Finance-Led Growth Regime no Brasil: estatuto teórico, evidências empíricas e consequências macroeconômicas

This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process. The first part is a survey of the international literature, which defines the financialization concept and its relevance for understanding Brazilian economic problems. The next part provides a historical overview on the structural changes that made possible the development of financial-led regimes. The paper also applies an empirical analysis of some selected Brazilian macroeconomic indicators.

Regime cambial e mudança estrutural na indústria de transformação brasileira: evidências para o período (1994-2008)

Exchange rate regime and structural changes in the Brazilian manufacturing industry. This article proposes an analysis of the relationship between exchange rate regime and evolution of the Brazilian manufacturing industry during the period 1980-2008. Its main purpose is to detect the direction of the structural changes imposed by the new form of international insertion consolidated throughout the 1990s. The work also provides new empirical evidence regarding the assumptions of deindustrialization and "Dutch disease", which mark the current debate on the effects of the appreciation of real exchange rate in the Brazilian economy.

A ideia de progresso no pensamento sadeano: apontamentos sobre A filosofia na alcova

Este artigo pretende, por meio da análise literária e da leitura de Freud (2011), investigar a concepção de progresso em Sade, tomando como objeto de estudo o romance A filosofia na alcova (2008b). Defende-se que a ficção sadeana resulta de um conflito entre indivíduo e sociedade, de cujo resultado depende a felicidade humana. Esta seria alcançada com a superação dos obstáculos impostos pela educação, pela cultura e pela abertura da sociedade para a satisfação de todos os prazeres do sentido.

Progresso Científico e Verdade em Popper

O presente trabalho pretende mostrar que, para solucionar a questão da possibilidade do progresso científico, Popper precisou introduzir a ideia de verdade no âmbito de sua teoria da ciência. Essa concepção de progresso, em termos da noção de verdade, só será delineada na obra Conjectura e refutações (1963), pois a ideia de que o alvo da ciência é a verdade ainda não aparece teorizada em suas primeiras obras. Quando Popper escreveu sua A lógica da pesquisa científica(1934), a ciência era definida em termos de regras lógico-metodológicas e não de suas metas. O avanço científico é concebido a partir das noções de testabilidade e de corroborabilidade das teorias, exigências lógicometodológicas para que uma teoria seja considerada como científica. Popper não relacionou a questão do progresso científico à noção de verdade, nessa obra, porque, quando a escreveu, não dispunha de uma consistente teoria da verdade. Foi somente após Tarski ter escrito seu artigo sobre a concepção semântica da verdade que Popper, tendo por base essa concepção de verdade, pôde complementar as suas teses sobre o progresso da ciência, expostas em sua A lógica da pesquisa cientifica, com uma teoria acerca do conteúdo de verdade e da aproximação da verdade.

« Le Livre du Regime des princes, translaté de latin en françoiz par messire GILLES DE ROMME, archevesque de Bourges, en la faveur et contemplacion de tres excelent prince monseigneure Loys, filz ainsné de Philippe le Bel, roy de France ».

Commençant par : « Regnabit rex, etc. Le glorieux prophete Jheremie, qui fist le livre des Lamentations et pleurs sur la destruction des Juifz... » et finissant par : «... qui en trinité parfaicte vist et regne par l'infini siecle des siecles. An. Cy fine le livre de l'Informacion des princes » .

The effect of feeding regime on larval black fly (Diptera: simuliidae) primary head fan ray number

Identification of larval simuliids has always been difficult due to the morphological similarity many species bear to one another. For this reason all characters available have been drawn upon to aid in species identification, including head fan ray number. Even in light of an increasing body of anecdotal reports that head fan ray number is not fixed, it has continued to be used to aid species identification. In the current experiment simuliid larvae were reared under controlled laboratory conditions to last instar in one of three feeding regimes. Out of nine trials, the results of six showed a significant inverse relationship between feeding regime and head fan ray number. In addition to the laboratory experiments, larvae were also collected from the field over the course of the spring and summer, 1994. From these samples significant interspecific and intraspecific variations in head fan ray number were found both spatially and temporally within Algonquin Park. From these data it is concluded that head fan ray number for the species analysed is a developmentally plastic character, which varies in response to food availability. Furthermore, given the extreme variations in head fan ray number found in some species, I recommend that head fan ray number not be used as an aid to identification unless it can be shown to be a fixed character for the species in question.

