Taxa de câmbio real e crescimento econômico: uma comparação entre economias emergentes e desenvolvidas

Real exchange rate and economic growth: a comparison between emerging and developed economies. This paper presents a discussion on the relationship between economic growth and real exchange rate. The article presents the results generated by a dynamic panel that tested the relationship of economic growth with the level of the exchange rate, exchange rate volatility and the choice of exchange rate regime from 26 countries, 13 emerging and 13 developed. The results suggest that the level of the exchange rate and volatility are relevant for growth. Finally, the paper stresses that there are important differences when comparing developed and emerging economies.

Taxa real de câmbio, desalinhamento cambial e crescimento econômico no Brasil (1994-2007)

Real exchange rate, exchange rate misalignment and economic growth in Brazil: 1994-2007. In this article we argue that the Brazilian economy presented in the period 1994-2007 a tendency of real exchange rate appreciation with respect to its equilibrium value, mainly from 2005. This exchange rate misalignment has worked to reduce the growth of Brazilian economy and is the root of the re-emergence of current account deficits.

Metas de inflação, taxa de câmbio real e crise externa num modelo kaleckiano

Inflation target, real exchange rate and external crisis in a Kaleckian model. Which role should the real exchange rate play in an inflation target regime? In this paper this point is discussed from the point of view of the conditions required for avoiding an external crisis. With this objective, a dynamic Kaleckian model is presented focusing on the stability of the external debt to capital ratio. The main conclusion is that policy makers should monitor closely the evolution of the real exchange rate in order to make compatible the inflation target regime with external stability.

A taxa de câmbio real e a restrição externa: uma proposta de releitura com elasticidades endógenas

This paper investigates a topic of the agenda about growth models, emphasizing the elaboration of an external constrained model with endogenous elasticity, with an emphasis on real exchange rate level as main tool for the economic development. The model is anchored in Kaldor, Thirlwall and Barbosa Filho's models and it will demonstrate that external constraint changes in the course of time.

Taxa de câmbio, exportações e crescimento: uma investigação sobre a hipótese de doença holandesa no Brasil

This paper investigates the hypothesis of Dutch disease in Brazil by the existence of a negative relationship between commodity exports and the real exchange rate, and the effects of export specialization in commodities on the Brazilian economic growth from 1999 to 2010 based on VAR model. The evidences suggested an expressive importance of commodities exports in explaining the real exchange rate changes. Moreover, commodities exports shocks were relevant to explain Brazilian economic growth rate changes, which supports the "curse" of natural resources literature.

Convenções financeiras e a taxa básica de juros no Brasil: uma primeira aproximação

Financial conventions and basic interest rate in Brazil. This article discusses the thesis that the Brazilian interest rate is a convention, focusing on the basic interest rate under the inflation targeting regime. On the one hand, there are some complications involved in this debate. In order to show this, we consider the theoretical works that have been references for the Brazilian economists who see an interest rate convention in the country. On the other hand, despite the difficulties, it is possible to find signs of conventionality in the determination of the Brazilian basic rate, by analyzing two properties of conventions: conformity of some with the conformity of others; and arbitrariness.

Taxa de juros e mecanismos de transmissão da política monetária no Brasil

Este trabalho desenvolve a hipótese de que a taxa de juros brasileira é alta como resultado de mecanismos de transmissão monetária parcialmente obstruídos. Surgem falhas de transmissão devido às seguintes características da economia brasileira: (i) segmentação do mercado de crédito; (ii) baixa penetração do crédito livre dentro do processo de determinação de renda; (iii) truncada estrutura a termo da taxas de juros; (iv) a participação das LFT na composição da dívida pública; (v) a participação dos preços administrados no índice de preços ao consumidor. Para alcançar este resultado, o trabalho explora o modelo BMW e fornece algumas evidências preliminares.

