Comparing equilibrium real interest rates : different approaches to measure Brazilian rates

Despite the difficulties involved in the precise determination of equilibrium real interest rates, it seems clear that nominal interest rates has been higher in Brazil than in similar emerging economies. This paper aims to shed light on the possible reasons for this feature of the Brazilian economy. We extend Miranda and Muinhos (2003) one-country study to a sample of 20 countries, using many methods to compare measures of the real interest: (i) extracting equilibrium interest rates from IS curves; (ii) extracting steady state interest rates from marginal product of capital; (iii) capturing relevant variables and the fixed effects having real interest rates as dependent variable in a panel for emerging countries; and (iv) extracting inflation expectation from the spread between fixed rate and inflation-indexed treasure notes.

Differences in the perception of interest representation: a comparision of Bras��lia and Brussels lobbying activity

The research topic of this paper is focused on the analysis of how trade associations perceive lobbying in Brussels and in Bras��lia. The analysis will be centered on business associations located in Bras��lia and Brussels as the two core centers of decision-making and as an attraction for the lobbying practice. The underlying principles behind the comparison between Brussels and Brasilia are two. Firstof all because the European Union and Brazil have maintained diplomatic relations since 1960. Through these relations they have built up close historical, cultural, economic and political ties. Their bilateral political relations culminated in 2007 with the establishment of a Strategic Partnership (EEAS website,n.d.). Over the years, Brazil has become a key interlocutor for the EU and it is the most important market for the EU in Latin America (European Commission, 2007). Taking into account the relations between EU and Brazil, this research could contribute to the reciprocal knowledge about the perception of lobby in the respective systems and the importance of the non-market strategy when conducting business. Second both EU and Brazilian systems have a multi-level governance structure: 28 Member States in the EU and 26 Member States in Brazil; in both systems there are three main institutions targeted by lobbying practice. The objective is to compare how differences in the institutional environments affect the perception and practice of lobbying, where institutions are defined as ������regulative, normative, and cognitive structures and activities that provide stability and meaning to social behavior������ (Peng et al., 2009). Brussels, the self-proclaimed "Capital of Europe���, is the headquarters of the European Union and has one of the highest concentrations of political power in the world. Four of the seven Institutions of the European Union are based in Brussels: the European Parliament, the European Council, the Council and the European Commission (EU website, n.d.). As the power of the EU institutions has grown, Brussels has become a magnet for lobbyists, with the latest estimates ranging from between 15,000 and 30,000 professionals representing companies, industry sectors, farmers, civil society groups, unions etc. (Burson Marsteller, 2013). Bras��lia is the capital of Brazil and the seat of government of the Federal District and the three branches of the federal government of Brazilian legislative, executive and judiciary. The 4 city also hosts 124 foreign embassies. The presence of the formal representations of companies and trade associations in Bras��lia is very limited, but the governmental interests remain there and the professionals dealing with government affairs commute there. In the European Union, Brussels has established a Transparency Register that allows the interactions between the European institutions and citizen���s associations, NGOs, businesses, trade and professional organizations, trade unions and think tanks. The register provides citizens with a direct and single access to information about who is engaged in This process is important for the quality of democracy, and for its capacity to deliver adequate policies, matching activities aimed at influencing the EU decision-making process, which interests are being pursued and what level of resources are invested in these activities (Celgene, n.d). It offers a single code of conduct, binding all organizations and self-employed individuals who accept to ���play by the rules��� in full respect of ethical principles (EC website, n.d). A complaints and sanctions mechanism ensures the enforcement of the rules and addresses suspected breaches of the code. In Brazil, there is no specific legislation regulating lobbying. The National Congress is currently discussing dozens of bills that address regulation of lobbying and the action of interest groups (De Arag��o, 2012), but none of them has been enacted for the moment. This work will focus on class lobbying (Oliveira, 2004), which refers to the performance of the federation of national labour or industrial unions, like CNI (National Industry Confederation) in Brazil and the European Banking Federation (EBF) in Brussels. Their performance aims to influence the Executive and Legislative branches in order to defend the interests of their affiliates. When representing unions and federations, class entities cover a wide range of different and, more often than not, conflicting interests. That is why they are limited to defending the consensual and majority interest of their affiliates (Oliveira, 2004). The basic assumption of this work is that institutions matter (Peng et al, 2009) and that the trade associations and their affiliates, when doing business, have to take into account the institutional and regulatory framework where they do business.

