Regulatory reform in the brazilian railway sector and concession valuation: a preliminary assessment

Trabalho apresentado na 4th Conference on the Regulation of Infrastructures

Regulatory reform in the brazilian railway sector and its potential effects

Trabalho apresentado no Law and Society Annual Conference, 2015

The Brazilian financial system and the green economy : alignment with sustainable development

Three studies were prepared and are presented in this document. The first, The Brazilian Financial Sector Institutional Context in the Transition to Sustainable Development looks at the legislation, regulation, and public policies aimed at socio-environmental themes related to the financial sector. The second study, Current Financing for the Green Economy in Brazil, provides an initial estimate of the financial assets already allocated to the green economy, as well as a methodological proposal for the survey and monitoring of the respective flow of assets. The third and final study looks at two important segments of the Brazilian economy and their process of transition to a greener economy: renewable energy and agriculture.

Financial guarantees in Brazilian life insurance and pension plans

Recently regulated Brazilian life and pension products offer a benefit structure composed of minimum guaranteed annual rate, in°ation adjustment according to a price index and participation on an investment fund performance. We present a valuation model for these products. We establish a fair condition relationship between minimum guarantees and participation rates, and explore its behavior over a space of maturities, interest rates, and also fund and price index volatilities and correlation. Besides consistency to reference models, we found that the effect of the fund volatility is conditioned to the price index volatility level and the correlation between them.

A note on Brazilian financial regulation and governance

The question posed by Theme 4 of this workshop is indeed a very broad one and would demand a thorough research on the topics involved. I am afraid I did not have the proper time to think it over and I would not be able to provide a wide ranging answer to this question. Thus, I will be selective and I will present the following issues that need to be addressed to support Brazilian development: i) competition among banks; ii) high rate of interest on liquidity; iii) approval by the Congress of a Complementary Law to regulate the financial sector as required by the 1988 Brazilian Constitution; iv) exploitation of workers through the governance of the Job Time Guarantee Fund (FGTS) and iv) state-owned versus government owned enterprises.

Macroeconomic constraints to growth of Brazilian economy diagnosis and some policy proposals

The recent process of accelerated expansion of the Brazilian economy was driven by exports and fixed capital formation. Although the pace of growth was more robust than in the 1990´s, we can still witness the existence of certain macroeconomic constraints to its continuation in the long run such as, for instance, the exchange rate overvaluation in particular since 2005, and in general the modus operandi of monetary policy. Such constraints may jeopardize the sustainability of the current pace of growth. Therefore, we argue that Brazil still lies in a trap made up of high interest and low exchange rates. The elimination of the exchange rate misalignment would bring about a great increase in the rate of interest, which on its turn would impact negatively upon investment and hence upon the sustainability of long run economic growth. We outline a set of policy measures to eliminate such a trap, in particular, the adoption of an implicit target for the exchange rate, capital controls and the abandonment of the present regime of inflation targeting. Recent events seem to go in this direction.

Cytogenetic characterization of the strongly electric Amazonian eel, Electrophorus electricus (Teleostei, Gymnotiformes), from the Brazilian rivers Amazon and Araguaia

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

KSHV genotypes A and C are more frequent in Kaposi sarcoma lesions from Brazilian patients with and without HIV infection, respectively

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

Acoustic and perceptual analyses of Brazilian male actors' and nonactors' voices: Long-term average spectrum and the Actor's Formant

This study investigates the possible differences between actors' and nonactors' vocal projection strategies using acoustic and perceptual analyses. A total of 11 male actors and 10 male nonactors volunteered as subjects, reading an extended text sample in habitual, moderate, and loud levels. The samples were analyzed for sound pressure level (SPL), alpha ratio (difference between the average SPL of the 1-5 kHz region and the average SPL of the 50 Hz-1 kHz region), fundamental frequency (F0), and long-term average spectrum (LTAS). Through LTAS, the mean frequency of the first formant (171) range, the mean frequency of the actor's formant, the level differences between the F1 frequency region and the F0 region (L1-L0), and the level differences between the strongest peak at 0-1 kHz and that at 3-4 kHz were measured. Eight voice specialists evaluated perceptually the degree of projection, loudness, and tension in the samples. The actors had a greater alpha ratio, stronger level of the actor's formant range, and a higher degree of perceived projection and loudness in all loudness levels. SPL, however, did not differ significantly between the actors and nonactors, and no differences were found in the mean formant frequencies ranges. The alpha ratio and the relative level of the actor's formant range seemed to be related to the degree of perceived loudness. From the physiological point of view, a more favorable glottal setting' providing a higher glottal closing speed, may be characteristic of these actors' projected voices. So, the projected voices, in this group of actors, were more related to the glottic source than to the resonance of the vocal tract.

Reproductive biology of an endemic Physalaemus of the Brazilian Atlantic forest, and the trade-off between clutch and egg size in terrestrial breeders of the P. signifer group

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

Gene and species trees of a Neotropical group of treefrogs: Genetic diversification in the Brazilian Atlantic Forest and the origin of a polyploid species

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

Trilled sounds in Brazilian Portuguese: Phonetic and phonological characterization

This paper deals with the phonological definition of trills in Brazilian Portuguese. The phonemic existence of two distinctive R's, one soft the other strong, is taken for granted. After reviewing the ideas of some Portuguese-speaking phoneticians on this matter, 146 occurrences of R's - recorded by two informants - were acoustically analyzed, the formants' general aspect and the length of the R segments were studied in the resulting spectrograms. The phonological table displayed in the conclusion does not include any trill. The soft phoneme /r/, instead, is classified as an interrupted apico-alveolar tap with a retroflex allophone. Naturalization between these two units is discarded.t

Recent brachiopods from the southern Brazilian shelf: Palaeontological and biogeographical implications

Until recently, the rhynchonelliform (articulated) brachiopod fauna from the Brazilian continental shelf (western South Atlantic) was represented only by the endemic species Bouchardia rosea (Mawe), reported from coastal waters of the states of São Paulo and Rio de Janeiro. The present study, based on samples from coastal (<30 m), shelf, and continental slope waters (99-485 m), documents the South Atlantic brachiopod fauna and shows that this fauna is more widespread, diverse, and cosmopolitan than previously thought. Based on a total of 16,177 specimens, the following brachiopods have been identified: Bouchardia rosea (Family Bouchardiidae), Platidia anomioides (Family Platidiidae), Argyrotheca cf. cuneata (Family Megathyrididae), and Terebratulina sp. (Family Cancellothyrididae). In coastal settings, the fauna is overwhelmingly dominated by Bouchardia rosea. Rare juvenile (<2 mm) specimens of Argyrotheca cf. cuneata were also found at two shallow-water sites. In shelf settings (100-200 m), the fauna is more diverse and includes Bouchardia rosea, Terebratulina sp., Argyrotheca cf. cuneata, and Platidia anomioides. Notably, Bouchardia rosea was found in waters as deep as 485 m, extending the known bathymetric range of this genus. Also, the record of this brachiopod in waters of the state of Parana is the southernmost known occurrence of this species. The genera Platidia and Terebratulina are documented here for the first time for the western South Atlantic. The Brazilian brachiopod fauna shares similarities with those from the Atlantic and Indian shelves of southern Africa, and from the Antarctic, Caribbean and Mediterranean waters. The present-day brachiopods of the western South Atlantic are much more cosmopolitan than previously thought and their Cenozoic palaeobiogeographic history has to be reconsidered from that perspective.