Capital flows and monetary control under a domestic currency substitution regime: the recent Brazilian experience

The 90s have witnessed a resumption in capital flows to Latin America. due to the conjugation of low interest rates in the US and economic reforms in most LA countries. In Brazil. however. substantial capital flows have becn induced by the extremely high domestic interest rates practiced by the Central Bank as a measure of last reson given the absence of successful stabilization policies. These very high interest rates were needed to prevent capital flight in a context of a surprisingly stable inflation rate above 20% a month. and keep interest bearing govemment securities preferable to foreign assets as money substitutes. We carefully describe how this domestic currency substitution regime (interest bearing govemment securities are substituted for MIas cash holdings) requires the Central Bank to renounce aoy control over monerary aggregates. In this domestic currency substitution regime. hyperinflation is the most likely outcome of an isolated (i.e.. without fiscal adjusanents) attempt by the Brazilian Central Bank to control money.

A model of rural conflict : violence and land reform policy in Brazil

In the past ten years the struggle for land in Brazil has taken the shape of invasions of private land by welI organized groups of land less squatters. It is argued in this paper that these invasions and the resulting contlicts are a direct response to the land reform program which has been adopted by the govemment since 1985. which is based on the expropriation of farms and the creation of settlement projects. The set of formal and informal institutions which compromise the land reform program are used as the background for a game-theory model of rural contlicts. T estable implications are derived trom this model with particular emphasis on the etfect of policy variables on violence. These are then tested with panel data at state levei from 1988 to 1995. - It is shown that govemment policy which has the intent of reducing the amount of violence has the opposite etfect of leading to more incentives for contlicts.

Investment-specific technological change and the Brazilian macroeconomy

We studied the effects of changes in banking spreads on distributions of income, wealth and consumption as well as the welfare of the economy. This analysis was based on a model of heterogeneous agents with incomplete markets and occupational choice, in which the informality of firms and workers is a relevant transmission channel. The main finding is that reductions in spreads for firms increase the proportion of entrepreneurs and formal workers in the economy, thereby decreasing the size of the informal sector. The effects on inequality, however, are ambiguous and depend on wage dynamics and government transfers. Reductions in spreads for individuals lead to a reduction in inequality indicators at the expense of consumption and aggregate welfare. By calibrating the model to Brazil for the 2003-2012 period, it is possible to find results in line with the recent drop in informality and the wage gap between formal and informal workers.

Financial frictions, informality and income inequality

We studied the effects of changes in banking spreads on distributions of income, wealth and consumption as well as the welfare of the economy. This analysis was based on a model of heterogeneous agents with incomplete markets and occupational choice, in which the informality of firms and workers is a relevant transmission channel. The main finding is that reductions in spreads for firms increase the proportion of entrepreneurs and formal workers in the economy, thereby decreasing the size of the informal sector. The effects on inequality, however, are ambiguous and depend on wage dynamics and government transfers. Reductions in spreads for individuals lead to a reduction in inequality indicators at the expense of consumption and aggregate welfare. By calibrating the model to Brazil for the 2003-2012 period, it is possible to find results in line with the recent drop in informality and the wage gap between formal and informal workers

Role of Locus coeruleus noradrenergic neurons in cardiorespiratory and thermal control during hypoxia

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

Brain monoaminergic neurons and ventilatory control in vertebrates

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

APPLICATION of THE HAZARD ANALYSIS and CRITICAL CONTROL POINT (HACCP) SYSTEM on THE MUSHROOM PROCESSING LINE FOR FRESH CONSUMPTION

The Hazard Analysis and Critical Control Point (HACCP) is a preventive system that intends to guarantee the safety and harmlessness of food. It improves the quality of products as it eliminates possible defects during the process, and saves costs by practically eliminating final product inspection. This work describes the typical hazards encountered on the mushroom processing line for fresh consumption. Throughout the process, only the reception stage of mushrooms has been considered a critical control point (CCP). The main hazards at this stage were: the presence of unauthorised phytosanitary products; larger doses of such products than those permitted; the presence of pathogenic bacteria or thermo-stable enterotoxins. Putting into practice such knowledge would provide any industry that processes mushrooms for fresh consumption with a self-control HACCP-based system for its own productions.

