The effects of fiscal policy after the global recession: assessing the evidences

This paper offers a commented review of the most recent empirical studies of the effects of fiscal contraction on economic growth, which have helped underpin the prescription that fiscal policy should be expansionary in coming years in order to contain economic semi-stagnation in the developed countries. The paper shows that there is ample literature showing that fiscal expansion helps the economy grow, and that fiscal contraction tends to reduce output and employment in the short term.

Reshaping European Union development policy: collective choices and the new global order

Abstract The European Union (EU) is one of the world´s leading donors in official development assistance (ODA) to give a strong weight in the relationship with recipient partner countries, in particular with those that are more dependent on it. Besides the material weight of its funding, the EU has retained historical ties and influence in diplomatic, political and economic terms in many of its ODA recipient partner countries (particular in Sub-Saharan Africa). Since the 2000s, the EU development policy has not only undergone major structural changes in its institutional framework but also has started to face a new international aid scenario. This paper explores why a normative-based EU development policy is being challenged by reformed EU institutions and a new global order, and how the EU is attempting to respond to this context in face of the deepest recession since the end of the Second World War.

Prevalence of periodontal disease in dogs and owners' level of awareness - a prospective clinical trial

Periodontal disease (PD) is widely known among veterinarians for its high prevalence and serious consequences to the dogs. The objective of this study was to assess the occurrence of PD in dogs that live in the micro-region of Viçosa, treated at the Veterinary Hospital of the Federal University of Viçosa (HVT - Hospital Veterinário da Universidade Federal de Viçosa), as well as to assess how aware of this disease dog owners are. In order to do so, all dogs treated at the HVT from March 10th, 2009 to November 30th, 2009, on alternate days, had their oral cavities examined. Medical history data, such as age, type of food, main complaint and owner consent, halitosis, presence of dental calculus, inflammation and gingival recession and tooth loss, were collected. A prevalence of 88.67% was found for PD in dogs referred to the HVT, and 2.67% were referred due to this disease. Of all the owners who participated in the study, 43.83% knew about periodontal disease and of these 17.46% made use of some type of prevention or treatment. Therefore, periodontal disease is highly prevalent and the owners are not aware of the disease. Thus, a dog owner clarification program on periodontal disease is needed in the area where HVT-UFV operates.

STRATEGIES FOR SUPERIOR PERFORMANCE IN RECESSIONS: PRO OR COUNTER-CYCLICAL?

Recessions are recurring events in which most firms suffer severe impacts while others are less affected or may even prosper. Strategic management has made little progress in understanding such performance differences. In a scenario of decreased demand, intensified competition, and higher uncertainty, most firms try to survive by pro-cyclically cutting costs and investments. But firms could take advantage of undervalued resources in the market to counter-cyclically invest in new business opportunities to overtake competitors. We survey Brazilian firms in various industries about the 2008-2009 recession and analyze data using PLS-SEM. We find that while most firms pro-cyclically reduce costs and investments in recessions, a counter-cyclical strategy of investing in opportunities created by changes in the market enables superior performance. Most successful are firms with a propensity to recognize opportunities, an entrepreneurial orientation to invest, and the flexibility to efficiently implement investments.

EVALUATING THE EFFICIENCY PROGRESS WITH TECHNOLOGY IN A SPANISH HOTEL CHAIN

ABSTRACTThis paper analyzes the changes in the total factor productivity index of a Spanish hotel chain in the period from 2007 to 2010 with the purpose of identifying efficiency patterns for the chain in a period of financial crisis. The data envelopment analysis (DEA) Malmquist productivity index was used to estimate productivity change in 38 hotels of the AC chain. Results reveal AC hotels' efficiency trends and, therefore, their competitiveness in the recession period; they also show the changes experienced in these hotels' total productivity and its components: technological and efficiency changes. Positive efficiency changes were due to positive technical efficiency rather than technological efficiency. The recession period certainly influenced the performance of AC Hotels, which focused on organizational changes rather than investing in technology.

Periodontal aspects of the juvenile form of paracoccidioidomycosis

Three cases of the juvenile form of paracoccidioidomycosis are reported. Emphasis has been given to the oral manifestations, particularly the periodontal involvement. The main periodontal findings were: generalized and progressive alveolar bone destruction leading to gingival recession with exposure of the tooth roots, and spontaneous tooth losses. The gingival mucosa was predominantly smooth, erithematous and slightly swollen. These aspects, although rare, may be the earliest signs of the disease and sometimes its only manifestation.

