over the potential effects of new COVID-19 variants, the persistence of global supply chain disruptions, energy crises in certain countries, growing geopolitical tensions, and a more significant deceleration in China are all factors underlying this uncertainty. The changing macroeconomic environment toward greater inflation and unanchoring risks on inflation expectations imply a reduction in the space available for monetary policy stimulus. Recovery in domestic demand and a reduction in excess productive capacity have come in line with the technical staff’s expectations from the October report. Some upside risks to inflation have materialized, while medium-term inflation expectations have increased and are above the 3% target. Monetary policy remains expansionary. Significant global inflationary pressures and the unexpected increase in the CPI in December point to more persistent effects from recent supply shocks. Core inflation is trending upward, but remains below the 3% target. Headline and core inflation projections have increased on the forecast horizon and are above the target rate through the end of 2023. Meanwhile, the expected dynamism of domestic demand would be in line with low levels of excess productive capacity. An accumulation of macroeconomic imbalances in Colombia and the increased likelihood of a faster normalization of monetary policy in the United States would put upward pressure on sovereign risk perceptions in a more persistent manner, with implications for the exchange rate and the natural rate of interest. Persistent disruptions to international supply chains, a high real increase in the legal minimum wage, and the indexation of various baskets in the CPI to higher inflation rates could affect price expectations and push inflation above the target more persistently. These factors suggest that the space to maintain monetary stimulus has continued to diminish, though monetary policy remains expansionary. 1.2 Monetary policy decision Banco de la República’s board of directors (BDBR) in its meetings in December 2021 and January 2022 voted to continue normalizing monetary policy. The BDBR voted by a majority in these two meetings to increase the benchmark interest rate by 50 and 100 basis points, respectively, bringing the policy rate to 4.0%.

In the second quarter, annual inflation (9.67%), the technical staff’s projections and its expectations continued to increase, remaining above the target. International cost shocks, accentuated by Russia's invasion of Ukraine, have been more persistent than projected, thus contributing to higher inflation. The effects of indexation, higher than estimated excess demand, a tighter labor market, inflation expectations that continue to rise and currently exceed 3%, and the exchange rate pressures add to those described above. High core inflation measures as well as in the producer price index (PPI) across all baskets confirm a significant spread in price increases. Compared to estimates presented in April, the new forecast trajectory for headline and core inflation increased. This was partly the result of greater exchange rate pressure on prices, and a larger output gap, which is expected to remain positive for the remainder of 2022 and which is estimated to close towards yearend 2023. In addition, these trends take into account higher inflation rate indexation, more persistent above-target inflation expectations, a quickening of domestic fuel price increases due to the correction of lags versus the parity price and higher international oil price forecasts. The forecast supposes a good domestic supply of perishable foods, although it also considers that international prices of processed foods will remain high. In terms of the goods sub-basket, the end of the national health emergency implies a reversal of the value-added tax (VAT) refund applied to health and personal hygiene products, resulting in increases in the prices of these goods. Alternatively, the monetary policy adjustment process and the moderation of external shocks would help inflation and its expectations to begin to decrease over time and resume their alignment with the target. Thus, the new projection suggests that inflation could remain high for the second half of 2022, closing at 9.7%. However, it would begin to fall during 2023, closing the year at 5.7%. These forecasts are subject to significant uncertainty, especially regarding the future behavior of external cost shocks, the degree of indexation of nominal contracts and decisions made regarding the domestic price of fuels. Economic activity continues to outperform expectations, and the technical staff’s growth projections for 2022 have been revised upwards from 5% to 6.9%. The new forecasts suggest higher output levels that would continue to exceed the economy’s productive capacity for the remainder of 2022. Economic growth during the first quarter was above that estimated in April, while economic activity indicators for the second quarter suggest that the GDP could be expected to remain high, potentially above that of the first quarter. Domestic demand is expected to maintain a positive dynamic, in particular, due to the household consumption quarterly growth, as suggested by vehicle registrations, retail sales, credit card purchases and consumer loan disbursement figures. A slowdown in the machinery and equipment imports from the levels observed in March contrasts with the positive performance of sales and housing construction licenses, which indicates an investment level similar to that registered for the first three months of the year. International trade data suggests the trade deficit would be reduced as a consequence of import levels that would be lesser than those observed in the first quarter, and stable export levels. For the remainder of the year and 2023, a deceleration in consumption is expected from the high levels seen during the first half of the year, partially as a result of lower repressed demand, tighter domestic