15 resultados para sovereign debt crises

em Repositório Institucional UNESP - Universidade Estadual Paulista "Julio de Mesquita Filho"


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The present work intends to analyze the impacts of the European Economic and Monetary Union in the economic policies of the countries named PIGS, with an analysis about the sovereign debt crisis, in view of the autonomy loss to adopt own monetary and exchange rate policies of countries with different levels of development

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Empirical analyses attributing the 1980s' debt crisis to inconsistent stabilization policies rest on an inappropriate long-run approach. Revising this long-run approach yields opposite results: terms of trade shocks and foreign indebtedness explain this crisis, regardless of domestic stabilization policies. This prompts us to consider a new hypothesis, of delays in trade-policy reforms, with a model in which terms-of-trade variation (under shocks) is endogenous to export structure and efficiency of resource allocation. Evidence from the structural equations model shows that allocation distortions negatively affect changes in terms of trade, which then explain this crisis. A political economy extension demonstrates that income inequality and regional trade policy determine the distortions, which in turn leads to this crisis.

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O objetivo deste estudo foi mostrar a contribuição da monitorização vídeo-EEG prolongada (MVEP) no diagnóstico de crises não epilépticas (CNE) e estimar sua prevalência em um centro terciário de atendimento à Epilepsia (EP). Foram observados 47 pacientes com diagnóstico de CNE com crises espontâneas ou provocadas. Foram instituídos protocolos direcionados à história clínica e à semiologia das crises. A análise estatística baseou-se no teste de Fisher e na análise de cluster. Os resultados evidenciaram prevalência de 10% de CNE. Houve predominância do sexo feminino (63,8%); em 57% dos pacientes as crises foram espontâneas. A média de idade foi 32,5 ± 11anos. O sinal semiológico mais freqüente foi o sono aparente (87,2%). em 9% dos pacientes observaram-se tanto EP como CNE. Três agrupamentos resultaram da análise de cluster: CNE hipermotora das extremidades com alteração de tônus; CNE com automatismos e CNE axial com movimentos oculares. em conclusão, o estudo da semiologia clínica das CNE durante a MVEP contribui para o diagnóstico desta entidade nosológica e para o diagnóstico diferencial com EP; o teste provocativo auxilia na obtenção das crises.

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The 1980s' debt crisis is a landmark in developing economies' growth and stabilization. According to the most quoted empirical articles, external shocks and vicissitudes gave rise to crisis just because of delays in stabilization policies, engendered by internal conflicts and institutional immaturity. I review some of these papers, and find out some problems - in the measurement of shocks and foreign indebtedness, namely - whose corrections lead to opposite results: external shocks and foreign indebtedness explain that crisis regardless of domestic policies. At the same time, the strong correlation of income distribution to terms of trade changes and foreign indebtedness suggest that inequality may have contributed differently to that crisis: either through an economic channel, or through a political channel based on delays in reforms.

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Following the thermodynamic formulation of a multifractal measure that was shown to enable the detection of large fluctuations at an early stage, here we propose a new index which permits us to distinguish events like financial crises in real time. We calculate the partition function from which we can obtain thermodynamic quantities analogous to the free energy and specific heat. The index is defined as the normalized energy variation and it can be used to study the behavior of stochastic time series, such as financial market daily data. Famous financial market crashes-Black Thursday (1929), Black Monday (1987) and the subprime crisis (2008)-are identified with clear and robust results. The method is also applied to the market fluctuations of 2011. From these results it appears as if the apparent crisis of 2011 is of a different nature to the other three. We also show that the analysis has forecasting capabilities. © 2012 Elsevier B.V. All rights reserved.

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Pós-graduação em Física - IGCE

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Pós-graduação em Relações Internacionais (UNESP - UNICAMP - PUC-SP) - FFC

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Pós-graduação em Psicologia - FCLAS

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Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

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This paper analyzes the Real Plan and its effects on two administrations of President Fernando Henrique Cardoso (FHC), a period which extends from 1995 to 2002. To this end, the study includes a brief review of the problems faced by previous plans, especially the Cruzado Plan and the reasons for the belief that it has been successfull in relation to inflation control. Additionally, seeking to describe the process of moving to the new currency towards stabilization, the paper describes the theoretical foundations of the Plan. In sequence, it defines the backround of both international and domestic monetary reform which was one important part of the Plan and therefore the reasons for the implementation of the monetary reform. Subsequently the paper deals with the effects of the Plan on the economy as a whole, covering also the way the economic measures were taken concerning the Mexican and Asian crisis, the policies used fot the exchange rate, interest rate, fiscal accounts, balance of payments, among other factors and the relationship between them. Hence, it describes the immediate and the long-term consequences of stabilization program in terms of output, employment, public deficit and debt. Therefore, it is important to note the various junctures to which the economy was exposed, and also to point out the challenges and obstacles arising from these changes for growth, which was sometimes fast, sometimes slowing down - the so-called stop and go. Of course, facts as the moving to floating exchange rate regime, the adoption of inflation targeting regime and the adoption of fiscal responsibility law along with the primary surplus policy were able to create a new economic environment and to contribute to later success of the Cardoso years

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The current study has aimed to analyze changes in strategies at the International Monetary Fund that occurred during the 1980s and 1990s. The analysis is done through the the recovery of the 1980s international economic scene, amid the global recession and debt crisis, and shows how the course of the decade and influenced changes under recommendations provided by the IMF to countries with balance of payments crisis. Furthermore, the paper also describes the changes in the international financial system, in some countries which have adopted them and also to the International Monetary Fund itself

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The financial crisis of 2007 brought the discussion of fiscal policy. This was used as a way for governments to mitigate the potential social and economic impacts of the crisis, since only the monetary policy would not be effective. Historically, banking crises engender increases in public debt, not only for the relief operations, but also by the policies of government primary spending and/or, as in the recent crises, by the purchase of the “toxic” financial assets. The discretionary fiscal policy is then discussed, since it is essential, it is required well articulated and coordinated actions in order to mitigate their respective current and future crisis.

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This essay intends to think critically and theoretically on the interrelations among subject, identity, and Feminism in the context of Postmodernity, a context which will be herein denominated ―Age of Crises. These three aspects will be approached under a Historical perspective and put into question in a philosophical sight guided by Post-structuralistic theories, especially Derridian Deconstruction. In general, the main objective is to reach into a discussion about the undecidable inter-relation between Feminist thinking and Postmodernity, which is one of the configurations of the many contemporary crises. In order to do so, it will be necessary a previous discussion on the postmodern subject and its identity. This discussion will open up the possibility of contextualizing and discussing Feminism inside the intended objective. This discussion will be structured around the word ―crises which, in a compositional relation to the word ―age, will be taken as a synonym for ―Postmodernity and ―contemporary. ―Age of Crises, ―Postmodernity, ―contemporary, and ―Feminism will be words haunted by the phármakon phenomenon, a key aspect for Derridian Deconstruction, which will be the gravitational force that approximates and separates, in an undecidable relation, those signs.