Partial economic reforrns and financial crises: an emerging markets perspective

The recent emerging market experiences have posed a challenge to the conventional wisdom that unsustainable fiscal deficits are the key to understanding financial crises in these countries. The health of the domestic banking system has emerged as the main driving force behind the perverse dynamics of partial reforms. The current paper shares this view and uses a model of contractual inefliciencies in the banking sector to understand the dynamics of these reforms. We find that the threat of a large exchange rate devaluation depends on the stock of international reserves relative to the stock of domestic credit that must be extended by the Central Bank in response to a large capital outflow. Moreover, if a country has a weak banking sector but high net reserve ratios, the capital flow reversal might only increase the vulnerability to a currency crisis without necessarily causing it. The results are in accordance with much of the empiricalliterature on the determinants of financiaI crises in emerging markets. Some aspectsof the recent policy debate on the introduction of capital controls are also analysed.

Beyond common priors

One property (called action-consistency) that is implicit in the common prior assumption (CPA) is identified and shown to be the driving force of the use of the CPA in a class of well-known results. In particular, we show that Aumann (1987)’s Bayesian characterization of correlated equilibrium, Aumann and Brandenburger (1995)’s epistemic conditions for Nash equilibrium, and Milgrom and Stokey (1982)’s no-trade theorem are all valid without the CPA but with action-consistency. Moreover, since we show that action-consistency is much less restrictive than the CPA, the above results are more general than previously thought, and insulated from controversies around the CPA.

Informational spillovers in the pre-1914 London sovereign debt market

We document a novel type of international financial contagion whose driving force is shared financial intermediation. In the London peripheral sovereign debt market during pre-1914 period financial intermediation played a major informational role to investors, most likely because of the absence of international monitoring agencies and the substantial agency costs. Using two events of financial distress – the Brazilian Funding Loan of 1898 and the Greek Funding Loan of 1893 – as quasi-natural experiments, we document that, following the crises, the bond prices of countries with no meaningful economic links to the distressed countries, but shared the same financial intermediary, suffered a reduction relative to the rest of the market. This result is true for the mean, median and the whole distribution of bond prices, and robust to an extensive sensitivity analysis. We interpret it as evidence that the identity of the financial intermediary was informative, i.e, investors extracted information about the soundness of a debtor based on the existence of financial relationships. This spillover, informational in essence, arises as the flip-side of the relational lending coin: contagion arises for the same reason why relational finance, in this case, underwriting, helps alleviate informational and incentive problems.

Trabalho escravo contemporâneo e Estado capaz no Brasil

This thesis demonstrates the exercise of slave labor in the context of free or decent work, in contemporary times, supported by the federal constitution 1988 Brazil than places like fundamentals "the dignity of the human person" and "the social values of work and free enterprise" , and is as fundamental objectives of the Federative Republic of Brazil "build a free, just and united society," "guarantee national development", "eradicate poverty and marginalization and reduce social and regional inequalities", "promote the well all without prejudice of origin, race, sex, color, age and any other forms of discrimination. " It is considered that the analytical work category interacts both conceptually as an integral part of the capitalist development model as a driving force to the definition of State Capable. The panorama of acquired rights and rights infringed upon evidences the presence, or not, of the Brazilian state. Highlights, however, as state functions are being performed under the auspices of the Democratic State of Rights. So the original question that motivated this work is: To what extent the Brazilian government is structured to implement measures that can eradicate modern-day slavery? This question led to questions as: The Brazilian state has never failed in implementing the policy of "eradication to work analogous to slavery"? The answer the research questions were outlined using the dialectical materialist historical method under a sociological perspective in order to draw relationships and interrelationships between the current situation of the concept contemporary slavery and its historical roots. In the theoretical framework considers the conceptual approach regarding the capable state in order to answer the question regarding the eradication policy to contemporary forced labor and the Brazilian nation-state's ability to put it into action. In this sense, it employed concepts such as state, nation-state and capable state, from the interpretations of Bresser-Pereira, including the discussion regarding the formation of the arrangements and conservative and progressive political alliances. The research subject was analyzed from the reports published in 2013 by the Ministry of Labour after the Special Group of the inspection actions for Mobile Inspection (GEFM) to Combat Labour Analogous to Slave. The study of public policies related to the eradication program to work analogous to slavery takes up the discussion regarding the conditionality of free labor, or decent, in contemporary Brazil, and reveals that in Brazil the effectiveness or efficacy of government actions comply with governing the Federal Constitution-88, namely, to preserve "the dignity of the human person" and "the social values of work and free enterprise" is an ongoing process. There are advances, but these are conditioned to Brazil stage in the formation of the nation state and the national society.