Implied Hazard Rates Analysis Through Brazilian Corporate Debt

No Brasil, o mercado de cr��dito corporativo ainda �� sub-aproveitado. A maioria dos participantes n��o exploram e n��o operam no mercado secund��rio, especialmente no caso de deb��ntures. Apesar disso, h�� in��meras ferramentas que poderiam ajudar os participantes do mercado a analisar o risco de cr��dito e encoraj��-los a operar esses riscos no mercado secund��rio. Essa disserta����o introduz um modelo livre de arbitragem que extrai a Perda Esperada Neutra ao Risco Impl��cita nos pre��os de mercado. �� uma forma reduzida do modelo proposto por Duffie and Singleton (1999) e modela a estrutura a termo das taxas de juros atrav��s de uma Fun����o Constante por Partes. Atrav��s do modelo, foi poss��vel analisar a Curva de Perda Esperada Neutra ao Risco Impl��cita atrav��s dos diferentes instrumentos de emissores corporativos brasileiros, utilizando T��tulos de D��vida, Swaps de Cr��dito e Deb��ntures. Foi poss��vel comparar as diferentes curvas e decidir, em cada caso analisado, qual a melhor alternativa para se tomar o risco de cr��dito da empresa, via T��tulos de D��vida, Deb��ntures ou Swaps de Cr��dito.

Essays in applied econometrics

Using a unique dataset on Brazilian nominal and real yield curves combined with daily survey forecasts of macroeconomic variables such as GDP growth, inflation, and exchange rate movements, we identify the effect of surprises to the Brazilian interbank target rate on expected future nominal and real short rates, term premia, and inflation expectations. We find that positive surprises to target rates lead to higher expected nominal and real interest rates and reduced nominal and inflation term premia. We also find a strongly positive relation between both real and nominal term premia and measures of dispersion in survey forecasts. Uncertainty about future exchange rates is a particularly important driver of variations in Brazilian term premia.

Trade regulation of exchange rates

O presente estudo busca analisar o quadro regulat��rio internacional referente a medidas cambiais que trazem impactos no com��rcio. O artigo pretende explorar como a quest��o do c��mbio se relaciona �� OMC e afeta seus instrumentos e princ��pios para, em seguida, buscar dispositivos nos Acordos da OMC que poderiam ser aplicados �� quest��o cambial a fim de reequilibrar os impactos causados pelos desalinhamentos cambiais no com��rcio internacional

Method of numerical correction of errors occasioned by delay of records during the monitoring of environmental variables of interest for animal production

As condi����es de ambiente t��rmico e a��reo, no interior de instala����es para animais, alteram-se durante o dia, devido �� influ��ncia do ambiente externo. Para que an��lises estat��sticas e geoestat��sticas sejam representativas, uma grande quantidade de pontos distribu��dos espacialmente na ��rea da instala����o deve ser monitorada. Este trabalho prop��e que a varia����o no tempo das vari��veis ambientais de interesse para a produ����o animal, monitoradas no interior de instala����es para animais, pode ser modelada com precis��o a partir de registros discretos no tempo. O objetivo deste trabalho foi desenvolver um m��todo num��rico para corrigir as varia����es temporais dessas vari��veis ambientais, transformando os dados para que tais observa����es independam do tempo gasto durante a aferi����o. O m��todo proposto aproximou os valores registrados com retardos de tempo aos esperados no exato momento de interesse, caso os dados fossem medidos simultaneamente neste momento em todos os pontos distribu��dos espacialmente. O modelo de corre����o num��rica para vari��veis ambientais foi validado para o par��metro ambiental temperatura do ar, sendo que os valores corrigidos pelo m��todo n��o diferiram pelo teste Tukey, a 5% de probabilidade dos valores reais registrados por meio de dataloggers.

