Essays on international finance, default and inflation

This thesis is composed by three papers, each one of them corresponding to one chapter. The first and the second chapters are essays on international finance appraising default and inflation as equilibrium outcomes for crisis time, in particular, for confidence crisis time that leads to speculative attack on the external public debt issued by emerging economies. With this background in mind, welfare effects from adopting common currency (chapter 1) and welfare effects from increasing the degree of economic openness (chapter 2) are analyzed in numerical exercises, based on DSGE framework. Cross-countries results obtained are then presented to be compared with empirical evidence and to help on understanding past policy decisions. Some policy prescriptions are also suggested. In the third chapter we look to the inflation targeting regime applied to emerging economies that are subject to adverse shocks, like the external debt crisis presented in the previous chapters. Based on a more theoretical approach, we appraise how pre commitment framework should be used to coordinate expectations when policymaker announcement has no full credibility and self fulfilling inflation may be possible.

Financial regulation and international criminal policy: the anti-money laundering system in Brazil and Argentina

The objective of this paper is to present and compare the process and the results of the implementation of the anti-money laundering system in Brazil and Argentina. Considering that the internal transformations cannot be discussed without a clear understanding of the international apparatus, attention will be given to the description of the “international policy” designed and conducted by FATF. Therefore, its incorporation into two different national realities, the Brazilian and the Argentinean ones, will shed light not only on the transnational transformations both States underwent but also on the anti-money laundering regime itself. The paper is divided into five parts. The first one presents a brief introduction on the emergence and development of the relationship between financial regulation and criminal policy. The two following sections are designed to present an overview of the anti money laundering system in Brazil and Argentina and of the role of FATF in their implementation process. The fourth section presents two Brazilian examples of situations in which full advantage of the FATF regime was taken: the National Strategy to Combat Corruption and Money Laundering and the BacenJud, a communication channel between the financial system and the judicial power. To conclude, final comments will be presented in connection with the central questions of the project this paper is part of .

The challenges of repositioning an international brand: a case study on the hospitality industry

Much has been said in the literature about brand positioning, as well as about international branding and their importance on ever more competitive world marketplaces. Concerning repositioning, however, the literature is not extensive, and if the subject has been considered by a few scholars, it has been, as Ryan, Moroney, Geoghehan and Cunnigham (2007) noted “in passing” and “without elaboration”. It is nevertheless considered as an integral part of “strategic competition” (Porter, M., 1996, as cited in Ryan, P., Moroney, M., Geoghegan, W., Cunningham, J., 2007), as well as an element indispensable to corporate transformation (Dunphy, D., Stace, D., 1993, as cited in Ryan, P., Moroney, M., Geoghegan, W., Cunningham, J., 2007). Investigating it further, looking at it in an international setting, and understanding what challenges can arise when an international firm engages in such practice is thus of interest. This is conducted looking at the recent repositioning of Accor´s brand Sofitel from the high-end to the luxury market segment of the hospitality industry.

Beyond sea, sun and fun in Rio de Janeiro: understanding exchange students motivations and interests

O objetivo deste estudo é compreender o que leva estudantes de intercâmbio ao Rio de Janeiro, quais são suas motivações e interesses que influenciam na escolha dessa cidade, um destino pouco tradicional para intercâmbios, que recebe um crescente número de intercambistas de países desenvolvidos. Também apresentamos uma discussão mais ampla sobre a educação internacional do século 21, posicionando programas de intercâmbio como uma das possíveis iniciativas para a internacionalização de instituições de ensino superior. Para responder essa questão, 20 estudantes de 11 países foram entrevistados. Os resultados indicam que existe muito mais no Rio de Janeiro além do sol e das belas praias. Há uma grande variedade de interesses que explicam porque estudantes de intercâmbio escolhem esse destino. O clichê sobre sol, praia e carnaval se manifestou em diversas respostas, no entanto, nunca como principal fator. Intercambistas se interessam pela cidade por diversos motivos além das atrações turísticas, como aprender português, melhorar o currículo e estar em uma economia emergente. Recomendações para a internacionalização de instituições de educação e uma agenda de pesquisa para o desenvolvimento desse tópico são apresentadas na parte final.