Geografia da dominação: um estudo sobre a organização espacial da terra do sal (Macau-RN)

This work aims to understand the spatial organization in the Town of Macau, State of Rio Grande do Norte, Brazil. This approach focus on bringing back the history of the town, the main personages responsible for the construction of this place, denominated "social agents", as well as its social processes and the spatial forms derived from them. As the personages and their practices were identified, it was found out the existence of a driving force for structuring, interlocking, and maintaining the actions carried out by the social agents during the time. Such actions were materialized in the urban space: "the social segregation". The social segregation takes place as a specific geography of domination. The outcome of those owning the best areas" and ways of accessibility in the urban space, varies from the enrichment by property valorization, because of the concentration of public investments of infrastructure, to the comfort of easily reaching all the daily needs related to the displacements in the urban space. In the latter case, such facility has contributed to improve life quality. While one takes advantage of the location in the urban space, others are negatively affected by the same process. This research identified the salina worker as the weakest element of this social structure, occupying the urban periphery of the town of Macau. Such area is characterized by the lack of services and urban equipment in opposition to the center of the town, the locus of elite. This way, it is established the most known segregation pattern: center x periphery, in which the space acts as a mechanism of segregation

Gestão participativa em educação: compasso e descompasso de uma experiência de democracia no espaço escolar

This work aims at investigating the strategies of management used by State School Joaquim Jose de Medeiros, located in the city of Cruzeta - RN, as award practice of "School of Reference in Management", with a state title in 1999 at the beginning of the decade from 2000, being "Outstanding Brazil" from best management strategies nationally. In 2005, it is ranked among the best experiences of the state. It has been become complex by experiencing in that institution, but at the same time an enjoyable practice, mainly by using a social research, in a qualitative and quantitative approach, and a analysis of the institutional performance of two management practices: from 1995 to 2002 and from 2003 to 2007 . To understand the object, a investigative questionnaire was used with representatives of the school community and carried out an analysis of assessment of institutional and documents of institutional organization of the periods above in order to identify management strategies and examine the influences of the share capital, public policies , the institutional evaluation, in the process of democratic construction that has allowed achievements, highlighting Cruzeta, in the Seridó in the state of Rio Grande do Norte, semi-arid northeast, in the national and international juncture of well-successful experiences in management in institutional categories and leadership. This study becomes relevant to allow understand that the cultural practices of seridoenses that symbolize a capital generated by principles of trust, reciprocity, civic culture, as a driving force in overcoming the problems community and the conquest of democratic principles, worked for the school become a national reference in educational administration. Another aspect that made it natural that school was the collective creation of educational project with the participation and civic culture of self-evaluation as a way to understand the institutional practice and establish guidelines to improve the teaching and practice management in its many dimensions educational, social, administrative - financial and legal

Mechanism and control of Genipa americana seed germination

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Trabalho e atividade: categorias de análise na psicologia histórico-cultural do desenvolvimento

Este artigo é resultado de estudos teóricos e pretende apresentar algumas contribuições ao estudo da psicologia histórico-cultural do desenvolvimento, mais especificamente no que se refere à relação existente entre as categorias de trabalho e atividade. Estudos desta natureza são importantes para psicólogos, pedagogos e demais profissionais envolvidos direta ou indiretamente com a prática educativa, na busca por compreender o problema da periodização do desenvolvimento em uma perspectiva não naturalizante. Nesta direção, a categoria de atividade principal mostra-se central como força motriz do processo de desenvolvimento humano, portanto encontra-se estreitamente ligada ao lugar que cada indivíduo ocupa na sociedade de classes bem como às condições objetivas de sua existência material. O estudo do desenvolvimento coincide com o estudo da pessoa concreta, imersa numa trama de relações sociais e num sistema político e econômico; enfim, outra coisa não é senão o estudo da história objetivada em cada indivíduo particular.

