Academic literature on the topic 'Rentas variables'

Chronic tubulointerstitial nephropathies (CTINs) are a group of renal diseases, characterized by variable interstitial inflammation and fibrosis and tubular atrophy, and a slow course towards end-stage renal disease (ESRD). The causes of CTIN are numerous, including nephrotoxic drugs and chemicals, infections, autoimmune diseases, obstructive uropathies, and metabolic disorders. Taken together, CTIN are responsible for less than 10% of all ESRD cases requiring renal replacement therapy. The clinical manifestations of CTIN typically comprise low-grade proteinuria, leucocyturia, and variably reduced glomerular filtration rate (GFR), whereas the blood pressure is usually normal or moderately increased. Tubular abnormalities are common, including type 2 (proximal) renal tubular acidosis, Fanconi syndrome, nephrogenic diabetes insipidus, and type 1 (distal) renal tubular acidosis, with hypokalaemia and nephrolithiasis. Radiology exams reveal shrunken kidneys, sometimes with irregular outlines. A renal biopsy is often required for the diagnosis of CTIN and its aetiology. The treatment of CTIN mainly involves discontinuation of exposure to nephrotoxins and specific therapy of renal infections, urinary tract obstruction, or underlying systemic diseases. Agents like ACE inhibitors and pirfenidone, which might reduce interstitial inflammation and fibrosis, are still under clinical evaluation.

This chapter explores the extent to which political settlements interacting with the rents space affect the nature of the deals space and consequently help explain economic growth in Ghana. The discussions are centred around four break points and therefore five growth episodes for Ghana: pre-1966, 1966–74, 1974–83, 1983–2001, and 2001–14. First, there are signs that the post-2001 period has been more ordered and open than the first twenty-five years after independence. Second, the political settlement has also changed somewhat over the years, from a dominant to a more competitive type. However, it is argued that political patronage remains rife. Third, the chapter finds that the interplay of political settlements and rent space has been important in shaping the nature of the deals space in Ghana. Finally, it highlights two types of positive and negative feedback loop relating to these variables over the years.

Nail patella syndrome can be recognized by its characteristic nail dystrophy and symmetrical skeletal abnormalities. Proteinuric renal disease is a variable part of the syndrome, usually mild but causing end-stage renal failure in up to 10%. An association with glaucoma has been recognized and this should be screened for. Underlying gene mutations are in a LIM homeodomain-containing transcription factor LMX1B, which seems to influence production of basement membrane proteins and other podocyte gene products.

Townes–Brocks syndrome (TBS) is an autosomal dominant disease with variable expression. Classical features are imperforate anus, dysplastic ears with congenital hearing deficit, and triphalangeal thumbs in most cases. A variety of other malformations (renal, genitourinary, heart, central nervous system, eyes) or hypothyroidism has been described. Mutations in SALL1 have been identified in patients with TBS and genetic testing allows confirmation of the diagnosis. Familiar and sporadic forms (caused by de novo mutations) seem to be equally distributed. Renal involvement in TBS is not uncommon and includes renal agenesis, hypo-/dysplasia, and renal cysts and may eventually lead to chronic renal failure. As renal function may not deteriorate before adulthood, renal function should be monitored in all patients. As cases with TBS can be oligosymptomatic, TBS should be suspected in every case with unexplained renal failure, minor abnormalities, or indicative family history. Genetic counselling is mandatory in identified cases.

Ciliopathies encompass a genotypically complex and phenotypically variable and overlapping series of disorders that makes the general term ‘ciliopathies’ very useful. The genes behind these conditions encode parts of the machinery of the primary cilium. This is also true of the major cystic kidney disorders autosomal dominant polycystic kidney disease and autosomal recessive polycystic kidney disease, but the ‘long tails’ of other ciliopathies are characterized by variable nephropathy (often without cyst formation), retinopathy, and effects on brain and skeletal development. Not all have substantial renal phenotypes. Bardet–Biedl syndrome (BBS) is an autosomal dominant condition characterized by obesity, retinopathy, nephropathy, and learning difficulty, but renal abnormalities are varied and end-stage renal failure occurs in only a minority. Many BBS genes have been described. Alström syndrome is a rare recessive disorder again associated with obesity and retinopathy, but also deafness and dilated cardiomyopathy. Renal failure is a common but later feature. Joubert syndrome is an autosomal dominant condition but can arise from mutations in at least 10 genes. It has a wide phenotypic variation with a common link being hypodysplasia of the cerebellar vermis and other abnormalities giving rise to the ‘molar tooth sign’ on cerebral magnetic resonance imaging scanning, associated with hypotonia in infancy, central ataxia, ocular apraxia, developmental delay, and varying degrees of cognitive impairment. Jeune syndrome is a recessive condition characterized by osteochondrodysplasia which can give rise to hypodevelopment of the chest wall known as suffocating thoracic dystrophy, in addition to other manifestations.