Introduced taxa in disturbed ecosystems

In the literature, introduced taxa are assumed to be present, more abundant, and occupy greater physical space in portions of ecosystems disturbed by human activity. This study tested this principle in two sites, Short Hills provincial Park ("SHU) and Backus Woods ("B~l"). spatial distribution of introduced taxa of vegetation, isopods, and earthworms was determined with the runs test along 300m transects encompassing gradients of anthropogenic disturbance severity. The hypothesis was that introduced taxa would be aggregated along these transects; the null hypothesis was that they would not be aggregated. The null hypothesis was rejected for the introduced taxa as a unit, and vegetation and earthworms individually. Introduced taxa were aggregated along 53.33% (N~30) and 57.14% (N~21) of the transects in SH and BW (respectively). Introduced vegetation (90.00%, N~10 and 100.00%, N~7) and earthworms (50.00%, N~10 and 50.00%, N~8) were also significantly aggregated within the sites. Introduced isopods, however, were not significantly aggregated at either place (20. 00%, N-=10 and 16. 67%, ~J~6). This study demonstrated that introduced taxa are aggregated within ecosystems disturbed by human activity. However, since introduced isopods were not significantly aggregated it was also shown that taxa respond differently.

Studies on arbuscular mycorrhiza (AM) in the Alentejo (Portugal) using pea mutants resistant to AM fungi as a control tool for field conditions

The utilization and management of arbuscular mycorrhiza (AM) symbiosis may improve production and sustainability of the cropping system. For this purpose, native AM fungi (AMF) were sought and tested for their efficiency to increase plant growth by enhanced P uptake and by alleviation of drought stress. Pot experiments with safflower (Carthamus tinctorius) and pea (Pisum sativum) in five soils (mostly sandy loamy Luvisols) and field experiments with peas were carried out during three years at four different sites. Host plants were grown in heated soils inoculated with AMF or the respective heat sterilized inoculum. In the case of peas, mutants resistant to AMF colonization were used as non-mycorrhizal controls. The mycorrhizal impact on yields and its components, transpiration, and P and N uptake was studied in several experiments, partly under varying P and N levels and water supply. Screening of native AMF by most probable number bioassays was not very meaningful. Soil monoliths were placed in the open to simulate field conditions. Inoculation with a native AMF mix improved grain yield, shoot and leaf growth variables as compared to control. Exposed to drought, higher soil water depletion of mycorrhizal plants resulted in a haying-off effect. The growth response to this inoculum could not be significantly reproduced in a subsequent open air pot experiment at two levels of irrigation and P fertilization, however, safflower grew better at higher P and water supply by multiples. The water use efficiency concerning biomass was improved by the AMF inoculum in the two experiments. Transpiration rates were not significantly affected by AM but as a tendency were higher in non-mycorrhizal safflower. A fundamental methodological problem in mycorrhiza field research is providing an appropriate (negative) control for the experimental factor arbuscular mycorrhiza. Soil sterilization or fungicide treatment have undesirable side effects in field and greenhouse settings. Furthermore, artificial rooting, temperature and light conditions in pot experiments may interfere with the interpretation of mycorrhiza effects. Therefore, the myc- pea mutant P2 was tested as a non-mycorrhizal control in a bioassay to evaluate AMF under field conditions in comparison to the symbiotic isogenetic wild type of var. FRISSON as a new integrative approach. However, mutant P2 is also of nod- phenotype and therefore unable to fix N2. A 3-factorial experiment was carried out in a climate chamber at high NPK fertilization to examine the two isolines under non-symbiotic and symbiotic conditions. P2 achieved the same (or higher) biomass as wild type both under good and poor water supply. However, inoculation with the AMF Glomus manihot did not improve plant growth. Differences of grain and straw yields in field trials were large (up to 80 per cent) between those isogenetic pea lines mainly due to higher P uptake under P and water limited conditions. The lacking N2 fixation in mutants was compensated for by high mineral N supply as indicated by the high N status of the pea mutant plants. This finding was corroborated by the results of a major field experiment at three sites with two levels of N fertilization. The higher N rate did not affect grain or straw yields of the non-fixing mutants. Very efficient AMF were detected in a Ferric Luvisol on pasture land as revealed by yield levels of the evaluation crop and by functional vital staining of highly colonized roots. Generally, levels of grain yield were low, at between 40 and 980 kg ha-1. An additional pot trial was carried out to elucidate the strong mycorrhizal effect in the Ferric Luvisol. A triplication of the plant equivalent field P fertilization was necessary to compensate for the mycorrhizal benefit which was with five times higher grain yield very similar to that found in the field experiment. However, the yield differences between the two isolines were not always plausible as the evaluation variable because they were also found in (small) field test trials with apparently sufficient P and N supply and in a soil of almost no AMF potential. This similarly occurred for pea lines of var. SPARKLE and its non-fixing mycorrhizal (E135) and non-symbiotic (R25) isomutants, which were tested in order to exclude experimentally undesirable benefits by N2 fixation. In contrast to var. FRISSON, SPARKLE was not a suitable variety for Mediterranean field conditions. This raises suspicion putative genetic defects other than symbiotic ones may be effective under field conditions, which would conflict with the concept of an appropriate control. It was concluded that AMF resistant plants may help to overcome fundamental problems of present research on arbuscular mycorrhiza, but may create new ones.

