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Book part
Publication date: 19 November 2012

Manuel J. Rocha Armada and Ricardo M. Sousa

Purpose – The purpose of this chapter is to assess the role of the wealth-to-income ratio in forecasting housing risk premium.Methodology/approach – To investigate this issue, the…

Abstract

Purpose – The purpose of this chapter is to assess the role of the wealth-to-income ratio in forecasting housing risk premium.

Methodology/approach – To investigate this issue, the chapter uses the residuals of the trend relationship among asset wealth and labor income to predict future real housing returns. It shows that deviations of asset wealth from its cointegrating relationship with labor income, wy, track time-variation in expected housing returns.

Findings – Using data for a set of industrialized countries, this chapter finds that if agents are hit by a shock that generates a fall in the wealth-to-income ratio, they will demand (i) a higher housing risk premium when housing assets are complements of financial assets and (ii) a lower housing risk premium when housing assets are substitutes of financial assets.

Originality/value of chapter – The findings of this chapter are novel in the field of alternative finance and, in particular, durable (housing) finance. Indeed, they build on a representative agent's theoretical model to infer about the degree of substitution or complementarity between financial and housing assets, which, in turn, can be useful at developing investment strategies for hedging against the risk of unfavorable housing fluctuations. Additionally, they open a new research avenue for understanding the determinants of housing risk premium by linking the dynamics of asset wealth and labor income with the behavior of future housing returns.

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Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications
Type: Book
ISBN: 978-1-78190-399-5

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Book part
Publication date: 19 November 2012

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Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications
Type: Book
ISBN: 978-1-78190-399-5

Book part
Publication date: 19 November 2012

William A. Barnett and Fredj Jawadi

Since the recent global financial crisis began in 2008–2009, there has been strong decline in financial markets and investment, huge losses and bankruptcies that have led to a…

Abstract

Since the recent global financial crisis began in 2008–2009, there has been strong decline in financial markets and investment, huge losses and bankruptcies that have led to a major financial downturn, and a significant economic recession for most developed and emerging economies. Some economists and financial analysts now consider this crisis to be more harmful in some ways than the Great Depression of 1929. Those economists and analysts point to a number of technical issues and limitations associated with the present financial systems, monetary institution rules, accounting and rating formulas, and investment strategies and choices. To try to overcome the financial downturn and, at the same time, to protect the banking systems and financial markets and to reassure investors, central banks have attempted various solutions, governments have introduced new plans (e.g., the Paulson plan), policymakers have included these topic in their political programs, and several conferences and political summits have been organized to discuss the issues. There have been two prevailing lines of thought. According to one line of thought, the extreme risk associated with speculation in sophisticated financial products, the nature of the credit-banking economic system, the gap between real and financial economies, and the strategic errors of monetary institutions constitute the main sources of the financial crisis.1 On the other hand, it is now argued that this trend needs to be altered. According to that view, monetary institutions, banking and trading systems, rating agencies, and asset pricing modeling need to be reassessed (Barnett, 2012).

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Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications
Type: Book
ISBN: 978-1-78190-399-5

Book part
Publication date: 30 May 2019

John Macías-Prada, Mario Vargas-Sáenz, Manuel Vázquez-Zacarías, and Alfonso López-Lira

This chapter presents an overview of social entrepreneurship and social innovation in Colombia and explores its implications in the Pacific Alliance. It is organized into five…

Abstract

This chapter presents an overview of social entrepreneurship and social innovation in Colombia and explores its implications in the Pacific Alliance. It is organized into five sections that provide an overview of the fields of social entrepreneurship and social innovation with the aim of sharing experiences that have occurred in the country with the international academic community. It offers a description of the social and economic context of Colombia and then presents the situations that currently serve as the basis of social entrepreneurship and social innovation. It also discusses the main actors that are active in this context. In particular, the chapter emphasizes the experience of the city of Medellín, which is thought to provide an auspicious scenario for the establishment of a business ecosystem based on social entrepreneurship and social innovation. The learnings of Colombia can serve as a relevant example for the countries of the Pacific Alliance that are currently building their social business ecosystems.

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Regional Integration in Latin America
Type: Book
ISBN: 978-1-78973-159-0

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Book part
Publication date: 30 November 2020

Agustín Santella

This chapter aims to contribute to the study of social protests around the world and particularly in Latin America during the 1960s and 1970s, with a focus on an Argentinean case…

Abstract

This chapter aims to contribute to the study of social protests around the world and particularly in Latin America during the 1960s and 1970s, with a focus on an Argentinean case. Throughout these years, Argentina like many other Latin American societies witnessed the growth and development of intense social and political struggles in concert with the armed insurgency. Did workers or other popular social sectors support guerrilla organizations in Argentina? What was the interconnection between working-class and armed insurgent struggle? This chapter examines these liaisons by studying the case of an industrial city that has been identified to be a paradigm of labor radicalization and political violence in Argentina—Villa Constitución. Through the reanalysis of documents and sources as well as interviews, we discuss established interpretations on armed and labor struggles that reveal a broader heterogeneity in the forms of social support to revolutionary violence. Solidarity among workers and armed militants appears in (1) the actions of militant workers at their workplaces, and (2) the armed actions organized by militants in support of worker’s fights.” These two groups reinforced each other's activism. But, by no means can we directly deduct from this that rank and file workers immediately identified their strikes with ideologically revolutionary objectives.

