Brazil as an emerging economy: a new economic miracle?

This article shows that abundant resources and blind faith in an optimistic future cannot result in sustainable growth in Brazil. There are great deficiencies in various areas which make sustained high growth rates almost impossible to achieve, such as the low investment ratio, deficiencies in creating human capital, high interest rates leading to an uncompetitive exchange rate and a lack of infrastructural development.

The AIDS epidemic in the Amazon region: a spatial case-control study in Rondonia, Brazil

OBJECTIVE To analyze spatial changes in the risk of AIDS and the relationship between AIDS incidence and socioeconomic variables in the state of Rondonia, Amazon region. METHODS A spatial, population case-control study in Rondonia, Brazil, based on 1,780 cases reported to the Epidemiological Surveillance System and controls based on demographic data from 1987 to 2006. The cases were grouped into five consecutive four-year periods. A generalized additive model was adjusted to the data; the dependent variable was the status of the individuals (case or control), and the independent variables were a bi-dimensional spline of the geographic coordinates and some municipality-level socioeconomic variables. The observed values of the Moran’s I test were compared to a reference distribution of values generated under conditions of spatial randomness. RESULTS AIDS risk shows a marked spatial and temporal pattern. The disease incidence is related to socioeconomic variables at the municipal level in Rondônia, such as urbanization and human capital. The highest incidence rates of AIDS are in municipalities along the BR-364 highway and calculations of the Moran’s I test show positive spatial correlation associated with proximity of the municipality to the highway in the third and fourth periods (p = 0.05). CONCLUSIONS Incidence of the disease is higher in municipalities of greater economic wealth and urbanization, and in those municipalities bisected by Rondônia’s main roads. The rapid development associated with the opening up of once remote regions may be accompanied by an increase in these risks to health.

Effect of investments on fundamentals and market reaction on pre-operational and operational Brazilian companies for the period 2006-2012

ABSTRACT This paper provides evidence on the market reaction to corporate investment decisions whose shareholder value is largely attributed to growth options. The exploratory research raised pre-operational companies and their operational pairs on the same economy segments. It had the purpose of investigating the existence of statistical differentiation from financial indicators that reflect the installed assets and growth assets, and then study the market reaction to changes in fixed assets as a signaling element about investment decisions. The formation process of operational assets and shareholder value almost exclusively dependent on asset growth stands out in the pre-operational companies. As a result, differentiation tests confirmed that the pre-operational companies had their value especially derived on growth options. The market reaction was particularly bigger in pre-operational companies with abnormal negative stock returns, while the operational companies had positive returns, which may indicate that the quality of the investment is judged based on the financial disclosure. Additionally, operational companies' investors await the disclosure to adjust their prices. We conclude that the results are consistent with the empirical evidence and the participants in financial markets to long-term capital formation investments should give that special attention.

Os efeitos da política educacional no crescimento econômico: teoria e estimativas dinâmicas em painel de dados

In this paper, we develop a theoretical model that considers a non-linear relationship between growth and level of education (human capital). Our econometric estimates demonstrated the causality running from human capital to GDP per capita with U inverted shape. The level of education (human capital) that generates the maximum growth rate lies around 4.5 years. The foremost implication of this result is that States with level of education below this range should have as priority educational policies.

Defasagem idade-série a partir de distintas perspectivas teóricas

Age-grade gap from different theoretical perspectives. The purpose of this article is to analyze the determinants of the age-grade gap based on the human capital theory and some education sociology approaches. The article also shows the range and limitations of the Family Scholarship Transfer Programme (programa Bolsa Familia) in this age-grade gap reduction process. From the investigated theoretical aspects it can be concluded that this Programme would only show long-term effectiveness in the poverty reduction process if supported by at least a combination of programs and actions aimed at improving this educational indicator.

Historical origins of Brazilian relative backwardness

This paper relies on some data to identify the 19th century as the major period in which Brazil economy lagged behind some chosen benchmarking countries, as the USA, Canada, New Zealand, Australia and some European periphery countries. To identify the reasons for this an exercise using immigration data was used to make a decomposition of the sources of growth of the proportion of the USA per capita GDP to the Brazilian one. The results indicate that the imported human capital was responsible for 59% to 88% of this total growth between 1820 and 1900.