Academic literature on the topic 'Marketed formulation'

The objective of this study was to develop a stable and effective suspension formulation of paracetamol and ibuprofen, and to compare its characteristics with marketed formulations. Five marketed formulations, namely Combiflam, Ibujesic Plus, Adiflam Plus, Aldigesic Plus, and Ibuflamar Plus, were evaluated for their physical, chemical, and microbiological properties. The results showed that the developed formulation had a pH of 5.5, viscosity of 1000 cps, and assay of 99.5% for paracetamol and 98.5% for ibuprofen. The suspension was stable for 6 months at 25°C/60% RH and 40°C/75% RH. The comparative study revealed that the developed formulation had similar characteristics to the marketed formulations, with some advantages in terms of stability and bioavailability.

The current research aims to enhance the aqueous solubility and sustains the drug release of rosuvastatin BCS Class II drug. Fifteen (15) solid dispersion (SD) formulations of rosuvastatin were prepared by solvent evaporation technique and evaluated. In vitro drug dissolution study indicated a higher drug dissolution rate for SD13 of 99.74 ± 5.39 % within 60 min. Eight formulations of rosuvastatin trilayer matrix tablets (AF10- HF10) were prepared using optimized SD13 by direct compression method. These trilayer formulations are characterized for flow properties and physicochemical parameters. The maximum drug release was exhibited by trilayer matrix formulation (HF10) of 99.48 ± 5.40 % throughout 24 hours. The zero-order described the optimized formulation (HF10) release profile and best fitted to Higuchi and Korsmeyer-Peppa’s model. The results demonstrated the sustainability of rosuvastatin trilayer tablets with enhanced release time and linearity up to 24 hours. From in vivo bioavailability studies, Cmax of the rosuvastatin optimized ER tablets and the marketed product was found to be 28.46 ± 0.07 ng/mL and 30.94 ± 0.75 ng/mL, respectively. Tmax of both rosuvastatin optimized ER tablets formulation and rosuvastatin marketed product was 5 ± 0.06 and 4 ± 0.03 h, respectively. AUC0-∞ infinity for the optimized formulation was higher (395.54 ± 1.37 ng.h/mL) than the rosuvastatin marketed product formulation 212.54 ± 0.42 ng.h/mL. Statistically, the AUC0-t of the optimized ER tablets formulation was significantly higher (p is less than 0.05) than rosuvastatin marketed product formulation. In vivo, pharmacokinetic studies in rabbits confirmed the prolonged-release by showing an increase in bioavailability for rosuvastatin from optimized ER tablets than marketed formulation.

INTRODUCTION: Researchers' interest in creating novel cosmetic formulations has increased due to consumer interest in herbal cosmetics and increased patent activity. The rights of indigenous traditional knowledge and benefit sharing are also safeguarded under IPR.
 OBJECTIVE: To formulate and evaluate herbal sunscreen with determination of Sun Protection Factor (SPF) and anti-oxidant activity. To compare Sun Protection Factor of developed formulation with marketed formulation.
 METHOD: The formulation was developed according to the prepared formula. And multiple tests were done for evaluation i.e., physical observation, spreadability, extrudability, occlusion study, stability study and SPF determination. All the evaluations were found satisfactory. Characterisation of SPF was calculated according to the and UV-Vis Spectrophotometer (LABMAN Scientific instruments Pvt. Ltd.).
 RESULTS:The synergistic activity of all herbal compounds utilized in herbal sunscreen formulations, such as Cucumis sativus, Solanum Lycopersicon, and Aloe barbadensis Efficacy of photoprotection found in following order Marketed formulation > F3 > F2 > F1. For prepared formulation F3 provided better results in comparison to Formulation1 and Formulation 2. Formulation 3 was compared with marketed preparation and it showed good SPF value nearer to market preparation. Overall results were satisfactory. These results reveal that the prepared F3 herbal sunscreen have good SPF and good sun protection activity.
 CONCLUSION: Formulation 3, which consists of three formulations, has been found to be effective as sunscreen in every way. Since few people use sunscreen, there is a need to raise public knowledge of the risks associated with sun exposure as well as the advantages of using sun protection products on a regular basis to lessen these effects. This kind of research will be useful in offering consumers with an all-inclusive solution or product that will protect them from the damaging effects of sunlight.

Siddha and Ayurvedha is one of the oldest traditional systems of medicine in the world. There are different formulations which are adequately increase delivery of the drug to our body sites; one of basic formulation is tablet. Tablet is one of the conventional formulations in solid oral dosage form, which are usually used in traditional system of medicines and allopathic medicines. Allopathic formulations like tablets usually maintaining their standards based on the various pharmacopoeia but Ayurvedhic and Siddha proprietary medicines shows lots of troubles in their standardization parameters, why because they consist of multiple herbal crude drugs in one formulation, so it should be prescribed with proper standardization parameters. The present work deals with to evaluation two marketed formulation by performing basic quality control parameters of tablets such as Organoleptic properties, Weight variation, Hardness, Friability, Disintegration of herbal tablets {Alsactil [A] and Alsarex [B]} From the analysis of above parameters, results was observed and all the parameters of both drugs passes the test, within the reference values.

Abstract Background: Ayurvedic medicines help in healing disease with fewer undesirable effects in comparison with an allopathic system of medicine to treat central nervous system (CNS) disorders, as the latter is more expensive. Centella asiatica L. is often used in Ayurvedic formulations for the treatment of CNS disorders. Objective: A stability test using an HPTLC method for the estimation of an important marker asiaticoside (ASI) from C. asiatica powder and marketed formulation was developed. Methods: The marker compound ASI from plant powders and marketed formulations were resolved using toluene–ethyl acetate–methanol–glacial acetic acid (2+7+3+1, v/v/v/v) as the mobile phase and then was derivatized. The plant powder and marketed formulation were also subjected to stability studies. Results: The Rf value of ASI was found in range of 0.43–0.47 for the standard ASI, plant powder, and marketed formulation. It was found that the plant powder and formulation exhibited first-order degradation kinetics. Conclusions: The contents of ASI in the formulation (Churna) and its flow characters reduced at the end of the 6 months during an accelerated stability study. The developed method can be used to quantify ASI in the presence of its degradation products. Highlights: The developed method helps in determining batch to batch variation in the content of ASI in herbal formulations.