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The Capitalist Commodification of Animals
Type: Book
ISBN: 978-1-83982-681-8

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Book part
Publication date: 24 November 2022

Karol Valderrama-Burgos

In almost 100 years of Colombian cinema, very few productions have had action-oriented narratives at the core of the film, as this cinema has chiefly developed around mainstream…

Abstract

In almost 100 years of Colombian cinema, very few productions have had action-oriented narratives at the core of the film, as this cinema has chiefly developed around mainstream genres of melodrama and popular comedy. Rather than a cinematic end, ‘action’ has worked more as a specific means, mainly through thrillers, for directors to represent, question, and denounce the Colombian armed conflict – a central national issue for over 70 years. Whilst such films have tended to showcase male heroes, some recent productions subvert this tradition, and echo aspects of contemporary action cinema in Hollywood, where female representations problematise the perpetuated male image of the action hero.

This chapter examines contemporary Colombian films that offer hybrid images of female warriors who are (anti)heroic or disruptive, within the conventions of the action genre and within the dominant patriarchal discourse of Colombian narrative cinema, concentrating on Rosario Tijeras (Maillé, 2005) and La Sargento Matacho (González, 2017). Following research on Colombian cinema, context and conflict, this chapter highlights how female characters subsist in the public sphere, taking an active part in illegal armed organisations. It also questions how these representations may promote typologies of female emancipations (victimisers, anti-heroines, hybrid tomboys and war fighters), articulating key notions of emancipation. Ultimately, this chapter reiterates how postmodern representations of the female body subvert classic features of the Hollywood action cinema, by offering inaugural images of tough women within the Colombian/Hispanic popular culture and contexts, by examining particular sequences through Creed's multiple views on the female multi-faceted representations in cinema and Tasker's ample theory on action women and bodies.

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Tourism in Cuba
Type: Book
ISBN: 978-1-78743-902-3

Book part
Publication date: 7 October 2019

Cécile Mouly, Esperanza Hernández Delgado and María Belén Garrido

This chapter examines the considerations weighed by armed actors in responding to civilian demands in three Colombian peace territories, where residents have engaged in civil…

Abstract

This chapter examines the considerations weighed by armed actors in responding to civilian demands in three Colombian peace territories, where residents have engaged in civil resistance against armed violence and negotiated with armed actors to reduce such violence. It does so mainly on the basis of data from fieldwork, including interviews with former or current members of armed groups who operated in the areas under study, and other actors. We find that armed actors weighed political, security, economic and normative considerations when faced with civilian demands and that the armed actors’ relative dependence on civilians regarding these four aspects influenced these actors’ responses.

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Bringing Down Divides
Type: Book
ISBN: 978-1-78769-406-4

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Book part
Publication date: 11 July 2007

Oliver Villar

For Colombia, cocaine is a product that is sold for profit in the United States. Mainstream political economy, let alone the other social sciences, has little to say about the…

Abstract

For Colombia, cocaine is a product that is sold for profit in the United States. Mainstream political economy, let alone the other social sciences, has little to say about the process of extraction of surplus value in the production and distribution of cocaine, in other words, how cocaine is exploited for profit. The paper argues that the conventional framework, which locates profits generated from the cocaine trade in an economic model of crime shields a much deeper reality than simply ‘money laundering’ as a ‘legal problem.’ The central argument is that the cocaine trade in general, and the cocaine economy in particular, are a vital aspect of U.S. imperialism in the Colombian economic system. The paper tackles a critical problem: the place of cocaine in the re-colonization of Colombia – defined as ‘narcocolonialism’ – and the implications of the cocaine trade generally for U.S. imperialism in this context. The paper evaluates selected literature on the Colombian cocaine trade and offers an alternative framework underpinned by a political economy analysis drawn from Marx and Lenin showing that cocaine functions as an ‘imperial commodity’ – a commodity for which there exists a lucrative market and profit-making opportunity. It is also a means of capital accumulation by what could be termed, Colombia's comprador ‘narcobourgeoisie;’ dependent on U.S. imperialism. It is hoped that by analyzing cocaine with a Marxist interpretation and political economy approach, then future developments in understanding drugs in Colombia's complex political economy may be anticipated.

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Transitions in Latin America and in Poland and Syria
Type: Book
ISBN: 978-1-84950-469-0

Book part
Publication date: 14 July 2006

Diana Ralph

The “war on terror” has nothing to do with protecting the U.S. and world's people from “terrorists”, and everything to do with securing the American empire abroad and muzzling…

Abstract

The “war on terror” has nothing to do with protecting the U.S. and world's people from “terrorists”, and everything to do with securing the American empire abroad and muzzling democracy and human rights at home. The 9-11 attacks were the pretext which sold the myth of evil Muslim terrorists imminently threatening Americans. That tale allowed the Cheney-led members of the Project for the New American Century (PNAC) to implement their 1990 DPG plan for world control. The “war on terror” is modelled on Islamophobic stereotypes, policies, and political structures developed by the Israeli Likkud and Bush Sr. in 1979. It is designed to inspire popular support for U.S. wars of world conquest. To defeat this plan, we must overcome our Islamophobic fear of “terrorists” and stand in solidarity with Muslims.

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The Hidden History of 9-11-2001
Type: Book
ISBN: 978-1-84950-408-9

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