Exchange rate policies, patterns of specialization and economic development: theory and evidence in developing countries

The objectives of this paper are twofold. First, it intends to provide theoretical elements to analyze the relation between real exchange rates and economic development. Our main hypothesis is very much in line with the Dutch disease literature, and states that competitive currencies contribute to the existence and maintenance of the anufacturing sector in the economy. This, in turn, brings about higher growth rates in the long run, given the existence of increasing returns in the industrial sector, and its importance in generating echnological change and increasing productivity in the overall economy. The second objective of this paper is empirical. It intends to analyze examples of successful exchange rate policies, such as Chile and Indonesia in the eighties, as a benchmark for comparison with countries where currency overvaluation has taken place, such as Brazil. In the latter case, the local currency is being inflated by large capital inflows, due to high domestic interest rates and to a boom in demand and prices of commodities in the international markets. It will be argued that the industrial sector bears most of the burden when the currency appreciates, and that Brazil risks at deindustrialization if there are no changes in the exchange rate regime

Divergências nas percepções de executivos proprietários e profissionais contratados nos fatores críticos de sucesso em um processo de sucessão familiar: um estudo de caso na Empresa Real Auto-Ônibus

Este trabalho tem como objetivo identificar as divergências na percepção de profissionais contratados e executivos com vínculo familiar quanto aos fatores críticos de sucesso em um processo de sucessão em empresas familiares. Para tanto, contextualiza-se a empresa familiar quanto suas características, tipologia e participantes, bem como suas tendências no mundo globalizado. Em seguida, caracterizaram-se as empresas familiares quanto as práticas de governança corporativa, apresentando o seu conceito e principalmente a teoria do agente e o principal. O foco principal do trabalho foi abordado em seguida, nas características do processo de sucessão em empresas familiares, onde se verificou necessário abordar a caracterização do ciclo de vida em empresas familiares. Também foram apresentados os fatores críticos de sucesso mais encontrados nos fundamentos teóricos. Para reforçar referencial teórico foi realizado um estudo de caso, sendo realizadas entrevistas com executivos com vínculo familiar e profissionais contratados. Após analise dos resultados, apontaram-se as principais divergências encontradas entre os dois grupos entrevistados.

Essays on banking theory and history of financial arrangements

Esta tese contém dois capítulos, cada um lidando com a teoria e a história dos bancos e arranjos financeiros. No capítulo 1, busca-se extender uma economia Diamond-Dybvig com monitoramento imperfeito dos saques antecipados e realizar uma comparação do bem estar social em cada uma das alocações possíveis, como proposto em Presscott and Weinberg(2003). Esse monitoramento imperfeito é implementado a partir da comunicação indireta ( através de um meio de pagamento) entre os agentes e a máquina de depósitos e saques que é um agregado do setor produtivo e financeiro. A extensão consiste em estudar alocações onde uma fração dos agentes pode explorar o monitoramento imperfeito e fraudar a alocação contratada ao consumirem mais cedo além do limite, usando múltiplos meios de pagamento. Com a punição limitada no período de consumo tardio, essa nova alocação pode ser chamada de uma alocação separadora em contraste com as alocações agregadoras onde o agente com habilidade de fraudar é bloqueado por um meio de pagamento imune a fraude, mas custoso, ou por receber consumo futuro suficiente para tornar a fraude desinteressante. A comparação de bem estar na gama de parâmetros escolhida mostra que as alocações separadoras são ótimas para as economias com menor dotação e as agregadoras para as de nível intermediário e as ricas. O capítulo termina com um possível contexto histórico para o modelo, o qual se conecta com a narrativa histórica encontrada no capítulo 2. No capítulo 2 são exploradas as propriedade quantitativas de um sistema de previsão antecedente para crises financeiras, com as váriaveis sendo escolhidas a partir de um arcabouço de ``boom and bust'' descrito mais detalhadamente no apêndice 1. As principais variáveis são: o crescimento real nos preços de imóveis e ações, o diferencial entre os juros dos títulos governamentais de 10 anos e a taxa de 3 meses no mercado inter-bancário e o crescimento nos ativos totais do setor bancário. Essas variáveis produzem uma taxa mais elevada de sinais corretos para as crises bancárias recentes (1984-2008) do que os sistemas de indicadores antecedentes comparáveis. Levar em conta um risco de base crescente ( devido à tendência de acumulação de distorções no sistema de preços relativos em expansões anteriores) também provê informação e eleva o número de sinais corretos em países que não passaram por uma expansão creditícia e nos preços de ativos tão vigorosa.