Objective: Isotretinoin is a very effective drug in the treatment of acne vulgaris by topically. The objective of present study was formulation development of anti-acne gel using Isotretinoine and span 80 for topical delivery to cure nodulosystic acne vulgaris. Furthermore, the comparative study of all the evaluation parameters done with marketed formulation of same drug.Methods: Formulation of anti-acne gel of isotretinoin using Carbopol 940 as a polymer and incorporating isotretinoin in form of topical semi-solid gel using magnetic stirrer, Cremophor RH 40, and butylated hydroxytoluene. Drug was uniformly dispersed in Cremophor RH 40 and the respected solvents. Ethanol, isopropyl alcohol, and glycerin were used as solvents in 15% quantity. Further, the formulation was evaluated for physicochemical evaluation of gel formulations. The prepared gel were optimized statistically and characterized for pH, spredability, drug content, viscosity, in vitro diffusion study, acute skin irritation test, and antimicrobial activity. Evaluation test was also compared with marketed formulation of isotretinoin, that is, Sortet gel. The antibacterial and anti-acne activity of different formulations was determined by modified agar well diffusion method on the culture of Propionibacterium acne also compared with marketed formulation.Results: The optimized batch (B10) showed highest spreadability (32.422 g/cm3) in all formulations and also have high percentage of drug contents (95.60%). The spreadability value was 17.998 g/cm3 showing good spreadability. The viscosity of optimized batch was observed less as compared to other formulations, ultimately showed releases also more. In the in vitro diffusion study, B10 batch release 85.69% of the drug as compared to Sotret gel. The antibacterial activity was studied on anaerobic microorganism P. acne, compared with marketed Sortet gel. Optimized batch showed maximum zone of inhibition to P. acne below marketed formulations and standard benzyl peroxide gel.Conclusion: The topical anti-acne gel of isotertinoin was successfully formulated and evaluated for different parameters. The results indicate that the active component, that is, isotertinoin is more effective when subjected in gel formulations and produces effective anti-acne activity in the management of nodulosystic acne vulgaris.

An optimized Venlafaxine SR tablets formulation, was chosen for in‐vivo study against the commercial marketed Venlafaxine SR formulation. The non-compartmental pharmacokinetic specifications of both reference and standard were determined, after dosing via oral route. The peak plasma concentration (Cmax) of optimized Venlafaxine SR tablets was found as 964.66 ± 53.15ng/ml in 5 hr, while Cmax of marketed Venlafaxine SR tablets formulation was found as 872.33 ± 28.43 ng/ml in same time i.e. 5 hr. The Cmax data suggests that absorption of drug in plasma from was in sustained manner from both the formulations, showing typical absorption pattern of SR product. The AUC0-t for optimized and marketed Venlafaxine SR tablets was found to be 12981.63 ± 505.25 and 12023.83 ± 668.29 ng/ml*h, while AUC0-∞ was found to be 13921.51 ± 417.40 and 13099.63 ± 742.21 ng/ml*h, respectively. The PK parameter showed the Tmax and AUC for optimized Venlafaxine SR tablets as compared to its marketed product formulation. Pharmacokinetic parameter clearly suggested prolong release and availability of Venlafaxine in plasma from SR tablets formulation. Overall, the results suggest that the optimized SR formulation of Venlafaxine provides effective extended and controlled drug delivery, highlighting its potential clinical relevance in the treatment of depression and anxiety disorders.

Shampoos are the cosmetics preparations meant for cleansing the hair and scalp by removal of the dirt. The study was aimed at formulating and evaluating a poly herbal shampoo containing extract of plant materials such as reetha, neem, henna and curry leaves. The evaluation parameters such as colour, pH, clarity, viscosity, foam ability, dirt dispersion and antimicrobial studies were performed. The formulated shampoo was compared with commercially available marketed formulation. From the studies. Found that the formulation (F3) gives good results as compared to marketed formulation.

The aim of the present study is to develop effervescent tablets of alendronate sodium to improve their intestinal permeability to treat osteoporosis. Effervescent tablets of alendronate sodium were developed with different ratios of acid to alkaline components having a pH of about 3 to about 6.5. The tablets were prepared by direct compression method. The physical mixture blend was evaluated for angle of repose, true density, bulk density, compressibility index. The formulated tablets were subjected to thickness, weight variation, hardness, friability, drug content and pH. The in vitro dissolution studies were carried out using the USP Type 2 apparatus. Formulation F14 was considered as optimized formulation because it shows drug release pattern higher than that of the other formulations and conventional marketed formulation. Ex vivo permeation studies were performed for the optimized formulation (F14) and that of the conventional marketed formulation. The drug release of the formulation (F14) was higher than the marketed formulation. Accelerated stability studies of the optimized formulation indicated that there were no signs of visually distinguishable changes, drug content and in vitro dispersion time. Thus, an increase in drug release may enhance absorption, in turn may enhance bioavailability. 

