Public debt and the limits of fiscal policy to increase economic growth

Research that seeks to estimate the effects of fiscal policies on economic growth has ignored the role of public debt in this relationship. This study proposes a theoretical model of endogenous growth, which demonstrates that the level of the public debt-to-gross domestic product (GDP) ratio should negatively impact the effect of fiscal policy on growth. This occurs because government indebtedness extracts part of the savings of the young to pay interest on the debts of the older generation, who are no longer saving. Therefore, the payment of debt interest assumes an allocation exchange role between generations that is similar to a pay-as-you-go pension system, which results in changes in the savings rate of the economy. The major conclusions of the theoretical model were tested using an econometric model to provide evidence for the validity of this conclusion. Our empirical analysis controls for timeinvariant, country-specific heterogeneity in the growth rates. We also address endogeneity issues and allow for heterogeneity across countries in the model parameters and for cross-sectional dependence.

Teste Illinois de Habilidades Psicolinguísticas: analise critica do modelo mediacional e de diversos aspectos da validade do instrumento

Este trabalho investiga basicamente a validade do Teste Illinois de Habilidades Psicolinguísticas -ITPA -instrumento de avaliação do desenvolvimento da linguagem infantil. Seus autores, S. Kirk e J.J. McCarthy (1961), utilizam o referencial teórico proposto por C. Osgood (1957), a ele incorporando o modelo derivado da Teoria da Informação, o que permite que, na prática clínica, o ITPA possa ser incluído no processo psicodiagnóstico como instrumento de avaliação dos problemas da comunicação em crianças entre três e dez anos. Os objetivos que conduzem e orientam o trabalho apresentado podem ser definidos em três níveis: 1) O que trata dos constructos e suas interrelaç6es -análise crítica da validade teóricado ITPA; 2) O que avalia sua condição de instrumento diagnóstico do desempenho escolar -sensibilidade discriminante do rendimento acadêmico; 3) O que trata da eficácia da prática psicopedagógica proposta pelo mesmo instrumento. O estudo sobre a validade teórica foi realizado com 931 crianças entre três e dez anos de idade, em processo de escolarização, frequentando creches, jardins de infância ou classes regulares da Rede de Ensino do Primeiro Grau no Município do Rio de Janeiro. Utilizou-se a técnica da Análise Fatorial, complementada por uma abordagem lógica que comprovaram algumas das dimensões propostas pelo referencial teórico de Kirk e McCarthy. Para a validade diagnóstica foram avaliadas 71 crianças com dificuldades no desempenho acadêmico, expressas através de conceitos de insuficiência ou deficiência de rendimento e seus resultados foram comparados com os de um subgrupo, aleatoriamente constituído de crianças que participaram do estudo anterior. Utilizou-se a técnica da Análise Discriminante chegando-se à seguinte conclusão: embora a validade de constructo do IIPA não tenha sido completamente confirmada num nível diagnóstico os resultados permitem identificar, com baixa margem de erro, as crianças que pertencem a um ou outro dos grupos de contraste. Quanto ao terceiro nível, foi feita ampla-revelação bibliográfica sobre investigações efetuadas com este instrumento no Brasil e no Exterior. Visou-se avaliar a eficácia da prática psicopedagógica utilizada quando desenvolvida à luz dos recursos de intervenção que o IIPA propõe. Concluiu-se que as pesquisas, até o presente momento efetuadas, não são suficientes para formar um juízo mais seguro da praxis educativa destinada à reabilitação das crianças com problemas da comunicação - o que constitui impedimento a seu desempenho acadêmico - em função das controvérsias que tais pesquisas apresentam.

Voice over IP 2.0: an analysis of limits and potential of IP2IP telecommunication

Internet Telephony (VoIP) is changing the telecommunication industry. Oftentimes free, VoIP is becoming more and more popular amongst users. Large software companies have entered the market and heavily invest into it. In 2011, for instance, Microsoft bought Skype for 8.5bn USD. This trend increasingly impacts the incumbent telecommunication operators. They see their main source of revenue – classic telephony – under siege and disappear. The thesis at hand develops a most-likely scenario in order to determine how VoIP is evolving further and it predicts, based on a ten-year forecast, the impact it will have on the players in the telecommunication industry.The paper presents a model combining Rogers’ diffusion and Christensen’s innovation research. The model has the goal of explaining the past evolution of VoIP and to isolate the factors that determine the further diffusion of the innovation. Interviews with industry experts serve to assess how the identified factors are evolving.Two propositions are offered. First, VoIP operators are becoming more important in international, corporate, and mobile telephony. End-to-end VoIP (IP2IP) will exhibit strong growth rates and increasingly cannibalize the telephony revenues of the classic operators. Second, fix-net telephony in SMEs and at home will continue to be dominated by the incumbents. Yet, as prices for telephony fall towards zero also they will implement IP2IP in order to save costs. By 2022, up to 90% of the calls will be IP2IP. The author recommends the incumbents and VoIP operators to proactively face the change, to rethink their business strategies, and to even be open for cooperation.

