Globalização e inconversibilidade monetária

The central hypothesis of this article is that in the context of globalization, monetary inconvertibility is a crucial problem of peripheral countries. It begins with a brief review of the debate from a historical point of view and then stresses the contemporary opposite's views on the fragility of financial system of emerging countries: the original sin and the debt intolerance hypothesis. Despite of supporting the first one, the article goes further and explores the domestic implication of inconvertibility. It criticizes the jurisdicional uncertainty proposition showing that an inherent flaw in the store of value of emerging market currencies, derived from original sin is the main reason for de facto inconvertibility and underdevelopment of domestic financial system of these countries.

Metas de inflação, política monetária e investimento: um estudo para dezessete países

In this paper two hypotheses about the relationship between monetary policy and investment in the context of the inflation target system were tested. One of these hypotheses is based on the idea of neutrality of money, and the other hypothesis is based on the reject of that idea. An investment equation for seventeen economies using a piece-wise dummy variable was estimated by the Methodology of Panel Data. The results highlight that a negative correlation between current expectation of restrictive monetary policy and current investment rose after the inflation target system implementation.

Cooperação monetária e financeira: o que é bom para a Ásia também é para a América Latina?

Monetary and financial cooperation: what is good to Asian is also good to Latin America?. This article compares the Asian and Latin American experiences with monetary cooperation. It is argued that in the latter such cooperation has hardly progressed, due to low degree of regional integration, the recurrent use of multilateral institutional resources to deal with external shocks and the lack of clear objectives: monetary cooperation is some times seen as a means to foster integration, but also as a means to provide long term funds and as a source of liquidity in foreign currencies. In Asia, differently, cooperation has apparently not been so instrumental to regional integration, but has proven to be quite important as a means to build a regional capital market as well as a mechanism to deal with external shocks.

Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007)

This paper aims at evaluating the conduction of monetary policy after the adoption of inflation targeting. Formation of Selic rate is modeled by estimating a reaction function of the BCB. Results show an excessive degree of interest rate smoothing and a high level of equilibrium interest rate. This evidence supports the belief that Selic rate's formation is ruled by a conservative behavior. The conservative conduction of monetary policy is related to two distinct features of BCB's reaction function: i) the great weight of autoregressive components; and, chiefly, ii) a very high level of the equilibrium interest rate. The main conclusion is that, all remaining unchanged, the interest rate would hardly be reduced in a satisfactory way. Massive and chronic deflation would be needed if Selic were to reach a reasonable level, closer to that of rates in the rest of the world. This evidences the need for a debate on the adequacy of current stabilization strategy.

Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro

This article evaluates the effects that monetary policy actions exert on Brazilian stock market. By the measures defined to estimate the surprise caused by Comitê de Política Monetária do Banco Central do Brasil (COPOM) decisions, it was verified that to a hypothetic unexpected 1% increase in the target rate is associated an 1.3% average fall of Bovespa Index. Additional tests did not show distinct reactions caused by direction decisions, neither evidences from relevant recent economic events or decision contexts having influences on the surprise responses.

Quinze anos de rigidez monetária no Brasil pós-Plano Real: uma agenda de pesquisa

Fifteen years of monetary rigidity in Brazil after the Real Plan: a research agenda.The paper makes a review of literature and a research agenda on the anomaly of Brazilian monetary policy. Following a retrospect of the first 15 years after the Real Plan, there is a review of studies aiming to explain the high real interest rate. None of the summarized theses can completely explain the phenomenon. The main research opportunities are: deepening of empirical evidence of monetary policy efficacy loss; improvement in mensuration of its inefficacy; and improvement of alternative instruments to control inflation. The field of political economy is also fertile. One should assess the relevance of oligopolies as an explaining factor of persistence of high inflation.

A Reforma Pedreira na Academia de Belas Artes (1854-1857) e a constituição do espaço social do artista

Manuel Araújo Porto Alegre (1808-1879) teve atuação fundamental nas instituições culturais do Segundo Reinado, tendo sido pintor, crítico de arte, jornalista e poeta, entre outras atividades. Como diretor da Academia Imperial de Belas Artes, o pintor promoveu a maior reforma que a instituição sofreu durante o Império. Parte da chamada Reforma Pedreira (1854-1857), as introduzidas por Porto Alegre buscavam adaptar a instituição aos progressos técnicos de meados do século XIX, e fazer da corte imperial, o Rio de Janeiro, uma cidade sintonizada com a "civilização". É com este objetivo que o pintor faz da técnica um dos temas centrais de sua administração. Neste artigo, tendo como objeto a intervenção de Araújo Porto Alegre na Aiba, pretendemos refletir como as inovações introduzidas na Academia contribuíram para a constituição de um novo espaço social para o artista do Império.

Los módulos de la reforma educativa en el área de español (redacción y literatura) en las preparatorias de la U.A.N.L. sistema de evaluación [por] Martha Feliz Flores Guajardo

Tesis (Maestría en Letras Españolas) U.A.N.L

Aplicación y análisis de la filosofía de la calidad en la reforma universitaria a nivel medio superior, mediante la observación del discurso en el aula [por] Jaime César Triana Contreras [y] Marco Tulio Triana Contreras

Tesis (Maestría en Enseñanza Superior) U.A.N.L.

Pobreza extrema en el marco de la reforma del estado y de las políticas sociales en México [por] Carlos R. Garza Villarreal

Tesis (Maestría en Administración Pública) U.A.N.L.

Proyecto de reforma curricular para la carrera de ingeniero administrador de sistemas de la FIME-UANL (una propuesta para el nuevo milenio)

Tesis (Maestría en Ciencias de la Administración con Especialidad en Relaciones Industriales) - UANL, 2000

Reforma a la regulación de mercancías cuya importación y exportación no está sujeta a tarifas arancelarias metodología para evaluar regulaciones ambientales por Víctor González Ruelas

Tesis (Maestría en Economía con Especialidad en Economía Industrial) U.A.N.L.

La libertad de contratación ; una reforma necesaria a la cláusula de admisión

Tesis (Maestría en Derecho Laboral) U.A.N.L.

La reforma currícular del plan de estudios propedéutico del nivel medio superior de la UANL

Tesis (Maestría en Enseñanza Superior ) U.A.N.L.

Propuesta de reforma al sistema electoral de nulidades de votación y elección

Tesis (Maestría en Derecho Público) U.A.N.L.