U.S. subprime financial crisis contagion on BRIC and European Union stock markets

ABSTRACTThe Copula Theory was used to analyze contagion among the BRIC (Brazil, Russia, India and China) and European Union stock markets with the U.S. Equity Market. The market indexes used for the period between January 01, 2005 and February 27, 2010 are: MXBRIC (BRIC), MXEU (European Union) and MXUS (United States). This article evaluated the adequacy of the main copulas found in the financial literature using log-likelihood, Akaike information and Bayesian information criteria. This article provides a groundbreaking study in the area of contagion due to the use of conditional copulas, allowing to calculate the correlation increase between indexes with non-parametric approach. The conditional Symmetrized Joe-Clayton copula was the one that fitted better to the considered pairs of returns. Results indicate evidence of contagion effect in both markets, European Union and BRIC members, with a 5% significance level. Furthermore, there is also evidence that the contagion of U.S. financial crisis was more pronounced in the European Union than in the BRIC markets, with a 5% significance level. Therefore, stock portfolios formed by equities from the BRIC countries were able to offer greater protection during the subprime crisis. The results are aligned with recent papers that present an increase in correlation between stock markets, especially in bear markets.

Soil carbon and nitrogen in pasture soil reforested with eucalyptus and guachapele

In spite of the normally low content of organic matter found in sandy soils, it is responsible for almost the totality of cation exchange capacity (CEC), water storage and availability of plant nutrients. It is therefore important to evaluate the impact of alternative forest exploitation on the improvement of soil C and N accumulation on these soils. This study compared pure and mixed plantations of Eucalyptus grandis and Pseudosamanea guachapele, a N2-fixing leguminous tree, in relation to their effects on soil C and N stocks. The studied Planosol area had formerly been covered by Panicum maximum pasture for at least ten years without any fertilizer addition. To estimate C and N contents, the soil was sampled (at depths of 0-2.5; 2.5-5.0; 5.0-7.5; 7.5-10.0; 10.0-20.0 and 20.0-40.0 cm), in pure and mixed five-year-old tree plantations, as well as on adjacent pasture. The natural abundance 13C technique was used to estimate the contribution of the soil organic C originated from the trees in the 0-10 cm soil layer. Soil C and N stocks under mixed plantation were 23.83 and 1.74 Mg ha-1, respectively. Under guachapele, eucalyptus and pasture areas C stocks were 14.20, 17.19 and 24.24 Mg ha-1, respectively. For these same treatments, total N contents were 0.83; 0.99 and 1.71 Mg ha-1, respectively. Up to 40 % of the soil organic C in the mixed plantation was estimated to be derived from trees, while in pure eucalyptus and guachapele plantations these same estimates were only 19 and 27 %, respectively. Our results revealed the benefits of intercropped leguminous trees in eucalyptus plantations on soil C and N stocks.

Green manure in coffee systems in the region of Zona da Mata, Minas Gerais: characteristics and kinetics of carbon and nitrogen mineralization

The use of green manure may contribute to reduce soil erosion and increase the soil organic matter content and N availability in coffee plantations in the Zona da Mata, State of Minas Gerais, in Southeastern Brazil. The potential of four legumes (A. pintoi, C. mucunoides, S. aterrimum and S. guianensis) to produce above-ground biomass, accumulate nutrients and mineralize N was studied in two coffee plantations of subsistence farmers under different climate conditions. The biomass production of C. mucunoides was influenced by the shade of the coffee plantation. C. mucunoides tended to mineralize more N than the other legumes due to the low polyphenol content and polyphenol/N ratio. In the first year, the crop establishment of A. pintoi in the area took longer than of the other legumes, resulting in lower biomass production and N2 fixation. In the long term, cellulose was the main factor controlling N mineralization. The biochemical characteristics, nutrient accumulation and biomass production of the legumes were greatly influenced by the altitude and position of the area relative to the sun.

Carbon dioxide efflux in a rhodic hapludox as affected by tillage systems in southern Brazil