Objective: Hot-melt extrusion (HME) technology has been used for manufacturing extended-release abuse-deterrent formulations (ADFs) of opioid-type analgesics with improved tamper-resistant properties. Our objective was to describe application of this technology to immediate-release (IR) ADFs.Design: For development of a sample IR ADF (hydrocodone 10 mg/acetaminophen 325 mg) based on HME, feasibility studies were performed using different excipients. The formulation selected for further development was evaluated via in vitro test battery. Moreover, in vivo performance of IR ADF technologies was investigated in an open-label, randomized, cross-over, phase 1, relative oral bioavailability study with another opioid (model compound).Setting: Single-center bioavailability trial.Participants: Twenty-four healthy white male subjects.Interventions: ADF IR formulation of an opioid and marketed IR formulation.Main Outcome Measure(s): For feasibility and in vitro studies, dissolution profiles, syringeability, particle size distribution after physical manipulation, and extractability were evaluated. For the phase 1 study, pharmacokinetic parameters were evaluated and compared for ADF IR and a marketed IR formulation.Results: After manipulation, the majority of particles from the ADF IR formulation were >500 μm and, thus, not considered suitable for intranasal abuse, while the majority of particles for the reference marketed IR formulation were <500 μm. The ADF IR formulation was resistant to syringing and preparation for potential intravenous injection. In healthy subjects, pharmacokinetics of an ADF and marketed IR formulation of an opioid were nearly identical.Conclusions: Application of HME to IR formulations led to development of products with improved mechanical resistance to manipulation for intranasal or intravenous preparation, but similar bioavailability.

This thesis examines the housing market, focusing upon the manner in which housing strategies are formulated by local authorities. The case for housing strategies which examine the needs and demands of all housing tenures has been recognised since 1977. At that time, the introduction of Housing Investment Programme and Strategies attempted to focus local housing policy and production in a strategic manner but since then the strategic policy elements have been continuously eroded. Moreover, since 1977 the housing market has changed considerably. The situation that exists at present is one where speculative housebuilders produce most new housing supply, whilst social housing is now largely provided by housing associations, rather than by local authorities. Now would appear to be an opportune time to reexamine the formulation of housing strategies, with a view to producing a strategy which is more attuned to the needs and demands of the housing market in the 1990s. This study investigates the manner in which the local authority may produce housing strategies which are more structured to the housing production processes of the 1990s. In so doing, it focuses upon three main areas. Firstly, the manner in which the housing market requires an integrated overall approach towards housing provision. In practical terms, this would lead local authorities to attempt to integrate, within an enabling context, the roles of the housing and planning departments. Secondly, as the private sector is responsible for most new housing supply, it is important that it is more closely integrated in policy formulation. This thesis suggests that greater co-ordination between the agency of enablement (local authorities) and the agency of implementation (housebuilders) should ensure that policies are more likely to be realised. The third area examined is the degree to which a local authority can gain a better understanding of local housing markets to ensure that more effective local housing strategies are developed.

Phd Health Market (Pty) Ltd was born from the vision of Anton Dupper and Advocate Jan Grobler, to turn a health store in Welkom, South Africa, into a national health franchise in the health & fitness industry. Phd Health Market has a vision to radically change society as a whole by changing nutritional eating and instilling a healthy lifestyle as a whole, which could be easily adapted by all. Phd Health Market is a small developing franchise group, requiring a much needed strategic plan in order to develop into a major role player in the Health industry of Southern Africa and Internationally. The purpose of this mini-dissertation is three fold. Firstly to investigate and determine the process and criteria associated with the strategic planning process from relevant literature and to formulate a process of evaluation for the company. This is done by determining the "building blocks" for a strategic plan as well as the key areas to focus on that will give Phd Health Market a distinct advantage over other players in the health industry and ultimately play a key role in changing the South Africans way of healthy living and thinking. Secondly to determine the state of the company and how it measures up to the formulated strategic planning process. This is done by evaluating the internal as well as the external factors that could have an impact in the short and long term on the company. This evaluation is based on the process made famous by dr. Michael Porter, namely Porter's five forces model. Thirdly to draw conclusions from the comparison between the developed formulation and the actual findings, which would lead to action plans based on the company's internal strengths and weaknesses as well as the external forces that the company may have no control over, threats. The winning strategy must fit the company's external and internal situation, build a sustainable competitive advantage and improve the company performance based on the strategy formulation. The principal sources of information were publications of strategy and strategic planning as well as health orientated companies, industry associations, consultants and the internet. A number of interviews with key stakeholders were also conducted within Phd Health Market. In order to apply the strategic planning process to the Phd Health Market (Pty) Ltd franchise group various informal interviews were conducted with key personnel in the company. Visionary aspects of Phd Health Market were discussed with Adv. Jan Grobler the CEO of the company, while operational and industry aspects were discussed with Anton Dupper. Further recommendation follow that the strategic assessment be performed on an annual basis in order to adapt the action plans plan to the then current situation. The strategic plan should be organically developed on an ongoing basis.<br>Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2008.

The mutagenic potential of nine commonly marketed Ghanaian medicinal plant aqueous extract formulations determined using the bacterial reverse mutation assay (Ames test) were found to be non-mutagenic. In contrast, one extract, E8 was found to be anti-mutagenic as determined using either a frameshift or a base pair substitution mutant of S. typhimurium in the metabolic activation system. E8 was also found to possess antimicrobial activity against Moraxella catarrhalis.

Thesis (M.S.)--Missouri University of Science and Technology, 2008.<br>Degree granted by Missouri University of Science and Technology, formerly known as the University of Missouri-Rolla. Vita. The entire thesis text is included in file. Title from title screen of thesis/dissertation PDF file (viewed March 31, 2008) Includes bibliographical references (p. 42-44).