This chapter sets out the deals and development framework, a conceptual framework which offers a new way to analyse growth. The framework focuses on analysing the political settlement within a country and the rent space, i.e. which individuals receive the returns to assets and how. The processes of how deals are made between economic and political elites are discussed, and open or closed and ordered or disordered deals distinguished. The framework highlights the interconnectedness of these three ‘variables’ and shows how changes in either the political settlement, rent space or deals space affect growth rates and the structural transformation within a country.

There is a strong association between hypertension and progressive renal disease, and it has long been assumed that a variable but often large proportion of end-stage renal disease is caused by essential hypertension damaging the kidney. While it is clear that malignant hypertension can cause renal damage, several lines of evidence cast doubt on the idea that more moderate blood pressures are commonly a primary cause of renal disease. These include (a) observational studies showing that microalbuminuria precedes hypertension; (b) morphological studies in animals and man suggest that changes traditionally described as due to hypertension correlate poorly with blood pressure; and (c) mutations in or near the APOL1 gene appear to underlie the development of renal disease in many black Americans previously labeled as suffering from hypertensive renal disease. The same mutations strongly predispose to focal segmental glomerulosclerosis. The mechanism of the association with ‘hypertensive’ renal disease is not established but it may act as a risk factor for progression of renal disease. Hypertension is associated with reduced renal mass. It is described as a consequence of renal cysts, simple as well as multiple. Obesity may be associated with accumulation of fat in the renal sinus and with hypertension.

AbstractWith the rapid development of the sharing economy, accommodation sharing is a growing trend across the global. Consumers’ feelings, opinions, praises, and even criticisms regarding accommodations can be easily posted and shared via review sharing platforms. Word of mouth (WOM) breaks through the oral communication between people, and further turns out to be a more communicative and influential form, electronic word of mouth (eWOM). An empirical approach is applied to explore the relationship between eWOM attributes of accommodation sharing and accommodation popularity on Tujia.com. More specifically, the three heuristic factors of eWOM (i.e., house, review, and host attributes) are identified to influence accommodation popularity, and rental and host types are additionally considered moderating variables to better understand these relationships. This study would provide valuable suggestions for accommodation platform managers and hosts to design more popular accommodations.

AbstractRenal diseases remain devastating illnesses with unacceptably high rates of mortality and morbidity worldwide. Animal models are essential tools to better understand the pathomechanism of kidney-related illnesses and to develop new, successful therapeutic strategies. Magnetic resonance imaging (MRI) has been actively explored in the last decades for assessing renal function, perfusion, tissue oxygenation as well as the degree of fibrosis and inflammation. This chapter aims to provide an overview of the preparation and monitoring of small animals before, during, and after surgical interventions or MR imaging. Standardization of experimental settings such as body temperature or hydration of animals and minimizing pain and distress are essential for diminishing nonexperimental variables as well as for conducting ethical research.This publication is based upon work from the COST Action PARENCHIMA, a community-driven network funded by the European Cooperation in Science and Technology (COST) program of the European Union, which aims to improve the reproducibility and standardization of renal MRI biomarkers.

AbstractChemical exchange saturation transfer (CEST) is recognized as one of the premier methods for measuring pH with this environmental variable expected to be an excellent biomarker for kidney diseases. Here we describe step-by-step CEST MRI experimental protocols for producing pH and perfusion maps for monitoring kidney pH homeostasis in rodents after administering iopamidol as contrast agent. Several CEST techniques, acquisition protocols and ratiometric approaches are described. The impact of length of acquisition time on the quality of the maps is detailed. These methods may be useful for investigating progression in kidney disease in vivo for rodent models.This chapter is based upon work from the COST Action PARENCHIMA, a community-driven network funded by the European Cooperation in Science and Technology (COST) program of the European Union, which aims to improve the reproducibility and standardization of renal MRI biomarkers. This experimental protocol is complemented by two separate chapters describing the basic concepts and data analysis.

