936 resultados para Monetary regime


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Em São Paulo, destaca-se a viticultura como atividade familiar de caráter artesanal. Nas bacias de maior concentração atual da vitivinicultura, ocorre um período chuvoso que se estende de novembro a fevereiro, que alcança grande parte das variedades da região em fase de crescimento e maturação da baga, o que afeta negativamente a qualidade da uva e do vinho artesanal, na maioria das safras. Por outro lado, nas mesmas regiões, ocorre um período mais favorável, que é o outono/inverno com potencial de soma térmica adequado ao crescimento da videira e com incidência de um longo período de baixa pluviometria, entre os meses de abril e outubro. Um experimento foi conduzido em Jundiaí (SP), região de média altitude (700 m), com variedades de uvas híbridas e fina, no qual, objetivou-se estudar os impactos ecofisiológicos do cultivo da videira conduzida sob dupla poda, forçando-se a condução das plantas por quatro estações de cultivo sequenciais de verão e inverno; analisaram-se aspectos da ecofiosologia da cultura e a composição quali-quantitativa do rendimento. Os resultados mostram que a estação de outono-inverno apresenta condições mais favoráveis à maturação fenólica das bagas, com chuvas mais bem distribuídas e desconcentradas no período do estabelecimento do fruto à colheita. A uva colhida na estação de outono-inverno apresentou maiores índices de pigmentação fenólica em relação à estação de cultivo tradicional, sendo que o controle do nível de reservas da planta revelou influência da dupla poda sequencial sobre esta variável, o que inspira práticas de manejo específicas para este tipo de exploração da videira.

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[spa] España no fue admitida en la Comunidad Económica Europea durante el régimen de Franco por razones políticas. Integrarse a la Comunidad Europea en enero de 1986 fue el último peldaño hacia la consolidación definitiva de la democracia en España y de la apertura de su economía.. Los resultados de los veinticinco años como miembro de la UE se han traducido en un impulso sin precedentes de modernización y progreso. España adoptó el “Acervo Comunitario” y recibió considerables beneficios de su integración a la Comunidad, eliminando barreras, siguiendo las políticas comunes, recibiendo fondos europeos y adoptando la moneda europea común. A partir de un nivel del 60% del promedio europeo de renta per capita en 1986, el nivel actual –incluso con la crisis que estalló en 2008- se sitúa en torno al 105 por ciento. Los últimos tres años han sido diferentes y difíciles como consecuencia de la severa crisis económica y financiera.En este contexto este trabajo analiza como los sucesivos gobiernos de España han organizado la gobernanza económica para adaptarla a los cambios cuantitativos y cualitativos que se han ido produciendo en la integración europea.

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[spa] España no fue admitida en la Comunidad Económica Europea durante el régimen de Franco por razones políticas. Integrarse a la Comunidad Europea en enero de 1986 fue el último peldaño hacia la consolidación definitiva de la democracia en España y de la apertura de su economía.. Los resultados de los veinticinco años como miembro de la UE se han traducido en un impulso sin precedentes de modernización y progreso. España adoptó el “Acervo Comunitario” y recibió considerables beneficios de su integración a la Comunidad, eliminando barreras, siguiendo las políticas comunes, recibiendo fondos europeos y adoptando la moneda europea común. A partir de un nivel del 60% del promedio europeo de renta per capita en 1986, el nivel actual –incluso con la crisis que estalló en 2008- se sitúa en torno al 105 por ciento. Los últimos tres años han sido diferentes y difíciles como consecuencia de la severa crisis económica y financiera.En este contexto este trabajo analiza como los sucesivos gobiernos de España han organizado la gobernanza económica para adaptarla a los cambios cuantitativos y cualitativos que se han ido produciendo en la integración europea.

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Regulation has in many cases been delegated to independent agencies, which has led to the question of how democratic accountability of these agencies is ensured. There are few empirical approaches to agency accountability. We offer such an approach, resting upon three propositions. First, we scrutinize agency accountability both de jure (accountability is ensured by formal rights of accountability 'fora' to receive information and impose consequences) and de facto (the capability of fora to use these rights depends on resources and decision costs that affect the credibility of their sanctioning capacity). Second, accountability must be evaluated separately at political, operational and managerial levels. And third, at each level accountability is enacted by a system of several (partially) interdependent fora, forming together an accountability regime. The proposed framework is applied to the case of the German Bundesnetzagentur's accountability regime, which shows its suitability for empirical purposes. Regulatory agencies are often considered as independent, yet accountable. This article provides a realistic framework for the study of accountability 'regimes' in which they are embedded. It emphasizes the need to identify the various actors (accountability fora) to which agencies are formally accountable (parliamentary committees, auditing bodies, courts, and so on) and to consider possible relationships between them. It argues that formal accountability 'on paper', as defined in official documents, does not fully account for de facto accountability, which depends on the resources possessed by the fora (mainly information-processing and decision-making capacities) and the credibility of their sanctioning capacities. The article applies this framework to the German Bundesnetzagentur.