Sincronização de cio de vacas mertolengas e inseminação artificial a tempo fixo com sémen de touro brahman

O maior rendimento num efectivo de bovinos de carne são os vitelos. O cruzamento de Bos indicus com Bos taurus tem vindo a ser praticado em vários Países como os EUA e o Brasil. A descendência daqui resultante mostra vantagens em relação às raças puras, desde a sua criação, que exige poucos custos, até ao maior lucro proveniente da sua venda. Assim, torna-se interessante explorar esta prática em Portugal onde o custo de produção é significativamente mais alto. A fim de evitar perdas de tempo na detecção de cio e permitir a aplicação de Inseminação Artificial a Tempo Fixo, hoje em dia são frequentemente utilizados protocolos de sincronização de cio e ovulação. Este trabalho teve como objectivo avaliar a influência da gonadotrofina coriónica equina, associada a uma progesterona e prostaglandina na sincronização do estro e da ovulação, sobre a taxa de sincronização e fertilização em vacas de carne Mertolengas (Bos taurus) IATF com sémen de touro de Brahman (Bos indicus). Foram seleccionadas 20 vacas Mertolengas cíclicas e com uma condição corporal entre 2 e 3,5 (escala de 1 a 5, Houghton et al., 1990). No dia 0 foi implantado a todos os animais um implante intravaginal de progesterona (CIDR®; 1,9g; Pfizer). No dia 8 administrou-se prostanglandina F2α (Dinolytic®; 5ml; IM; Pfizer). No dia 9 foi aplicada Gonadotrofina Coriónica (Intergonan® 6000UI; IM; Intervet) e o CIDR® (Pfizer) foi retirado. No dia 11 de tratamento, em horário pré-estabelecido, 48horas após a injecção de eCG foi realizada inseminaçao artificial de todos os animais com sémen de touro Brahman. A sincronização de cio neste estudo teve uma taxa de sucesso de 90% (18/20) e uma taxa de concepção de 40% (8/20). Com o cruzamento destas duas raças é esperado criar uma descendência capaz de produzir vitelos de boa qualidade e com o menor custo possível.

Avaliação da taxa de fertilidade em éguas da raça puro sangue lusitano : efeito da idade da égua e do tipo de cobrição (cobrição natural vs inseminação artificial)

Ao longo dos meses de estágio acompanhei diversos procedimentos médicos veterinários, sendo que a maior parte deles diziam respeito à área da reprodução equina. A Raça Puro Sangue Lusitano (PSL) é a mais importante raça portuguesa autóctone de equinos. Contudo, não existem muitos estudos no que respeita à sua eficiência reprodutiva. Este trabalho pretende fazer um estudo sobre o efeito da idade da égua e do tipo de cobrição (natural e inseminação artificial - IA) na taxa de fertilidade de éguas PSL, através do cálculo das diferentes taxas de gestação. Neste estudo, verificou-se que a percentagem de éguas gestantes no final da época reprodutiva foi de 90%, encontrando-se dentro dos valores esperados (71% - 96%). Os dados foram recolhidos durante a época reprodutiva de 2011/2012 e permitiram-me elaborar um estudo retrospectivo para melhor perceber a prática do maneio reprodutivo equino e a influência de alguns parâmetros na taxa de fertilidade das éguas. Relativamente aos diferentes tipos de sémen, verificou-se que a taxa de fertilidade em éguas cobertas por cobrição natural (n=14) foi de 78,6% e por IA (n=36) foi de 94,4%, resultado que se situa dentro dos valores esperados. No que respeita à IA, a taxa de fertilidade com sémen fresco (n=16) foi de 93,8%, com sémen refrigerado (n=19) foi de 94,7% e com sémen congelado (n=1) foi de 100%. Os valores para sémen fresco e refrigerado encontram-se dentro do esperado, sendo que para sémen congelado este é muito superior aos valores reportados na bibliografia, visto ser o tipo de sémen com menores taxas de fertilidade. Este facto deve-se, provavelmente, à dimensão da amostra, e ao facto de o sémen congelado ser de elevada qualidade. Neste estudo verificamos também que não há relação estatística entre a idade das éguas e a taxa de gestação, contrariamente ao que é referido na bibliografia, o que se deverá provavelmente ao tamanho da amostra (n=50).

