National exchange rate policies and international debt crises: how Brazil did not follow Argentina into a default in 2001-2002

This paper examines how exchange rate policies and IMF Stand-By Arrangements affect debt crises using econometrics and a comparison between Argentina and Brazil. It refines an existing diagram outlining crisis development to propose crisis prevention strategies. Flexible exchange rate policies reduce a country's probability of default by over 4%, but Stand-By Arrangements increase it by an inconsequential percentage. Unlike Argentina, Brazil avoided a default via a freely-floating exchange rate system, fiscal deficit reduction, and a cooperative and coordinated relationship with the IMF. The results provide policymakers from developing countries with lessons to manage their countries' default risks more effectively.

The conclusion of the deduction of taste in the dialectic of the power of judgment aesthetic in Kant

In this paper, it is argued that only in the section on dialectic in the Critique of Judgment does Kant reach a definitive and conclusive version of deduction, after discovering the concept of the supersensible. In the section on the deduction of pure aesthetic judgments, Kant does not satisfactorily explain the critical distinction between the sensible nature of humanity and the supersensible nature of human reason presupposed in the concept of universal communicability. While the concept of the supersensible illustrates this distinction, it is only through this concept that Kant that can justify the specific possibility of claiming subjective validity in taste. The priority of the solution found in the dialectic is illustrated not only by a comparative analysis of the two sections, but also by a historical reconstruction of the process of the formation of the work, which shows that the first formulation of the concept of validity coincides with the use of the concept of the supersensible.