Thesis (MTech (Marketing))--Cape Peninsula University of Technology, 2008<br>The opening ceremony of the 29th Olympic Games displayed a historical tapestry of Chinese culture to the world. At the same time, the 2008 Games presented new opportunities for Chinese people to experience aspects of the outside world, which may have previously been closed to them. Aquatic sport is one such example, especially recreational sailing and yachting, which are novel concepts within Chinese society. Given China’s rapid economic growth, this burgeoning market has potential for South African exporters, including the recreational marine sector. However, South African manufacturers have not promoted their products, many of which are of a high standard, in this market. Are there barriers, which may prevent successful exports of marine products to China? Would a deeper understanding of China’s unique business culture assist the local boatbuilding industry to successfully present their products in China? The purpose of this study is to assist South African boat builders to expand their business operations in China by developing guidelines for marketing strategy formulation. The entire research study shows that there are indeed opportunities to market boats in China, while the market is mainly located in coastal cities. The research reviewed South African trade with China, successful entry of South African companies into the Chinese market, and shows that potential does exist for penetration of the Chinese market by South African marine industries. Based on a further review of the internal marketing environment in China, it is established that a unique feature of Chinese business culture, termed Guanxi, might be a major barrier for penetration of the Chinese boat market by the South African marine industry.

La chaine d’approvisionnement énergétique a fortement évolué aux cours des 20 dernières années. La libéralisation des marchés de l’électricité et les nouvelles technologies ont fortement influencé la manière d’envisager la production et la transmission d’électricité. Les modèles mathématiques classiques utilisés dans les problèmes lié à l’énergie ont besoin d’être revus pour intégrer les contraintes pratiques modernes.Un problème classique pour un Compagnie Génératrice (CG) est le problème de Unit Commitment (UC) qui consiste à établir un plan de production pour une demande en électricité connue. Lorsque ce problème fut considéré, le prix de l’électricité et la demande étaient relativement simple à estimer comme une seule CG nationale avait le monopole du marché. Ce problème a été étudié de manière extensive en utilisant de la Programmation Mathématique (PM). Aujourd’hui, le prix de l’électricité est relativement volatile à cause de l’introduction de marchés dérégulés et la demande du marché est répartie entre plusieurs CGs en compétition sur divers marchés. Une CG ne peut se limiter à considérer un problème de UC seul pour envisager sa production. Il y a un besoin d’intégrer les incertitudes liées au marché de l’électricité et aux quantités à produire aux modèles utilisés pour qu’une CG puisse établir un plan de production rentable.La technologie a aussi permis d’envisager de nouveaux concept tel que les Micro-Grilles (MGs). Une MG est composée d’un ensemble de consommateurs reliés à travers un réseau de transmission, possédant des générateurs d’électricité et optimisant leur consommation interne. Ce concept est possible grâce à l’utilisation croissante d’énergies renouvelables locales ainsi que l’utilisant croissante d’appareils interconnectés. Cependant, étant donné que les énergies renouvelables ont un faible rendement, sont intermittentes et que les appareils de stockage d’énergie sont encore peu efficaces, les MGs ne peuvent pas envisager d’être pleinement autonome en électricité. Il y a donc une nécessité d’avoir un fournisseur d’électricité externe pour avoir suffisamment d’électricité disponible à tout moment. Une CG jouant le rôle de fournisseur auprès d’une MG fait face énormément d’incertitude concernant la demande à cause de la gestion interne de la MG sur laquelle elle n’a pas de contrôle.Dans cette thèse, des problèmes d’optimisation intégrant de nouvelles contraintes modernes liés à l’approvisionnement énergétique sont étudiés via la PM. Plusieurs problèmes considèrant des interactions entre plusieurs acteurs sont modélisés via des formulations bi-niveau. Nous illustrons comment les difficultés liées aux contraintes modernes peuvent être exploitées pour obtenir des propriétés permettant de reformuler les problèmes étudiés en formulation linéaire en nombre entiers. Des heuristiques performantes sont obtenus à partir des formulations exactes dont certaines sont applicables à des problèmes plus généraux. Une analyse extensive de la performance des méthodes de résolution ainsi que de l’influence des contraintes modernes sont présentées dans diverses expériences numériques.<br>Doctorat en Sciences<br>info:eu-repo/semantics/nonPublished