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.

The impact of property rights and its limits

The empirical evaluation of the effect of land property rights typically suffers from selection problems. The allocation of property rights across households is usually not random but based on wealth, family characteristics, political clientelism, or other mechanisms built on differences between the groups that acquire property rights and the groups that do not. In this paper, we address this selection concern exploiting a natural experiment in the allocation of property rights. Twenty years ago, a homogenous group of squatters occupied a piece of privately owned land in a suburban area of Buenos Aires, Argentina. When the Congress passed an expropriation law transferring the land from the former owners to the squatters, some of the former owners surrendered the land (and received a compensation), while others decide to sue in the slow Argentine courts. These different decisions by the former owners generated an allocation of property rights that is exogenous to the characteristics of the squatters. We take advantage of this natural experiment to evaluate the effect of the allocation of urban land property rights. Our preliminary results show significant effects on housing investment, household size, and school attrition. Contradicting De Soto's hypotheses, we found nonsignificant effects on labor income and access to credit markets.

The Limits of political compromise: debt ceilings and political competition

We study the desirability of limits on the public debt and of political competition in an economy where political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimal level. Parties cannot commit to future policies, but they can forge a political compromise where each party curbs excessive spending when in office if it expects future governments to do the same. In contrast to the received literature, we find that strict limits on government borrowing can exacerbate political-economy distortions by rendering a political compromise unsustainable. This tends to happen when political competition is limited. Conversely, a tight limit on the public debt fosters a compromise that yields the efficient outcome when political competition is vigorous, saving the economy from immiseration. Our analysis thus suggests a legislative tradeoff between restricting political competition and constraining the ability of governments to issue debt.

A discriminating dissolution method for glimepiride polymorphs

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

The limits of human development and the use of energy and natural resources

The development of nations is an unquestionable requirement. A lot of challenges concerning health, education and economy are present. A discussion on these development models has occupied the minds of decision makers in recent years. When energy supply and demand is considered, the situation becomes critical and the crucial question is: how to improve the quality of life of developing countries based on available models of development that are related to the life style of developed countries, for which the necessary use and waste of energy are present? How much energy is essential to humanity for not so as to endangering the survival conditions of future generations? the human development index (HDI) establishes the relationship among energy use, economic growth and social growth. Here it can be seen that 75% of the world population has a significant energy consumption potential. This is a strong reason to consider that the sustainable development concepts on energy policies are strategic to the future of the planet. This paper deals with the importance of seeking alternative development models for human development balance, natural resources conservation and environment through rational energy use concepts. (c) 2004 Elsevier Ltd. All rights reserved.

In vivo evaluation of laser fluorescence performance using different cut-off limits for occlusal caries detection

The aim of this in vivo study was to evaluate the performance of laser fluorescence (LF) comparing different cut-off limits for occlusal caries detection. One hundred and thirty first permanent molars were selected. Visual examination and LF assessments were performed independently. The extent of caries was assessed after operative intervention. New cut-off limits were established and compared with those proposed by the manufacturer and by Lussi et al. (Eur J Oral Sci 109:14-19, 2001). Similar sensitivity and higher specificity was found at D(2) (considering as disease only dentin caries) when the LF cut-off limits proposed by Lussi et al. and the new one were compared. At the D(3) threshold (considering as disease only deep dentin caries), no statistically significant difference among the cut-off limits for sensitivity was found. However, the new cut-off limits showed higher specificity. The LF device provided good ability to detect dentin caries lesions. Furthermore, the new cut-off limits and the values proposed by Lussi et al. could be suggested for the in vivo detection of occlusal caries.

Measurement of the p(p)over-bar -> WZ+X cross section at root s=1.96 TeV and limits on WWZ trilinear gauge couplings

We present measurements of the process p (P) over bar -> WZ + X -> l 'nu(l ')l (l) over bar at root s = 1:96 TeV,where l and l ' are electrons or muons. Using 1 fb(-1) of data from the D0 experiment, we observe 13 candidates with an expected background of 4.5 +/- 0.6 events and measure a cross section sigma(WZ) = 2.7(-1.3)(+1.7) pb. From the number of observed events and the Z boson transverse momentum distribution, we limit the trilinear WWZ gauge couplings to -0: 17 <= lambda(Z) <= 0.21 (Delta k(Z) <= 0.29(lambda(Z) = 0) at the 95% C.L. for a form factor scale Lambda = 2 TeV. Further, assuming that Delta g(1)(Z) = Delta k(Z), we find -0.12 <= Delta k(Z) <= 0.29(lambda(Z) = 0) at the 95% C. L. These are the most restrictive limits on the WWZ couplings available to date.