A cadeia produtiva de gás natural no Rio Grande do Norte e perspectivas para o setor

The paper demonstrates how it is organized production chain of natural gas in Rio Grande do Norte and highlights some prospects for this sector. The study is backed by elements to understand the process of innovation as the driving force of capitalist dynamics as well as the features of the Brazilian economy in the years 1990 and 2000 that indicated the development of natural gas production in the energy matrix Brazil. It was found that the state has potiguar possibilities for structuring an energy based on elements from the region and with prospects of becoming self-sufficient in electricity, where natural gas has a share of participation in this segment. The automotive and industrial are the biggest consumers of this input. With emphasis on the textile industry. Signaling to a broad horizon of supply, this sector will depend on their investments in research and Deficient, and the policy adopted by government to develop the consumer market

An essential role for mast cells as modulators of neutrophils influx in collagen-induced arthritis in the mouse

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

Influences of the load centre of gravity on heavy vehicle acceleration

The aim of this paper is to analyse the influence of the load centre of gravity on heavy vehicle acceleration. This analysis is done through a method in which a vehicle centre of gravity map is used. A model for the driving force is presented for bus, truck and tractor-semi trailer combinations. The proposed model takes into consideration the resistance forces (drag, rolling resistance, translation and rotation acceleration, climbing resistance) and the 4 X 2 traction system. The positions of the vehicle centre of gravity as a function of the position of the load centre of gravity are determined. The vehicle acceleration is calculated based on the position of the load centre of gravity. This study analyses the acceleration of one of the Mercedes-Benz do Brasil tractor-semitrailer vehicle. A comparison of the acceleration for different maximum adhesion coefficients and ramps are presented, showing new results. An example showing the variations of the load centre of gravity position with the acceleration time and distance is provided. The load centre of gravity position is important for vehicle safety and the efficiency and economy in the transportation of the load.

Temporal dynamics of two species of Chaetophoraceae (Chlorophyta) in tropical streams of São Paulo State, Southeastern Brazil

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

Sucessão da comunidade de algas perifíticas em reservatório oligotrófico tropical (São Paulo, Brasil): comparação entre período seco e chuvoso

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

Microstructural and morphological analysis of pure and Ce-doped tin dioxide nanoparticles

Structural morphological studies in pure and Ce-doped tin dioxide nanoparticles with high stability against particle growth were performed in samples, obtained using the polymeric precursor method and prepared at different annealing temperatures. A Ce-rich surface layer was used to control the particle size and stabilize SnO2 against particle growth. The formation of this segregated layer can contribute to a decreased surface energy, acting in the driving force, or reducing the surface mobility. Only the cassiterite SnO2 phase was observed below 1000 degreesC and a secondary phase (CeO2) was observed for the Ce-doped SnO2 at temperatures higher than 1000 degreesC, when de-mixing process occurs. The evolution of crystallite size, microstrain and morphology of the nanoparticles with annealing temperatures was investigated by X-ray diffraction (XRD), associated to Rietveld refinements, X-ray photoelectron spectroscopy (XPS) and transmission electron microscopy (TEM). (C) 2002 Elsevier B.V. Ltd. All rights reserved.

Macroscopic quantum tunneling in a dc SQUID: Instanton splitting

The theory of macroscopic quantum tunneling is applied to a current-biased dc SQUID which constitutes a system of two interacting quantum degrees of freedom coupled to the environment. The decay probability is obtained in the exponential approximation for the overdamped case. Close to the critical driving force of the system, the decay of the metastable state is determined by a unique instanton solution describing the symmetric decay of the phases in each of the two Josephson juctions. Upon reducing the external driving force a new regime is reached where the instanton splits. The doubling of the decay channels reduces the decreasing of the decay rate in the quantum regime. A current-temperature phase diagram is constructed based on the Landau theory of phase transitions. Depending on the external parameters the system develops either a first- or a second-order transition to the split-instanton regime. © 1994 The American Physical Society.