897 resultados para Foreign exchange
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Pós-graduação em Agronomia (Proteção de Plantas) - FCA
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Between December 2007 and June 2009 the United States witnessed 18 months of recession that became known as the subprime crisis. Beginning in the housing market, the crisis moved into the banking and financial markets and spread throughout the entire economy through a domino effect, affecting the majority of other businesses. A major reflection of this was the large rise in unemployment rates due to business slashing jobs in an attempt to preserve cash. Although the crisis has officially ended, the unemployment rate reached over 10% in 2010 in the United States. American's continue to seek new jobs in a very difficult employment market, while attempting to manage the family household budget. American household income, which decreased either by pay cuts, job loss, and the effects of inflation, leads the majority of Americans to declare that the crisis had not yet ended. The crisis has spread to the world in varying degrees. Brazil was one of the countries least affected due to government policies and the large amount of foreign exchange. Although the crisis has affected Brazil only slightly, we will show how it reached this country and how the government solved this problem. This research paper will explain how the subprime crisis began, how it manifested itself in the U.S. economy and throughout the population. Also, it will show the crisis’ effects in Brazil and show some statements from Americans with their respective views and their experiences relative to the crisis
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)
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Examination of methodological approaches and work possibilities for historians in the research and teaching of history of environment, its themes and potential objects of studies. The attention to books and articles helps on this balance and on the identification of future routes for the Environmental History in Brazil. This historiographical practice has been keeping, among us, a salutary opening for the dialogue with the foreign historiography, with an increasing valorization of the research in Latin America and with social science and natural subjects. The incipient Foreign Exchange Program suggests the tasks and the success found by this approach will be result of the interaction between researchers, projects in group, circulation of publications and institution strengthening of the historical knowledge in the beginning of the century.
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Apple is a fruit that offers promising prospect for industrialization as it has favorable characteristics for this purpose and can obtain products with good acceptance. In Brazil, approximately 15% of the production is processed into juice, and a portion is exported. Among the fresh fruit and juice, apple adds US$ 30 million annually to the Brazilian foreign exchange earnings. The aim of this study was to characterize, using chemical analysis, concentrated juices, commercial apple juice, nectar, and soft drink. In addition, to compare them with their respective Quality and Identity Standards (PIQ) published by the Ministry of Agriculture, Livestock and Food Supply (MAPA) and Codex Alimentarius. Concentrated juices and commercial beverages were analyzed in triplicate for soluble solids content (Brix), pH, total acidity (AT), and ratio. In concentrated juices, the Total Sugar Reducer (ART) was also assessed. The results obtained in the laboratory were compared with the PIQ and Codex Alimentarius to verify compliance with applicable regulations. Seven concentrate juices, five juices, six nectars, and three apple-flavoured soft drinks were analyzed. The Brix of pulpy and clarified concentrated juices were, respectively, 71.16±1.29 and 40.40±0.57°Brix. In all concentrated juices, the Brix was in accordance with Codex Alimentarius. The Brix and AT in sweetened clarified juices were 11.50±0.14°Brix and 0.18±0.04g of malic acid/100g sample. In pulpy whole juices the values were 11.20±0.70°Brix and 0.30±0.06g of malic acid/100g sample. The values of Brix and AT in apple-flavoured soft drinks were 11.03±0.93°Brix and 0.18±0.04g of malic acid/100ml sample. Commercial juices and soft drinks also presented °Brix and AT in accord with the PIQ established by MAPA. The apple nectars could not be compared with the standards because they are not published by MAPA or Codex Alimentarius. The definition of the PIQ is an important tool for quality control of beverages manufacture in Brazil. Therefore, it is recommended for the control agencies to define the parameters that are not established.
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The paper develops a growth model in an overlapping generations framework of a financially repressed small open economy, and analyzes the effects of financial liberalization. The following observations are made: An increase (decrease) of interest rate (reserve requirements) reduces (increases) the steady-state stock of capital and the trade balance, but improves (deteriorates) the level of foreign exchange reserves. However, financial liberalization, in any form, is always welfare-improving. The paper, thus, advocates financial liberalization policies to be oriented towards reduction of reserve requirements rather than interest rate deregulation, if foreign reserve holding is not in a critical position.