Flow regime prediction via froude number calculation in a rock-bedded stream

Mathematical predictions of flow conditions along a steep gradient rock bedded stream are examined. Stream gage discharge data and Manning's Equation are used to calculate alternative velocities, and subsequently Froude Numbers, assuming varying values of velocity coefficient, full depth or depth adjusted for vertical flow separation. Comparison of the results with photos show that Froude Numbers calculated from velocities derived from Manning's Equation, assuming a velocity coefficient of 1.30 and full depth, most accurately predict flow conditions, when supercritical flow is defined as Froude Number values above 0.84. Calculated Froude Number values between 0.8 and 1.1 correlate well with observed transitional flow, defined as the first appearance of small diagonal waves. Transitions from subcritical through transitional to clearly supercritical flow are predictable. Froude Number contour maps reveal a sinuous rise and fall of values reminiscent of pool riffle energy distribution.

Dynamic Performance Evaluation of Canadian Fixed-Income Funds using Markov Regime Switching Models

This thesis examines the performance of Canadian fixed-income mutual funds in the context of an unobservable market factor that affects mutual fund returns. We use various selection and timing models augmented with univariate and multivariate regime-switching structures. These models assume a joint distribution of an unobservable latent variable and fund returns. The fund sample comprises six Canadian value-weighted portfolios with different investing objectives from 1980 to 2011. These are the Canadian fixed-income funds, the Canadian inflation protected fixed-income funds, the Canadian long-term fixed-income funds, the Canadian money market funds, the Canadian short-term fixed-income funds and the high yield fixed-income funds. We find strong evidence that more than one state variable is necessary to explain the dynamics of the returns on Canadian fixed-income funds. For instance, Canadian fixed-income funds clearly show that there are two regimes that can be identified with a turning point during the mid-eighties. This structural break corresponds to an increase in the Canadian bond index from its low values in the early 1980s to its current high values. Other fixed-income funds results show latent state variables that mimic the behaviour of the general economic activity. Generally, we report that Canadian bond fund alphas are negative. In other words, fund managers do not add value through their selection abilities. We find evidence that Canadian fixed-income fund portfolio managers are successful market timers who shift portfolio weights between risky and riskless financial assets according to expected market conditions. Conversely, Canadian inflation protected funds, Canadian long-term fixed-income funds and Canadian money market funds have no market timing ability. We conclude that these managers generally do not have positive performance by actively managing their portfolios. We also report that the Canadian fixed-income fund portfolios perform asymmetrically under different economic regimes. In particular, these portfolio managers demonstrate poorer selection skills during recessions. Finally, we demonstrate that the multivariate regime-switching model is superior to univariate models given the dynamic market conditions and the correlation between fund portfolios.

Le taux de change effectif reel et le regime des echanges: leur role dans le developpement economique.

Rapport de recherche

Studies on the Effect of High Energy Ball Milling On the Structural, Electrical and Magnetic Properties of Some Normal Spinets in the Ultrafine Regime

The present work is an attempt to understand the characteristics of high energy ball milling on the structural, electrical and magnetic properties of some normal spinets in the ultra fine regime, Magnetism and magnetic materials have been a fascinating subject for the mankind ever since the discovery of lodestone. Since then, man has been applying this principle of magnetism to build devices for various applications. Magnetism can be classified broadly into five categories. They are diamagnetic, paramagnetic, ferromagnetic antiferromagnetic and ferrimagnetic. Of these, ferro and ferri magnetic materials assume great commercial importance due to their unique properties like appropriate magnetic characteristics, high resistivity and low eddy current losses. The emergence of nanoscience and nanotechnology during the last decade had its impact in the field of magnetism and magnetic materials too. Now, it is common knowledge that materials synthesized in the nanoregime exhibit novel and superlative properties with respect to their coarser sized counterparts in the micron regime. These studies reveal that dielectric properties can be varied appreciably by high-energy ball milling in nanosized zinc ferrites produced by coprecipitation method. A semi conducting behaviour was observed in these materials with the Oxygen vacancies acting as the main charge carrier for conduction, which was produced at the time of coprecipitation and milling. Thus through this study, it was possible to successfully investigate the finite size effects on the structural, electrical and magnetic properties of normal spinels in the ultra fine regime

Visible luminescence mechanism in nano ZnO under weak confinement regime

We describe the structure of luminescence spectrum in the visible region in nano-ZnO in colloidal and thin film forms under weak confinement regime by modeling the transition from excited state energy levels of excitons to their ground state. Measurements on nanocrystallites indicate the presence of luminescence due to excitonic emissions when excited with 255 nm. The relevant energy levels showing the transitions corresponding to the observed peaks in the emission spectrum of ZnO of particle size 18 nm are identified.