Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies.

Cyclicality of SME Lending and Government Involvement in Banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Cyclicality of SME lending and government involvement in banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Why banks want to be complex

We investigate whether and how bank complexity affects performance and systemic risk. We base the analysis on a complexity measure that captures diversification and diversity, controlling for size and other bank characteristics. We find that more complex banks exhibit a higher profitability, lower risk, and higher market share. Moreover, we show an inversely U-shaped relation between bank complexity and banks’ sensitivity to systemic shocks. The evidence challenges the view that higher bank complexity is per se bad and is consistent with theoretical models that show that diversity in the banking system is critical for financial stability.

Why join a carbon club?: a study of the banks participating in the Brazilian “Business for Climate Platform”

Why do firms that present low levels of (direct) carbon emissions participate in “carbon clubs”, which have the goal of managing and reducing greenhouse gas (GHG) emissions? In order to answer this question, we collected data from both primary and secondary sources from firms operating in the Brazilian banking sector, which are members of the Businesses for Climate Platform (Plataforma Empresas pelo Clima e EPC). We first looked for answers in the institutional theory and resource based view of the firm (RBV). By confronting the arguments presented by these streams of scientific enquiry with empirical data, we worked on theory testing. In particular, we analyzed the institutional pressures and resources and capabilities of the focus companies, in order to understand the rationales for proactive sustainability management. We found evidences of the arguments presented by both the institutional theory and the RBV. By studying an industry that is not a frequent subject to research on socio-environmental issues e for not being considered of high impact e in an emerging market economy, the research contributes to both the further development of the institutional theory and the advancement of sustainability management in corporations.

Some stigmaeid and eupalopsellid mites from citrus orchards in Brazil (Acari : Stigmaeidae and Eupalopsellidae)

Two new citrus-inhabiting species in the family Stigmaeidae, Agistemus brasiliensis n. sp. and Zetzellia malvinae n. sp., are described from citrus plants in São Paulo State, Brazil. Also, Agistemus floridanus Gonzalez is redescribed. Keys to genera of the Stigmaeidae and Eupalosellidae are provided along with a key to all species of these families associated with citrus.

Parâmetros biológicos e tabela de vida de Tetranychus urticae (Acari: Tetranychidae) em cultivares de mamão

Este trabalho foi realizado para avaliar o desenvolvimento e reprodução de Tetranychus urticae em cultivares comerciais de mamão Carica papaya. Foram utilizadas cultivares do grupo Formosa (Tainung 01 e Calimosa) e do grupo Solo (Golden e Sunrise). Para iniciar o bioensaio, foi transferida uma fêmea fertilizada por disco de folha (n=50 repetições) e retirado após um período de 12h, sendo avaliada a cada 12h, registrando-se o período de incubação, duração do estágio de imaturo, longevidade e fecundidade dos adultos e viabilidade desses estágios. Os resultados indicaram que as cultivares de mamão Tainung 01, Calimosa, Sunrise e Golden são bons hospedeiros para T. urticae. O parâmetro viabilidade não sofreu influência das cultivares em todas as fases de desenvolvimento avaliadas, apresentando valores superiores a 90%. Não houve diferença estatística entre as cultivares nos parâmetros: período de pre-oviposição e viabilidade dos ovos. A cultivar Tainung 01 apresentou menor potencial hospedeiro, embora houvesse menor duração nos estágios de ovo, larva, protoninfa e ovo-adulto. Nos parâmetros de tabela de vida e fertilidade, apresentou menores valores de Ro, r m e λ e maior valor de Td. Entre as cultivares, o Sunrise apresentou um elevado potencial hospedeiro para T. urticae, pois essa cultivar proporcionou a maior produção de ovos por fêmea, maior longevidade das fêmeas, bem como a maior taxa de reprodução (maior Ro, r m e λ e menor valor de Td).

Additional morphological characters and a new host for Aceria gymnoscuta Navia & Flechtmann (Acari, Eriophyidae)

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

Biological aspects of the immature stages of Ceraeochrysa everes (Banks) (Neuroptera: Chrysopidae)

Para o estabelecimento de um programa de controle biológico, o conhecimento de alguns aspectos biológicos e de comportamento dos inimigos naturais é de extrema importância. Os aspectos biológicos do desenvolvimento larval e pupal do predador Ceraeochrysa everes (Banks) foram estudados. Larvas oriundas de adultos da geração F1 foram mantidas em laboratório a 25 ± 21°C, 70 ± 10 % UR e fotofase 14 horas, sendo alimentadas com ovos de Sitotroga cerealella (Olivier). A duração e viabilidade do período embrionário, estágios imaturos de desenvolvimento e o período de ovo a adulto foram avaliados. O período embrionário foi em média de 5,0 dias, enquanto que as durações médias para o primeiro, segundo e terceiro instares foram de 5,1 ± 0,03; 4,3 ± 0,05 e 4,5 ± 0,05 dias, respectivamente, com viabilidade superior a 90 %. Os estágios larval, pré-pupal e pupal apresentaram duração média de 13,9 ± 0,07; 5,7 ± 0,07 e 9,6 ± 0,12 dias, respectivamente. A duração do ciclo biológico foi de 34 ± 0,11 dias em média. Ovos de S. cerelella não foram adequados para a manutenção de C. everes em laboratório, por interferir no desenvolvimento do predador.