Agricultural soils can act as a source or sink of atmospheric C, according to the soil management. This long-term experiment (22 years) was evaluated during 30 days in autumn, to quantify the effect of tillage systems (conventional tillage-CT and no-till-NT) on the soil CO2-C flux in a Rhodic Hapludox in Rio Grande do Sul State, Southern Brazil. A closed-dynamic system (Flux Chamber 6400-09, Licor) and a static system (alkali absorption) were used to measure soil CO2-C flux immediately after soybean harvest. Soil temperature and soil moisture were measured simultaneously with CO2-C flux, by Licor-6400 soil temperature probe and manual TDR, respectively. During the entire month, a CO2-C emission of less than 30 % of the C input through soybean crop residues was estimated. In the mean of a 30 day period, the CO2-C flux in NT soil was similar to CT, independent of the chamber type used for measurements. Differences in tillage systems with dynamic chamber were verified only in short term (daily evaluation), where NT had higher CO2-C flux than CT at the beginning of the evaluation period and lower flux at the end. The dynamic chamber was more efficient than the static chamber in capturing variations in CO2-C flux as a function of abiotic factors. In this chamber, the soil temperature and the water-filled pore space (WFPS), in the NT soil, explained 83 and 62 % of CO2-C flux, respectively. The Q10 factor, which evaluates CO2-C flux dependence on soil temperature, was estimated as 3.93, suggesting a high sensitivity of the biological activity to changes in soil temperature during fall season. The CO2-C flux measured in a closed dynamic chamber was correlated with the static alkali adsorption chamber only in the NT system, although the values were underestimated in comparison to the other, particularly in the case of high flux values. At low soil temperature and WFPS conditions, soil tillage caused a limited increase in soil CO2-C flux.

Soil fertility, organic carbon and fractions of the organic matter at different distances from eucalyptus stumps

Knowledge on variations in vertical, horizontal and temporal characteristics of the soil chemical properties under eucalyptus stumps left in the soil is of fundamental importance for the management of subsequent crops. The objective of this work was to evaluate the effect of eucalyptus stumps (ES) left after cutting on the spatial variability of chemical characteristics in a dystrophic Yellow Argisol in the eastern coastal plain region of Brazil. For this purpose, ES left for 31 and 54 months were selected in two experimental areas with similar characteristics, to assess the decomposition effects of the stumps on soil chemical attributes. Soil samples were collected directly around these ES, and at distances of 30, 60, 90, 120 and 150 cm away from them, in the layers 0-10, 10-20 and 20-40 cm along the row of ES, which is in-between the rows of eucalyptus trees of a new plantation, grown at a spacing of 3 x 3 m. The soil was sampled in five replications in plots of 900 m² each and the samples analyzed for pH, available P and K (Mehlich-1), exchangeable Al, Ca and Mg, total organic carbon (TOC) and C content in humic substances (HS) and in the free light fraction. The pH values and P, K, Ca2+, Mg2+ and Al3+ contents varied between the soil layers with increasing distance from the 31 and 54-monthold stumps. The highest pH, P, K, Ca2+ and Mg2+ values and the lowest Al3+ content were found in the surface soil layer. The TOC of the various fractions of soil organic matter decreased with increasing distance from the 31 and 54-month-old ES in the 0-10 and 10-20 cm layers, indicating that the root (and stump) cycling and rhizodeposition contribute to maintain soil organic matter. The C contents of the free light fraction, of the HS and TOC fractions were higher in the topsoil layer under the ES left for 31 months due to the higher clay levels of this layer, than in those found under the 54-month-old stumps. However, highest C levels of the different fractions of soil organic matter in the topsoil layer reflect the deposition and maintenance of forest residues on the soil surface, mainly after forest harvest.

Redox index of soil carbon stability

As an alternative to the relatively complex and expensive spectroscopic methods, the redox properties of humic acids, determined by potentiometric titrations, have been used to evaluate the stability of soil organic C. The objective of the present study was to establish a Redox Index of C Stability (RICS) and to correlate it with some properties of the humic acids extracted from different modal soils in Brazil (distinct weathering stages or management) to facilitate system comparison. The RICS was efficient for soil comparison and variations were comparable to those of the chemical and spectroscopic methods used for humic acid characterization. The values of soil pH, point of zero salt effect, sum of bases, exchangeable Ca content, weathering index, as well as the humic acid O/C ratio, quinone and semiquinone free radical contents, aromatic C and fluorescence intensity were closely related with the RICS. The RICS was higher in less weathered soils, with more active clays and higher fertility. The RICS values of soils under long-term sugarcane management were ranked in decreasing order: unburned, burned with vinasse, burned without vinasse.