A developer needs advice on the market for commercial space, including office and industrial properties. An owner of a commercial building needs to determine how much to charge for leased space, how much to sell the property for, or how much the property can be refinanced for. A purchaser needs to determine if market conditions support purchasing commercial space, or renting, and at what price. The real estate market analyst is responsible for the creation and assembly of information to guide such decisions. A background overview of real estate market analysis for the product categories of office and industrial projects is presented. The hedonic approach hypothesizes that a variety of phenomena contribute in one way or another to determining market rent. In a hedonic model, office or industrial property rent or occupancy rate may be the dependent variable of a regression equation, as explained in chapter 4. The phenomena that are hypothesized to cause the value of the dependent variable are the independent variables of the regression equation. Some examples of independent variables that have been hypothesized and examined in hedonic models as to their contribution to determining office market rent are listed below: . . . Terms of lease (Glascock et al. 1990). Architectural design (Hough and Kratz 1983) Building characteristics (Vandell and Lane 1989) Access to white collar employment (Clapp 1980) Local property tax rates (Wheaton 1984) Status and prestige (Archer 1981; Archer et al. 1990) Agglomeration—benefits of high geographic concentrations of specialized office establishments for specific kinds of industry (Gad 1979; Kroll 1984) Spillovers from close geographic proximity (Clapp et al. 1992). . . . Hedonic models might also include dummy variables as independent variables to represent the presence of some characteristic or phenomenon. The dummy variables have an assigned the value of 1.0 to denote the occurrence of some characteristic and 0.0 to denote its absence. An expectation must be developed by the analyst on how markets and submarkets differ in their rents, vacancy rates, and absorption rates and what their trend is expected to be.

This chapter examines the role technological readiness and level of entrepreneurial activities has on economic development of select South Asian countries viz; India, Pakistan, Bhutan, and Nepal. As per comparative analysis, India outranks its neighbour countries in term of technological readiness and innovation. The role of entrepreneurial activities in economic development and its statistical significance is studied using Least Square Panel Data Regression using GDP at Current Prices as dependent variable and total number of newly registered LLC, total natural resource rents, government final consumption expenditure, and gross secondary enrollment rate as independent variables. The data on these variables was collected for the period of 2006-2017. The present study reports statistically significant (at 1%) positive impact of government final expenditure and entrepreneurial activities on economic development in select developing countries.

Whatever measure of affordability is used house prices and rents play a central role and Chapter 3 is concerned with what causes these two variables to change over time and vary across different parts of the country. Although increases in house prices have been particularly strong in the UK by international standards, other countries are also discussed. In fact, house price trends and volatility can be explained by a fairly small number of variables – and their influence has been remarkably consistent over the last fifty years. The problem has been rather that house prices are very sensitive to changes in incomes, interest rates and credit conditions and these vary greatly over time. Therefore, modest changes in macroeconomic conditions have disproportionate effects on housing. UK empirical work on market rents is less well-developed than for house prices, but the chapter considers the reasons why rents appear to have risen at a slower rate than house prices.

The increase in the price of housing for rent and ownership in the city of Malaga is causing a problem of accessibility to it for the most disadvantaged sectors of the municipality, coinciding at the same time with the expansion of the vacation rentals on housing. This phenomenon is characteristic of the Spanish tourist cities, with growths of this variable greater than the national average; and not only is it depressing family income already reduced in recent years, but they are influencing essential aspects of the urban morphology of the city such as its historical heritage and its commercial fabric. All this is producing a social and academic debate on what public policy proposals might be that could be made to limit the growth of the phenomenon.

