Análise dos impactos dos especuladores nos retornos dos preços futuros das principais commodities agrícolas exportadas pelo Brasil

Nos últimos anos, a participação dos especuladores (hedge funds, fundos indexados a commodities e outros agentes financeiros) no mercado de derivativos de commodities aumentou. Este trabalho avalia se a posição destes não-hedgers apresenta uma relação de precedência temporal (no sentido de Granger-causa) com os retornos dos preços futuros das principais commodities agrícolas exportadas pelo Brasil (açúcar, café, soja, milho e algodão). Com base nos dados disponibilizados pelo relatório Supplemental COT (Commitments of Traders) e pelo relatório DCOT (Disaggregated Commitments of Traders Report), divulgados pela CFTC (U.S.Commodity Futures Trading Commission), foi aplicado o teste de causalidade de Granger para essas commodities. Com os resultados observados, não se pode concluir a existência de relação de precedência temporal entre a posição dos especuladores e os retornos dos preços futuros das respectivas commodities.

Trust-based trade

There is substantially more trade within national borders than across borders. An important explanation for this fact is the weak enforcement of international contracts. We develop a model in which agents build reputations to overcome this institutional failure. The model describes the interplay between institutional quality, reputations and the dynamics of international trade. It also rationalizes several empirical regularities. We find that history matters for trade volumes, but that its effects vary with the institutional setting of the country. The same is true for the efticacy of trade liberalization programs. Moreover, while stricter enforcement of contracts enhances trade in the short run, it makes it harder for individual traders to develop good reputations. We show that this indirect negative effect may produce an "institutional trap": for sufliciently low initial levels of contract enforcement, a small tightening in enforcement reduces future trade fiows. We find also that search frictions aggravate the problems created by weak enforceability of contracts, even if they impose no direct cost on agents. The model allows extensions in several directions. We outline two of them, indicating how one could study transnational networks and the effects of firm heterogeneity within our structure.

Why designate market makers? affirmative obligations and market quality

We study why most financiaI markets designate one or more agents who precommit to provide more liquidity than they would endogenously choose, and identify two reasons that such affirmative obligations can improve welfare. The first relies on the insight that the informational component of the competi tive bid-ask spread represents a transfer across traders, not a social cost to completing trades. As such, this trading cost dissuades efficient trading, while a restriction on spread widths encourages efficient trading. Secondly, a restriction on spread widths encourages traders to become informed, which speeds the rate at which market prices move toward true asset values in the wake of information events. We consider the setting where competition ensures that affirmative obligations impose net trading losses on designated market makers that must be compensated by side payments, as observed on the Euronext limit order market, and also the setting where the designated market maker is allowed some advantages relative to limit order traders so that profits can be eamed during tranquil periods to offset losses incurred when affirmative obligations are binding, as observed on the NYSE.

Os impactos da MP 579, convertida na lei 12.783, nos investimentos em geração de energia do Brasil

O ano de 2012 foi um marco para o setor elétrico brasileiro. Foi um ano de muitas surpresas, debates e mudanças de paradigmas. Um setor tido anteriormente como exemplo de estabilidade e conservadorismo, passou a ser alvo de dúvidas e críticas por parte de diferentes agentes, investidores, operadores, consumidores e governantes. As bases regulatórias do setor elétrico brasileiro são muito recentes. Entretanto é notável que houve um progresso nas últimas décadas, em direção a um melhor serviço prestado à população e ao desenvolvimento de um ambiente propício ao investimento. Ambos os objetivos foram acompanhados de uma maior preocupação com o atendimento da demanda por energia, crescente no país, e com a busca por tarifas baixas de forma a não haver impactos inflacionários. Desviando desta trajetória, a edição da MP 579 em setembro de 2012 levou a um clima de insegurança para novos investimentos devido à falta de clareza a cerca de muitas regras sancionadas, consequencia do insuficiente debate com o setor privado. A MP teve como ambição diminuir a tarifa de energia paga pelo consumidor final, e usou como principal mecanismo a não renovação das concessões de geração de energia, possibilidade prevista nos contratos de concessão de cada usina de geração de energia. Esta tese faz uma análise do setor de geração energia do Brasil. Nela é estudada a matriz energética, aspectos do modelo regulatório adotado, sua evolução nas últimas décadas, e a motivação para a sanção da MP. O objetivo central é estudar seu impacto nos investimentos no setor.