Adaptation of the international investment contract: the hardship clause

Este trabalho acadêmico explora, em linhas gerais, a questão da adaptação do contrato de investimento internacional, e o tema ‘cláusula de hardship’ em específico. Objetiva-se efetuar uma análise detalhada da cláusula de hardship, como meio de adaptação e flexibilização de contratos internacionais de investimento sob a ótica da prática jurídica e mercantil contemporânea. A discussão se centra no contraste entre a possibilidade de adaptação do contrato por circunstâncias imprevisíveis e o imperativo de previsibilidade no investimento. Nesse sentido, o estudo busca oferecer soluções práticas para o dilema existente entre a necessidade de segurança na relação econômica (cumprimento do contato) e a prevenção da possibilidade de ruína financeira para quaisquer das partes no caso de uma mudança brusca no contexto dos negócios. O trabalho está centrado em uma investigação teórica acerca dos temas de readaptação contratual; diferenças entre sistemas jurídicos de estados-nações, e suas consequências no comércio internacional; e a cláusula de hardship em si. Como forma de contribuir para uma compreensão prática na questão da adaptação do contrato de investimento internacional devido a fatores imprevistos, este trabalho analisa casos reais e tendências atuais observadas na arbitragem internacional.

The Impact of Domestic Politics and International Changes on the Brazilian Perception of Regional Integration

This article aims to analyze the impact of domestic politics and international changes that influence Brazilian positions regarding regional integration processes in South America, particularly the Southern Common Market, Mercosur. The dynamics of the international system and their impact on the evolution of the elite's perception of the role the country should play in the world are important variables for understanding these positions. The state's postures in relation to integration were and are based on a real interest, but this interest is also linked with the objective of ensuring better conditions for participation in other international arenas. Starting with the hypothesis that transformations in the international setting have strongly influenced Brazil's positioning, the elements of continuity and change in the country's behavior toward Mercosur are identified, with domestic politics as the main explanation.

International Recommendations for Training Future Toxicologic Pathologists Participating in Regulatory-Type, Nonclinical Toxicity Studies

The International Federation of Societies of Toxicologic Pathologists (IFSTP) proposes a common global framework for training future toxicologic pathologists who will support regulatory-type nonclinical toxicology studies. Trainees optimally should undertake a scientific curriculum of at least 5 years at an accredited institution leading to a clinical degree (veterinary medicine or medicine). Trainees should then obtain 4 or more years of intensive pathology practice during a residency and/or on-the-job "apprenticeship," at least 2 years of which must be focused on regulatory-type toxicologic pathology topics. Possession of a recognized pathology qualification (i.e., certification) is highly recommended. A non-clinical pathway (e.g., a graduate degree in medical biology or pathology) may be possible if medically trained pathologists are scarce, but this option is not optimal. Regular, lifelong continuing education (peer review of nonclinical studies, professional meetings, reading, short courses) will be necessary to maintain and enhance one's understanding of current toxicologic pathology knowledge, skills, and tools. This framework should provide a rigorous yet flexible way to reliably train future toxicologic pathologists to generate, interpret, integrate, and communicate data in regulatory-type, nonclinical toxicology studies. (J Toxicol Pathol 2010; 23: 171-181)

International recommendations for training future toxicologic pathologists participating in regulatory-type, nonclinical toxicity studies

The International Federation of Societies of Toxicologic Pathologists (IFSTP) proposes a common global framework for training future toxicologic pathologists who will support regulatory-type - nonclinical toxicology studies. Trainees optimally should undertake a scientific curriculum of at least 5 years at an accredited institution leading to a clinical degree (veterinary medicine or medicine). Trainees should then obtain 4 or more years of intensive pathology practice during a residency and/or on-the-job "apprenticeship," at least 2 years of which must be focused on regulatory-type toxicologic pathology topics. Possession of a recognized pathology qualification (i.e., certification) is highly recommended. A nonclinical pathway (e.g., a graduate degree in medical biology or pathology) may be possible if medically trained pathologists are scarce, but this option is not optimal. Regular, lifelong continuing education (peer review of nonclinical studies, professional meetings, reading, short courses) will be necessary to maintain and enhance one's understanding of current toxicologic pathology knowledge, skills, and tools. This framework should provide a rigorous yet flexible way to reliably train future toxicologic pathologists to generate, interpret, integrate, and communicate data in regulatory-type, nonclinical toxicology studies. (C) 2010 Reprinted by Permission of SAGE Publications Inc. Published by Elsevier GmbH. All rights reserved.