Enzymatic activity and mineralization of carbon and nitrogen in soil cultivated with coffee and green manures

There are great concerns about degradation of agricultural soils. It has been suggested that cultivating different plant species intercropped with coffee plants can increase microbial diversity and enhance soil sustainability. The objective of this study was to evaluate enzyme activity (urease, arylsulfatase and phosphatase) and alterations in C and N mineralization rates as related to different legume cover crops planted between rows of coffee plants. Soil samples were collected in a field experiment conducted for 10 years in a sandy soil in the North of Paraná State, Brazil. Samples were collected from the 0-10 cm layer, both from under the tree canopy and in-between rows in the following treatments: control, Leucaena leucocephala, Crotalaria spectabilis, Crotalaria breviflora, Mucuna pruriens, Mucuna deeringiana, Arachis hypogaea and Vigna unguiculata. The soil was sampled in four stages of legume cover crops: pre-planting (September), after planting (November), flowering stage (February) and after plant residue incorporation (April), from 1997 to 1999. The green manure species influenced soil enzyme activity (urease, arylsulfatase and phosphatase) and C and N mineralization rates, both under the tree canopy and in-between rows. Cultivation of Leucaena leucocephala increased acid phosphatase and arilsulfatase activity and C and N mineralization both under the tree canopy and in-between rows. Intercropped L. leucocephala increased urease activity under the tree canopy while C. breviflora increased urease activity in-between rows.

Emission of nitrous oxide and carbon dioxide from semi-arid tropical soils in Chiapas México

The semi-arid region of Chiapas is dominated by N2 -fixing shrubs, e.g., Acacia angustissima. Urea-fertilized soil samples under maize were collected from areas covered and uncovered by A. angustissima in different seasons and N2O and CO2 emissions were monitored. The objective of this study was to determine the effects of urea and of the rainy and dry season on gas emissions from semi-arid soil under laboratory conditions. Urea and soil use had no effect on CO2 production. Nitrons oxide emission from soil was three times higher in the dry than in the rainy season, while urea fertilization doubled emissions. Emissions were twice as high from soil sampled under A. angustissima canopy than from arable land, but 1.2 lower than from soil sampled outside the canopy, and five times higher from soil incubated at 40 % of the water-holding capacity (WHC) than at soil moisture content, but 15 times lower than from soil incubated at 100 WHC. It was found that the soil sampling time and water content had a significant effect on N2O emissions, while N fertilizer and sampling location were less influent.

Relationship between soil oxidizable carbon and physical, chemical and mineralogical properties of umbric ferralsols

The occurrence of Umbric Ferralsols with thick umbric epipedons (> 100 cm thickness) in humid Tropical and Subtropical areas is a paradox since the processes of organic matter decomposition in these environments are very efficient. Nevertheless, this soil type has been reported in areas in the Southeast and South of Brazil, and at some places in the Northeast. Aspects of the genesis and paleoenvironmental significance of these Ferralsols still need a better understanding. The processes that made the umbric horizons so thick and dark and contributed to the preservation of organic carbon (OC) at considerable depths in these soils are of special interest. In this study, eight Ferralsols with a thick umbric horizon (UF) under different vegetation types were sampled (tropical rain forest, tropical seasonal forest and savanna woodland) and their macromorphological, physical, chemical and mineralogical properties studied to detect soil characteristics that could explain the preservation of high carbon amounts at considerable depths. The studied UF are clayey to very clayey, strongly acidic, dystrophic, and Al-saturated and charcoal fragments are often scattered in the soil matrix. Kaolinites are the main clay minerals in the A and B horizons, followed by abundant gibbsite and hydroxyl-interlayered vermiculite. The latter was only found in UFs derived from basalt rock in the South of the country. Total carbon (TC) ranged from 5 to 101 g kg-1 in the umbric epipedon. Dichromate-oxidizable organic carbon represented nearly 75 % of TC in the thick A horizons, while non-oxidizable C, which includes recalcitrant C (e.g., charcoal), contributed to the remaining 25 % of TC. Carbon contents were not related to most of the inorganic soil variables studied, except for oxalate-extractable Al, which individually explained 69 % (P < 0.001) of the variability of TC in the umbric epipedon. Clay content was not suited as predictor of TC or of the other studied C forms. Bulk density, exchangeable Al3+, Al saturation, ECEC and other parameters obtained by selective extraction were not suitable as predictors of TC and other C forms. Interactions between organic matter and poorly crystalline minerals, as indicated by oxalate-extractable Al, appear to be one of the possible organic matter protection mechanisms of these soils.