Nonbreeding-Season Drivers of Population Dynamics in Seasonal Migrants: Conservation Parallels Across Taxa

For seasonal migrants, logistical constraints have often limited conservation efforts to improving survival and reproduction during the breeding season only. Yet, mounting empirical evidence suggests that events occurring throughout the migratory life cycle can critically alter the demography of many migrant species. Herein, we build upon recent syntheses of avian migration research to review the role of non-breeding seasons in determining the population dynamics and fitness of diverse migratory taxa, including salmonid fishes, marine mammals, ungulates, sea turtles, butterflies, and numerous bird groups. We discuss several similarities across these varied migrants: (i) non-breeding survivorship tends to be a strong driver of population growth; (ii) non-breeding events can affect fitness in subsequent seasons through seasonal interactions at individual- and population-levels; (iii) broad-scale climatic influences often alter non-breeding resources and migration timing, and may amplify population impacts through covariation among seasonal vital rates; and (iv) changes to both stationary and migratory non-breeding habitats can have important consequences for abundance and population trends. Finally, we draw on these patterns to recommend that future conservation research for seasonal migrants will benefit from: (1) more explicit recognition of the important parallels among taxonomically diverse migratory animals; (2) an expanded research perspective focused on quantification of all seasonal vital rates and their interactions; and (3) the development of detailed population projection models that account for complexity and uncertainty in migrant population dynamics.

Detecting recombination in 4-taxa DNA sequence alignments with Bayesian hidden Markov models and Markov chain Monte Carlo

This article presents a statistical method for detecting recombination in DNA sequence alignments, which is based on combining two probabilistic graphical models: (1) a taxon graph (phylogenetic tree) representing the relationship between the taxa, and (2) a site graph (hidden Markov model) representing interactions between different sites in the DNA sequence alignments. We adopt a Bayesian approach and sample the parameters of the model from the posterior distribution with Markov chain Monte Carlo, using a Metropolis-Hastings and Gibbs-within-Gibbs scheme. The proposed method is tested on various synthetic and real-world DNA sequence alignments, and we compare its performance with the established detection methods RECPARS, PLATO, and TOPAL, as well as with two alternative parameter estimation schemes.

The challenge of maintaining Atlantic forest biodiversity: A multi-taxa conservation assessment of specialist and generalist species in an agro-forestry mosaic in southern Bahia

Recent developments have highlighted the importance of forest amount at large spatial scales and of matrix quality for ecological processes in remnants. These developments, in turn, suggest the potential for reducing biodiversity loss through the maintenance of a high percentage of forest combined with sensitive management of anthropogenic areas. We conducted a multi-taxa survey to evaluate the potential for biodiversity maintenance in an Atlantic forest landscape that presented a favorable context from a theoretical perspective (high proportion of mature forest partly surrounded by structurally complex matrices). We sampled ferns, butterflies, frogs, lizards, bats, small mammals and birds in interiors and edges of large and small mature forest remnants and two matrices (second-growth forests and shade cacao plantations), as well as trees in interiors of small and large remnants. By considering richness, abundance and composition of forest specialists and generalists, we investigated the biodiversity value of matrix habitats (comparing them with interiors of large remnants for all groups except tree), and evaluated area (for all groups) and edge effects (for all groups except trees) in mature forest remnants. our results suggest that in landscapes comprising high amounts of mature forest and low contrasting matrices: (1) shade cacao plantations and second-growth forests harbor an appreciable number of forest specialists; (2) most forest specialist assemblages are not affected by area or edge effects, while most generalist assemblages proliferate at edges of small remnants. Nevertheless, differences in tree assemblages, especially among smaller trees, Suggest that observed patterns are unlikely to be stable over time. (C) 2009 Elsevier Ltd. All rights reserved.