As some of the Arab countries are already facing the post-oil era in relation to the trends taking place in mining and in the oil and gas industries, with future possibilities of exhaustion of oil and gas reserves, diversification of economic activities has been emerging in some of these economies. However, the creation of new portfolios has not been expanded outside the traditional spectrum of economic activities. Besides that, governments and of public sovereign funds are still playing an important role both domestically and internationally, implying that rents from natural resources are still promising sources for economic development. This chapter addresses a series of issues related to how rents are driving the development path in relation to access of most world countries to the gains from the new economy. It also shows how knowledge variables have been related to the rents obtained from natural resources. Finally, the hypotheses in relation to natural resources as a curse to knowledge development are tested in the present chapter.

La actividad del taxi se encuentra sometida a una importante intervención administrativa en diversos aspectos, como el establecimiento de límites cuantitativos en su oferta. Esta limitación genera un mercado de las licencias existentes para el ejercicio de la actividad, que se intercambian a un determinado precio. Los autores estudian las variables que pueden explicar el valor de las licencias, concluyendo que la población, el nivel de renta o la oferta de transporte público colectivo son variables explicativas cuyas modelizaciones ofrecen buenos resultados.Palabras clave: taxi, intervención administrativa, valor económico de una licencia de taxi.DOI: http://dx.doi.org/10.4995/CIT2016.2016.4237

Urban mobility has been highlighted as one of the most relevant themes in Smart Cities. Alongside this, following a principle of resource optimization and seeking greater sustainability, bicycle sharing systems have stood out as a resource that can be used to assess urban mobility. The correct analysis of these data and the understanding of the dynamics in these systems can aid in decision making, in addition to optimize the complex urban mobility system. Thus, this work analyzes a Bicycle-Sharing System dataset, which is enriched for us with meteorological and seasonal information. In order to achieve our results, we recognize cyclist activity patterns related to date and climate information, as well as we identify a set of parameters that influences bicycle rental flow. Finally, we explore the relationship between these parameters and patterns, in order to present predictive regression models for rental flow prediction. In our results, Random Forest algorithm was the best approach for the creation of an effective regression model, explaining 95% of the explanatory variables.

Resource-rich countries experience a slow development rate in manufacturing sectors compared to countries with scarce resources. it has been a challenge to demystify the slow development in manufacturing sectors in those countries, therefore this study aimed to develop an efficient model to estimate the effects of good governance and natural resource rents on the performance of manufacturing export in countries endowed in natural resources. In this study world bank data for the year, 2000 to 2016 and the panel data model from 14 countries rich in natural resources were used alongside the six dependent variable indices including good governance, natural resource rents, real exchange rate, and gross domestic product (GDP). The results revealed that an increase in natural resources (NR), rule of low (RL), control of corruption (CC) as well as a reduction in inflation (INF) in countries under investigation will lead to increase in Manufacturing export. As well as an increase in Real Exchange Rate (RER) will lead to a reduction in the Manufacturing export of these countries. Hence demystify the slow development rate in manufacturing sectors in resource-rich countries.

Tuberous sclerosis (TS) is a genetic disorder that is inherited in an autosomal dominant fashion with variable clinical manifestations including seizures, mental retardation, renal failure and pneumothorax. The literature on TS in pregnancy is largely based upon case reports which have shown a 43% complication rate including oligohydramnios, polyhydramnios, IUGR, hemorrhage from ruptured renal tumors, PPROM, renal failure, placental abruption and perinatal demise. We reporting a case of 33 yr old female with gravida 3 para 2 and live 2 with period of gestation 9 months with tuberous sclerosis, with severe oligohydramnios with fetal cardiomegaly and mild pericardial effusion and pleural effusion. She had facial angiofibromas along with bilateral renal angiomyolipomas. The previous fetal outcomes were normal, with facial angiofibroma. We report such a unique case having all clinically diagnostic physical sings of tuberous sclerosis with good fetal outcomes.

A new academic field, “service engineering” has emerged; it involves active investigation for increasing the productivities of service industries. However, there are only a few effective tools for the simulation and evaluation of complex services that have been designed using concepts from the field of service engineering. To overcome this shortcoming, the authors propose a multi-agent service flow simulation method using scene transition nets (STNs) that is a very useful graphical modeling and simulation method for application to discrete-continuous hybrid systems. This method treats services as complicated multi-agent and hybrid systems similar to manufacturing systems. To obtain realistic values of customer satisfaction, the authors input satisfaction-attribute value (S-AV) functions, which are often used in service engineering in service flow models using STN. This method visualizes discrete flows of services and temporal changes in the values of customer satisfaction and various other variables of service models. The authors present the results of the simulation of an online DVD rental service involving multiple agents to show the effectiveness of the proposed method that uses an STN GUI simulator developed by them.