Effect of compaction on microbial activity and carbon and nitrogen transformations in two oxisols with different mineralogy

The use of machinery in agricultural and forest management activities frequently increases soil compaction, resulting in greater soil density and microporosity, which in turn reduces hydraulic conductivity and O2 and CO2 diffusion rates, among other negative effects. Thus, soil compaction has the potential to affect soil microbial activity and the processes involved in organic matter decomposition and nutrient cycling. This study was carried out under controlled conditions to evaluate the effect of soil compaction on microbial activity and carbon (C) and nitrogen (N) mineralization. Two Oxisols with different mineralogy were utilized: a clayey oxidic-gibbsitic Typic Acrustox and a clayey kaolinitic Xantic Haplustox (Latossolo Vermelho-Amarelo ácrico - LVA, and Latossolo Amarelo distrófico - LA, respectively, in the Brazil Soil Classification System). Eight treatments (compaction levels) were assessed for each soil type in a complete block design, with six repetitions. The experimental unit consisted of PVC rings (height 6 cm, internal diameter 4.55 cm, volume 97.6 cm³). The PVC rings were filled with enough soil mass to reach a final density of 1.05 and 1.10 kg dm-3, respectively, in the LVA and LA. Then the soil samples were wetted (0.20 kg kg-1 = 80 % of field capacity) and compacted by a hydraulic press at pressures of 0, 60, 120, 240, 360, 540, 720 and 900 kPa. After soil compression the new bulk density was calculated according to the new volume occupied by the soil. Subsequently each PVC ring was placed within a 1 L plastic pot which was then tightly closed. The soils were incubated under aerobic conditions for 35 days and the basal respiration rate (CO2-C production) was estimated in the last two weeks. After the incubation period, the following soil chemical and microbiological properties were detremined: soil microbial biomass C (C MIC), total soil organic C (TOC), total N, and mineral N (NH4+-N and NO3--N). After that, mineral N, organic N and the rate of net N mineralization was calculated. Soil compaction increased NH4+-N and net N mineralization in both, LVA and LA, and NO3--N in the LVA; diminished the rate of TOC loss in both soils and the concentration of NO3--N in the LA and CO2-C in the LVA. It also decreased the C MIC at higher compaction levels in the LA. Thus, soil compaction decreases the TOC turnover probably due to increased physical protection of soil organic matter and lower aerobic microbial activity. Therefore, it is possible to conclude that under controlled conditions, the oxidic-gibbsitic Oxisol (LVA) was more susceptible to the effects of high compaction than the kaolinitic (LA) as far as organic matter cycling is concerned; and compaction pressures above 540 kPa reduced the total and organic nitrogen in the kaolinitic soil (LA), which was attributed to gaseous N losses.

Physical properties and organic carbon content of a Rhodic Kandiudox fertilized with pig slurry and poultry litter

The impact of pig slurry and poultry litter fertilization on soils depends on the conditions of use and the amounts applied. This study evaluated the effect of organic fertilizers after different application periods in different areas on the physical properties and organic carbon contents of a Rhodic Kandiudox, in Concordia, Santa Catarina, in Southern Brazil. The treatments consisted of different land uses and periods of pig and poultry litter fertilization: silage maize (M7 years), silage maize (M20 years), annual ryegrass pasture (P3 years), annual ryegrass pasture (P15 years), perennial pasture (PP20 years), yerba mate tea (Mt20 years), native forest (NF), and native pasture without manure application (P0). The 0-5, 5-10 and 10-20 cm soil layers were sampled and analyzed for total organic carbon, total nitrogen and soil physical properties such as density, porosity, aggregation, degree of flocculation, and penetration resistance. The organic carbon levels in the cultivated areas treated with organic fertilizer were even lower than in native forest soil. The organic fertilizers and studied management systems reduced the flocculation degree of the clay particles, and low macroporosity was observed in some areas. Despite these changes, a good soil physical structure was maintained, e.g., soil density and resistance to penetration were below the critical limits, whereas aggregate stability was high, which is important to reduce water erosion in these areas with rugged terrain in western Santa Catarina, used for pig and poultry farming.

Particulate soil organic carbon and stratification ratio increases in response to crop residue decomposition under no-till

In soils under no-tillage (NT), the continuous crop residue input to the surface layer leads to carbon (C) accumulation. This study evaluated a soil under NT in Ponta Grossa (State of Paraná, Brazil) for: 1) the decomposition of black oat (Avena strigosa Schreb.) residues, 2) relation of the biomass decomposition effect with the soil organic carbon (SOC) content, the particulate organic carbon (POC) content, and the soil carbon stratification ratio (SR) of an Inceptisol. The assessments were based on seven samplings (t0 to t6) in a period of 160 days of three transects with six sampling points each. The oat dry biomass was 5.02 Mg ha-1 at t0, however, after 160 days, only 17.8 % of the initial dry biomass was left on the soil surface. The SOC in the 0-5 cm layer varied from 27.56 (t0) to 30.07 g dm-3 (t6). The SR increased from 1.33 to 1.43 in 160 days. There was also an increase in the POC pool in this period, from 8.1 to 10.7 Mg ha-1. The increase in SOC in the 0-5 cm layer in the 160 days was mainly due to the increase of POC derived from oat residue decomposition. The linear relationship between SOC and POC showed that 21 % of SOC was due to the more labile fraction. The results indicated that the continuous input of residues could be intensified to increase the C pool and sequestration in soils under NT.

