O uso de derivativos e gerenciamento de riscos em empresas brasileiras não-financeiras

Este artigo apresenta os resultados de uma pesquisa sobre uso de derivativos junto a 50 empresas não-financeiras brasileiras. A proporção de empresas que usam derivativos no Brasil não é significativamente diferente da de outros países que foram objeto de pesquisa, com exceção dos EUA. A exemplo do que foi verificado internacionalmente, as evidências sugerem que os gestores de empresas não-financeiras brasileiras usam derivativos principalmente com o propósito de gerenciar risco, e não com fins especulativos. O uso de derivativos por classes de risco no Brasil segue os padrões internacionais, ou seja, o tipo de exposição mais comumente gerenciada com derivativos é a cambial, seguido pelo risco de taxas de juros, de commodities e de patrimônio. Apesar da alta volatilidade dos mercados brasileiros, as preocupações principais dos gestores de risco brasileiros parecem estar mais ligadas às questões do arcabouço legal e institucional do que aos aspectos econômico-financeiros diferentemente do encontrado em outros países.

Os fluxos internacionais de capitais para investimentos em portfólio no mercado financeiro doméstico : uma análise do caso brasileiro de 1994 a 2000

Esta dissertação procura avaliar, dentro de um contexto de economia globalizada, o comportamento dos fluxos de capitais estrangeiros para investimentos nas economias emergentes, com foco no Brasil e nos investimentos em portfólio. Considera que os fluxos desses capitais têm crescido, dramaticamente, nos últimos anos e que as propostas de reformulações do sistema financeiro internacional e a adoção de controles desses capitais não estão totalmente claras, merecendo maiores estudos. Por meio de comparação entre os fluxos para investimentos em portfólio e os direcionados para investimentos diretos, o texto, aborda e questiona também, conceitos que, geralmente, relacionam esses capitais à incidência de crises, enquanto que os fluxos de capitais para investimentos diretos são associados ao crescimento de alguns países.

Um estudo de caso sobre as empresas de factoring no estado do Espírito Santo

Analisa as atividades das empresas operadoras de Factoring e descreve resumidamente o surgimento deste segmento paralelo, suas atividades e suas principais características no âmbito operacional, econômico, legal e fisco-tributário. Relata que o desenvolvimento dessas atividades ocorre num contexto de mudanças na dinâmica e na estrutura do Sistema Financeiro, de forma semelhante ao que se verifica em termos internacionais, ao promover alterações na forma tradicional de atuação dos bancos no Brasil a partir do período pós-Real. Busca justificar a assertiva de que o advento das empresas operadoras de Factoring foi essencial para o desenvolvimento de pequenas empresas e, finalmente, apura se o programa de reestruturação do sistema financeiro repercutiu nas atividades de Factoring. Inclui um estudo de caso envolvendo empresas locais de fomento mercantil (no estado do Espírito Santo) com o objetivo principal de constatar se dentre estas existem instituições "camufladas", quais sejam, aquelas que visam somente operações pecuniárias, assim evidenciando a prática da "agiotagem empresarial".

Aspectos psicológicos do controle social

O presente trabalho constitui uma tentativa de exploração dos aspectos psicológicos inerentes ao processo de controle social, segundo a perspectiva da "análise experimental do comportamento" de B. F. Skinner. Diversas proposições sociológicas correntes sobre algumas dimensões do problema geral são levantadas e criticamente articuladas com a abordagem comportamental skinneriana. No primeiro capítulo - "O Controle Social nas Instituições Totais”, é feita uma introdução conceitual ao condicionamento operante aproveitando-se para isso a descrição sociológica realizada por Goffman da vida naquelas instituições, são também aí discutidas algumas das interpretações erroneas das proposições skinnerianas e seus maus usos nas organizações fechadas. Desenvolve-se, no segundo capítulo, um exame comparativo das ficções literárias de "1984 “ e "Walden II", com o propósito de pela focalização de suas técnicas características de controle social, suscitar já, de modo informal, diversos pontos críticos do problema, que vêm a receber tratamento mais pormenorizado nos três capítulos seguintes. Em "Controle Social na Vida Cotidiana", discute-se a natureza difusa que o controle assume nesse contexto mais amplo, ressaltando-se o emprego que se faz, para esse fim, de artifícios motivacionais e ideológicos. Para a articulação com o pensamento skinneriano, é privilegiada abordagem da Sociologia do Conhecimento proposta por Berger e Luckmann. No quarto capítulo, que trata da "Identificação de Controladores e Controlados", procede-se a uma reinterpretação comportamentista dos constructos cognitivistas de “intenção” e "percepção”, com que comumente se descreve as iniciativas de controle por parte dos atores sociais. A análise de Becker dos mecanismos de criação e imposição de regras é utilizada par a apoiar a estratégia de reinterpretação. O capítulo final explora uma dimensão menos tradicional do problema - "O Controle para a Mudança Social". As proposições específicas de dois autores Popper e Mannheim - são aqui articuladas com as de Skinner. Caracterizado o estado da sociedade contemporânea como de incessante mudança desordenada, discute-se as condições necessárias para uma mudança planejada e suas implicações psicossociais. Na conclusão do trabalho, busca-se ampliar a perspectiva histórica do problema do controle social, por meio de uma análise retrospectiva proporcionada por Schneider e uma especulação prospectiva envolvendo a apreciação sócio- política do controle gradualista e democrático da mudança social. Defende-se, durante essa apreciação, a tese de que a engenharia comportamental de Skinner é gradualista e democrática em seu todo.