financial conditions and household available income deterioration due to increased inflation. Investment is expected to continue its slow recovery while remaining below pre-pandemic levels. The trade deficit is expected to tighten due to projected lower domestic demand dynamics, and high prices of oil and other basic goods exported by the country. Given the above, economic growth in the second quarter of 2022 would be 11.5%, and for 2022 and 2023 an annual growth of 6.9% and 1.1% is expected, respectively. Currently, and for the remainder of 2022, the output gap would be positive and greater than that estimated in April, and prices would be affected by demand pressures. These projections continue to be affected by significant uncertainty associated with global political tensions, the expected adjustment of monetary policy in developed countries, external demand behavior, changes in country risk outlook, and the future developments in domestic fiscal policy, among others. The high inflation levels and respective expectations, which exceed the target of the world's main central banks, largely explain the observed and anticipated increase in their monetary policy interest rates. This environment has tempered the growth forecast for external demand. Disruptions in value chains, rising international food and energy prices, and expansionary monetary and fiscal policies have contributed to the rise in inflation and above-target expectations seen by several of Colombia’s main trading partners. These cost and price shocks, heightened by the effects of Russia's invasion of Ukraine, have been more prevalent than expected and have taken place within a set of output and employment recovery, variables that in some countries currently equal or exceed their projected long-term levels. In response, the U.S. Federal Reserve accelerated the pace of the benchmark interest rate increase and rapidly reduced liquidity levels in the money market. Financial market actors expect this behavior to continue and, consequently, significantly increase their expectations of the average path of the Fed's benchmark interest rate. In this setting, the U.S. dollar appreciated versus the peso in the second quarter and emerging market risk measures increased, a behavior that intensified for Colombia. Given the aforementioned, for the remainder of 2022 and 2023, the Bank's technical staff increased the forecast trajectory for the Fed's interest rate and reduced the country's external demand growth forecast. The projected oil price was revised upward over the forecast horizon, specifically due to greater supply restrictions and the interruption of hydrocarbon trade between the European Union and Russia. Global geopolitical tensions, a tightening of monetary policy in developed economies, the increase in risk perception for emerging markets and the macroeconomic imbalances in the country explain the increase in the projected trajectory of the risk premium, its trend level and the neutral real interest rate1. Uncertainty about external forecasts and their consequent impact on the country's macroeconomic scenario remains high, given the unpredictable evolution of the conflict between Russia and Ukraine, geopolitical tensions, the degree of the global economic slowdown and the effect the response to recent outbreaks of the pandemic in some Asian countries may have on the world economy. This macroeconomic scenario that includes high inflation, inflation forecasts, and expectations above 3% and a positive output gap suggests the need for a contractionary monetary policy that mitigates the risk of the persistent unanchoring of inflation expectations. In contrast to the forecasts of the April report, the increase in the risk premium trend implies a higher neutral real interest rate and a greater prevailing monetary stimulus than previously estimated. For its part, domestic demand has been more dynamic, with a higher observed and expected output level that exceeds the economy’s productive capacity. The surprising accelerations in the headline and core inflation reflect stronger and more persistent external shocks, which, in combination with the strength of aggregate demand, indexation, higher inflation expectations and exchange rate pressures, explain the upward projected inflation trajectory at levels that exceed the target over the next two years. This is corroborated by the inflation expectations of economic analysts and those derived from the public debt market, which continued to climb and currently exceed 3%. All of the above increase the risk of unanchoring inflation expectations and could generate widespread indexation processes that may push inflation away from the target for longer. This new macroeconomic scenario suggests that the interest rate adjustment should continue towards a contractionary monetary policy landscape. 1.2. Monetary policy decision Banco de la República’s Board of Directors (BDBR), at its meetings in June and July 2022, decided to continue adjusting its monetary policy. At its June meeting, the BDBR decided to increase the monetary policy rate by 150 basis points (b.p.) and its July meeting by majority vote, on a 150 b.p. increase thereof at its July meeting. Consequently, the monetary policy interest rate currently stands at 9.0% . 1 The neutral real interest rate refers to the real interest rate level that is neither stimulative nor contractionary for aggregate demand and, therefore, does not generate pressures that lead to the close of the output gap. In a small, open economy like Colombia, this rate depends on the external neutral real interest rate, medium-term components of the country risk premium, and expected depreciation. Box 1: A Weekly Indicator of Economic Activity for Colombia Juan Pablo Cote Carlos Daniel Rojas Nicol Rodriguez Box 2: Common Inflationary Trends in Colombia Carlos D. Rojas-Martínez Nicolás Martínez-Cortés Franky Juliano Galeano-Ramírez Box 3: Shock Decomposition of 2021 Forecast Errors Nicolás Moreno Arias