As Faces e os Disfaces da Informalidade no Capitalismo Conteporâneo: Um Estudo do Comércio de Rua em Pau dos Ferros/RN

This paper discusses the expression of informality in contemporary capitalism. Thematic of relevance to the analysis of the reality of work today and the logic that moves the capital, its real presence in the lives of individuals. The street trading of Pau dos Ferros town, popularly known as "street market" was chosen as the search space. The main objective is to seize and examine the articulations and logic, present in the configuration of the street trading of this city, located in the state of Rio Grande do Norte, explaining the functionality of informality for capitalist accumulation, but also for the reproduction of segments of the working class. Our analysis is based in the perspective of totality, trying to grasp the historical determinations of the phenomenon in focus. It includes the analysis of the mechanisms used by the capital to reproduce itself in the current historical context, which has been implicated in the composition of the labor markets of different countries and in various forms of exploitation to which workers in general are subject. It also means discussing the development of capitalism in Brazil, the logic that permeates its dependence, and especially the use of over-exploitation of labor, as a lever for internal accumulation. The course of investigation consisted of theoretical research to form the basis of theoretical and methodological analysis and to outline the context in which our research object is inserted, and field research conducted in two phases: systematic observation, which allowed to map traders features and the infrastructure of commerce, and the conduction of interviews with key informants. The material collected was scrutinized according to analytical scheme inspired by the content analysis. Among the main considerations developed from the research process we include: the street trading of Pau dos Ferros remains shrouded in the majority sale of agricultural products, this demonstrates the structural characteristics of the region. However, the supply of this product is no longer restricted to the excess of small local producers. The presence of the dealer changed the distribution of the product, streamlining it. In parallel, business practices are developed, practices in which traded goods (industrial) reflect the moment of capitalist restoration, a larger business network. The reflections also made it possible to show that street trading follows developing on the basis of informal work, which gains functionality to the system, as it is configured as a space commonly used to drain part of the production, of industries (clothing/shoes), especially if the distribution is considered as an essential element of the complex process that aims at capital appreciation. This activity has been functioning as a place of employment and income generation for the subjects who are away from formal employment, masking, this way, unemployment, moreover, they allow them to continue as consumers. Such expressions reflect the ability and the logic of capital to expand and aggregate into so many realities. It is underway today, the logic that has led many workers to join the project of domination of capital, by the illusory chance to become capitalists. The aim has been to turn the subject into a consumer and the worker an enterprising

Políticas públicas e as transformações socioespaciais correlacionadas ao turismo no município de Caicó: uma análise do período 2000 a 2010

The study presents an approach on planning, sociospatial transformations and public touristic policies implemented between 2000 and 2010 in Caicó, encompassing people from the government, private sector and the population of the municipality and informal traders who use the leisure facilities and services arranged in place. As the main goal, the research intends to analyze the performance of public and private sectors correlated to the touristic activity in Caicó city and their reflections in the process changes sociospatial. The dissertation is structured in order to carry out an investigation into the role of public policies to the development of a location with touristic potential, in this case, the municipality of Caicó; to investigate public policies implemented in the touristic industry of Rio Grande do Norte, particularly the actions of PRODETUR-Nordeste focused on the development of the tourism in the countryside, affecting particularly the region of Seridó region and the municipality of Caicó, and, finally, to check the main changes sociospatial verified in Caicó between 2000 and 2010. Cultural issues and certain natural beauties can be seen as attractions that can attract tourist demand, taking into consideration the awakening increasingly more evident quest by the tourist for knowledge of the peculiarities of the region. Several authors have worked in this view, pointing to the cultural aspects of the region as elements that are able to boost the touristic activity. The questions raised in this study was based on a literature, based mainly on authors like Beni, Dias, Cruz, Azevedo and Morais. To obtain the necessary data in the analysis, the methodological procedures used in intensive direct observation, using interviews, applied together with the public representatives who are acting as leaders of the political actions related to tourism in the municipality and members of the private sector related to tourism services such as lodging establishments, food and travel agency and, finally, the local people and informal traders benefited directly or indirectly, with the touristic resources and structure. These research agents were investigated by means of structured forms such as support for analysis. Was detected in the survey that the leisure facilities and services installed in the last decade in the city of Caico has a priority the population of the municipality, is necessary to emphasize that the residents interviewed perceive the importance of these tools for tourist activity. It was also found that the public sector is the main responsible for the observed changes. Therefore, proved to be relevant to study the role public private sector partnerships and population influences, considering that this analysis may contribute to the work of researchers, public administrators and businessmen, may serve as a norteador for planning and development of tourism in the city of Caico