Abstract This Thesis is a research about the concept of luxury and its relationship to strategic Management. Motivations. The driver behind the elaboration of this study is to explore the complexity involved in managing luxury firms, and particularly the process of business strategy formulation. The research has been extensive in the case of the state of the art and the research phase. Nevertheless, the author acknowledges that his experience both as a business lecturer (postgraduate level) and as a private consultant has influenced the ability to gather further insights into this research. The ultimate motivation of this research is to contribute to academic work and business practice by providing a theoretical framework to help executives to formulate the business strategy of a luxury firm. Structure. This work is organized into three main parts. The first part is an introduction to the concept of luxury. It also provides the state of the art with a short view on the historical evolution of such concept, the luxury market and review of consumer behavior literature. This part also provides the analysis of the relationship between luxury and management and it justifies the need of a managerial perspective. As a conclusion this first part provides the rationale behind the need of a management approach to luxury. The second part defines the hypothesis of this Thesis, a framework to formulate the business strategy of a luxury firm. This part also defines the mixed method research conducted, which entails a quantitative and qualitative analysis, and the findings of the research phase. Based on these results this part explores the viability of a business model and the limitations of such model. In the third part the model proposed is redefined taking into account the lessons of the research phase. And hence it is proposed a definitive version of the framework. Objectives. Two are the main goals of this study: To evaluate the state of the art in the field of luxury and particularly its relationship with business strategy and To define the basis for a model to improve the process of business strategy formulation for luxury firms.<br>Introducción. Esta tesis es una investigación sobre el concepto de lujo y su relación con la teoría de dirección estratégica. Motivaciones. La principal motivación detrás de la elaboración de este estudio es explorar la complejidad implicada en la gestión de las firmas de lujo, y en particular el proceso de formulación de la estrategia de negocio. La investigación ha sido extensa en el caso del estado del arte y en la fase de investigación. No obstante, el autor reconoce que su experiencia como profesor en escuelas de negocio (nivel de postgrado) y como consultor privado han influido en la capacidad de reunir más conocimientos en esta investigación. La motivación última de esta investigación es contribuir al trabajo académico y la práctica empresarial, proporcionando un marco teórico para ayudar a los ejecutivos a formular la estrategia de negocio de una empresa de lujo. Estructura. Este trabajo está organizado en tres partes principales. La primera parte es una introducción al concepto de lujo. Aquí se proporciona el estado del arte con una breve visión sobre la evolución histórica de dicho concepto, el mercado de lujo y la revisión de la literatura sobre comportamiento de los consumidores. Esta parte también proporciona el análisis de la relación entre el lujo y la gestión. Como conclusión de esta primera parte se exponen las razones detrás de la necesidad de un enfoque de gestión de lujo. La segunda parte define la hipótesis de esta tesis, un marco teórico para formular la estrategia de negocio de una empresa de lujo. Esta pieza también define el método mixto de investigación llevado a cabo, lo que implica un análisis cuantitativo y cualitativo. En los resultados de esta segunda fase de investigación se explora la viabilidad del modelo y sus limitaciones. En la tercera parte se propone un modelo redefinido en base a las lecciones obtenidas en la fase de investigación, proporcionando una versión definitiva del marco. Objetivos. Dos son los objetivos principales de este estudio. Uno, evaluar el estado del arte en el campo del lujo y sobre todo su relación con la estrategia de negocio. Y dos, definir las bases de un modelo para mejorar el proceso de formulación de la estrategia de negocios para firmas de lujo.<br>Introducció. Aquesta tesi és una investigació sobre el concepte de luxe i la seva relació amb la teoria de direcció estratègica. Motivacions. La principal motivació darrere de l'elaboració d'aquest estudi és explorar la complexitat implicada en la gestió de les firmes de luxe, i en particular el procés de formulació de l'estratègia de negoci. La investigació ha estat extensa en el cas de l'estat de l'art i en la fase d'investigació. No obstant això, l'autor reconeix que la seva experiència com a professor en escoles de negoci (nivell de postgrau) i com a consultor privat han influït en la capacitat de reunir més coneixements en aquesta investigació. La motivació última d'aquesta investigació és contribuir al treball acadèmic i la pràctica empresarial, proporcionant un marc teòric per ajudar els executius a formular l'estratègia de negoci d'una empresa de luxe. Estructura. Aquest treball està organitzat en tres parts principals. La primera part és una introducció al concepte de luxe. Aquí es proporciona l'estat de l'art amb una breu visió sobre l'evolució històrica d'aquest concepte, el mercat de luxe i la revisió de la literatura sobre comportament dels consumidors. Aquesta part també proporciona l'anàlisi de la relació entre el luxe i la gestió. Com a conclusió d'aquesta primera part s'exposen les raons darrere de la necessitat d'un enfocament de gestió de luxe. La segona part defineix la hipòtesi d'aquesta tesi, un marc teòric per formular l'estratègia de negoci d'una empresa de luxe. Aquesta peça també defineix el mètode mixt de recerca dut a terme, el que implica una anàlisi quantitativa i qualitativa. En els resultats d'aquesta segona fase d'investigació s'explora la viabilitat del model i les seves limitacions. A la tercera part es proposa un model redefinit en base a les lliçons obtingudes en la fase d'investigació, proporcionant una versió definitiva del marc. Objectius. Dos són els objectius principals d'aquest estudi. Un, avaluar l'estat de l'art en el camp del luxe i sobretot la seva relació amb l'estratègia de negoci. I dos, definir les bases d'un model per millorar el procés de formulació de l'estratègia de negocis per a firmes de luxe.<br>Millán Planelles, D. (2017). Understanding the formulation of business strategy in luxury firms, a mixed methods research including external market factors and internal managerial perspectives [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/78296<br>TESIS

The research problem addressed in this study was aimed in assisting the management of Bridgestone/Firestone, Port Elizabeth plant, in selecting an appropriate process for the formulation of an operations strategy. The author embarked on a literature survey to gain understanding of the challenges that are occurring in the market environment. The theories and techniques around operational strategies were extensively researched in an effort to effectively and efficiently assist the management of Firestone in achieving a competitive advantage over rival competitors. Other areas of focus include the content, development, principles and concepts in developing an operations strategy. The author details the process of the formulation of an operations strategy as well as the discussion of four models/procedures deployed in organisations that would enhance strategy formulation. It is evident from the findings of the empirical study that a high percentage of the respondents “agree” that the strategy deployed within Bridgestone/Firestone, Port Elizabeth plant is appropriate, yet an alarmingly high percentage believe it to be “ineffective.

Abstract This third edition explores considerable advances such as the use of enzymes in fish and shrimp diets, new understanding of how phytases function in the animal, NSPase research and enzymes' extended use in ruminant markets. This book also provides comprehensive coverage of all topics relating to the production, use, cooperativity and analysis of feed enzymes. It is fully updated throughout, revealing significant developments such as new methods to deliver enzymes (formulations, encapsulations, and liquid spray systems) and advances in enzyme analysis. It also includes brand new chapters on combinations of enzymes, antibiotic-free diets and how to measure response in feed-enzyme trials. Covering biochemistry, enzymology and characteristics relevant to animal feed use, this book forms a valuable resource for academics and students of animal nutrition and production, as well as professionals in the animal feed industry.

This book reviews the role of British Foreign Secretaries in the formulation of British policy towards Japan from the re-opening of Japan in the middle of the nineteenth century to the end of the twentieth century. It also takes a critical look at the history of British relations with Japan over these years. Beginning with Lord John Russell (Foreign Secretary 1859-1865) and concluding with Geoffrey Howe (Secretary of State for Foreign &amp; Commonwealth Affairs, 1983-1989), the volume also examines the critical roles of two British Prime Ministers in the latter part of the twentieth century, Edward Heath and Margaret Thatcher, who ensured that Britain recognized both the reality and the opportunities for Britain resulting from the Japanese economic and industrial phenomenon. Heath’s main emphasis was on opening the Japanese market to British exports. Thatcher’s was on Japanese investment. This volume is a valuable addition to the Japan Society’s series devoted to aspects of Anglo-Japanese relations which includes ten volumes of Britain &amp; Japan: Biographical Portraits as well as British Envoys in Japan.

