Regimes cambiais: um modelo alternativo para o Brasil

After the collapse of the Bretton Woods system, many frameworks of exchange rate have been proposed. The aim of this paper is to propose an alternative rule of exchange rate and evaluate the case for Brazil. The analysis of the Brazilian case made necessary the evaluation of auxiliary instruments for its implementation. The paper proposes the use of capital controls or scape clauses.

Fluxos de capitais, fragilidade externa e regimes cambiais: uma revisão teórica

Capital Flows, External Fragility and Currency Regimes: A Theoretical Review. The major integration and deregulation of the international financial markets increased the degree of interdependence and risk of incompatibility between the financial and monetary policy adopted by different countries. The consequences of these facts are the financial instability and the currency crisis. In this article we develop arguments advocating that independent of the currency regime adopted the national policy makers should take into account, between other factors, the major capital mobility and the integrations of markets. One of the corollaries of our analyses is that countries should pursue policies that reduces the degree of short-term capital volatile by the adoption of capital controls or though measures of prudential supervision.

Parameter estimation for Chaotic or Stochastic Dynamics

Since its discovery, chaos has been a very interesting and challenging topic of research. Many great minds spent their entire lives trying to give some rules to it. Nowadays, thanks to the research of last century and the advent of computers, it is possible to predict chaotic phenomena of nature for a certain limited amount of time. The aim of this study is to present a recently discovered method for the parameter estimation of the chaotic dynamical system models via the correlation integral likelihood, and give some hints for a more optimized use of it, together with a possible application to the industry. The main part of our study concerned two chaotic attractors whose general behaviour is diff erent, in order to capture eventual di fferences in the results. In the various simulations that we performed, the initial conditions have been changed in a quite exhaustive way. The results obtained show that, under certain conditions, this method works very well in all the case. In particular, it came out that the most important aspect is to be very careful while creating the training set and the empirical likelihood, since a lack of information in this part of the procedure leads to low quality results.

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Monte Carlo study of the XY-model on quasi-periodic lattices

Monte Carlo Simulations were carried out using a nearest neighbour ferromagnetic XYmodel, on both 2-D and 3-D quasi-periodic lattices. In the case of 2-D, both the unfrustrated and frustrated XV-model were studied. For the unfrustrated 2-D XV-model, we have examined the magnetization, specific heat, linear susceptibility, helicity modulus and the derivative of the helicity modulus with respect to inverse temperature. The behaviour of all these quatities point to a Kosterlitz-Thouless transition occuring in temperature range Te == (1.0 -1.05) JlkB and with critical exponents that are consistent with previous results (obtained for crystalline lattices) . However, in the frustrated case, analysis of the spin glass susceptibility and EdwardsAnderson order parameter, in addition to the magnetization, specific heat and linear susceptibility, support a spin glass transition. In the case where the 'thin' rhombus is fully frustrated, a freezing transition occurs at Tf == 0.137 JlkB , which contradicts previous work suggesting the critical dimension of spin glasses to be de > 2 . In the 3-D systems, examination of the magnetization, specific heat and linear susceptibility reveal a conventional second order phase transition. Through a cumulant analysis and finite size scaling, a critical temperature of Te == (2.292 ± 0.003) JI kB and critical exponents of 0:' == 0.03 ± 0.03, f3 == 0.30 ± 0.01 and I == 1.31 ± 0.02 have been obtained.

Project Business: a quasi-experimental study of co- operative interaction between schools and industry

This project is a quasi-experimental study involving eight classrooms in two senior elementary schools in St. Catharines, Ontario which received a Project Business Program and were pre- and post-tested to determine the growth of knowledge acquisition in the area of business concepts. Four classrooms received a Project Business treatment while four classrooms acted as a control. The Project Business Program is sponsored by Junior Achievement of Canada; it occurred during a twelveweek period, February to May 1981, and is run by business consultants who, through Action, Dialogue and Career Exploration, teach children about economics and business related topics. The consultants were matched with teacher co-ordinators in whose classrooms they taught and with whom they discussed field trips, students, lesson planning, etc. The statistical analysis of pre- and post-test means revealed a significant statistical growth in the area of knowledge acquisition on the part of those students who received the Project Business Program. This confirms that Project Business makes a difference. A search of the literature appears to advocate economic programs like Project Business, whfch are broadly based, relevant and processoriented. This program recommends itself as a model for other areas of co-operative curricular interactions and as a bridge to future trends and as a result several fruitful areas of research are suggested.

