Independência do banco central e equilíbrio fiscal: algumas observações para o caso brasileiro

The objective of this paper is to analyze the main theoretical arguments for the analysis of the conduction of monetary policy on the fiscal side. Besides this, an analysis is made of the possible effects on the fiscal balance from the conduction of the monetary policy in the search for price stability after the Real Plan and due to an increase in the central bank independence (CBI) in the Brazilian case. The findings denote that the strategy for the conduction of the adopted monetary policy and the increase in the degree of CBI did not contribute to an imrovement in the fiscal balance.

Efeitos da independência do banco central e da taxa de rotatividade sobre a inflação brasileira

Nowadays, the belief is strong in the Brazilian federal government that operational central bank independence is a basic condition to assure price stability. The literature concerning this subject highlights that a high degree of independence and a low turnover of central bank governor are associated with low inflation. This paper analyzes the relation between central bank independence and inflation in Brazil during 1980-2002. The findings denote that there is no effect on inflation due to an increase in degree of independence and a fall in turnover rate.

Transparência do banco central: uma análise para o caso brasileiro

Central Bank transparency: an analysis of the Brazilian case. Nowadays there is a tendency among central banks of increasing transparency in the conduction of the monetary policy. After the adoption of inflation targeting in Brazil there was an increase in the communication of the Central Bank of Brazil with the public. This paper makes a brief review of the recent theoretical and empirical literature concerning this subject. Furthermore, an analysis due to the transparency in the conduction of Brazilian monetary policy on important macroeconomic variables is made. The findings denote that an increase in transparency improves the behavior of several macroeconomic variables.

Revelações da crise: moeda fiduciária e as relações Tesouro/Banco Central

The current crisis shed a new light on issues that, previously, were not perceived as serious or important. It highlighted the close ties between fiat currency and government bonds denominated in it or, in other words, the relationship between Treasury and Central Bank. Two ill-conceived views of the "new consensus" on money that had turned into taboos were put in evidence. The first, derived from the quantitative theory, concerns the rejection of unsterilized monetary expansion; the second, directly related to the neoliberal ideology, prohibits or imposes strict limits on the role of central banks in the financing of public debts.

Effects of mercury intoxication on the response of horizontal cells of the retina of thraira fish (Hoplias malabaricus)

Methyl mercury (MeHg) is highly neurotoxic, affecting visual function in addition to other central nervous system functions. The effect of mercury intoxication on the amplitude of horizontal cell responses to light was studied in the retina of the fish Hoplias malabaricus. Intracellular responses were recorded from horizontal cells of fish previously intoxicated with MeHg by intraperitoneal injection (IP group) or by trophic exposure (T group). Only one retina per fish was used. The doses of MeHg chloride administered to the IP group were 0.01, 0.05, 0.1, 1.0, 2.0, and 6.0 mg/kg. The amplitudes of the horizontal cell responses were lower than control in individuals exposed to 0.01 (N = 4 retinas), 0.05 (N = 2 retinas) and 0.1 mg/kg (N = 1 retina), whereas no responses were recorded in the 1.0, 2.0, and 6.0 mg/kg groups. T group individuals were fed young specimens of Astyanax sp previously injected with MeHg corresponding to 0.75 (N = 1 retina), 0.075 (N = 8 retinas) or 0.0075 (N = 4 retinas) mg/kg fish body weight. After 14 doses, one every 5 days, the amplitude of the horizontal cell response was higher than control in individuals exposed to 0.075 and 0.0075 mg/kg, and lower in individuals exposed to 0.75 mg/kg. We conclude that intoxication with MeHg affects the electrophysiological response of the horizontal cells in the retina, either reducing or increasing its amplitude compared to control, and that these effects are related to the dose and/or to the mode of administration.

Transparência: Bacen versus BoE

Transparency: Bacen versus BoE. The aim of this paper is to compare the degree of transparency of the Brazilian Central Bank (Bacen) with the one verified in the Bank of England (BoE). In order to accomplish this objective, an indicator of transparency is built based on the information that each central bank provides to the public about its monetary policy, its expectation about the future of the economy, its intervention in the financial market, and if there are clear limits and restrictions to the release of information to the general public. The analysis suggests that the Bacen is less transparent and has a less individualistic Monetary Policy Committee in comparison with the BoE. Moreover, it indicates some procedures that could be adopted by the Bacen in order to make its monetary policy more transparent.

Still the century of government savings banks? The Caixa Econômica Federal

This article explores general concerns about government banking, social inclusion, and democracy through case study of the Brazilian federal government savings bank (Caixa Econômica Federal). Review of government savings banks in Brazilian history suggests that these institutions have been at the center of domestic political economy, expanding and contracting under a variety of political regimes and economic conditions. Since capitalization to meet central bank and Basel Accord guidelines in 2001, the Caixa has attempted to modernize, continue to serve as agent for government policies, and expand both popular credit and savings and investment banking activities.

Um modelo macrodinâmico pós-keynesiano de simulação

A post-keynesian macro-dynamic model of simulation. The objective of this article is to present the structure and the simulation results of a one-sector macro-dynamic model that embeds some elements of the post-keynesian theory. The computational simulation of the model replicates some important features of capitalist dynamics as the phenomenon of cyclical growth, the long-run stability of the profit rate and functional distribution of income, the maintenance of idle-capacity in the long-run and the occurrence of a single episode of deep fall in real economic activity, which is in accordance with the rarity character of great crashes in the history of capitalism. Moreover, the simulation results show that a great reduction in inflation rate will be followed by an increase of financial fragility, increasing the like-hood of a great depression. As a policy advice derived from the simulation results, we can state that the Central Bank should never promote big reductions in inflation rate.