O planejamento turístico e o comércio ambulante : uma análise à luz da teoria das representações sociais

The Social Representation Theory provides subsidies to scientifically analyze what is called common sense, suggesting that thought be given credibility to the individual, from the assignment of logic to it. The Representations allow us to interpret, understand, explain and thus classify information, events and people. In this sense, this study aimed to analyze how social representations of the actors of the intinerant traders who operate in Ponta Negra/RN can be used as an element for tourism planning. To achieve the desired goals, we conducted a qualitative study, from a descriptive study, using methods of data collection the research literature, the technique of free association of words and the questionnaire, applied with 90 intinerant traders who work in Ponta Negra/RN beach. As tools of data analysis were used to analyze literature, and software EVOC and SPHINX. This research has revealed the predominance of people in itinerant male, between 18 and 28 years, with incomplete primary education, no contributors of Previdência Social and working seven days a week. The core elements of representations brings that explain that their knowledge is guided by collectively shared knowledge in the culture of tourism, which is seen as something that brings economics benefits (money) to the society, from the travel and entertainment. The plan represents the forward thinking, based on development plans that seek improvements and organization. The structure and operation of tourism planning in Natal/RN, there were no representation of intinerant traders. It is concluded that understanding the needs of itinerant traders provides grants to developing strategies for the development of tourism. This is achieved from its inclusion in tourism planning, since it enables tourism managers to understand how they are capturing, interpreting and acting on their next reality, since these representations are fundamental in forming opinions and the establishment of individual attitudes and collective. Thus, it is an important theory to be used to subsidize social research with individuals living reality and local needs, but which is the margin of decision-making processes of economic in the Brazil

Lazer e urbanização: a dinâmica do setor de serviços no litoral de Parnamirim e Nísia Floresta - RN

The research here undertaken analyzes the process of urbanization on the coast of Panamirim - RN and Nísia Floresta - RN, arising from leisure, the main leisure expression was considered the second residence and coastal tourism. The leisure promoted the growth of businesses and public and private services to meet consumer demand in that area, which initially occurred with users of second home, and which also gradually begin to occupy the coastline of these municipalities in 1980 and more recently with the development of tourism in the 1990s until now. To undertake such an analysis, we did the georeferencing about the trade and also public and private services of that coast, characterizing them; evaluated the extent to which services deployed in this area meets the demands of tourists and users of second residence; it was also identified how the centrality of Natal interferes in the expansion of services in these locations. The spatial area of research includes the coastal municipalities of Parnamirim and Nísia Floresta, considering the limits of the census of the Instituto Brasileiro de Geografia e Estatística- IBGE, and about the time frame, it was considered the 1990s to the present day. The methodology consists of: 1. survey and reading of the literature related to the researched topic, serving as the theoretical analysis in the construction of the object studied; 2. collection and organization of secondary data by the IBGE and tourism sectors of the State of Rio Grande do Norte, Natal and main municipalities of the research; 3. Questionnaires and / or interviews with the traders, service providers, tourists, users of second homes, local residents, and government. The analysis of such data collected allowed the preparation of graphs, maps and tables that illustrate the results obtained in the research field, basing so the study. The relevance of the study is shown by the extensive survey data involving agents of the research, including tourists, users of second homes and, above all, the data for the service sector that did not exist in the analyzed area. The study results identified in the area analyzed the emergence of three new centers, arising from the urbanization process from leisure, one of them located in the municipality of Nísia Foresta Beach in Barra de Tabatinga, and two in Parnamirim, more specifically in locality Pium and Beach Pirangi do Norte. It was further observed that, being located in tourist areas, the main feature of these new centers is seasonality

O Circuito inferior da economia urbana em Mossoró: a dinâmica do comércio ambulante