A economia política da corrupção: o escândalo do orçamento

A abertura democrática no Brasil criou um otimismo com a possibilidade do resolver seus problemas crônicos como inflação e corrupção. Foi feita uma panaceia sobre democracia; da democracia surgiriam as soluções para todos os males. Entretanto, a história recente mostra que a democracia não coincide com a eliminação da corrupção e inflação crônicas. Ao contrário, a corrupção causou danos a algumas instituições fundamentais da democracia como o Presidente e o Confresso. Infelizmente, a corrupção é muito perigosa para a democracia. Como observou Tocqueville, com sua perspicácia natural, o povo até tolera a corrupção numa tirania, por ser um fato comum neste tipo de governo. Não obstante, em uma democracia, a corrupção é inaceitável porque pessoas comuns são eleitas para representar cidadãos, e não para trabalhar contra eles. Os últimos escândalos envolvendo corrupção no Brasil, como o caso Collor e principalmente o uso “inadequado” do orçamento nacional foram importantes porque mostraram a incapacidade da sociedade para controlar este fator de risco institucional.. É interessante notar que em outros grandes casos de corrupção na América Latina, como no Gráu, Cuba , Portillo, México ou mesmo na Venezuela, durante os eufóricos anos 70, a situação econômica e até mesmo política não eram ruins. Entretanto, no Brasil, aparentemente, a corrupção política cresceu num período de crises estruturais. Infelizmente este fato tem um resultado considerável: o crescente pessimismo do homem comum sobre o futuro. Entretanto a corrupção pode ser estudada cientificamente. Pode ser vista como uma escolha racional de comportamento compelido por instituições e esquemas de incentivos. Talvez alguns resultados interessantes possam emergir deste tipo de especulação histórica e teórica sobre o comportamento corrupto. Este é o maior objetivo deste estudo.

Europe’s financial crisis: the Euro’s flawed design and the consequences of lack of a government banker

This paper argues the euro zone requires a government banker that manages the bond market and helps finance country budget deficits. The euro solved Europe’s problem of exchange rate speculation by creating a unified currency managed by a single central bank, but in doing so it replaced the exchange rate speculation problem with bond market speculation. Remedying this requires a central bank that acts as government banker and maintains bond interest rates at sustainable levels. Because the euro is a monetary union, this must be done in a way that both avoids favoring individual countries and avoids creating incentives for irresponsible country fiscal policy that leads to “bail-outs”. The paper argues this can be accomplished via a European Public Finance Authority (EPFA) that issues public debt which the European Central Bank (ECB) is allowed to trade. The debate over the euro’s financial architecture has significant political implications. The current neoliberal inspired architecture, which imposes a complete separation between the central bank and public finances, puts governments under continuous financial pressures. That will make it difficult to maintain the European social democratic welfare state. This gives a political reason for reforming the euro and creating an EPFA that supplements the economic case for reform.

Turismo cultural na ZEPH-Ribeira: possibilidades e limitações

Considering that urban interventions, planned and executed recently at Natal, RN, should put Ribeira - one of the town centers - in the new limits of the expanded center of the city, this work examines the use of this new accessibility for the benefit of the development of an infrastructure to support a type of tourism currently seen as an alternative to diversification into areas dominated by entertainment tourism (the case of Natal). A local with city's traditional cultural facilities and holder of a set built that is a synthesis of the images of the neighborhood, it fears that this increase in the potential for movement and flows of use stimulate speculation and deployment of a bulk type of activity incompatible with the preservation the architectural heritage. Important economy for the city, tourism has been showing a factor propellant processing urban related changes in accessibility. It is argued that cultural tourism, often used in plans and projects of revitalization across the country, may be factor for sustainable development and conserve the assets, and contributes to the process of revitalization of the historic cultural center as Ribeira. Intended to illustrate the need to consider other information that might help in the revitalization of the neighborhood, this research presents the offer cultural tourism of Ribeira and identifies and maps certain physical attributes that, combined with functional attributes, can stimulate or inhibit the diversity and vitality in the region