Abstract Direct-to-metal (DTM) is a coating characteristic required in many markets. In particular, the light industrial and do it yourself markets require simple easy to use one component formulations. The ever changing market requirements compel the formulator to stay current on new resin developments to meet these challenges. This presentation will focus on oxidatively curing polyurethane dispersions (PUDs) which provide unique opportunities for the formulation of coatings for DTM applications. Key coating performance requirements will be linked to choices of the resin building blocks and their use in ambient temperature curing coatings formulations.

Abstract Many protective coatings markets have recently seen high demand for higher performing coatings or linings. For example, with enhanced oil recovery, many more assets are now used throughout these processes from the oil / water separation tanks to the acid injectors. The temperatures are higher and corrosive environments are more severe. Formulation chemists are working hard at trying to push the extent of the performance of typical resin systems, but it seems that most of the development has been done and the extent of the performance available has been maximized. But before throwing in the towel and going to expensive alloys...maybe something was overlooked. The following paper will look at how to formulate for high performance properties, in particular, high temperature immersion applications with epoxy thermoset coatings and the impact of formulation additives on achieving this performance. The data presented will show how the least amount of the formulation can have a significant impact on coating performance. More specifically, it will be shown that with proper dispersant selection, the viscosity of the coating system can be reduced leading to increased filler loadings and ultimately higher performance. Furthermore, data will show how going through a step-by-step formulating process, from resin selection to choosing the right defoamer, can provide for higher performing coatings than typically seen with the selected chemistries.

Abstract The fouling of equipment surfaces by suspended matter and precipitated scale forming salts is a critical concern to water technologists and plant operators. Certain feed waters, especially surface waters, require far more extensive pretreatment than sources such as deep wells. Polymeric dispersants are used in water treatment formulations to control fouling of equipment surfaces. This paper compares the performance of commercially available polymers as dispersants for a variety of suspended matter i.e., corrosion products, hydroxyapatite, clay, etc., under stressed industrial water system conditions. Results reveal that various factors including polymer architecture, water chemistry, nature of the substrates affect the performance of polymers. It has been observed that presence of water treatment formulation components i.e., homopolymers and phosphonates exhibit marked antagonistic effect on high performance dispersant performance. Additionally, zeta potential data on iron oxide suspensions show that the presence of copolymers compared to homopolymers results in marked increase in the negative charge of iron oxide particles. Based on the data collected, the performance of polymers may be ranked as follows: terpolymer &amp;gt; -copolymer &amp;gt; homopolymer &amp;gt; hybrid polymer.

Abstract Standard vinylester and polyester fire retardant resins have served the industrial and architectural markets well over the past years. New pressure has risen in both competitive materials and in the demands of code and insurance agencies that has necessitated a fresh review of the chemistry, formulation and application of our FR resins. The chemistry of halogenated polyester and vinylester resins and their relation to fire retardancy along with the role of additives is reviewed. Standards are assessed starting with he NBS PS-15-69 historical standard and the current ASTMD 3982 along with code documents such as the NFPA-91, the UBC, the UMC, and the listing implementation programs of the ICBO and Factory Mutual.

As VOC regulations continue to drive coatings development, waterborne alkyds are progressively being utilized further due to their attractive environmental profile. Advancements in waterborne alkyd chemistry have provided the first waterborne biobased resin for pavement marking coatings. Through strategic selection of alkyd monomers and the appropriate balance of the emulsification aids, a shear stable alkyd latex resin that shows exceptional performance in waterborne traffic marking formulas has been developed. This selection conveys synthesis and formulation considerations, while focusing on the benefits that this technology offers the traffic coatings market. Performance of alkyd latex traffic paint was compared to commercially available solvent and water-based pavement coatings. The results demonstrate performance properties that make it a valid alternative to current technologies for this end-use market.

Abstract The polyurea technology has been developed by Texaco chemical in the 80's. First developed for the reaction-injection-molding (RIM), it has been adapted for spray application. The development in the spray equipment in the 90’s has enabled the commercialization of 100% solid polyurea spray elastomeric coatings. Spray polyurea systems are fast setting materials, contain no VOC, and are highly flexible with chemical resistance and waterproofing properties. Since then, a lot of improvements in formulations have been done and a broader market application is achieved. Even so, a generic polyurea cannot fulfill all the requirements for every application. In our paper, we will highlight the latest spray polyurea system development in order to fit the requirement of new market application.

Abstract In recent years, commercial products claiming to be rust converters have been marketed and reported to transform non-protective types of iron oxides and oxyhydroxides into more protective oxides. Most are proprietary formulations, but it is generally known that phosphoric and/or tannic acids are frequently used as their main constituents. Since their inception rust converter or rust transformer performance has always been under scrutiny. Research has been done on both phosphoric and tannic acid as a catalyst for rust transformation. Tannic acid is believed by some to cause the transformation of non-protective oxyhydroxides into magnetite. So far, few studies have been done on the performance of the phosphoric-tannic acid mixture, which was planned in this research work. The primary objectives of this work were to study both the mechanisms and degree of protection offered by each of the following with steel surfaces: (1) phosphoric acid, (2) tannic acid, (3) A mixture of phosphoric and tannic acids, (4) A commercial brand rust transformer. Accelerated weathering testing, x-ray diffraction (XRD), and infrared spectroscopy (IR) were used in this research. Results of this research indicate that all formulations including the commercial one are ineffective in reducing the corrosion rate when applied on initially cleaned low carbon steel. Initially rusted low carbon steel samples treated with either phosphoric acid or a mixture of phosphoric and tannic acids resulted in the lowest corrosion rates (about 3 mpy) when tested in a simulated weathering chamber.

