Academic literature on the topic 'Central housing'

Over the past decade, in the wake of the global housing crisis, many countries have again turned to public housing to increase the supply of affordable housing for disadvantaged residents. Because the literature and past experience have generally shown public-housing policies to be contrary to the urban-diversity approach, many countries are reshaping their policies and focusing on a mix of people and of land uses. In this context, the Israeli case is particularly interesting. In Israel, as in many other countries (such as Germany and England), there was greater urban diversity in public-housing construction during the 1950s and 1960s (following the state’s establishment in 1948). However, at the beginning of the new millennium, when many countries began to realise the need for change and started reshaping their public-housing policies in light of the urban-diversity approach, Israel responded differently. In this study I use urban diversity’s main principles – the mix of population and land uses – to examine the trajectory of public-housing policy in Israel from a central housing policy to a marginal one. The findings and the lessons derived from the Israeli case are relevant to a variety of current affordable-housing developments in many places.

The UN-Habitat recognises housing as a basic human need, and it is a central tenet articulated under Sustainable Development Goal 11: Sustainable Cities and Communities. In Guyana, this need is principally met by the Housing Act of 1996, which mandates the Central Housing and Planning Authority to establish housing schemes countrywide. Housing scheme establishment can be challenged by the physiographic conditions of hinterland regions. In 2010, the Authority proposed housing development at the periphery of Bartica, Cuyuni-Mazaruni (Region VII), which is earmarked as the nation’s model green town.

Housing is an important component of the consumption basket. Because both rental prices and goods prices are sticky, the literature suggests that optimal monetary policy should stabilize both types of prices, with the optimal weight on rental inflation proportional to the housing expenditure share. In a two-sector DSGE model with sticky rental prices and goods prices, however, we find that the optimal weight on rental inflation in the Taylor rule is small—much smaller than that implied by the housing expenditure share. We show that the asymmetry in policy responses to rent inflation versus goods inflation stems from the asymmetry in factor intensity between the two sectors.

Actuality of the investigated problem is conditioned by the necessity of development of low-rise housing construction on territory of the Central Federal District (CFD) of Russia, because, despite positive dynamics, low-rise housing estate is yet not enough used in town-planning practice. The aim of the article is to give an analysis of the state of application of low-rise housing estate in the conditions of this district for development of scientific grounds of the "Government program of low-rise housing construction on territory of the Central Federal District of Russia". Development of low-rise housing construction is aimed to the quickest decision of the housing problem, improvement the comfort of dwelling and quality of residential environment, increase of availability of accommodation for greater part of population. The Central Federal District is the geographical and important financial center of Russia. It includes plenty of small and medium-sized cities, including historical cities, as well as rural settlements, where development of low-rise housing estate is especially expedient. In terms of housing provision, Russians still lag behind most of the economically developed countries. The demographic indicators and the standard of living of the population largely depend on the condition and volume of the housing stock and on the environmental conditions. The town-planning and environmental problems of the regions of the CFD need to be addressed in accordance with the "Strategy for the socio-economic development of the Central Federal District for the period to 2020". Town-planning conditions for low-rise buildings can be averaged in the following options: in urban districts; suburban areas, outside the city in the near, middle and far suburbs; in rural settlements (with selection of reserve territories necessary for development of low-rise buildings). In the Central Federal District of Russia there is enough territory for the development of low-rise housing construction, an early solution of the housing problem and the creation of a comfortable living environment. Therefore, the development of a scientifically based "State program of low-rise construction in the territory of the Central Federal District of Russia" is necessary. The Program should be based on the disaggregation of concentrations in urban agglomerations and the creation of residential areas with low-rise buildings in urban districts and rural settlements.

The paper investigates the performance of China’s housing market and the reasons for its housing problems. Beyond market mechanical deficiencies of the infant housing development, local government’s housing-led economic development model and central government’s economic-prioritised housing policy strategy are the roots of its housing problems. The Xi-Li leadership is seemingly taking a step towards market-supporting strategies; this could be the turning point in housing governance since the 1998 housing reform.

In the wake of the housing market crash in the United States in the late 2000s, images of abandoned homes on the periphery of American cities dominated international media. Mexico continues to face a housing crisis that began at the same time, and the media similarly focus on the high rate of housing vacancy in the urban periphery. The vacancy rate is extreme in many newly built subdivisions in Mexico, yet it is also high in most central cities. In this article, I describe the role of government mortgage lending in housing vacancy rates, across and within cities in Mexico. I do this using data from the 2010 Census of Population and Housing for the 100 largest cities in the country. Cities with more housing built under the federal housing finance system have higher vacancy rates overall, and the relationship is strong in central areas of cities as well as the urban periphery. These findings imply that policymakers should not only be concerned with vacancy in newly built suburban developments, but they should also consider how the expansion of credit for new suburban housing has played a role in the hollowing out of central cities. The article has direct implications for Mexico and raises questions about the frame for debate about housing policy internationally. The structure of housing finance systems is often under-scrutinised. Scholars working in emerging markets should work to identify incentives in finance systems and how they shape urbanisation.