El Mercado Integrado Latinoamericano – MILA – fue creado con el fin de fomentar el desarrollo de los mercados de renta variable de los países miembros, a través de un único mediador para la realización de transacciones entre los diferentes mercados de valores, eliminando barreras transaccionales, que promuevan un mayor flujo de capitales entre las economías de Chile, Colombia, México y Perú, con el fin de aumentar su competitividad. El presente trabajo se enfoca en evaluar la integración financiera entre los países que pertenecen al MILA en el periodo comprendido entre abril de 2008 y marzo de 2018 con base en los datos de las bolsas de valores más representativas de cada país y haciendo uso de una metodología de análisis de correlaciones mejorada a partir inferencia estadística, la cual a pesar de brindar mejores herramientas a la hora de realizar el análisis, no resulta del todo concluyente, debido a que los valores de las correlaciones promedio no alcanzan ni siquiera el 50%.

The main purpose of this study is to examine the relationship between natural resources revenue, fiscal policy and economic growth for 35 selected Sub-Saharan African countries. The panel data covering the periods of 1986-2014 was analyzed by using the fixed/random effect model estimation and the panel causality test. We also performed the panel unit root test in order to insure that our variables are stationary. The empirical results indicate that there is insignificant negative effect of natural resources revenue and bad fiscal policy on the economic growth. However, there is significant positive effect of capital formation on economic growth. We also found a bidirectional causality relationship between Natural resources rents and economic growth. There is also unidirectional causality link from government final consumption expenditure to Natural resources revenue and from Natural resources revenue to capital formation. These empirical results mean that Sub-Saharan African countries apply bad fiscal policy to improve the natural resource sector which does not efficiently contribute to the economic growth. This study suggests that countries of Sub-Saharan Africa must apply improved fiscal policy in order to add tax revenue to their total revenue; and they must also use the natural resources revenue in order to invest in other sectors such as education, manufacturing and agriculture.

Tanaman tebu merupakan salah satu komoditas penghasil gula yang mampu meningkatkan perekonomian Indonesia. Guna mempertahakan produktivitas tebu pemerintah berupaya meningkatkan penanaman tebu untuk mengatasi rendahnya produksi gula di Indonesia. Gula menjadi salah satu kebutuhan pokok yang sangat penting bagi masyarakat dan industri yang pada saat ini masih terus menjadi permasalahan karena industri gula dalam negeri belum mampu memenuhi permintaan masyarakat terhadap gula dan sementara kebutuhan gula dalam negeri dari tahun ke tahun terus mengalami peningkatan. Salah satu faktor yang dihadapi industri gula di Indonesia dalam bidang on-farm adalah keterbatasan lahan tebu. Lahan sebagai sarana produksi merupakan bagian dari faktor produksi. Luas penguasaan lahan pertanian merupakan sesuatu yang sangat penting dalam proses produksi ataupun usaha tani dan usaha pertanian. Kegiatan penelitian ini bertujuan untuk mengetahui korelasi luas lahan dengan produksi tanaman tebu (Saccharum officinarum L.) di Kabupaten Jember. Pelaksanaan penelitian pada bulan Agustus sampai dengan Desember 2020. Tempat pelaksanaannya di Badan Pusat Statistik (BPS) Kabupaten Jember dan Politeknik Negeri Jember. Metode penelitian yang digunakan yaitu analisis korelasi dengan variabel (X) adalah luas lahan dan variabel (Y) adalah produksi tebu di Kabupaten Jember selama 10 tahun terakhir. Hasil penelitian menggunakan analisis korelasi menunjukkan bahwa variabel luas lahan terhadap produksi tebu di Kabupaten Jember menunjukkan korelasi positif dengan tingkat hubungan yang sangat rendah antara luas lahan dengan produksi tebu di Kabupaten Jember.

