A dinâmica da taxa de câmbio no Brasil face às operações swap (2002-2015)

This dissertation investigates, based on the Post-Keynesian theory and on its concept of monetary economy of production, the exchange rate behavior of the Brazilian Real in the presence of Brazilian Central Bank's interventions by means of the so-called swap transactions over 2002-2015. Initially, the work analyzes the essential properties of an open monetary economy of production and, thereafter, it presents the basic propositions of the Post-Keynesian view on the exchange rate determination, highlighting the properties of foreign exchange markets and the peculiarities of the Brazilian position into the international monetary and financial system. The research, thereby, accounts for the various segments of the Brazilian foreign exchange market. To accomplish its purpose, we first do a literature review of the Post-Keynesian literature about the topic. Then, we undertake empirical exams of the exchange rate determination using two statistical methods. On the one hand, to measure the volatility of exchange rate, we estimate Auto-regressive Conditional Heteroscedastic (ARCH) and Generalized Auto-regressive Conditional Heteroscedastic (GARCH) models. On the other hand, to measure the variance of the exchange rate in relation to real, financial variables, and the swaps, we estimate a Vector Auto-regression (VAR) model. Both experiments are performed for the nominal and real effective exchange rates. The results show that the swaps respond to exchange rate movements, trying to offset its volatility. This reveals that the exchange rate is, at least in a certain magnitude, sensitive to swaps transactions conducted by the Central Bank. In addition, another empirical result is that the real effective exchange rate responds more to the swaps auctions than the nominal rate.

Determinação de teor de biodieseis de algodão e pinhão manso em misturas com diesel usando espectroscopia no infravermelho médio e quadrados mínimos parciais

Biodiesel is a renewable fuel derived from vegetable oils or animal fats, which can be a total or partial substitute for diesel. Since 2005, this fuel was introduced in the Brazilian energy matrix through Law 11.097 that determines the percentage of biodiesel added to diesel oil as well as monitoring the insertion of this fuel in market. The National Agency of Petroleum, Natural Gas and Biofuels (ANP) establish the obligation of adding 7% (v/v) of biodiesel to diesel commercialized in the country, making crucial the analytical control of this content. Therefore, in this study were developed and validated methodologies based on the use of Mid Infrared Spectroscopy (MIR) and Multivariate Calibration by Partial Least Squares (PLS) to quantify the methyl and ethyl biodiesels content of cotton and jatropha in binary blends with diesel at concentration range from 1.00 to 30.00% (v/v), since this is the range specified in standard ABNT NBR 15568. The biodiesels were produced from two routes, using ethanol or methanol, and evaluated according to the parameters: oxidative stability, water content, kinematic viscosity and density, presenting results according to ANP Resolution No. 45/2014. The built PLS models were validated on the basis of ASTM E1655-05 for Infrared Spectroscopy and Multivariate Calibration and ABNT NBR 15568, with satisfactory results due to RMSEP (Root Mean Square Error of Prediction) values below 0.08% (<0.1%), correlation coefficients (R) above 0.9997 and the absence of systematic error (bias). Therefore, the methodologies developed can be a promising alternative in the quality control of this fuel.