This study was based on the analysis and understanding of the dynamics of the lower circuit of the economy and the size of the street trading in the city of Mossoro (RN). The operationalization of the theory of the two circuits of the urban economy, based on Santos (2008a) was essential to understand the street trading as part of the entire city of Mossoro. It was given emphasis on the study of the lower circuit of the economy and its coverage in the street trading in the commercial center of the city, specifically in street trading in Coronel Gurgel. The dynamics of that street reveals the different ways that the territory is used simultaneously by different social actors as pedestrians, consumers, business owners, and especially by street vendors. These vendors occupy the spaces along the streets of the city commercial center, placing their tents or stalls, especially on sidewalks, excellent strategic locations for the marketing of their products, due to the large influx of people seeking goods and services nearby. As methodological and technical procedures for gathering primary data, we opted for the use of questionnaires and interviews, with many users of the lower circuit, both consumers and vendors. The analysis of these questionnaires, along with the theoretical background, has revealed that there are several social and political conflicts related to the use of public spaces, such as sidewalks and flowerbeds, in the city commercial center, and that these conflicts are increasingly demonstrating that vendors need a space endowed with infrastructure to conduct their activities. The lack of efficiency of the government, as well as the slowness of their actions to organize a space that is able to properly fit salespersons, constitutes one of the main problems faced by these small traders who have limited financial resources and materials to get their activities through in the globalized world. At the same time, this study revealed the importance of these agents, as the last link of the urban economy, in the distribution of various consumer goods, enabling the satisfaction of some needs of the population, especially the poorer people

Contextualização da pesca mundial de lagostas e características de comercialização de Scyllarides spp. E Panulirus spp. na Baixada Santista, estado de São Paulo, Brasil

This study aimed to contextualize the world's lobster fishing and identify the characteristics of their trades in Santos region (SP). For this purpose, were realized surveys about the captures of 56 years referring the families traded in the world through the informations supplied by the FAO (Food and Agriculture Organization). To State of São Paulo, consults were made in the data base Propesq (Fishing Institute) about the fishing and prices. Besides interviews in fishmonger, businessmen of fishing and restaurant, we observed the trade and the economical potential compared the lobsters Scyllarides spp. and Panulirus spp. The worldwide the family Nephropidae is the one that has been presenting bigger growth in the captures from 1950 and the one that has the biggest observed captures, the Palinuridae showed a little growth of the captures up to the 80' years, and leaving from there it is oscillating without many expressive changes; Scyllarides began to stand out as fisheries only 70' in Asia, precisely where the other two Families had low catches proportional. In the State of São Paulo, two types of lobsters are sold in Baixada Santista, with conspicuous differences in prices between them. There is also a difference in the flow of trade in relation to active fishing gear. Traders notice a decrease in both abundance and size of individuals of both genders and a clear preference to sell the slippers lobsters (Scyllarides spp.) both for the quality of meat as the lowest price.

Microbial rennet produced by Mucor miehei in solid-state and submerged fermentation

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

Zootherapy goes to town: the use of animal-based remedies in urban areas of NE and N Brazil

This paper examines the therapeutic possibilities offered by animal-based remedies in five Brazilian cities. Information was obtained through semi-structured questionnaires applied to 79 traders of medicinal animals at Sao Luis, Teresina, Joao Pessoa and Campina Grande (Northeastern) and Belem (Northern) Brazil. We recorded the use of 97 animal species as medicines, whose products were recommended for the treatment of 82 illnesses. The most frequently quoted treatments concerned the respiratory system (58 species; 407 use-citations), the osteomuscular system and conjunctive tissue (46 species; 384 use-citations), and the circulatory system (34 species; 124 use-citations). Mammals (27 species), followed by reptiles (24) and fishes (16) represented the bulk of medicinal species. In relation to users, 53% of the interviewees informed that zootherapeuticals resources were sought after by people from all social classes, while 47% stated that low income people were the main buyers. The notable use and commercialization of medicinal animals to alleviate and cure health problems and ailments in cities highlights the resilience of that resource in the folk medicine. Most remedies quoted by interviewees depend on wild-caught animals, including some species under official protection. Among other aspects, the harvesting of threatened species confers zootherapy a role in the discussions about biodiversity conservation in Brazil. (C) 2007 Elsevier B.V.. All rights reserved.

Duração do teste de germinação do capim-tanzânia

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

O poder local em Presidente Prudente - SP, o comerciante e suas representações sociais

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