International portfolio diversification: evidence from emerging markets

Taking into account previous research we could assume to be beneficial to diversify investments in emerging economies. We investigate in the paper International Portfolio Diversification: evidence from Emerging Markets if it still holds true, given the assumption of larger world markets integration. Our results suggest a wide spread positive time-varying correlations of emerging and developed markets. However, pair-wise cross-country correlations gave evidence that emerging markets have low integration with developed markets. Consequently, we evaluate out-of-sample performance of a portfolio with emerging equity countries, confirming the initial statement that it has a better a risk-adjusted performance over a purely developed markets portfolio.

Options listing and the volatility of the underlying asset: a study on the derivative market function

Os mercados de derivativos são vistos com muita desconfiança por inúmeras pessoas. O trabalho analisa o efeito da introdução de opções sobre ações no mercado brasileiro buscando identificar uma outra justificativa para a existência destes mercados: a alteração no nível de risco dos ativos objetos destas opções. A evidência empírica encontrada neste mercado está de acordo com os resultados obtidos em outros mercados - a introdução de opções é benéfica para o investidor posto que reduz a volatilidade do ativo objeto. Existe também uma tênue indicação de que a volatilidade se torna mais estocástica com a introdução das opções.

Detection of Leptospira spp. in the semen and urine of bulls serologically reactive to Leptospira interrogans serovar hardjo

O presente trabalho avaliou a PCR na detecção de leptospiras em sêmen e urina de dez touros sorologicamente reagentes, comparando seus resultados com aqueles obtidos por outras técnicas de diagnóstico. Foram realizadas duas colheitas de materiais em dias alternados. As amostras de sêmen e de urina foram separadas em alíquotas para visualização direta em microscopia de campo escuro, inoculação em hamsters (apenas para o sêmen), isolamento em meio de cultura e PCR. Nenhum hamster apresentou positividade na prova de soroaglutinação microscópica (SAM); fragmentos de rins e fígado desses animais foram utilizados para a tentativa de isolamento em meio de cultura, sendo positivo o cultivo a partir do rim de hamster inoculado com semen de um touro, e do fígado de hamsters inoculados com o semen de três touros. O isolamento em meio de cultura foi negativo para todas as amostras de sêmen, mas foi positivo para cinco amostras de urina. Na PCR não houve resultado positivo para as amostras de sêmen, e apenas uma amostra de urina apresentou resultado positivo, sendo coincidente com uma das culturas positivas. Não foi possível visualizar leptospiras em nenhuma das amostras por exame direto em microscopia de campo escuro.

Combined Pool/Bilateral Short-Term Hydrothermal Scheduling Model for Day-Ahead Energy Markets

This paper proposes a combined pool/bilateral short term hydrothermal scheduling model (PDC) for the context of the day-ahead energy markets. Some innovative aspects are introduced in the model, such as: i) the hydraulic generation is optimized through the opportunity cost function proposed; ii) there is no decoupling between physical and commercial dispatches, as is the case today in Brazil; iii) interrelationships between pool and bilateral markets are represented through a single optimization problem; iv) risk exposures related to future deficits are intrinsically mitigated; v) the model calculates spot prices in an hourly basis and the results show a coherent correlation between hydrological conditions and calculated prices. The proposed PDC model is solved by a primal-dual interior point method and is evaluated by simulations involving a test system. The results are focused on sensitivity analyses involving the parameters of the model, in such a way to emphasize its main modeling aspects. The results show that the proposed PDC provides a conceptual means for short term price formation for hydrothermal systems.

Latin America and the Caribbean in the World Economy 2010-2011: The region in the decade of the emerging economies

Incluye Bibliografía

Millennium development goals: progress towards the right to health in Latin america and the Caribbean

Includes bibliography

In vitro assessment of dentin erosion after immersion in acidic beverages: Surface profile analysis and energy-dispersive X-ray fluorescence spectrometry study

The aim of this study was to investigate the effects of some acidic drinks on dentin erosion, using methods of surface profile (SP) analysis and energy-dispersive X-ray fluorescence spectrometry (EDXRF). One hundred standardized dentin slabs obtained from bovine incisor roots were used. Dentin slabs measuring 5x5 mm were ground flat, polished and half of each specimen surface was protected with nail polish. For 60 min, the dentin surfaces were immersed in 50 mL of 5 different drinks (Gatorade®, Del Valle Mais orange juice®, Coca-Cola®, Red Bull® and white wine), 20 blocks in each drink. The pH of each beverage was measured. After the erosive challenge, the nail polish was removed and SP was analyzed. The mineral concentration of dentin surfaces was determined by means of EDXRF. Data were analyzed statistically by ANOVA and Tukey's test (α=0.05). SP analysis showed that Red-Bull had the highest erosive potential (p<0.05). EDXRF results exhibited a decrease in phosphate in the groups immersed in Red-Bull, orange juice and white wine (p<0.05), and no significant difference in calcium content between the reference surface and eroded surface. In conclusion, this study demonstrated that all studied beverages promoted erosion on root dentin and Red Bull had the highest erosive potential. There was no correlation between pH of beverages and their erosive potential and only the P content changed after erosive challenge.