Runoff and sediment transport in a degraded area

Gully erosion occurs by the combined action of splash, sheetwash and rill-wash (interrill and rill erosion). These erosion processes have a great capacity for both sediment production and sediment transport. The objectives of this experiment were to evaluate hydrological and sediment transport in a degraded area, severely dissected by gullies; to assess the hydraulic flow characteristics and their aggregate transport capacity; and to measure the initial splash erosion rate. In the study area in Guarapuava, State of Paraná, Brazil (lat 25º 24' S; long 51º24' W; 1034 m asl), the soil was classified as Cambissolo Húmico alumínico, with the following particle-size composition: sand 0.116 kg kg-1; silt 0.180 kg kg-1; and clay 0.704 kg kg-1. The approach of this research was based on microcatchments formed in the ground, to study the hydrological response and sediment transport. A total of eight rill systems were simulated with dry and wet soil. An average rainfall of 33.7 ± 4.0 mm was produced for 35 to 54 min by a rainfall simulator. The equipment was installed, and a trough was placed at the end of the rill to collect sediments and water. During the simulation, the following variables were measured: time to runoff, time to ponding, time of recession, flow velocity, depth, ratio of the initial splash and grain size. The rainsplash of dry topsoil was more than twice as high as under moist conditions (5 g m-2 min-1 and 2 g m-2 min-1, respectively). The characteristics of the flow hydraulics indicate transition from laminar to turbulent flow [Re (Reynolds number) 1000-2000]. In addition, it was observed that a flow velocity of 0.12 m s-1 was the threshold for turbulent flow (Re > 2000), especially at the end of the rainfall simulation. The rill flow tended to be subcritical [Fr (Froude Number) < 1.0]. The variation in hydrological attributes (infiltration and runoff) was lower, while the sediment yield was variable. The erosion in the rill systems was characterized as limited transport, although the degraded area generated an average of 394 g m-2 of sediment in each simulation.

The effects of the global economic crisis in Latin America

The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

The new international financial crisis: causes, consequences and perspectives

The paper investigates the recent financial crisis within a historical and comparative perspective having in mind that it is ultimately a confidence crisis, initially associated to a chain of high risk loans and financial innovations that spread thorough the international system culminating with impressive wealth losses. The financial market will eventually recover from the crisis but the outcome should be followed by a different and more disciplined set of international institutions. There will be a change on how we perceive the widespread liberal argument that the market is always efficient, or at least, more efficient than any State intervention, overcoming the false perception that the State is in opposition to the market. A deep financial crisis brings out a period of wealth losses and an adjustment process characterized by price corrections (commodities and equity price deflation) and real effects (recession and lower employment), and a period of turbulences and end of illusions is in place.

Germany's socio-economic model and the Euro crisis

Germany's socio-economic model, the "social market economy", was established in West Germany after World War II and extended to the unified Germany in 1990. During a prolonged recession after the adoption of the Euro in 1998, major reforms (Agenda 2010) were introduced which many consider as the key of Germany's recent success. The reforms had mixed results: employment increased but has consisted to a large extent of precarious low-wage jobs. Growth depended on export surpluses based on an internal real devaluation (low unit labour costs) which make Germany vulnerable to global recessions as in 2009. Overall inequality increased substantially.

O centenário de Ignácio Rangel

In February 2014, celebrating the centenary of Ignácio Rangel - one of the most original thinkers of the Brazilian economy. This article aims to summarize the main points of his work, considering that his theoretical contribution is poorly known of the new generations. It was one of the first to associate the internal cycles of our economy to the cycles of the world economy through the thesis of duality. Inflation was part of the "syndrome of the recession." Out of recession, there should be transfer of resources from activities with idle capacity for latecomers sectors, in case public services.

A curva de Rangel: origem, desenvolvimento e a formalização de Bresser-Pereira e Nakano

For Rangel inflation is caused by oligopolies and is necessary because it prevents a depression in an economy with low propensity to consume. Facing inflation, government prints money to avoid a liquidity crisis. This conception implies a double opposition to monetarist thought: conceives inflation as functional phenomenon and reverses the causality established by the quantitative equation. Bresser and Nakano were highly influenced by Rangel and stress that inflation is caused by oligopolies and also propose a "sanctioning role" of the state. However, these authors go further Rangel arguing that in recession inflation accelerates thus, formalizing a negative relationship between GDP growth and inflation, according with the so called "Rangel curve".

Economic stagnation in the United States: underlying causes and global consequences

This paper analyzes the causes of the slow recovery of the US economy since the financial crisis and Great Recession of 2008-9. Fallen house values and excessive household debts continue to depress consumer spending, while corporations are failing to invest in spite of record profits. The increasingly unequal distribution of income limits demand, while long-term structural transformations continue to erode employment creation. An expansionary monetary policy has been incapable of sparking a more robust recovery and fiscal policy has been shifted to an austerity stance. In this context, Brazil and other emerging market nations cannot count on the United States to continue to be the leading source of global demand as it was in previous decades.