Cooperativa habitacional autofinanciável :uma alternativa de mercado à escassez de financiamento

As an example of what happened in Brazil in the 90s, it s noticed in Natal a new system of cooperative housing production which is done by advancing the users resources selffinancing. This system comes as an alternative for the real state market performance since the end of the National Housing Bank (BNH), in 1986. Self-financed housing cooperatives play an important social role by contributing to own housing acquisition by low-income population, without, however, becoming a mechanism of social interest housing production. It is important to consider that Brazil registers a housing deficit of 6.6 million housing units (IBGE 2000/Census), which, compared to 1991, shows an increment of 21.7% to a growth rate of 2.2% a year. This deficit figure has been deepening, mainly with the end of the National Housing Bank (BNH). The self-financed cooperative housing production broadens around the Metropolitan Region of Natal (RMN) and remains as an alternative to the lack of financing in the housing / real state market. In general, the aim of this work is to analyze the role of self-financing housing cooperatives on the housing production in the RMN, in order to identify their role in the real state market, in the own housing promotion and in the housing policy. The Universe of this study is performance of four housing cooperatives - CHAF-RN, COOPHAB-RN, MULTHCOOP e CNH - that work through self-financing. It is considered here an amount of 38 undertakings launched between 1993 and 2002, including 8143 housing units. The methodology adopted consists of bibliographic, documental and field research. As a result, actions like brokerage, marketing, speculation, and the criteria to define places for undertakings and final products, show how close they are to the housing market production. As a matter of fact, this short distance explains why the self-financed cooperative production for social interest housing is still limited. This reinforces the theory that it is necessary to define and implement a subsidized housing policy to serve the low-income Brazilian population

A literatura na sala de aula: uma alternativa de ensino transdisciplinar

The present thesis studies the appropriate education of the literary gender based in an approach of trans-disciplinary teaching. The main objectives will be to survey the degree of trans-disciplinarity of the literary reading in classrooms and to propose the literary reading as an alternative of trans-disciplinary teaching. The theoretical contributions, which sustain the lines of central argument of this thesis, are related to the critical theories on the epistemological and methodological crisis in the speech of the modernity; the emergency of an emerging paradigm under the optics of the speech of the post-modernity; the theories concerned to curriculums and their interrelations with the school teaching; the theories of the complexity and of the inter and trans-disciplinarity; theories of the reading and of the literature, more precisely the literary semiology and the aesthetics of the acceptance; theories about the pedagogic mediation starting from presupposed and trans-disciplinary principles. The methodological foundations, of the type inter and trans-disciplinary, which anchor the approach of the study is related to a line of qualitative analyses applied the teaching-learning situation accomplished during the data collection during the empiric stage of the research. The analyzed corpus is composed of episodes originated from the classes with literary texts accomplished in the months of June and December of 2005, under the orientation of a complex and trans-disciplinary didacticism. The involved subjects are students in the age group of 9 and 13 years of age from a public school in the county of Cabo de Santo Agostinho, in the State of Pernambuco. Starting from the discoveries found during the research, so much bibliographical, as that of the field, it is possible to conclude, among other things, that the literary reading, when mediated accordingly in the classroom, is a trans-disciplinary object of high degree, because the literary reading can allow and make it possible to the real reader, through a necessary process of speculation on life and its unfolding, solid reflection around the individual and collective occurrences so much in simpler instances as in more complex ones

Como vão se formando os professores em física e química: embates entre o ser, o ter e o fazer na formação de licenciandos da UFRN sob a perspectiva da teoria das representações sociais

