Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil

In the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry.

Aggregate stability as affected by short and long-term tillage systems and nutrient sources of a hapludox in southern Brazil

The ability of a soil to keep its structure under the erosive action of water is usually high in natural conditions and decreases under frequent and intensive cultivation. The effect of five tillage systems (NT = no-till; CP = chisel plowing and one secondary disking; CT = primary and two secondary distings; CTb = CT with crop residue burning; and CTr = CT with removal of crop residues from the field), combined with five nutrient sources (C = control, no nutrient application; MF = mineral fertilizers according to technical recommendations for each crop; PL = 5 Mg ha-1 y-1 fresh matter of poultry litter; CM = 60 m³ ha-1 y-1 slurry cattle manure; and SM = 40 m³ ha-1 y-1 slurry swine manure) on wet-aggregate stability was determined after nine years (four sampled soil layers) and on five sampling dates in the 10th year (two sampled soil layers) of the experiment. The size distribution of the air-dried aggregates was strongly affected by soil bulk density, and greater values of geometric mean diameter (GMD AD) found in some soil tillage or layer may be partly due to the higher compaction degree. After nine years, the GMD AD on the surface was greater in NT and CP compared to conventional tillage systems (CT, CTb and CTr), due to the higher organic matter content, as well as less soil mobilization. Aggregate stability in water, on the other hand, was affected by the low variation in previous gravimetric moisture of aggregates, which contributed to a high coefficient of variation of this attribute. The geometric mean diameter of water-stable aggregates (GMD WS) was highest in the 0.00-0.05 m layer in the NT system, in the layers 0.05-0.10 and 0.12-0.17 m in the CT, and values were intermediate in CP. The stability index (SI) in the surface layers was greater in treatments where crop residues were kept in the field (NT, CP and CT), which is associated with soil organic matter content. No differences were found in the layer 0.27-0.32 m. The effect of nutrient sources on GMD AD and GMD WS was small and did not affect SI.

RECOVERY OF AN OXISOL DEGRADED BY THE CONSTRUCTION OF A HYDROELECTRIC POWER PLANT

ABSTRACT The removal of thick layers of soil under native scrubland (Cerrado) on the right bank of the Paraná River in Selvíria (State of Mato Grosso do Sul, Brazil) for construction of the Ilha Solteira Hydroelectric Power Plant caused environmental damage, affecting the revegetation process of the stripped soil. Over the years, various kinds of land use and management systems have been tried, and the aim of this study was to assess the effects of these attempts to restore the structural quality of the soil. The experiment was conducted considering five treatments and thirty replications. The following treatments were applied: stripped soil without anthropic intervention and total absence of plant cover; stripped soil treated with sewage sludge and planted to eucalyptus and grass a year ago; stripped soil developing natural secondary vegetation (capoeira) since 1969; pastureland since 1978, replacing the native vegetation; and soil under native vegetation (Cerrado). In the 0.00-0.20 m layer, the soil was chemically characterized for each experimental treatment. A 30-point sampling grid was used to assess soil porosity and bulk density, and to assess aggregate stability in terms of mean weight diameter (MWD) and geometric mean diameter (GMD). Aggregate stability was also determined using simulated rainfall. The results show that using sewage sludge incorporated with a rotary hoe improved the chemical fertility of the soil and produced more uniform soil pore size distribution. Leaving the land to develop secondary vegetation or turning it over to pastureland produced an intermediate level of structural soil quality, and these two treatments produced similar results. Stripped soil without anthropic intervention was of the lowest quality, with the lowest values for cation exchange capacity (CEC) and macroporosity, as well as the highest values of soil bulk density and percentage of aggregates with diameter size <0.50 mm, corroborated by its lower organic matter content. However, the percentage of larger aggregates was higher in the native vegetation treatment, which boosted MWD and GMD values. Therefore, assessment of some land use and management systems show that even decades after their implementation to mitigate the degenerative effects resulting from the installation of the Hydroelectric Plant, more efficient approaches are still required to recover the structural quality of the soil.

Effect of different stress conditions on the stability of quercetin-loaded lipid microparticles produced with babacu ( Orbignya speciosa ) oil: evaluation of their potential use in food applications

Lipid micro and nanoparticles have been extensively investigated as carriers for hydrophobic bioactives in food systems because they can simultaneously increase the dispersibility of these lipophilic substances and help improve their bioavailability. In this study, lipid microparticles of babacu oil and denatured whey protein isolate were produced, and their ability to protect quercetin against degradation was evaluated over 30 days of storage. Additionally, the lipid microparticles were subjected to the typical stress conditions of food processing (presence of sucrose, salt, and thermal stresses), and their physico-chemical stability was monitored. The data show that the babacu microparticles efficiently avoided the oxidation of quercetin because 85% of the initial amount of the flavonoid was preserved after 30 days. The particles were notably stable up to a temperature of 70 °C for 10 minutes at relatively high concentrations of salt and sucrose. The type of stirring (mechanical or magnetic) also strongly affected the stability of the dispersions.