Carbon balance and crop residue management in dynamic equilibrium under a no-till system in Campos Gerais

The adoption of no-tillage systems (NT) and the maintenance of crop residues on the soil surface result in the long-term increase of carbon (C) in the system, promoting C sequestration and reducing C-CO2 emissions to the atmosphere. The purpose of this study was to evaluate the C sequestration rate and the minimum amount of crop residues required to maintain the dynamic C equilibrium (dC/dt = 0) of two soils (Typic Hapludox) with different textural classes. The experiment was arranged in a 2 x 2 x 2 randomized block factorial design. The following factors were analyzed: (a) two soil types: Typic Hapludox (Oxisol) with medium texture (LVTM) and Oxisol with clay texture (LVTA), (b) two sampling layers (0-5 and 5-20 cm), and (c) two sampling periods (P1 - October 2007; P2 - September 2008). Samples were collected from fields under a long-term (20 years) NT system with the following crop rotations: wheat/soybean/black oat + vetch/maize (LVTM) and wheat/maize/black oat + vetch/soybean (LVTA). The annual C sequestration rates were 0.83 and 0.76 Mg ha-1 for LVTM and LVTA, respectively. The estimates of the minimum amount of crop residues required to maintain a dynamic equilibrium (dC/dt = 0) were 7.13 and 6.53 Mg ha-1 year-1 for LVTM and LVTA, respectively. The C conversion rate in both studied soils was lower than that reported in other studies in the region, resulting in a greater amount of crop residues left on the soil surface.

Changes in soil acidity and organic carbon in a sandy typic hapludalf after medium-term pig-slurry and deep-litter application

Successive applications of liquid swine waste to the soil can increase the contents of total organic carbon and nutrients and change acidity-related soil chemical properties. However, little information is available on the effects of swine waste application in solid form, as of swine deep-litter. The objective of this study was to evaluate alterations of organic carbon and acidity-related properties of a soil after eight years of pig slurry and deep-litter application. In the eighth year of a field experiment established in Braço do Norte, Santa Catarina (SC) on a sandy Typic Hapludalf samples were taken (layers 0-2.5; 2.5-5; 5-10; 10-15; 15-20 and 20-30 cm) from unfertilized plots and plots with pig slurry or deep-litter applications, providing the simple or double rate of N requirement of Zea mays and Avena strigosa in rotation. Soil total organic carbon, water pH, exchangeable Al, Ca and Mg, and cation exchange capacity (CECeffective and CECpH7.0), H+Al, base saturation, and aluminum saturation were measured. The application of pig slurry and deep-litter for eight years increased total organic carbon and CEC in all soil layers. The pig slurry and deep-litter applications reduced active acidity and aluminum saturation and increased base saturation down to a depth of 30 cm. Eight years of pig slurry application did not affect soil acidity.

Microbiological properties and oxidizable organic carbon fractions of an oxisol under coffee with split phosphorus applications and irrigation regimes

Phosphorus fertilization and irrigation increase coffee production, but little is known about the effect of these practices on soil organic matter and soil microbiota in the Cerrado. The objective of this study was to evaluate the microbiological and oxidizable organic carbon fractions of a dystrophic Red Latossol under coffee and split phosphorus (P) applications and different irrigation regimes. The experiment was arranged in a randomized block design in a 3 x 2 factorial design with three split P applications (P1: 300 kg ha-1 P2O5, recommended for the crop year, of which two thirds were applied in September and the third part in December; P2: 600 kg ha-1 P2O5, applied at planting and then every two years, and P3: 1,800 kg ha-1 P2O5, the requirement for six years, applied at once at planting), two irrigation regimes (rainfed and year-round irrigation), with three replications. The layers 0-5 and 5-10 cm were sampled to determine microbial biomass carbon (MBC), basal respiration (BR), enzyme activity of acid phosphatase, the oxidizable organic carbon fractions (F1, F2, F3, and F4), and total organic carbon (TOC). The irrigation regimes increased the levels of MBC, microbial activity and acid phosphatase, TOC and oxidizable fractions of soil organic matter under coffee. In general, the form of dividing P had little influence on the soil microbial properties and OC. Only P3 under irrigation increased the levels of MBC and acid phosphatase activity.