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The current international integration of financial markets provides a channel for currency depreciation to affect stock prices. Moreover, the recent financial crisis in Asia with its accompanying exchange rate volatility affords a case study to examine that channel. This paper applies a bivariate GARCH-M model of the reduced form of stock market returns to investigate empirically the effects of daily currency depreciation on stock market returns for five newly emerging East Asian stock markets during the Asian financial crisis. The evidence shows that the conditional variances of stock market returns and depreciation rates exhibit time-varying characteristics for all countries. Domestic currency depreciation and its uncertainty adversely affects stock market returns across countries. The significant effects of foreign exchange market events on stock market returns suggest that international fund managers who invest in the newly emerging East Asian stock markets must evaluate the value and stability of the domestic currency as a part of their stock market investment decisions.
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The consensus view is that central banks under currency boards do not have tools for active monetary policy. In this paper, we analyze the foreign exchange fee as a monetary policy instrument that can be used by a central bank under a currency board. We develop a general equilibrium model showing that changes in this fee may have the same effects as a change in the monetary policy stance. Thus central banks under the currency board are shown to have an avenue to implement active monetary policy.
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Despite widespread interest in China's growing trade surplus and its impact on other countries, empirical research in these issues is handicapped by the lack of reliable statistics on aggregate import and export prices. Although researchers estimate the trade volumes of China and other East Asian countries using a variety of surrogate price indices, an inappropriate deflator can give rise to a significant bias in econometric analysis. This paper discusses the potential seriousness of this problem by examining recent studies on the export competition between China and other Asian countries.
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This paper analyzes some recent theoretical and practical evidence in terms of economic results of different exchange rate systems. It begins with a historical review and a summary of fixed versus flexible exchange rate systems. Then it compares the experiences of recent currency unions, mostly unilateral, and their relative economic performance during the past currency crises in Latin America, East Asia and Eastern Europe. A set of issues is discussed in order to weigh the overall costs and benefits for several economies. These issues include exchange rates, GDP performance, inflation rates and foreign reserves. The case of Argentina is also considered separately, comparing mostly seigniorage costs and interest-rate savings. The benefits and costs of the producers (central banks/governments) and the consumers (citizens) of money are discussed separately. Free banking is also considered in a fast-changing world where there will probably be fewer but better currencies. Not just the euro is a reality now, but maybe the "amero" and the "worldo" or the "mondo" very soon.
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This paper explores the idea that fear of floating can be justified as an optimal discretionary monetary policy in a dollarized emerging economy. Specifically, I consider a small open economy in which intermediate goods importers borrow in foreign currency and face a credit constraint. In this economy, exchange rate depreciation not only worsens importers' net-worth but also increases the financing amount in domestic currency, therefore exaggerating their borrowing finance premium. Besides, because of high exchange rate pass-through into import prices, fluctuations in the exchange rate also have strong impacts on domestic prices and production. These effects, together, magnify the macroeconomic consequences of the floating exchange rate policy in response to external shocks. The paper shows that the floating exchange rate regime is dominated by the fixed exchange rate regime in the role of cushioning shocks and in welfare terms.
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Myanmar has peculiar conditions of deposit dollarization that were shaped by administrative controls. On the one hand, restrictive controls encouraged the accumulation of foreign currency deposits (FCD). On the other hand, foreign currency loans (FCL) were not practiced officially; therefore, FCD was not utilized for credit. Given the adverse effects and persistence of dollarization in other dollarized economies and the recent recovery of local currency deposits in Myanmar, this paper opts for the prohibition of FCL and offers policy measures for de-dollarization.
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Esta dissertação visa deslumbrar uma análise macroeconômica do Brasil, especialmente no que se refere à relação dos índices mensais dos volumes das exportações e das importações com os volumes mensais do PIB, da Taxa SELIC e as Taxas de Câmbio, conforme dados coletados no período de janeiro de 2004 a dezembro de 2014, através de pesquisa literária referente aos históricos sobre cada conceito envolvido no âmbito da macroeconomia das varáveis estudadas. Foi realizado um estudo de caso embasado em dados de sites governamentais, no período delimitado, empregando-se o método de regressão linear, com base na Teoria da correlação de Pearson, demonstrando os resultados obtidos no período do estudo para as varáveis estudadas. Desta maneira, conseguiu-se estudar e analisar como as variáveis dependentes (resposta): volume das exportações e volume das importações estão relacionadas com as varáveis independentes (explicativas): PIB, Taxa Selic e taxa de Câmbio. Os resultados apurados no presente estudo permitem identificar que existe correlação moderada e negativa, quando analisadas a Taxa Selic e a Taxa de Câmbio com os volumes das exportações e das importações, enquanto o PIB apresenta correlação forte e positiva na análise com os volumes das exportações e das importações