Abstract There is a new family of 100% renewably sourced and high performance poly(trimethylene ether) polyols which is being manufactured in a sustainable process using an ingredient derived from agricultural feedstock. Owing to its unique structure, these polyether diols have many useful properties such as low viscosity, low melting point, slow crystallization rates, high flexibility, resistance to heat and acidic environments. These attributes are ideal for coating applications. Although hydroxyl-terminated polyether polyols are widely used in flexible polyurethane foam and elastomers, they have limited uses in coatings because of their poor oxidative and UV stabilities that can result in coatings with poor exterior durability. However, by using poly(trimethylene ether) polyol as an additive in the formulations, we have found that the coatings can have excellent performance with acceptable exterior durability. Specifically, we will report the performance benefits of poly(trimethylene ether) polyol as a reactive diluent in both solvent-borne and water-borne polyurethane coating formulations for use in automotive and industrial market segments. Our work clearly demonstrates that coating manufacturers can make sustainable coating products from poly(trimethylene ether) polyols with emphasis on improving the performance of the present coatings while simultaneously reducing environmental foot prints at the same time.

Abstract Since some years back a new class of Oilfield corrosion inhibitors have been available on the market, oligomeric film-forming inhibitors. In contrast to the standard cationic surfactant type, these chemistries contain multiple positively charged hydrophilic headgroups. These amine- based inhibitors have proven to be broadly applicable, and compatibility studies have shown some of these active bases to be extremely flexible in formulation, allowing a wide range of corrosion inhibition solutions. Further, some of these novel products also fulfill North Sea environmental criteria for offshore application allowing use globally in environmentally restricted areas. The purpose of this paper is to outline and summarize the performance of this inhibitor class under different conditions and how these materials are meeting the diverse challenges connected to use in the oilfield area. This includes e.g. sweet and sour corrosion, severe brines and various compatibility issues.

The purpose of this paper is to provide Bank staff interested in agricultural yield insurance market development, public officials responsible for financial market policy formulation and supervision, and insurance industry practitioners in Latin America and the Caribbean with a basic primer on the topic, an overview of previous experiences, and a set of guidelines and recommendations on how to develop viable and sustainable agricultural yield insurance markets. The paper relies heavily on the data and analysis stemming from a regional technical cooperation project financed by the Spanish Trust Fund, which conducted reviews and pre-feasibility studies in three countries--the Dominican Republic, Peru, and Uruguay--between 2003-2004. That work has been supplemented by an extensive economic literature review, fieldwork in Honduras, and numerous interviews and exchanges of opinions with leading authorities on the topic and key regional stakeholders.

This publication, produced in collaboration between JOI Brazil, a J-PAL LAC initiative, and the Inter-American Development Bank, analyzes the available evidence on job search assistance programs and discusses their implications for public policy formulation in Brazil. Difficulties in communicating skills, lack of information about the job market, behavioral biases, and geographic and financial limitations may constitute some of the challenges faced by workers in the job search process. In response to these barriers, various solutions have been proposed to make the job search process more efficient, reducing the time required for searching and improving the quality of matches between candidates and companies. However, assessments show mixed results from these programs, which do not always translate into lasting improvements in employment and income. These mixed effects underscore the need to evaluate which characteristics have been associated with better outcomes, in order to inform the design and enhancement of future interventions.

The European Union (EU) and MERCOSUR are the largest and most influential regions, both by population and in terms of size of the economy, of their respective continents. The renewed priority given to biregional cooperation launched by the Inter-Regional Framework Agreement signed in 1995 is based on deep historical, political, economic and cultural links between the two regions. The potential advantages of an agreement that will foster a process of dynamic cooperation are enormous, ranging from political influence to economic returns, including the gains from comparative advantage, expanding markets, improved environment for investments, and positive spillovers on human and social capital, democracy, and justice. A free trade agreement between the two regions should also be evaluated in the context of the new regionalism initiatives taking place around the world, in particular the Free Trade Area of the Americas (FTAA) negotiations and the process of enlargement and deepening of the two regional blocs. The objective of this paper is to offer an X-ray of the current status of existing market access provisions both in MERCOSUR and the EU. This is an important and necessary first step to identify the key issues facing market access negotiators from the very outset of the negotiations. As has already been agreed during the first meeting of the European Union - Mercosur Biregional Negotiations Committee, one of the first tasks of the Technical Group charged with market access issues will be the exchange of information in the areas of tariff and non-tariff measures. This initial exchange of information among negotiating parties usually plays a key role in the overall formulation of each party's negotiating strategy. This paper attempts, using mostly secondary sources and data compiled by international agencies, to take a seat at the negotiating table and provide the best snapshot possible of the situation. In this regard, it is important to stress that the information used and analyzed in this paper should not be taken in any way as the official picture of the market access profiles of each region.

This paper analyzes econometrically how a country's post-crisis debt ratio could be forecast, in the aftermath of a debt crisis, from the previous debt-to-GDP ratio. A critical parameter is simply the debt-to-PPP-GDP ratio, where PPP-GDP is, in current international dollars, the Summers-Heston value. In this formulation, this paper shows that the Latin American paradox disappears. This then leads to a simple conclusion: debt crises are more frequent in Latin American countries because they have more damaging consequences on the market value of GDP. This itself appears to be closely related to the fact that pre-crisis Latin American exchange rates are also overvalued (for a similar emphasis, see Calvo et al., 2003). As a simple consequence of this model, the paper suggests computing the debt-to-PPP-GDP ratio as a new standard for analyzing debt sustainability.