The findings of research into the policy and practice of local authority housing-benefit sections in determining the eligible rent levels on which housing-benefit payments for private tenants are calculated are set out. It is shown that there are differences in the ways in which housing-benefit sections interpret and put into effect the regulations in this area of housing-benefit administration. The entitlements of housing-benefit claimants in similar circumstances may, therefore, differ depending on the part of Britain in which they live. The paper ends with a brief consideration of ways in which the situation might be improved.

Historic cities are of special importance to all researchers; this is especially so when one considers that which is claimed to be the oldest city known in history, the city of Makkah. Makkah has represented the civilisation of its community throughout the ages, but. now we find that for economic or socio-cultural reasons, the city is facing considerable problems which could destroy its cultural value for future generations. This research has been prepared with a view to studying the housing situation in the old city of Makkah. An awareness of the types of problems and their effects on the urban pattern have led to the recommendation of appropriate measures of control. For this purpose, a large survey was carried out on 415 buildings and then analyzed using a computer. Three case studies were also discussed in detail. The main points considered in this research cover the problems of high vacancy rate around the Holy Mosque, the condition of the types of residential buildings, annual and Hajj rent values, the effect of Hajj on housing and the building design and the condition of the infrastructure services. Finally, this research looks at the housing issue in general, with regard to accommodation for the residents and pilgrims.

Esta dissertação apresenta e analisa as experiências realizadas em São Paulo e Lisboa com reabilitação urbana de suas áreas centrais, degradadas fisicamente e habitadas por população provida de escassos recursos econômicos, com o objetivo de apontar aspectos limitantes e outros bem sucedidos na gestão do processo de reabilitação, do ponto de vista institucional e operacional de sua implementação pelos governos municipais. Resguardadas as especificidades dessas duas realidades abordadas, a dissertação destaca as similaridades referentes ao papel desempenhado pela dimensão habitacional como força motriz alavancando o processo da reabilitação, suas premissas, e a concepção de escritórios de base geográfica (GTL em Lisboa e EA em São Paulo), enquanto extensão do poder público municipal para coordenar a reabilitação. Assinala a importância do suporte político e social e a adoção de um modelo institucional alternativo, por meio desses escritórios, que viabilize a instauração de um processo participativo e integrado no planejamento e na gestão da reabilitação urbana, buscando na experiência portuguesa elementos para reflexão sobre a insipiente experiência brasileira.
This study consists of a presentation and analysis of the experiences undertaken in São Paulo and Lisboa, concerning inner city urban rehabilitation, of physically degraded areas inhabited by low income households. It aims at pointing out from an institutional and operational perspective, the weaknesses and strengths, opportunities and constraints within the management of the rehabilitation processes, for their implementation by the municipal governments. Despite the particularities of each reality, it highlights similarities regarding the role performed by the housing universe as propulsive factor triggering the rehabilitation processes, their premises, and the conception of local field offices (GTL in Lisbon and EA in Sao Paulo), operating as a branch of the municipal governments for the coordination of the urban rehabilitation process. It outlines, as well, the importance of political and societal supports, and the adoption of an alternative institutional arrangement in the municipality, expressed in the creation of these local field offices, in order to promote a participatory and integrated approach in the urban rehabilitation planning and management. For this purpose, it seeks for elements in the Portuguese experience that could contribute to the reflection of the recent and insipient Brazilian experience.

Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Architecture, 1985.
MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH.
Bibliography: leaves 110-112.
by Brigid Snow Flanigan.
M.S.

AbstractIn this chapter, authors give a picture of families in individual countries, which participated in the survey, so from the Czech Republic, Slovakia, Germany, Poland, Ukraine and Latvia. They pay attention mainly to the family changes after the year 1990. There is mainly demographic situation. Furthermore, there are features which present contemporary family such as an increase of democratization in family coexistence in connection with the shifts of roles and disintegration in a family life linked with overall individualism manifested by automation, where one creates his/her own way of life. The contemporary family is more likely affected in all countries by progressive social differentiation; in a different level of unemployment, certain isolation and changes are always seen in intergeneration relationships. The authors also pay attention to family social policy and housing situation when starting a family.