Effects of a ferment soy product on the adipocyte area reduction and dyslipidemia control in hypercholesterolemic adult male rats

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

A modified Primal-Dual Logarithmic-Barrier Method for solving the Optimal Power Flow problem with discrete and continuous control variables

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

Longitudinal study of the influence of removable partial denture and chemical control on the levels of Streptococcus mutans in saliva

Some studies have evaluated the salivary levels of mutans streptococci (MS) in removable partial denture (RPD) users. Saliva samples (2.0 mL) were obtained from 31 patients in six periods: (T0): immediately before installation of RPD; (T8): 8 days after T0; (T48): 48 days after T0; (T92): 92 days after T0; (T140): 140 days after T0 and (T189): 189 days after T0. The samples were vortexed and serially diluted from 10(-1) to 10(-6) in 0.05 m phosphate buffer (pH 7.4). From each dilution, 0.025 mL was plated on Mitis Salivarius Bacitracin (MSB). The plates were incubated in 5% CO2 at 37 degreesC for 72 h. There was an increase (t -test, P < 0.05) in the number of MS between periods T0 and T48 (mean/s.d., CFU mL(-1) of saliva): T0: 2.26/4.43 x 10(6) and T48: 0.47/1.48 x 10(8) . After this, intensive treatment with CHX was accomplished in 29 patients. Saliva samples were obtained after treatment in four periods: (T24 h): 24 h after T0; (T14): 14 days after T24 h; (T28): 28 days after T24 h, and (T63): 63 days after T24 h. The number of MS in saliva did not decrease (t -test, P > 0.05). A new CHX formulation was applied in 15 patients. Saliva samples were obtained in periods: (T0): before new CHX application; (T24 h): 24 h after T0 and (T82): 82 days after T0. The new CHX reduced MS levels in saliva: (mean/s.d., CFU mL(-1) of saliva): T0: 6.64/8.47 x 10(6) and T24 h: 3.2/4.27 x 10(5) (sign rank, P < 0.05). In conclusion, there was a significant increase in the number of MS in saliva after the installation of RPD. The intensive treatment with a properly formulated CHX was effective in the reduction of MS, between 24 h and 82 days after its application.

Important GABAergic mechanism within the NTS and the control of sympathetic baroreflex in SHR

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

Drought tolerance is associated with rooting depth and stomatal control of water use in clones of Coffea canephora

center dot Background and Aims Drought is a major environmental constraint affecting growth and production of Coffea canephora. Selection of C. canephora clones has been largely empirical as little is known about how clones respond physiologically to drought. Using clones previously shown to differ in drought tolerance, this study aimed to identify the extent of variation of water use and the mechanisms responsible, particularly those associated morphological traits.center dot Methods Clones (14 and 120, drought-tolerant; 46 and 109A, drought-sensitive, based on their abilities to yield under drought) were grown in 120-L pots until they were 12-months old, when an irrigation and a drought treatment were applied; plants were droughted until the pressure potential (Psi(x)) before dawn (pre-dawn) reached -3.0 MPa. Throughout the drought period, Psi(x) and stomatal conductance (g(s)) were measured. At the end of the experiment, carbon isotope ratio and parameters from pressure-volume curves were estimated. Morphological traits were also assessed.center dot Key Results and Conclusions With irrigation, plant hydraulic conductance (K-L), midday Psi(x) and total biomass were all greater in clones 109A and 120 than in the other clones. Root mass to leaf area ratio was larger in clone 109A than in the others, whereas rooting depth was greater in drought-tolerant than in drought-sensitive clones. Predawn Psi(x) of -3.0 MPa was reached fastest by 109A, followed progressively by clones 46, 120 and 14. Decreases in g(s) with declining Psi(x), or increasing evaporative demand, were similar for clones 14, 46, and 120, but lower in 109A. Carbon isotope ratio increased under drought; however, it was lower in 109A than in other clones. For all clones, Psi(x), g(s) and KL recovered rapidly following re-watering. Differences in root depth, KL and stomatal control of water use, but not osmotic or elastic adjustments, largely explained the differences in relative tolerance to drought stress of clones 14 and 120 compared with clones 46 and 109A.

The Use of Response Surface Methodology in Optimization of Lactic Acid Production: Focus on Medium Supplementation, Temperature and pH Control

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

Exercise and spirulina control non-alcoholic hepatic steatosis and lipid profile in diabetic Wistar rats

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)