Banco Nacional: jogo de Ponzi, PROER e FCVS

Banco Nacional: Ponzi game, PROER and FCVS. This paper analyses the causes of the failure of Banco Nacional and the resolution method adopted by the Brazilian central bank. The program (PROER) designed by the central bank and its legal framework allowed the failed bank to buy " defaulted securities" , financed by the central bank, and to use them as borrowing collateral. The paper also analyses the private and social costs of this bank failure.

Metas inflacionárias: a análise convencional e um modelo alternativo

Inflation targeting: the conventional analysis and an alternative model. This article has two aims: the first one is to present a formal model of the monetary policy identified generally as "inflation targeting policy", an instrument of intervention of the central bank, through the short run nominal interest rate. The second aim is to discuss and criticize the theoretical assumptions of the model specially the concepts of "natural rate of interest" and of potential product presented by the "augmented Philips curve"; and to present a more realistic control of inflation targeting which does not assume the hypotheses above, and in which inflation targeting is based on the control of real rate of interest.

O comportamento recente do investimento direto brasileiro no exterior em perspectiva

The recent behavior of the Brazilian direct investment abroad in perspective. This paper analyzes the recent behavior of the Brazilian direct investment abroad, as captured by an annual census conducted by the Central Bank of Brazil since 2001, by putting it in a broader perspective that includes international official data sources and early sample studies. Though the Central Bank has not been making available more disaggregated data than those analyzed here, it is intended to contribute to a better grasping of the perspectives of competitive internationalization of local firms, which is desirable not only as far as the external accounts are concerned, but also from the viewpoint of the technological capabilities of the local firms.

A gerência recente do endividamento público brasileiro

The recente Brazilian public management. We use two frameworks to analyze the recent Brazilian public debt management. The first one encompasses the Brazilian optimal public debt management analysis through the examination of the correlations among the main variables to which the public debt is indexed. The second seeks to address the consequences of recent Brazilian economic policies, such as international reserves accumulation through sterilized interventions by the Central Bank and excessive capitalization of federal financial institutions. Those policies have important, albeit often ignored, fiscal impacts, which became important to determine the current size, maturity and composition of the public debt stock.

On high interest rates in Brazil

This article examines the question of why interest rates are so high in Brazil as compared to the international average. It looks at theoretical arguments based on excessive government deficits, structural lack of private savings, inflation bias, excessive investment demand and fear of floating. An informal look at the evidence does not strongly corroborate any of these arguments. Hence a wise central bank should consider "testing" the market to make sure it is not dealing with an extreme equilibrium configuration or a long standing disequilibrium.

PEDO-TRANSFER FUNCTIONS FOR ESTIMATING SOIL BULK DENSITY IN CENTRAL AMAZONIA

Under field conditions in the Amazon forest, soil bulk density is difficult to measure. Rigorous methodological criteria must be applied to obtain reliable inventories of C stocks and soil nutrients, making this process expensive and sometimes unfeasible. This study aimed to generate models to estimate soil bulk density based on parameters that can be easily and reliably measured in the field and that are available in many soil-related inventories. Stepwise regression models to predict bulk density were developed using data on soil C content, clay content and pH in water from 140 permanent plots in terra firme (upland) forests near Manaus, Amazonas State, Brazil. The model results were interpreted according to the coefficient of determination (R2) and Akaike information criterion (AIC) and were validated with a dataset consisting of 125 plots different from those used to generate the models. The model with best performance in estimating soil bulk density under the conditions of this study included clay content and pH in water as independent variables and had R2 = 0.73 and AIC = -250.29. The performance of this model for predicting soil density was compared with that of models from the literature. The results showed that the locally calibrated equation was the most accurate for estimating soil bulk density for upland forests in the Manaus region.

Association between tooth loss and obesity in Brazilian adults: a population-based study

OBJECTIVE: To examine the association between tooth loss and general and central obesity among adults. METHODS: Population-based cross-sectional study with 1,720 adults aged 20 to 59 years from Florianópolis, Southern Brazil. Home interviews were performed and anthropometric measures were taken. Information on sociodemographic data, self-reported diabetes, self-reported number of teeth, central obesity (waist circumference [WC] > 88 cm in women and > 102 cm in men) and general obesity (body mass index [BMI] ≥ 30 kg/m²) was collected. We used multivariable Poisson regression models to assess the association between general and central obesity and tooth loss after controlling for confounders. We also performed simple and multiple linear regressions by using BMI and WC as continuous variables. Interaction between age and tooth loss was also assessed. RESULTS: The mean BMI was 25.9 kg/m² (95%CI 25.6;26.2) in men and 25.4 kg/m2 (95%CI 25.0;25.7) in women. The mean WC was 79.3 cm (95%CI 78.4;80.1) in men and 88.4 cm (95%CI 87.6;89.2) in women. A positive association was found between the presence of less than 10 teeth in at least one arch and increased mean BMI and WC after adjusting for education level, self-reported diabetes, gender and monthly per capita income. However, this association was lost when the variable age was included in the model. The prevalence of general obesity was 50% higher in those with less than 10 teeth in at least one arch when compared with those with 10 or more teeth in both arches after adjusting for education level, self-reported diabetes and monthly per capita family income. However, the statistical significance was lost after controlling for age. CONCLUSIONS: Obesity was associated with number of teeth, though it depended on the participants' age groups.