In the spring of 2008, WIFO, KMU Forschung Austria, Prognos AG in Germany and convelop were jointly commissioned by the Austrian Federal Ministry for Transport, Innovation and Technology and the Austrian Federal Ministry of Economy, Family and Youth to perform a systems evaluation of the country's research promotion and funding activities. Based on their findings, six recommendations were developed for a change in Austrian RTDI policy as outlined below: 1. to move from a narrow to a broader approach in RTDI policy (links to education policy, consideration of the framework for innovation such as competition, international perspectives and mobility); 2. to move from an imitation to a frontrunner strategy (striving for excellence and market leadership in niche and high-quality segments, increasing market shares in advanced sectors and technology fields, and operating in segments of relevance for society); 3. to move from a fragmented approach to public intervention to a more coordinated and consistent approach(explicit economic goals, internal and external challenges and reasoning for public intervention); 4. to move from a multiplicity of narrowly defined funding programmes to a flexible, dynamic policy that uses a broader definition of its tasks and priorities (key technology and research segments as priority-action fields, adequate financing of clusters and centres of excellence); 5. to move from an unclear to a precisely defined allocation of responsibilities between ministries and other players in the field (high-ranking steering group at government level, monitoring by a Science, Research and Innovation Council); 6. to move from red-tape-bound to a modern management of public intervention (institutional separation between ministries formulating policies and agencies executing them, e.g., by "progressive autonomy").

Trucking plays a crucial role in sustaining economic activity worldwide, yet its current path of carbon emissions is out of sync with the net-zero goals set by governments globally. As a result, identifying key energy economic and policy research priorities for low-carbon trucking has become increasingly important. We tackle this need with a four-part approach: (i) identifying pressing issues highlighted in the news media; (ii) formulating economic and policy research challenges that address these contemporary concerns; (iii) cross-referencing these research challenges with academic literature to confirm their relevance, and refining them as needed; and (iv) prioritizing the identified research challenges through consultations with a diverse group of transport experts. Our findings reveal seven key themes, each with its own set of research challenges. Among these, the research challenges prioritized by experts include: (i) high-power charging versus battery swapping for battery electric trucks, focusing on market preferences, standardization (chargers vs. batteries), national strategies, and business models; (ii) optimal allocation of government subsidies between deployment of zero tailpipe emission trucks, including battery electric and hydrogen fuel cell electric trucks, versus refueling/recharging infrastructure deployment; and (iii) a comparative cost-benefit analysis of the EU’s tailpipe versus lifecycle carbon emissions regulations for new trucks.

In today's globalized world, goods and capital are flowing as never before. The movement of people across borders has also enlarged significantly. About 215 million people live away from their home country and many members of such Diasporas are prospering abroad and are eager to extend such success by investing in their homeland. In this paper we explore the impacts of Diaspora Direct Investment (DDI) on international development, i.e. we look at how direct investments from foreign companies connected to Diaspora members (i.e. diaspora-owned firms or firms with diaspora members in the top management) boost productive activities in the home country of such people. One of the main advantages of DDI is that it is more stable than other types of FDI, particularly during unfavorable economic conditions, because of the emotional connections of diaspora members to their country of origin. Moreover, such companies engaging in DDI are often seen as the ¿first movers¿ into a country due to potential advantages they have in terms of knowing the culture and having social networks in the home country. This may act as a catalyst for further investment from other companies by providing market and operational information about the homeland to potential investors. We focus particularly on the experience of Latin America and analyze policy options to design comprehensive diaspora strategies that maximize investments, institutional development and the flow of talent and ideas. Such strategies, which would ideally involve Diaspora members in their formulation, can give Diaspora entrepreneurs support in terms of networking, mentoring and training (e.g. business incubators). Nonetheless, a more mature stage of diaspora engagement would be achieved with the development of venture capital funds as well as other sources of financing (e.g. matching funds). The smart utilization of digital technologies for connecting Diasporas empowers all such policy options.

European societies need to increase the participation in work over the life course to support the provision of qualified labour and to meet the challenges for social security systems under the condition of their ageing populations. One of the key ambitions is to extend people’s working lives and to postpone labour market exit and retirement where possible. This requires informed policies, and the research programme EIWO – ‘Exclusion and Inequality in Late Working Life: Evidence for Policy Innovation towards Inclusive Extended Work and Sustainable Working Conditions in Sweden and Europe’ – aims to push the boundaries of knowledge about late working life and the potential of its inclusive and equal prolongation via a theoretically driven, gender-sensitive combination of multi-level perspectives. EIWO takes a life course approach on exclusion and inequality by security of tenure, quality of work, workplaces, and their consequences. It identifies life course policies, promoting lifelong learning processes and flexible adaptation to prolong working lives and to avoid increased exclusion and inequality. Moreover, it provides evidence for policies to ensure both individual, company and societal benefits from longer lives. To do so, EIWO orientates its analyses systematically to the macro-political contexts at the European Union level and to the policy goals expressed in the respective official statements, reports and plans. This report systematizes this ambitious approach. Relevant documents such as reports, green books and other publications of the European Commission (EC), the European Parliament (EP), the Organisation for Economic Co-operation and Development (OECD), as well as those of social partners and research institutions, have been systematically scanned and evaluated. In addition, relevant decisions of European summits have been considered. The selection of documents claims completeness regarding relevant and generally available publication, while relevance is defined from the point of view of EIWO’s interests. It is the aim of this report to provide a sound knowledge base for EIWO’s analyses and impact strategies and to contribute to the emerging research on the connection between population ageing and the European policies towards productivity, inclusiveness, equity, resilience and sustainability. This report aims to answer the following questions: How are EIWO’s conceptual classification and programme objectives reflected in the European Union’s policy programming? How can EIWO’s analyses and impact benefit from a reference to current EU policy considerations, and how does this focus support the outline of policy options and the formulating of possible proposals to Swedish and European stakeholders? The present report was written during early 2022; analyses were finalized in February 2022 and represent the status until this date.

Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3