Sectoral regimes, productivity and international competitiveness

Includes bibliography

A real-time thermal field theoretical analysis of Kubo-type shear viscosity: Numerical understanding with simple examples

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Body and Didactics. Possible directions of international research

The paper investigates the role of the body in didactics. It looks up for points of contact between the functional sceneries of the classroom and some recent approaches, such like simplexity, neurosciences and enactivism. The two experiments presented they aim to demonstrate the importance of body awareness to improve the didactic quality. The first experience used a SenseWear Armband that provided data about the energetic expenditure of a teacher during diff erent activities in a lesson. Th e second experiment relied on a neurofeedback device integrated to a sensor, it detected body temperature with the aim of understanding the role of the body in the process of self-regulation-learning and management of attention and arousal.

Constant Pioneers: The Citation Frontiers of Indexing Theory in the ISKO International Proceedings

Presents a citation analysis of indexing research in the two Proceedings. Understanding that there are different traditions of research into indexing, we look for evidence of this in the citing and cited authors. Three areas of cited and citing authors surface, after applying Price's elitism analysis, each roughly corresponding to geographic distributions.

Understanding bias in geographic range size estimates

Aim Estimates of geographic range size derived from natural history museum specimens are probably biased for many species. We aim to determine how bias in these estimates relates to range size. Location We conducted computer simulations based on herbarium specimen records from localities ranging from the southern United States to northern Argentina. Methods We used theory on the sampling distribution of the mean and variance to develop working hypotheses about how range size, defined as area of occupancy (AOO), was related to the inter-specific distribution of: (1) mean collection effort per area across the range of a species (MC); (2) variance in collection effort per area across the range of a species (VC); and (3) proportional bias in AOO estimates (PBias: the difference between the expected value of the estimate of AOO and true AOO, divided by true AOO). We tested predictions from these hypotheses using computer simulations based on a dataset of more than 29,000 herbarium specimen records documenting occurrences of 377 plant species in the tribe Bignonieae (Bignoniaceae). Results The working hypotheses predicted that the mean of the inter-specific distribution of MC, VC and PBias were independent of AOO, but that the respective variance and skewness decreased with increasing AOO. Computer simulations supported all but one prediction: the variance of the inter-specific distribution of VC did not decrease with increasing AOO. Main conclusions Our results suggest that, despite an invariant mean, the dispersion and symmetry of the inter-specific distribution of PBias decreases as AOO increases. As AOO increased, range size was less severely underestimated for a large proportion of simulated species. However, as AOO increased, range size estimates having extremely low bias were less common.

Understanding the mechanical and biodegradation behaviour of poly(hydroxybutyrate)/rubber blends in relation to their morphology

In this work poly(hydroxybutyrate/poly(vinyl butyral)- co-(vinyl alcohol)-co(vinyl acetate) (or ethylene propylene diene monomer rubber) blends were prepared by conventional processing techniques (extrusion and injection moulding). A droplet type morphology was obtained for P(3HB)/PVB blends whereas P(3HB)/EPDM blends presented some extent of co-continuous morphology. In addition, rubbery domains were much smaller in the case of PVB. These differences in morphology are discussed taking into account solubility parameters and rheological behaviours of each component. For both blends, the increase of elastomer ratio led to a decrease of Young's modulus but an increase in elongation at break and impact strength. The latter increased more in the case of P(3HB)/EPDM blends although the rubbery domains were larger. These results are explained in the light of the glass transition of the rubber and the presence of plasticizer in the case of PVB. The addition of elastomer also resulted in an increase of P(3HB) biodegradation rate, especially in the case of EPDM. It is assumed that, in this case, the size and morphology of the rubbery domains induce a geometrical modification of the erosion front which leads to an increase of the interface between P(3HB) phase and the degradation medium and consequently to an apparently faster biodegradation kinetics of PHB/rubber blends. Copyright (C) 2011 Society of Chemical Industry