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The Swiss financial centre witnessed an important shift during the 1960s: the number of foreign banks and their importance in relation to the domestic banking sector significantly increased. Faced with this rapid development, Swiss bank representatives and political and monetary authorities reacted strongly. This paper investigates the evolution of the regulatory response by Swiss banking policy actors to the proliferation of foreign financial in- stitutions. In 1969, those reactions led to the adoption of a discriminatory regime, setting higher entry barriers for foreign banks than for domestic institutions. After examining possible reasons for the attractiveness of Switzerland to foreign banks, this paper will analyse the concerns and fears of the domestic banking sector and its regulators. In this regard, it appears that issues such as mere competition, preservation of the international reputation of the Swiss banks and anti-inflationary monetary policy were central to the chosen regulatory regime. Moreover, this paper shows that foreign banks were used as scapegoats in the evolution of the Swiss system of banking supervision. They were more tightly regulated, yet the general framework remained very lax.

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AimGlobal environmental changes challenge traditional conservation approaches based on the selection of static protected areas due to their limited ability to deal with the dynamic nature of driving forces relevant to biodiversity. The Natura 2000 network (N2000) constitutes a major milestone in biodiversity conservation in Europe, but the degree to which this static network will be able to reach its long-term conservation objectives raises concern. We assessed the changes in the effectiveness of N2000 in a Mediterranean ecosystem between 2000 and 2050 under different combinations of climate and land cover change scenarios. LocationCatalonia, Spain. MethodsPotential distribution changes of several terrestrial bird species of conservation interest included in the European Union's Birds Directive were predicted within an ensemble-forecasting framework that hierarchically integrated climate change and land cover change scenarios. Land cover changes were simulated using a spatially explicit fire-succession model that integrates fire management strategies and vegetation encroachment after the abandonment of cultivated areas as the main drivers of landscape dynamics in Mediterranean ecosystems. ResultsOur results suggest that the amount of suitable habitats for the target species will strongly decrease both inside and outside N2000. However, the effectiveness of N2000 is expected to increase in the next decades because the amount of suitable habitats is predicted to decrease less inside than outside this network. Main conclusionsSuch predictions shed light on the key role that the current N2000may play in the near future and emphasize the need for an integrative conservation perspective wherein agricultural, forest and fire management policies should be considered to effectively preserve key habitats for threatened birds in fire-prone, highly dynamic Mediterranean ecosystems. Results also show the importance of considering landscape dynamics and the synergies between different driving forces when assessing the long-term effectiveness of protected areas for biodiversity conservation.

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This work reviews recent studies of underpotential deposition (UPD) of several metals on Pt and Au substrates performed in the Grupo de Materiais Eletroquímicos e Métodos Eletroanalíticos (IQSC -- USP, São Carlos). The UPD Cu, Cd and Pb on Pt were analysed in terms of their influence in the oxygen evolution reaction. Partial blockage of surface active sites, promoted by Pb ad-atoms, resulted in a change from water to hydrogen peroxide as the final product. The Ag UPD on Pt and Au substrates was also discussed in this work. A detailed model of charge calculation for Ag monolayer was developed and confirmed by the rotating ring-disk data. The partial charge transfer in UPD studies was analysed in the Cd/Pt and Cd/Au systems and a value of 0.5 was found for the adsorption electrovalence of Cd ad-ions. The Sn/Pt UPD systems were studied from the point of view of the valences of metallic ions in solution. The deposition from Sn(IV) generates a full monolayer with a maximum occupation of approximately 40% of the surface active sites (340 µC cm-2) plus 105 µC cm-2 of Hads (half monolayer). Changing the metallic ion for Sn(II), it was possible to deposit a full monolayer (210 µC cm-2) without any detectable Hads. Finally, the effect of anions was discussed in the Zn/Pt and Zn/Au systems. Here, the hydrogen evolution reaction (her) and the hydrogen adsorption/desorption were used in order to investigate the maximum coverage of the surface with Zn ad-atoms. The full monolayer, characterised by the complete absence of Hads, was achieved only in 0.5 M HF solutions.