This paper analyzes the behavior of a long list of economic variables during episodes of recovery from an economic collapse. A set of stylized facts is proposed so as to depict what in this work is called \saygrowth recoveries. Through different estimation techniques, it is inferred under which conditions and policies the likelihood of experiencing a growth recovery increases. The results of the paper indicate that collapses tend to occur in countries with high dependence on natural resource rents, macroeconomic mismanagement, low levels of democratic accountability and rule of law and high levels of conflict. Recoveries, on the other hand, tend to be longer than collapses and are more likely to occur in contexts of: improved external conditions, less natural resource rents, balanced fiscal accounts, where the exchange rate corrects but within a more fixed exchange rate regime and a more restricted financial account, and where there are: rebounds in private consumption, increases in international trade and improvements on property rights.

Data include following variables: Demographics, epidemiological history, comorbidities, diagnosis, complications, and symptoms on admission to the hospital. Also, body’s temperature and SpO2. Blood cells: white cells count (WBC), neutrophils (Neu), lymphocytes (Ly), eosinophils (Eo) and monocytes (Mo), percentages of segmented and banded neutrophils, erythrocytes (RBC), platelet count (PLT), hemoglobin (Hb), and hematocrit (HCT); Inflammatory indicators: erythrocyte sedimentation rate (ESR) and C-reactive protein (CRP); Tissue damage indicators: alanine aminotransferase (ALT), lactate dehydrogenase (LDH), and troponin T (TnT); Electrolytes: potassium and sodium concentration; Renal function indicators: creatinine and glomerular filtration rate (GFR); Coagulation tests: D-dimer, prothrombin time, and prothrombin index on admission to the hospital.