The purpose of this work is to approach and understand the Social Representations (SR) (MOSCOVICI, 2003) about Physics and Chemistry from people who are major in these courses, as well as their Social Representations about teaching . We took as principle that approaching these representations it would be possible to relate their symbolic contents, in order to show how people who are following the first segments of bachelor degree courses in Physics and Chemistry become teachers, taking into account a psychosocial view. Two source of data was used during this research: Free-association Technique FA (ABRIC, 1994); and Multiple Classification Procedure (MCP) (ROAZZI, 1995). The analytical treatment of the collected data from FA was done according to the proposition of Grize, Vergés and Silem (1987 apud ABRIC, 1994, p. 66). MCP data were analyzed through MSA (Multidimensional Scalogram Analysis) and SSA (Singular Spectrum Analysis) methods associated with the Facet Theory (BILSKY, 2003). The discourses of MCP discussing groups at the moment of explanations were studied by Content Analysis as it was proposed by Bardin (1977) and Franco (2005). Indicative of an approach to the relations with knowledge (CHARLOT, 2000), the connections which aroused from the analyses showed that the group of future majors in Physics thought that this scientific field was based on a rationalist conception, influencing the idealization sense of the phenomena to be explained by Physics. Thus, Physics as school content started to require the student of the fundamental and high school to think abstractly as a cognitive skill of learning. The identifying elements observed in the relations between SR about Physics and Teaching aroused from the antagonism between future majors and their teacher, as well as from the speculation between their fundamental and high school students and themselves, mainly when they had to face the act of teaching due to the obstacles imposed by the own educational system, and by the weakness of the initial preparation. The group of future majors in Chemistry, through its discourses, showed these relations when they conceived empiricist Chemistry and said that teaching was the way of transmission of this knowledge, and didactics of Chemistry teaching was the direction to learning through pedagogic methods in order to lead the students to discoveries. The psychosocial contents which were built and showed from the symbolic relations in the studied SR achieved the relation of identity. This relation revealed identifying elements for these people, resulting from the traffic between their condition as students of Chemistry, and as teachers regarding their work, what placed the current relational contents in the teaching space, named as Knowledge changing and Adaptability . In order to study emerging questions in the discussing environment about formation and teaching professionalization, we focused the psychosocial view on this traffic and managed to observe epistemological practical and pedagogic obstacles that limited a configuration of the teaching work as a professional activity, especially from the particular conditions which led the relations of senses to Physics , Chemistry and Teaching ; and Chemistry and Physics as it was seen in this research. Generally speaking, we noted that these obstacles can denounce such obstacles concerning to the pedagogic doings which mainly impair the learning process of fundamental and high school students

Diagnóstco geoambiental e avaliação de uso e ocupação do campo de dunas da zona especial de interesse turístco II (ZET-II) Natal/RN

The accelerated pressure of use and occupation of Rio Grande do Norte coastline in the last two decades presented the tourism as its main vector, having as a consequence a strong, articulated and growing real estate speculation of this area. In the Natal County there is a Zona Especial de Interesse Turistico II (Special Zone of Tourism Interest II) (ZET-II), consisted of urban beaches with approximately 8.5 km that is an important seashore of the city. The purpose of this research was identification, characterization and assessment of the process of use and occupation of dunes fields emphasizing the role of ZET-II, whereas the specific goals was the analysis of weather, geology and geomorphology, characterization of use and occupation of soil, and elaboration of an environmental diagnosis with identification and description of its mains consequences. The result of this work was the delineation of geologic-geomorphological map of the area with identification of principals units, determining its use and occupation, the measurement of the area already occupied by equipments, besides the description of the environmental impacts on dune fields: devastation, coastline erosion, ocean pollution by sewer and pluvial waters, contamination of groundwater, distribution inadequate of solid residues, landscape degradation, and occupation of seashore through the privatization of public areas. Concluding that the degrading changes occurred in this areas are resulting from the nature of use and urban seashore regulations, which have been diminishing the natural aspect, altering the landscape definitely, compromising the quality of hydro resources and altering its use, privatizing the areas between tides, complicating the population access and obstructing the scenery visualization of dunes and ocean. There is an urgent necessity of improvement of public politics in order to improve the strategies and organization of use and occupation of space urban-coastline

Das margens do espelho: um estudo dos reflexos da morte em primeiras estórias, de João Guimarães Rosa

This paper is divided into three chapters, which are structured as follows: in the first chapter, we examine the figure of death and its characteristics in the context of the work of Guimarães Rosa, within a specific type, determining how this figure comes through " imposition "," no "," memory "and" ritual. " We intend to cover all the possibilities that this aspect denotes. In the second chapter, we found the incidence of the mirror as an analysis of our study, characterizing it as a stylistic condition can become a reading key, necessary for interpretation of the book "First Stories". The characterization of the mirror as an element of analysis has a theoretical foundation which stretches out along other literary works that are based on the same object. By setting the points where these works approach the theories of speculation, we want to justify their use from our perspective

Nexus: da relacionalidade do princípio à metafísica do inominável em Nicolau de Cusa

