Credit ratings and government bonds evidence before, during and after the european debt crisis

Neste projeto, investigamos se as agências de rating e as taxas de juro de longo prazo da dívida soberana tiveram uma influência recíproca antes, durante e após a crise da dívida soberana Europeia. Esta análise é realizada, estimando a relação existente entre os ratings da dívida soberana ou taxas de juro e factores macroeconomicos e estruturais, através de uma diferente aplicação de metodologias utilizadas para este efeito. Os resultados obtidos demonstram que, no período da crise soberana, os ratings e as taxas de juros tiveram um mútuo impacto, sugerindo que as descidas dos ratings podem ter conduzido a profecias auto-realizáveis, levando países relativamente estáveis a um eventual incumprimento

Monetary policy, default risk and the exchange rate

In a country with high probability of default, higher interest rates may render the currency less attractive if sovereign default is costly. This paper develops that intuition in a simple model and estimates the effect of changes in interest rates on the exchange rate in Brazil using data from the dates surrounding the monetary policy committee meetings and the methodology of identification through heteroskedasticity. Indeed, we find that unexpected increases in interest rates tend to lead the Brazilian currency to depreciate. It follows that granting more independence to a central bank that focus solely on inflation is not always a free-lunch.

Alterações da default mode network provocadas pela ingestão de Ayahuasca investigadas por Ressonância Magnética Funcional

Ayahuasca is psychotropic beverage that has been used for ages by indigenous populations in South America, notably in the Amazon region, for religious and medicinal purposes. The tea is obtained by the decoction of leaves from the Psychotria viridis with the bark and stalk of a shrub, the Banisteriopsis caapi. The first is rich in N-N-dimethyltryptamine (DMT), which has an important and well-known hallucinogenic effect due to its agonistic action in serotonin receptors, specifically 5-HT2A. On the other hand, β-carbolines present in B. caapi, particularly harmine and harmaline, are potent monoamine oxidase inhibitors (MAOi). In addition, the tetrahydroharmine (THH), also present in B. caapi, acts as mild selective serotonin reuptake inhibitor and a weak MAOi. This unique composition induces a number of affective, sensitive, perceptual and cognitive changes in individuals under the effect of Ayahuasca. On the other hand, there is growing interest in the Default Mode Network (DMN), which has been consistently observed in functional neuroimaging studies. The key components of this network include structures in the brain midline, as the anterior medial frontal cortex, ventral medial frontal cortex, posterior cingulate cortex, precuneus, and some regions within the inferior parietal lobe and middle temporal gyrus. It has been argued that DMN participate in tasks involving self-judgments, autobiographical memory retrieval, mental simulations, thinking in perspective, meditative states, and others. In general, these tasks require an internal focus of attention, hence the conclusion that the DMN is associated with introspective mental activity. Therefore, this study aimed to evaluate by functional magnetic resonance imaging (fMRI) changes in DMN caused via the ingestion of Ayahuasca by 10 healthy subjects while submitted to two fMRI protocols: a verbal fluency task and a resting state acquisition. In general, it was observed that Ayahuasca causes a reduction in the fMRI signal in central nodes of DMN, such as the anterior cingulate cortex, the medial prefrontal cortex, the posterior cingulate cortex, precuneus and inferior parietal lobe. Furthermore, changes in connectivity patterns of the DMN were observed, especially a decrease in the functional connectivity of the precuneus. Together, these findings indicate an association between the altered state of consciousness experienced by individuals under the effect of Ayahuasca, and changes in the stream of spontaneous thoughts leading to an increased introspective mental activity

A dívida da vida: redes clientelistas na saúde "de favor"

The relationship between mayors and patients Who use a Casa de Apoio in Natal, RN, shows us some traditional political features anda t the same time happens in na urban and modern context, regulated by a formal institution, the State. The Oestana, as is named this Casa de Apoio, offers daily that are paid by some City Halls located in the West of Rio Grande do Norte where people go away to capital from which they have medical and hospital care. This assistance includes paid services like accommodation, food, transportation, etc., as well as services that aren´t paid as information, support and hospital material, for example. When the patients access these service, they will gain a debt with a services provider (the mayor) which its eventually paid with the vote in the municipal elections. The goal is to understand the social, the political, the symbolic and mainly the life meaning of this relationship. Our research was developed by interviews with Oestanas users and regular visits to this house that showed a political bond regulated by moral and subjection, but is reconfigured by new social categories as the affection and the logical networks.

Políticas de ajuste e renegociação da dívida externa na América Latina

Incluye Bibliografía

Política fiscal e dívida pública: Uma abordagem teórica a partir de keynes e abba lerner

The fiscal policies of national governments are an important instrument of economic policy, as they contribute directly or indirectly to growth and economic development. Since Keynes, the utilization of active fiscal policy is unavoidable during periods of crisis, especially a policy of public investment spending aimed at reducing macroeconomic uncertainty. In the same way, Abba Lerner and functional finances indicate the use of fiscal policy in favor of macroeconomic stability, and not according to a single objective of seeking equilibrium in the public accounts. However, at the present time, the debate on fiscal policy is not sufficient to guarantee public sector financial equilibrium. The article picks up on the contributions of Keynes and Abba Lerner regarding the importance of the public budget in economic activity, and discusses the present scenario for fiscal policy.

Gestão da dívida pública: a experiência do Brasil

Incluye Bibliografía

Política fiscal e reestruturação da dívida pública no Brasil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Do mítico que dá a certeza ao questionamento que dá a dúvida: os olhares de Herculano e Saramago sobre a realidade histórica de Portugal - Em que(m) você crê?

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

A crise do desenvolvimento brasileiro: dívida externa, condicionalidades e as relações com o Fundo Monetário Internacional e Banco Mundial (1974-1987)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Dívida pública brasileira (1822-2004): sua história e os efeitos sobre o crescimento econômico

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)