El Banco de la República, con el Reporte de Sistemas de Pago, entrega un panorama completo de la infraestructura financiera local, siendo este un producto importante de la labor de seguimiento a dicha infraestructura. Las cifras contenidas en este reporte corresponden al año 2020, período de pandemia durante el cual las medidas de confinamiento para aliviar la tensión sobre el sistema de salud generaron para Colombia, al igual que en la mayoría de los países, una fuerte reducción de la actividad económica y el consumo. Desde el comienzo de la pandemia, la Junta Directiva del Banco de la República adoptó las decisiones necesarias para otorgar al mercado amplia liquidez en pesos y dólares, garantizar la estabilidad de los mercados, proteger el sistema de pagos y preservar la oferta de crédito. El pronunciado crecimiento de los agregados monetarios reflejó la mayor preferencia por liquidez, la cual fue atendida oportunamente por el Banco de la República. Las decisiones adoptadas se realizaron mediante diferentes operaciones, las cuales fueron compensadas y liquidadas en la infraestructura financiera. Después de la introducción, la segunda sección del presente reporte de pagos analiza la evolución y el desempeño de las diferentes infraestructuras financieras. Se destaca que el sistema de pagos de alto valor CUD registró en 2020 un mayor dinamismo que el año anterior, principalmente por el aumento de los depósitos remunerados que en promedio diario realizó la Dirección General de Crédito Público y del Tesoro Nacional (DGCPTN) con el Banco de República, así como una mayor actividad del mercado de simultáneas de deuda pública. Consecuentemente con el crecimiento de la actividad en el CUD, el Depósito Central de Valores (DCV) registró una mayor actividad por el aumento del mercado monetario de deuda pública y por las colocaciones por parte del Gobierno Nacional en el mercado primario. El valor de las operaciones compensadas y liquidadas por intermedio de la Cámara de Riesgo Central de Contraparte (CRCC) continúa creciendo, jalonado principalmente por los contratos non delivery forward (NDF) peso/dólar. Con respecto a la CRCC, es oportuno mencionar que a partir de finales del año pasado esta cámara se encarga de administrar los riesgos y de compensar y liquidar las operaciones del mercado de contado peso/dólar, debido a la fusión con la Cámara de Compensación de Divisas de Colombia (CCDC). Así mismo, a partir del último trimestre del año 2020 la CRCC se encarga de compensar y liquidar el mercado de renta variable, labor que venía desempeñando la Bolsa de Valores de Colombia (BVC). En la sección tres se entrega una visión integral de los pagos en el mercado de bienes y servicios, es decir, de las transacciones efectuadas en el circuito de personas naturales y empresas no financieras. Durante la pandemia las transferencias electrónicas inter e intrabancarias, que en su mayoría son originadas por empresas, registraron un incremento tanto en número como en valor de operaciones frente a 2019. Por su parte, los pagos con tarjetas débito y crédito originados principalmente por personas naturales mostraron un comportamiento decreciente con respecto a 2019. Los pagos realizados con cheques siguen disminuyendo, presentando una tendencia a la baja muy pronunciada en el último año. Como complemento a la información sobre transferencias electrónicas, el reporte incluye en esta sección un sombreado sobre la caracterización de la población con cuenta de ahorro y corriente, empleando los datos de la encuesta del Banco de la República sobre percepción de uso de los instrumentos de pago en 2019. Se incluye también un recuadro sobre la evolución transaccional de una billetera móvil provista por una sociedad especializada en depósitos y pagos electrónicos (Sedpe), mostrando que desde su creación a finales del año 2017 ha incremento en el número de usuarios y el valor de las transacciones, con especial velocidad durante la pandemia. Adicionalmente, se presenta un diagnóstico sobre los efectos de la pandemia en los patrones de pago de la población, fundamentado en datos sobre el uso del efectivo en circulación, sobre los pagos con instrumentos electrónicos, y sobre el consumo y la confianza del consumidor. Se concluye que el desplome en el índice de confianza del consumidor y la caída en el consumo privado dieron lugar a cambios en los patrones de pago de las personas. Las compras con tarjetas de crédito y débito disminuyeron, mientras que los pagos por bienes y servicios mediante transferencia electrónica aumentaron. Estos resultados, junto con el considerable aumento del efectivo en circulación, podrían proveer indicios a favor de un posible atesoramiento del papel moneda con motivo precaución por parte de las personas y de un mayor uso del efectivo como instrumento de pago. Se incluye, además, un recuadro que presenta los principales cambios que se introdujeron en la regulación del sistema de pagos de bajo valor en el país mediante la expedición del Decreto 1692 de diciembre de 2020. La cuarta sección se refiere a las importantes innovaciones y cambios tecnológicos que se han observado en el sistema de pagos al por menor. Se destacan cuatro temas en esta línea. El primero se constituye en un punto clave para la construcción de la infraestructura financiera de pagos inmediatos. Consiste en el diseño e implementación de los llamados esquemas superpuestos, los cuales son un desarrollo tecnológico que permite una comunicación abierta entre los diferentes agentes de la cadena de pagos, logrando una alta interoperabilidad entre diferentes proveedores de servicios de pago. El segundo tema explora los avances en el debate internacional sobre la emisión de moneda digital por parte de los bancos centrales (CBDC por su sigla en inglés), con el fin de entender su posible impacto en el sistema de pagos de bajo valor y en el uso del efectivo. El tercer tema está relacionado con nuevas formas de iniciación de pagos, tales como los códigos QR, la biometría o la tecnología de comunicación de campos cercanos (NCF por su sigla en inglés). Estos cambios, aparentemente pequeños, pueden tener efectos importantes en la experiencia del usuario con el sistema de pagos de bajo valor. El cuarto tema, finalmente, es el crecimiento de los pagos vinculados con la telefonía móvil y el internet. El reporte finaliza en la sección cinco con una reseña de dos trabajos de investigación aplicada realizados en el Banco de la República en el año 2020. El primero analiza el nivel patrimonial de la CRCC, reconociendo el rol relevante que esta infraestructura ha adquirido en la compensación y liquidación de varios mercados financieros en el país. Se exploran los requerimientos de capital para las entidades de contrapartida central establecidos en algunas jurisdicciones, se identifican los riesgos que se busca cubrir desde la perspectiva del servicio que este tipo de entidades ofrece al mercado y aquellos asociados a su actividad corporativa. Se analizan los niveles patrimoniales de la CRCC a partir de lo observado en la regulación de la Unión Europea y se concluye que la CRCC cuenta con un esquema de anillos de seguridad muy similar al observado en la experiencia internacional y que su nivel patrimonial es superior al exigido por la regulación colombiana, siendo suficiente para cubrir otros riesgos. El segundo trabajo de investigación identifica y cuantifica las fuentes que utilizan las entidades participantes en el CUD para cumplir con sus obligaciones diarias contraídas en el mercado financiero local, y con su uso como herramienta de monitoreo de la liquidez intradía en condiciones normales. Leonardo Villar Gómez Gerente General