Enforcing international financial standards in Brazil: limits and possibilities for adoption of IOSCO principles

Foreign capital and institutional investors play a key role in the Brazilian capital and financial markets. Internationally promoted regulatory patterns, especially IOSCO principles, have been increasingly influencing administrative rule making by the Brazilian Securities and Exchange Commission (CVM) as well as the adoption of transnational rules in Brazil by means of self-regulatory activity. Even though there is a certain level of convergence of market regulatory standards at the transnational level, implementation and enforcement of rules remains essentially domestic. We analyze two case studies regarding the transposition of international standards into the Brazilian legal system, which illustrate this tension between the transnational and domestic dimensions of financial markets regulation. The first case concerns a CVM rule on disclosure of executive compensation and the its interpretation by local courts. The second case refers to the adoption of suitability rules.

Main problems with the taxation of civil society organizations in Brazil: certifications and impact on payroll

The objective of this paper is to identify and analyze the main problems in the taxation—regarding both taxes themselves and compliance costs of taxation—of civil society organizations in Brazil. This study is qualitative descriptive research. A multiple case study with 26 organizations was performed. The results show that the problems mainly affect organizations with lower revenue and that do not work in the areas of education, health or social care. The main problems involve the taxation of the payroll and the difficulties related to obtaining and maintaining certifications. The study concludes with suggestions for the improvement of the regulatory framework.

Cyclicality of SME Lending and Government Involvement in Banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Cyclicality of SME lending and government involvement in banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Credit ratings and government bonds evidence before, during and after the european debt crisis

Neste projeto, investigamos se as agências de rating e as taxas de juro de longo prazo da dívida soberana tiveram uma influência recíproca antes, durante e após a crise da dívida soberana Europeia. Esta análise é realizada, estimando a relação existente entre os ratings da dívida soberana ou taxas de juro e factores macroeconomicos e estruturais, através de uma diferente aplicação de metodologias utilizadas para este efeito. Os resultados obtidos demonstram que, no período da crise soberana, os ratings e as taxas de juros tiveram um mútuo impacto, sugerindo que as descidas dos ratings podem ter conduzido a profecias auto-realizáveis, levando países relativamente estáveis a um eventual incumprimento

Piscinoodinium pillulare (Schäperclaus, 1954) Lom, 1981 (Dinoflagellida) infection in cultivated freshwater fish from the Northeast region of São Paulo State, Brazil: parasitological and pathological aspects

O Centro de Aqüicultura, Unesp, Jaboticabal, SP, Brasil, recebeu peixes para diagnose, os quais apresentavam aglomeração nas bordas dos viveiros e na entrada da água. Dos 194 casos diagnosticados, 53 apresentavam estruturas brancas circulares ou ovais, imóveis, medindo 162 mm de diâmetro, identificadas como o dinoflagelado Piscinoodinium pillulare. em 34 casos, os parasitos estavam presentes nas brânquias, em 2 casos, no corpo e em 9 casos, em ambos. Dos 53 casos observados, 31 eram o híbrido tambacu; 7, o Piaractus mesopotamicus; 6, o Colossoma macropomum; 5, o Leporinus macrocephalus; 3, o Oreochromis niloticus; e 1, o Prochilodus lineatus. Os peixes apresentaram aumento da produção de muco no corpo e nas brânquias e equimoses no pedúnculo caudal e nos opérculos. As brânquias também apresentaram palidez, congestão e petéquias. A histopatologia revelou a presença de grande número de trofontes situados entre as lamelas secundárias, fixados ou não ao epitélio. As lamelas primárias mostraram hemorragias intersticiais, severa hiperplasia do epitélio e das células caliciformes e infiltrado inflamatório. O presente trabalho é o primeiro relato de P. pillulare no Brasil e enfatiza a importância dos dinoflagelados, que causaram significativas perdas econômicas entre 1995 e 1997.

Radiation balance at the surface in the city of So Paulo, Brazil: diurnal and seasonal variations

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Grapevine bacterial canker in the State of São Paulo, Brazil: detection and eradication

Sintomas do cancro bacteriano da videira na variedade Red Globe foram observados em agosto de 2009 em pomar de Tupi Paulista, Estado de São Paulo, Brasil, e o agente causal Xanthomonas campestris pv. viticola foi identificado por meio de testes patológicos e moleculares. O procedimento de erradicação foi adotado e aproximadamente 4.700 plantas foram destruídas. Um levantamento realizado nas regiões produtoras do Estado de São Paulo não encontrou nenhum outro pomar contaminado, e essa espécie bacteriana é considerada ausente neste estado.