Limits on anomalous trilinear gauge couplings from WW -> e(+)e(-), WW -> e(+/-)mu(-/+), and WW ->mu(+)mu(-) events from pp collisions at root s=1.96 TeV

Limits are set on anomalous WW gamma and WWZ trilinear gauge couplings using W+W--> e(+)nu(e)e(-)(nu) over bar (e), W+W--> e(+/-)nu(e)mu(-/+)nu(mu), and W+W-->mu(+)nu(mu)mu(-)(nu) over bar (mu) events. The data set was collected by the Run II D0 detector at the Fermilab Tevatron Collider and corresponds to approximately 250 pb(-1) of integrated luminosity at root s=1.96 TeV. Under the assumption that the WW gamma couplings are equal to the WWZ couplings and using a form factor scale of Lambda=2.0 TeV, the combined 95% C.L. one-dimensional coupling limits from all three channels are -0.32

Limits of validity for a semiclassical mean-field two-fluid model for Bose-Einstein condensation thermodynamics

We reinvestigate the Bose-Einstein condensation (BEC) thermodynamics of a weakly interacting dilute Bose gas under the action of a trap using a semi-classical two-fluid mean-field model in order to find the domain of applicability of the model. Such a model is expected to break down once the condition of diluteness and weak interaction is violated. We find that this breakdown happens for values of coupling and density near the present experimental scenario of BEG. With the increase of the interaction coupling and density the model may lead to unphysical results for thermodynamic observables. (C) 2000 Published by Elsevier B.V. B.V, All rights reserved.

Quantum states, thermodynamic limits, and entropy in M theory

We discuss the matching of the BPS part of the spectrum for a (super) membrane, which gives the possibility of getting the membrane's results via string calculations. In the small coupling limit of M theory the entropy of the system coincides with the standard entropy of type IIB string theory (including the logarithmic correction term). The thermodynamic behavior at a large coupling constant is computed by considering M theory on a manifold with a topology T-2 x R-9. We argue that the finite temperature partition functions (brane Laurent series for p not equal 1) associated with the BPS p-brane spectrum can be analytically continued to well-defined functionals. It means that a finite temperature can be introduced in brane theory, which behaves like finite temperature field theory. In the limit p --> 0 (point particle limit) it gives rise to the standard behavior of thermodynamic quantities.

Entropy and thermodynamic limits in M-theory

The matching of the BPS part of the (super) membrane's spectrum enables one to obtain membrane's results via string calculations. We compute the thermodynamic behavior at large coupling constant by considering M-theory on a manifold with topology T-2 X R-9. In the small coupling limit of M-theory the entropy coincides with the standard entropy of type IIB strings. We claim that the finite temperature partition functions associated with BPS p-brane spectrum can be analytically continued to well-defined functionals. This means that finite temperature can be introduced in brane theory. For the point particle limit (p --> 0) the entropy has the standard behavior of thermodynamic quantities.

Z gamma production and limits on anomalous ZZ gamma and Z gamma gamma couplings in pp collisions at root s=1.96 TeV

We present a study of eey and mu mu gamma events using 1109 (1009) pb-(1) of data in the electron (muon) channel, respectively. These data were collected with the DO detector at the Fermilab Tevatron pp collider at Is = 1.96 TeV. Having observed 453 (515) candidates in the eey (jtAy) final state, we measure the Z gamma production cross section for a photon with transverse energy ET > 7 GeV, separation between the photon and leptons Delta Rey > 0.7, and invariant mass of the di-lepton pair Mee > 30 GeV/(2)(c), to be 4.96 0.30(stat. + syst.) zE 0.30(lumi.) pb, in agreement with the Standard Model prediction of 4.74 0.22 pb. This is the most precise Zy cross section measurement at a hadron collider. We set limits on anomalous trilinear Zyy and ZZy gauge boson couplings of -0.085 < h(30)(y) < 0.084, -0.0053 < h(40)(y) < 0.0054 and -0.083 < h(30)(Z) < 0.082, 30 40 30 -0.0053 < h(40)(Z) < 0.0054 at the 95% C.L. for the form-factor scale A = 1.2 TeV. 40 Published by Elsevier B.V.