A revision of the genus Pulaeus Den Heyer, with descriptions of a new genus and four new Brazilian species (Acari: Prostigmata: Cunaxidae)

A new genus, Lupaeus gen. nov., is created to contain part of the described species in the genus Pulaeus Den Heyer. A key to the genera of the tribe Pulaeini, to which these two genera belong, and one auxiliary key to the species of Brazil and South Africa, are provided. Four new species, viz. Pulaeus myrtaceus sp. nov., P. quadrisolenidius sp. nov., Lupaeus lectus sp. nov. and L. lobidorsalis sp. nov. are described and figured. P. martini Den Heyer, 1981 is designated as type species for the new genus. New nomenclatural combinations are reported.

Efeito da adição de óleos mineral e vegetal a acaricidas no controle do ácaro-da-leprose dos citros Brevipalpus phoenicis (Geijskes) (Acari: Tenuipalpide)

Com a finalidade de esclarecer os efeitos da adição de óleo vegetal e mineral aos acaricidas foi conduzido um ensaio de campo em 1994 no município de Viradouro, SP, utilizando-se de Assist, Triona e Natur'l Óleo, na dosagem de 500 mL por 100 litros de água, adicionados aos acaricidas: pyridaben nas formulações 200 CE e 750 PM, nas dosagens de 75 mL e 20 g; propargite 720 CE a 100 mL; óxido de fenbutatina 500 SC a 80 mL e cyhexatin 500 PM a 50 g. O delineamento estatístico adotado foi o de blocos casualizados. As aplicações foram feitas com pulverizador tipo pistola. Após a preparação da calda, foi determinado o pH. Empregou-se máquina de varredura e microscópio estereoscópico para as avaliações da população acarina. A adição de Natur'l Óleo pode afetar negativamente a eficiência do pyridaben 200 CE e 750 PM e cyhexatin 500 PM, no controle do ácaro-da-leprose. Triona e Assist não afetaram as eficiências dos acaricidas testados. Pelo índice de iodo, mediu-se o grau de insaturação das misturas dos acaricidas com Natur'l Óleo, concluindo-se que houve incorporação das moléculas dos acaricidas pelas ligações insaturadas do óleo; porém, isto não explica o diferente comportamento dos produtos no controle do ácaro da leprose dos citros.

Life cycle and behaviour of the predaceous mite Cunaxatricha tarsospinosa (Acari: Prostigmata: Cunaxidae)

Life cycle and behaviour of Cunaxatricha tarsospinosa Castro & Den Heyer from rubber trees in Brazil were studied, with Tenuipalpus heveae Baker offered as prey. The study was conducted at 25.4 +/- A 0.2A degrees C, 83 +/- A 5% RH and 12:12 h L:D photophase. The egg stage was the longest immature stage, lasting 17.1 +/- A 1.3 days (mean +/- A SE); total juvenile development was completed in 33.2 +/- A 2.8 days. Lifetime fecundity was 12.0 +/- A 2.2 eggs. Intrinsic rate of population increase was low, suggesting that T. heveae may not be a good prey for the predator. All specimens of C. tarsospinosa collected in the field for this study were females, no males were found. Concurrently, only females were obtained in the laboratory. This seems to be the first report of thelytokous parthenogenesis for cunaxids. Similar to earlier reports for some Cunaxinae and Coleoscirinae, prey were captured when predators were actively searching for them.

Description of a new species and complementary description of a known species of Iphiseiodes de Leon (Acari: Phytoseiidae)

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

Diversity of phytoseiid mites (Acari: Mesostigmata: Phytoseiidae) in the Atlantic Forest of São Paulo

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

NEW PHYTOSEIIDAE (ACARI: MESOSTIGMATA) FROM COSTA RICA, WITH ADDITIONAL INFORMATION on OTHER SPECIES

This paper reports on a study of phytoseiids collected from the La Selva Biological Field Station, the ALAS (Arthropods of La Selva) Project, made available to us by the Canadian National Collection via Dr. E. E. Lindquist. This material includes two new species, Proprioseiopsis versus n. sp. and Transeius costarricensis n. sp., three new records for Central America, and additional information for nine species previously reported from La Selva.