Brazil’s 35 years-old quasi-stagnation: facts and theory

Brazil is growing around 1% per capita a year from 1981; this means for a country that is supposed to catch up, quasi-stagnation. Four historical new facts explain why growth was so low after the Real Plan: the reduction of public savings, and three facts that reduce private investments: the end of the unlimited supply of labor, a very high interest rate, and the 1990 dismantling of the mechanism that neutralized the Dutch disease, which represented a major competitive disadvantage for the manufacturing industry. New-developmental theory offers an explanation and two solutions for the problem, but does not underestimate the political economy problems involved

Otimização do controle eletrônico do diagrama de radiação de arranjos de antenas usando algoritmos genéticos com codificação real

Antenna arrays are able to provide high and controlled directivity, which are suitable for radiobase stations, radar systems, and point-to-point or satellite links. The optimization of an array design is usually a hard task because of the non-linear characteristic of multiobjective, requiring the application of numerical techniques, such as genetic algorithms. Therefore, in order to optimize the electronic control of the antenna array radiation pattem through genetic algorithms in real codification, it was developed a numerical tool which is able to positioning the array major lobe, reducing the side lobe levels, canceling interference signals in specific directions of arrival, and improving the antenna radiation performance. This was accomplished by using antenna theory concepts and optimization methods, mainly genetic algorithms ones, allowing to develop a numerical tool with creative genes codification and crossover rules, which is one of the most important contribution of this work. The efficiency of the developed genetic algorithm tool is tested and validated in several antenna and propagation applications. 11 was observed that the numerical results attend the specific requirements, showing the developed tool ability and capacity to handle the considered problems, as well as a great perspective for application in future works.

Publicidade e moda: um estudo sobre a materialidade da mídia e a produção de sentido na revista ffw>>mag!

The proposal of this research is to analyze the convergence between fashion and communication shown on the materiality of the print media, and how the language from the supporter influences on the production of sense by the target market. Made real in the research corpus comprised of six ffw>>mag! magazines from the year 2011. The applied conceptual mechanism tries to investigate the production of sense from the physical attributes before interpreting the message s content, to do so, the Materiality of Communication is used, which offers an investigative apparatus of the media in its material shape, and those as influences in the communicative acts and processes. Methodologically, we adopt the Peircean Semiotics Theory, for its study focus on the analysis of the possible processes of production of sense. Through Semiotics we achieve the interpretative levels that allow us to clarify the questionings that come from the research s objectives, identifying and tracing the cognitive and intelligibility schemes bound to the media speeches of materiality. The analysis coordinated to the concepts and theories employed in this study point to a confirmation that the materiality of the reviewed media communicates to the readers in the same intensity as its content, provides a preview of the content and notifies the intentions of the publication. In the commercial way, characterizing the target audience it craves, and also in the conceptual way, demonstrating the ideas it wants to communicate. Where the convergence between communication and fashion unfolds as the materiality of the media by the choice of the materials and finishing options, and mainly by the selection and manipulation of technical images and colors from the cycles of fashion

Extension of PT-symmetric quantum mechanics to the Dirac theory with position-dependent mass

We present a new method to construct the exactly solvable PT-symmetric potentials within the framework of the position-dependent effective mass Dirac equation with the vector potential coupling scheme in 1 + 1 dimensions. In order to illustrate the procedure, we produce three PT-symmetric potentials as examples, which are PT-symmetric harmonic oscillator-like potential, PT-symmetric potential with the form of a linear potential plus an inversely linear potential, and PT-symmetric kink-like potential, respectively. The real relativistic energy levels and corresponding spinor components for the bound states are obtained by using the basic concepts of the supersymmetric quantum mechanics formalism and function analysis method. (C) 2007 Elsevier B.V. All rights reserved.