Ribbed moraines and subglacial geomorphological signatures of interior-sector palaeo-ice sheet dynamics

Transverse, subglacial bedforms (ribbed moraines) occur frequently in southern Keewatin, Nunavut, Canada, where they record a complex glacial history, including shifting centers of ice dispersal and fluctuating basal thermal regimes. Comprehensive mapping and quantitative morphometric analysis of the subglacial bedform archive in this sector reveals that ribbed moraines are spatially clustered by size and assume a broad range of visually distinct forms. Results suggest that end-member morphologies are consistent with a dichotomous polygenetic origin, and that a continuum of forms emerged through subsequent reshaping processes of variable intensity and duration. Translocation of mobile, immobile and quasi-mobile beds throughout the last glacial cycle conditioned the development of a subglacial deforming bed mosaic, and is likely responsible for the patchy zonation of palimpsest and inherited landscape signatures within this former core region of the Laurentide Ice Sheet. Comparison against field evidence collected from central Norway suggests that bedforming processes can be locally mediated by pre-existing topography.

Investigation of Frustrated Quasi-One-Dimensional Quantum Spin-Chain Materials

Copper arsenite CuAs2O4 and Copper antimonite CuSb2O4 are S=1/2 (Cu2+ 3d9 electronic configuration) quasi-one-dimensional quantum spin-chain compounds. Both compounds crystallize with tetragonal structures containing edge sharing CuO6 octahedra chains which experience Jahn-Teller distortions. The basal planes of the octahedra link together to form CuO2 ribbon-chains which harbor Cu2+ spin-chains. These compounds are magnetically frustrated with competing nearest-neighbour and next-nearest-neighbour intrachain spin-exchange interactions. Despite the similarities between CuAs2O4 and CuSb2O4, they exhibit very different magnetic properties. In this thesis work, the physical properties of CuAs2O4 and CuSb2O4 are investigated using a variety of experimental techniques which include x-ray diffraction, magnetic susceptibility measurements, heat capacity measurements, Raman spectroscopy, electron paramagnetic resonance, neutron diffraction, and dielectric capacitance measurements. CuAs2O4 exhibits dominant ferromagnetic nearest-neighbour and weaker antiferromagnetic next-nearest-neighbour intrachain spin-exchange interactions. The ratio of the intrachain interactions amounts to Jnn/Jnnn = -4.1. CuAs2O4 was found to order with a ferromagnetic groundstate below TC = 7.4 K. An extensive physical characterization of the magnetic and structural properties of CuAs2O4 was carried out. Under the effect of hydrostatic pressure, CuAs2O4 was found to undergo a structural phase transition at 9 GPa to a new spin-chain structure. The structural phase transition is accompanied by a severe alteration of the magnetic properties. The high-pressure phase exhibits dominant ferromagnetic next-nearest-neighbour spin-exchange interactions and weaker ferromagnetic nearest-neighbour interactions. The ratio of the intrachain interactions in the high-pressure phase was found to be Jnn/Jnnn = 0.3. Structural and magnetic characterizations under hydrostatic pressure are reported and a relationship between the structural and magnetic properties was established. CuSb2O4 orders antiferromagnetically below TN = 1.8 K with an incommensurate helicoidal magnetic structure. CuSb2O4 is characterized by ferromagnetic nearest-neighbour and antiferromagnetic next-nearest-neighbour spin-exchange interactions with Jnn/Jnnn = -1.8. A (H, T) magnetic phase diagram was constructed using low-temperature magnetization and heat capacity measurements. The resulting phase diagram contains multiple phases as a consequence of the strong intrachain magnetic frustration. Indications of ferroelectricity were observed in the incommensurate antiferromagnetic phase.

Paretian Quasi-Orders: Two Agents.

We characterize Paretian quasi-orders in the two-agent continuous case.

Explaining the Transition Between Exchange Rate Regimes

This paper studies the transition between exchange rate regimes using a Markov chain model with time-varying transition probabilities. The probabilities are parameterized as nonlinear functions of variables suggested by the currency crisis and optimal currency area literature. Results using annual data indicate that inflation, and to a lesser extent, output growth and trade openness help explain the exchange rate regime transition dynamics.

Economic Development under Alternative Trade Regimes

How does openness affect economic development? This question is answered in the context of a dynamic general equilibrium model of the world economy, where countries have technological differences that are both sector-neutral and specific to the investment goods sector. Relative to a benchmark case of trade in credit markets only, consider (i) a complete restriction of trade, and (ii) a full liberalization of trade. The first change decreases the cross-sectional dispersion of incomes only slightly, and produces a relatively small welfare loss. The second change, instead, decreases dispersion by a significant amount, and produces a very large welfare gain.