We indicate the idea of nexus or conexio, thought of as intelligible connection with the intelligent, the foundation on which the reason why you can understand and name, even if inadequately, what the intellect sees incomprehensible and unnameably. Thus, it opens a way for our research: we will take the idea of nexus as fundamental to the interpretation of the divine names and the "metaphysics of the unnameably" and we show how the divine names, mainly in possest, mirrored in the Trinity, relatedness of the principle and therefore also the nexus. For that you need to think some preliminary questions: we will place Nicholas of Cusa in the tradition of medieval Christian Neoplatonism, we resume some discussions on the problem of naming and the philosophy of language in his thinking, we will reflect such thinking is molded from active dialogue with the tradition and how it is your speculation is founded upon the dynamic and dialectical relationship between philosophy and theology to be thought of in our text using the relationship between faith and understandig (intellectus). After introductory clarify these issues we will come to consider introductory understanding of the Trinitarian Beginning and speculation about the nexus taking as its starting point from where the De venatione sapientiae nexus or conexio is designed as a hunting field of wisdom and the First Book of De docta ignorantia where the maximum is now thought of as one and triune. From the Second Book of the same work and the Idiota. De mente we will show in what sense the universe and men, as imago dei, imitate the eternal Trinity. Finally, we will resume the notion of the scientia aenigmatica of De beryllo and some information that will clarify that Nicholas assumes the divine names as enigmas. Finally, we will try to show that the enigmatic or symbolic names also mirror the triune Beginning principle. So, before we return some traces of this aspect in some divine names and texts of the "late period" and then conclude with that which in itself already indicates the nexus and therefore the trinity: possest

Conveniência e plausibilidade da proposição de que justiça é harmonia n A República de Platão

This thesis endorses the interpretation that in Plato`s Republic the argument made by Thrasymachus in which justice is the convenience of the most powerful one is implicitly accepted by Socrates. Although Thrasymachus´ discussion does not show any similarity with the argument of Socrates, it proposes a sarcastic and ironic comment on political life. Socrates accepts this comment to develop a more refined notion of the category of the most powerful ones. While Thrasymachus assumes that the convenience of the most powerful ones includes the power to subordinate all and everything to their individual pleasures, Socrates admits that the most powerful ones are defined only by their characteristic of being able to hold power in perpetuity. In this context, the main theme of The Republic is that the harmony between the functional classes of the city is convenient for perpetual power. For preservation of harmony, the functional class of the most powerful considers the convenience of forsaking a possible monopoly on pleasure towards a redistribution that promotes harmony, which also makes it convenient for the other classes. Thus, we can explicitly say that the most powerful ones believe in a sense of justice as convenience for everyone, but implicitly believe only in the argument that justice is what is convenient for themselves. Since convenience is what promotes harmony between functional classes, it becomes convenient to Socrates to believe that the understanding justice that the most powerful ones have is not publicly disclosed. The notion that all the speculation of the dialogue between the characters cannot be true, but, at best, only plausible and convenient is also part of the central argument in The Republic. Socrates needs to modify the nature of the functional classes through a targeted program of sexual reproduction and a program of ideological indoctrination so that the proposal to promote harmony through the elements of the city, declaring that justice is in favor of the weakest becomes a more plausible and convenient speech. To make the new system more plausible, Socrates develops a metaphysics based on the mathematical notion of harmony, such metaphysics serving the official rhetoric of the political regime presented by Socrates

Uma (re)leitura teleológica da filosofia moral em Kant : por uma necessidade de inclusão do homem na natureza

Made from the bases of metaphysics, this dissertation is related do Kant‟s moral philosophy. But the itinerary to reach the main speculation used to develop this current understanding of Kant‟s thoughts, it is nothing but an attempt to make the formal rigor more flexible, which has always been associated to Kantian ethics‟ perspectives. From the awareness of what this formalism could be, while a moral arrangement, it is how we will be able to come upon a teleological Kant. That is the fundamental element to comprehend some of the significant aspects in that ethical system, which necessarily comes through the effort to demonstrate the proximity between reason and sensibility, as well as nature and liberty. In this environment, the journey to achieve the autonomy, as the bedrock of liberty and morality, evokes the support of education in Kantian patterns, which enables a course of improvement of the human being, as an individual e, more significantly, as specie. This evolution progress, which tents to reveal the destiny of the humanity, is evolved in the relationship between necessity and finality, as a condition to make the structure of a project to humanity possible. We should mention that it is a rational, an educational and a moral project to be developed in the course of history. As a consequence, the amount of all these elements permits the development of the man‟s natural disposition as a creature that looks for self knowledge , becoming, afterward, dignified to be qualified as a human being. Finally, this study intent to figure out the necessity of the human being inclusion to nature, which happens throughout the acquirement of the individuals‟ conscience