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There is growing concern that flooding is becoming more frequent and severe in Europe. A better understanding of flood regime changes and their drivers is therefore needed. The paper reviews the current knowledge on flood regime changes in European rivers that has traditionally been obtained through two alternative research approaches. The first approach is the data-based detection of changes in observed flood events. Current methods are reviewed together with their challenges and opportunities. For example, observation biases, the merging of different data sources and accounting for nonlinear drivers and responses. The second approach consists of modelled scenarios of future floods. Challenges and opportunities associated with flood change scenarios are discussed such as fully accounting for uncertainties in the modelling cascade and feedbacks. To make progress in flood change research, we suggest that a synthesis of these two approaches is needed. This can be achieved by focusing on long duration records and flood-rich and flood-poor periods rather than on short duration flood trends only, by formally attributing causes of observed flood changes, by validating scenarios against observed flood regime dynamics, and by developing low-dimensional models of flood changes and feedbacks. The paper finishes with a call for a joint European flood change research network.

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We estimate changes in fiscal policy regimes in Portugal with a Markov Switching regression of fiscal policy rules for the period 1978-2007, using a new dataset of fiscal quarterly series. We find evidence of a deficit bias, while repeated reversals of taxes making the budget procyclical. Economic booms have typically been used to relax tax pressure, especially during elections. One-off measures have been preferred over structural ones to contain the deficit during economic crises. The EU fiscal rules prompted temporary consolidation, but did not permanently change the budgeting process.

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Yield spreads over 10-year German government securities of the EU-15 countries converged dramatically in the seven years after the beginning of Monetary Integration. In this paper, we investigate the relative influence of systemic and idiosyncratic risk factors on their behaviour. Our conclusions suggest that in EMU-countries the relative importance of domestic risk factors (both credit and liquidity risk factors) is higher than that of international factors, which appear to play a secondary but significant role in non-EMU countries.

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We make a comparative study of payment systems for E.U. -fifteen countries for the 1996-2002 period. Special attention is paid to the introduction of the new European single currency. The overall trend in payments is for a move from cash to noncash payment instruments, although electronic instruments are not widely used yet. We find a significant impact from the introduction of the new banknotes and coins on card use

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In the power market, electricity prices play an important role at the economic level. The behavior of a price trend usually known as a structural break may change over time in terms of its mean value, its volatility, or it may change for a period of time before reverting back to its original behavior or switching to another style of behavior, and the latter is typically termed a regime shift or regime switch. Our task in this thesis is to develop an electricity price time series model that captures fat tailed distributions which can explain this behavior and analyze it for better understanding. For NordPool data used, the obtained Markov Regime-Switching model operates on two regimes: regular and non-regular. Three criteria have been considered price difference criterion, capacity/flow difference criterion and spikes in Finland criterion. The suitability of GARCH modeling to simulate multi-regime modeling is also studied.

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EONIA is a market based overnight interest rate, whose role as the starting point of the yield curve makes it critical from the perspective of the implementation of European Central Bank´s common monetary policy in the euro area. The financial crisis that started in 2007 had a large impact on the determination mechanism of this interest rate, which is considered as the central bank´s operational target. This thesis examines the monetary policy implementation framework of the European Central Bank and changes made to it. Furthermore, we discuss the development of the recent turmoil in the money market. EONIA rate is modelled by means of a regression equation using variables related to liquidity conditions, refinancing need, auction results and calendar effects. Conditional volatility is captured by an EGARCH model, and autocorrelation is taken into account by employing an autoregressive structure. The results highlight how the tensions in the initial stage of the market turmoil were successfully countered by ECB´s liquidity policy. The subsequent response of EONIA to liquidity conditions under the full allotment liquidity provision procedure adopted after the demise of Lehman Brothers is also established. A clear distinction in the behavior of the interest rate between the sub-periods was evident. In the light of the results obtained, some of the challenges posed by the exit-strategy implementation will be addressed.

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Algumas espécies fúngicas não esporulam satisfatoriamente em meio de cultura, a exemplo de Cercospora zeae-maydis, agente causal da cercosporiose do milho. A esporulação deste patógeno foi avaliada em sete meios de cultura agarizados (V8, suco de tomate temperado, água de coco, aveia, BDA, extrato de folha de milho e extrato de folha de milho + CaCO3) sob dois regimes luminosos (fotoperíodo de 12 horas e seqüencial - 6 dias claro/3 dias escuro). O ensaio foi conduzido em esquema fatorial 7 x 2, com os tratamentos dispostos em delineamento inteiramente casualizado com cinco repetições. A parcela experimental compreendeu uma placa de petri contendo 20 mL de meio de cultura sobre o qual foram colocados 200 mL de uma suspensão de 8 x 10(4) esporos/mL. As culturas foram posteriormente incubadas a 27ºC durante nove dias. Os meios V8 e suco de tomate temperado (STT) sob regime de fotoperíodo 12h/12h, foram aqueles que apresentaram melhor indução de esporulação, resultando na produção de 22,4 x 10(4) conídios/ mL e 28,62 x 10(4) conídios/mL, respectivamente.