Abstract This chapter examines a cluster of wildfire conflagrations that hit northern California during October 2017, which resulted in significant loss of housing units (6874 residential structures destroyed or damaged). To assess the magnitude of the migration response and network of destinations, a method to estimate migration drawing from a proxy universe of households with students enrolled in public schools was proposed, using data on school exits and re-enrollments from a longitudinal student database. The analysis finds that a small minority of households affected by the fires moved out of the area. Out of nearly 7800 persons displaced by the central fire complex in one city, this study estimated fewer than 1000 changed neighborhoods; of those, fewer than 500 moved out of Sonoma County. These findings are applicable to other wildfires and localized disasters where a substantial portion of housing is lost but public infrastructure in the region remains intact.

The most common surgical procedure used to treat right ventricular heart failure is the Fontan procedure, which connects the superior vena cava and the inferior vena cava directly to the left and right pulmonary arteries bypassing the right atrium. Many studies have been performed to improve the Fontan procedure. Research has been done on a four-way connector that can both passively and actively improve flow characteristics of the junction between the Superior Vena Cava (SVC), Inferior Vena Cava (IVC), Left Pulmonary Artery (LPA) and Right Pulmonary Artery (RPA), using an optimized connector and dual propeller system. However, the configuration of these devices do not specify propeller motor placement and has a stagnation point in the center of the connector. This study focuses on creating a housing for the motor in the center of the connector to reduce the stagnation area and further stabilize the propellers. To do this, we created a program in ANSYS that utilizes the design-of-experiment (DOE) function to minimize power-loss and stagnation points in the connector for a given geometry. First, a CFD model is created to simulate the blood flow inside the connector with different housing geometries. The shape and size of the housing are used as parameters for the DOE process. In this study, an enhanced central composite design technique is used to discretize the design space. The objective functions in the DOE are red blood cell residence time and power loss. It was confirmed that the addition of the housing did decrease the size of the stagnation point. In fact, the housing added in stabilizing the flow through the connector by creating a more defined flow path. Because the flowrates from the IVC and SVC are not the same, the best configuration for the housing was found to be asymmetric along the axis of the pulmonary artery. While this is a continuation of previous studies, the creation of an optimized housing for the motors for the propellers makes implementation of the propeller idea more viable in a real life situation. The added stability of the propellers provided by the housing can also decrease the risk of propeller failure due to rotordynamic instability.

From 1962 Lancashire, in England, became the focus of a major renewal scheme: the creation of a ‘super-city’ for 500,000 people. The last and largest New Town designated under the 1965 Act, Central Lancashire New Town (CLNT) differed from other New Towns. Although influenced by the ideals and example of Garden City model, its master plan followed new and proposed infrastructure to connect the sub-region’s poly-centricity. By unifying and expanding existing towns and settlements it aimed to generate prosperity on a sub-regional scale using the New Towns Act, rather than creating a single new self-sufficient urban development. CLNT’s scale, poly-centricity and theoretical growth made it unique compared to other new town typologies and, although not realised, its planning can be traced across Lancashire’s urban and rural landscape by communication networks and city-scale public and civic buildings. With reference to diagrams for the British New Towns of Hook, Milton Keynes and Civilia, this paper will contextualize and evaluate CLNT’s theoretical layout and its proposed expansion based on interdependent townships, districts and ‘localities’. The paper will conclude by comparing CLNT’s theoretical diagram with its proposed application and adaptation to the sub-region’s topographical physical setting. Keywords (3-5): Lancashire, New Towns, urban centres and pattern Conference topics and scale: Reading and regenerating the informal city References (100 words) RMJM (1967) in Ministry of Housing and Local Government (1967). Central Lancashire: Study for a City: Consultants’ Proposals for Designation, HMSO. Ministry of Housing and Local Government (1967). Central Lancashire: Study for a City: Consultants’ Proposals for Designation, HMSO.

Housing of seniors is very non-unified in the Slovak Republic. As a central government, the state has delegated much of the competence in the area of senior housing to local governments in the form of delegated competences. This is also the case for the third sector, which is involved and uses state support for its activities. There is no advanced form of retirement facilities network. However, it is not only important that seniors only passively use the assistance of the state in case of dependence on care, but the social policy of Slovakia should aim to active form of social secure, lead elderly to their own responsibility and help them to financially cover acceptable housing. This is endangered by low pensions, income and expenditure structure of retirement households. New challenges in the future include the creation of social enterprises and senior parks. The purpose of this article is to map the above aspects and point out possible innovations and examples of good practice.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.