Neural network based on adaptive resonance theory with continuous training for multi-configuration transient stability analysis of electric power systems

This work presents a methodology to analyze electric power systems transient stability for first swing using a neural network based on adaptive resonance theory (ART) architecture, called Euclidean ARTMAP neural network. The ART architectures present plasticity and stability characteristics, which are very important for the training and to execute the analysis in a fast way. The Euclidean ARTMAP version provides more accurate and faster solutions, when compared to the fuzzy ARTMAP configuration. Three steps are necessary for the network working, training, analysis and continuous training. The training step requires much effort (processing) while the analysis is effectuated almost without computational effort. The proposed network allows approaching several topologies of the electric system at the same time; therefore it is an alternative for real time transient stability of electric power systems. To illustrate the proposed neural network an application is presented for a multi-machine electric power systems composed of 10 synchronous machines, 45 buses and 73 transmission lines. (C) 2010 Elsevier B.V. All rights reserved.

Reactive Control for Transmission Overload Relief Based on Sensitivity Analysis and Cooperative Game Theory

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Composition and invertibility for a class of generalized functions in the Colombeau's theory

In this work we define the composite function for a special class of generalized mappings and we study the invertibility for a certain class of generalized functions with real values.

Noether and topological currents equivalence and soliton/particle correspondence in affine sl(2)((1)) Toda theory coupled to matter

A submodel of the so-called conformal affine Toda model coupled to the matter field (CATM) is defined such that its real Lagrangian has a positive-definite kinetic term for the Toda field and a usual kinetic term for the (Dirac) spinor field. After spontaneously broken the conformal symmetry by means of BRST analysis, we end up with an effective theory, the off-critical affine Toda model coupled to the matter (ATM). It is shown that the ATM model inherits the remarkable properties of the general CATM model such as the soliton solutions, the particle/soliton correspondence and the equivalence between the Noether and topological currents. The classical solitonic spectrum of the ATM model is also discussed. (C) 2001 Elsevier B.V. B.V. All rights reserved.

PP-wave light-cone free string field theory at finite temperature

In this paper, a real-time formulation of light-cone pp-wave string field theory at finite temperature is presented. This is achieved by developing the thermo field dynamics (TFD) formalism in a second quantized string scenario. The equilibrium thermodynamic quantities for a pp-wave ideal string gas are derived directly from expectation values on the second quantized string thermal vacuum. Also, we derive the real-time thermal pp-wave closed string propagator. In the flat space limit it is shown that this propagator can be written in terms of Theta functions, exactly as the zero temperature one. At the end, we show how superstrings interactions can be introduced, making this approach suitable to study the BMN dictionary at finite temperature.

Correlation functions in super liouville theory

We calculate three- and four-point functions in super Liouville theory coupled to a super Coulomb gas on world sheets with spherical topology. We first integrate over the zero mode and assume that a parameter takes an integer value. We find the amplitudes, give plausibility arguments in favor of the result, and formally continue the parameter to an arbitrary real number. Remarkably the result is completely parallel to the bosonic case.

The Ramond sector of open superstring field theory

Although the equations of motion for the Neveu-Schwarz (NS) and Ramond (R) sectors of open superstring field theory can be covariantly expressed in terms of one NS and one R string field, picture-changing problems prevent the construction of an action involving these two string fields. However, a consistent action can be constructed by dividing the NS and R states into three string fields which are real, chiral and antichiral. The open superstring field theory action includes a WZW-like term for the real field and holomorphic Chern-Simons-like terms for the chiral and antichiral fields. Different versions of the action can be constructed with either manifest d = 8 Lorentz covariance or manifest TV = 1 d = 4 super-Poincaré covariance. The lack of a manifestly d = 10 Lorentz covariant action is related to the self-dual five-form in the type-IIB R-R sector.

Higher grading conformal affine Toda theory and (generalized) sine-Gordon/massive Thirring duality

Some properties of the higher grading integrable generalizations of the conformal affine Toda systems are studied. The fields associated to the non-zero grade generators are Dirac spinors. The effective action is written in terms of the Wess-Zumino-Novikov-Witten (WZNW) action associated to an affine Lie algebra, and an off-critical theory is obtained as the result of the spontaneous breakdown of the conformal symmetry. Moreover, the off-critical theory presents a remarkable equivalence between the Noether and topological currents of the model. Related to the off-critical model we define a real and local lagrangian provided some reality conditions are imposed on the fields of the model. This real action model is expected to describe the soliton sector of the original model, and turns out to be the master action from which we uncover the weak-strong phases described by (generalized) massive Thirring and sine-Gordon type models, respectively. The case of any (untwisted) affine Lie algebra furnished with the principal gradation is studied in some detail. The example of s^l(n) (n = 2, 3) is presented explicitly. © SISSA/ISAS 2003.