Agrofuel policies in Brazil: paradigmatic and territorial disputes

The expansion of agrofuel crops challenges us to rethink policies, territories, human agency, and the paradigms used to explain them. In Brazil, policies supporting the expansion of agrofuel crops and the intensification of agrofuel production are reorganising rural land use and undermining some forms of participation in the capitalist and family modes of production. To reflect on this new reality, we study peasant movement reactions, proposals, and territorial disputes with agribusiness. Using the Pontal do Paranapanema region of São Paulo state as a case in point, the paper analyses territorial disputes between expanding sugarcane plantations and agrarian reform settlements as well as biodiesel production projects developed by the Landless Workers Movement (MST) and the Western São Paulo Federation of Settlement and Family Farmer Associations (FAAFOP). It also analyses the agrofuel policies of other peasant organisations, including Via Campesina. The production of agrofuels has changed the processes of land acquisition and use by both agribusiness and the peasantry, provoking new insights into the nature of territorial conflicts and thereby stimulating the need to revise perspectives on the agrarian question in Brazil.

Drug resistance in Mycobacterium tuberculosis clinical isolates from Brazil: Phenotypic and genotypic methods

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Aerophytic cyanoprokaryotes from the Atlantic rainforest region of São Paulo State, Brazil: Chroococcales and Oscillatoriales

Because algae are primarily aquatic, it seems almost paradoxical that there Should exist a relatively diversified soil flora where aerophytic cyanoprokaryotes are especially abundant. However, there appear to be relatively few studies oil this topic. This paper aims to improve the taxonomic knowledge oil the chroococcalean and oscillatorialean cyanoprokaryote flora in tropical regions. Samples of cyanoprokaryotes were collected in the rainforest region of the São Paulo State, Brazil. Data oil cyanoprokaryote mass type and color, substratum type, air and mass temperature and humidity, pH and absolute and relative irradiance were collected. The study revealed the presence of 24 species belonging to the orders Chroococcales and Oscillatoriales (12 species each). Aphanothece (four species) was the most species-rich genus. Overall, taxonomic resolution at the species level based oil morphological and morphometric data can still be problematic.

Fish-assemblage structure of the Corumbatai river basin, São Paulo State, Brazil: characterization and anthropogenic disturbances

O rio Corumbataí é um dos principais tributários da margem direita do rio Piracicaba que é um tributário do rio Tietê. O rio Corumbataí integra a bacia do rio Paraná e é regionalmente importante não só por possuir águas de boa qualidade, mas também por possuir elementos raros na paisagem local. Este estudo visou caracterizar as assembléias de peixes do rio Corumbataí e fornecer dados que contribuam para uma avaliação da sua qualidade ambiental. Na bacia do rio Corumbataí, foram amostrados 4 rios principais, cada um com 3 pontos de coleta. Vinte e quatro amostras foram coletadas durante os meses de março a julho e de setembro a dezembro de 2001. Dados bióticos foram avaliados por medidas de diversidade. Um modelo linear ANCOVA foi utilizado para testar a hipótese de variação espaço-temporal nas assembléias de peixes, com a riqueza de espécies como variável resposta, ordem do rio como fator e temperatura e logaritmo natural do número de indivíduos como covariáveis. Esta análise mostrou uma variação espaço-temporal que é corroborada por conceitos exaustivamente discutidos na literatura, tais como relação espécie-área e o conceito de rio contínuo. Dados provenientes do rio Ribeirão Claro mostraram um padrão diferente quando comparados com os outros rios. Esta diferença foi provavelmente devido à interferência humana e atesta o processo de fragmentação de hábitats aquáticos que podem ter levado a um isolamento das populações locais de peixes.

The species of Paspalum L (Poaceae), groups Virgata and Quadrifaria, in Brazil - Distribution and ecology

The Brazilian species of Paspalum L. (Poaceae) groups Virgata and Quadrifaria are revised based on herbarium material and live specimens of recent collections. The Virgata taxa are P. wettsteinii, P. rufum, P. regnellii, P. conspersum, P. virgatum and P. commune, while Quadrifaria encompasses P. intermedium, P. densum, P. millegrana, P. durifolium, P. brunneum, P. usteri, P. plenum, P. quadrifarium, P. coryphaeum, P. exaltatum and P. haummmanii. Both groups are commonly found throughout the country, but rare in the wet areas of the Amazonian forest, and better characterized as megatherm plants.

Time-based competitiveness in Brazil: whys and hows

The objective of the paper is to report research carried out over two years aiming at developing a framework to support the management of manufacturing organizations for whom reducing throughput time is strategically important, either because they compete based on short lead times or because they choose to pursue other objectives such as cost reduction by means of reducing their manufacturing cycle times. A step-by-step method is proposed based on the analyses of a number of Brazilian best practice cases (all manufacturing companies and all part of large multi-national corporations) and on the relevant literature.