Microscopic evidence supports the hypothesis of high cellulose degradation capacity by the symbiotic fungus of leaf-cutting ants

Conselho Nacional de Desenvolvimento Cient��fico e Tecnol��gico (CNPq)

Multiscale Fractal Descriptors and Polynomial Classifier for Partial Pixels Identification in Regions of Interest of Mammographic Images

Computer systems are used to support breast cancer diagnosis, with decisions taken from measurements carried out in regions of interest (ROIs). We show that support decisions obtained from square or rectangular ROIs can to include background regions with different behavior of healthy or diseased tissues. In this study, the background regions were identified as Partial Pixels (PP), obtained with a multilevel method of segmentation based on maximum entropy. The behaviors of healthy, diseased and partial tissues were quantified by fractal dimension and multiscale lacunarity, calculated through signatures of textures. The separability of groups was achieved using a polynomial classifier. The polynomials have powerful approximation properties as classifiers to treat characteristics linearly separable or not. This proposed method allowed quantifying the ROIs investigated and demonstrated that different behaviors are obtained, with distinctions of 90% for images obtained in the Cranio-caudal (CC) and Mediolateral Oblique (MLO) views.

Error function approximations of interest in electrochemistry.

The error function is present in several equations describing eletrode processes. But, only approximations of this function are used. In this work, these and other approximations are studied and evaluated according to precision.

Effects of biofertilizer rates on the structural, morphogenetic and productive characteristics of Piata grass

The objective of this study was to investigate the influence of different levels of biofertilizers from cattle and swine manure on the structural, morphogenetic and productive characteristics of Brachiaria brizantha cv. Piata. The experiment was arranged in a completely randomized factorial design with split plots. The plots were defined by eight treatments: two biofertilizers (cattle and swine), four levels (0, 100, 200 and 300 kg N.ha(-1)) and subplots by four different cutting periods. The cutting for plant uniformity was performed at 45 days after sowing at 15 cm above the soil surface. The biofertilizeres were applied in a single level, after the cutting of plants, in rates of 0, 0.23 and 0.19, 0.45 and 0.38, 0.68 and 0.57 liters pot(-1) for the biofertilizers from cattle and swine manure, respectively. These rates were also equivalent to levels of 0, 100, 200 and 300 kg N.ha(-1). There was no significant difference between the types of biofertilizers as there was no interaction between them and the different levels, hence both biofertilizers could be applied without any loss of nutrient intake by the plants used in this experiment. There was a significant difference between the production of green and dry matter, the leaf appearance rate, phyllochron, leaf and pseudostem elongation rates, number of green leaves, final leaf length, number and weight of tillers, according to the increase of nitrogen rates, following linear prediction model. Effect of the cutting periods was also observed, once the plants harvested during the summer presented greater performance of structural and morphogenetic characteristics.

Factors affecting the strength of denture repairs: Topics of interest

Fracture of dentures is a common clinical finding in daily prosthodontic practice, resulting in great inconvenience to both patient and dentist. A satisfactory repair should be cost-effective, simple to perform, and quick; it should also match the original color and not cause distortion to the existing denture. Different repair materials, surface designs, and mechanical and chemical surface treatments have been recommended in order to obtain stronger repairs. This article reviews some of the available literature with regard to the most important factors that may influence the strength of denture repairs. �� 2007 by The American College of Prosthodontists.

United States interest rates, Latin American debt and financial contagion

Includes bibliography

High-density nanoparticle ceramic bodies: A study of heating rates in the sinterization of Gadolinium-doped Ceria

An investigation on the sinterization of Gd:CeO2 (Ce 0.85Gd0.15O1.9-�� ceramic system) 3-10 nm nanoparticles in pressed bodies was done. The heating rate was taken as a key parameter and two competing sinterization processes were identified, associated with different diffusional mechanisms. Using heating rates of 113 C min -1, a high-final density (98 % of the theoretical) was obtained by superposing the two aforementioned mechanisms, resulting in a homogeneous microstructure at lower temperatures. �� 2012 Akad��miai Kiad��, Budapest, Hungary.