The interplay of macro- and microeconomics

The statement starts with a balance of the 15-years period of the economic reforms occurred in the region, up to the Mexican financial crisis in 1995. The main lesson to be drawn from this period refers to the need of supplementing and reinforcing macro-economic policy, together with the application of public policy measures at the micro-, meso-, and institutional levels, in order to support productive modernization, the development of financial and labour markets and the establishment or strengthening of institutions which can help to create an environment conducive to development. Further on, the statement explains the strategies proposed by ECLAC for overcoming the obstacles to accelerated growth within a framework of stability, social equity and democracy. These refer to expanding gross domestic product, increasing productivity and providing more and better jobs. In order to achieve this goal it is necessary to ensure macroeconomic equilibria in its broader sense, raise the level of national saving and channel it into productive investment, as well as an accelerated and systematic incorporation of production and management techniques designed to raise productivity in a growing number of firms. In the last part, the statement refers to the situation of the United Nations and honors the memory of Dr. Raúl Prebisch, on the tenth anniversary of his death.

Free trade and the development of sustainable agriculture in the Caribbean

Includes bibliography

Regional integration in Latin America, globalization and South-South trade

Includes bibliography

Transport planning and its impact on city competitiveness

The economic and productive development of a region is closely tied to its transport infrastructure. Adequate transport infrastructure enables companies to increase their production levels as a result of lowered logistical costs, inventory savings and access to larger supply and labour markets. The competitiveness of a city depends on elements of its economy and other aspects such as social disciplines. Despite being a rather broadly defined concept, it is widely used to categorise and compare cities, projecting the image of a prosperous city in the public eye. The aim of this issue of the Bulletin is to identify the role played by investments in transport in the competitiveness of a specific city and to demonstrate the need for adequate transport planning to ensure that economic development does not interfere with the quality of life of city dwellers.

An assessment of the dynamics between the permanent and transitory components of Mexico's output and unemployment

Includes bibliography.

Export competitiveness in an oil and gas economy: the case of Trinidad and Tobago, 1985-2010

The oil and gas sector has led the economy of Trinidad and Tobago since the late 1970s and, more pronouncedly, since 2000, accounting for a large share of gdp, total exports and tax revenue. Its prospects in the medium term could be negatively affected, however, if oil and gas extraction expands in other countries, and if the United States attains energy self-sufficiency. This paper offers an analysis of the evolution and competitiveness of its oil and non-oil exports to both the United States and global markets, based on the revealed comparative advantage (rca) index used by eclac. Other foreign trade indicators are also included to determine the structure of the country’s trading relations. The period from 1985 to 2010 is analysed and the results presented are intended to advocate the diversification of Trinidad and Tobago’s exports into more dynamic and diversified markets.

Employment Effects of Product and Labour Market Reforms: Are There Synergies?

This article investigates the effect of product market liberalisation on employment allowing for interactions between policies and institutions in product and labour markets. Using panel data for OECD countries over the period 19802002, we present evidence that product market deregulation is more effective at the margin when labour market regulation is high. The data also suggest that product market liberalisation may promote employment-enhancing labour market reforms.

Trends, drivers and impacts of changes in swidden cultivation in tropical forest-agriculture frontiers: A global assessment

This meta-analysis of land-cover transformations of the past 10-15 years in tropical forest-agriculture frontiers world-wide shows that swidden agriculture decreases in landscapes with access to local, national and international markets that encourage cattle production and cash cropping, including biofuels. Conservation policies and practices also accelerate changes in swidden by restricting forest clearing and encouraging commercial agriculture. However, swidden remains important in many frontier areas where farmers have unequal or insecure access to investment and market opportunities, or where multi-functionality of land uses has been preserved as a strategy to adapt to current ecological, economic and political circumstances. In some areas swidden remains important simply because intensification is not a viable choice, for example when population densities and/or food market demands are low. The transformation of swidden landscapes into more intensive land uses has generally increased household incomes, but has also led to negative effects on the social and human capital of local communities to varying degrees. From an environmental perspective, the transition from swidden to other land uses often contributes to permanent deforestation, loss of biodiversity, increased weed pressure, declines in soil fertility, and accelerated soil erosion. Our prognosis is that, despite the global trend towards land use intensification, in many areas swidden will remain part of rural landscapes as the safety component of diversified systems, particularly in response to risks and uncertainties associated with more intensive land use systems. (C) 2011 Elsevier Ltd. All rights reserved.