Brazilian international and inter-state trade flows: an exploratory analysis using the gravity model

Recent efforts toward a world with freer trade, like WTO/GATT or regional Preferential Trade Agreements(PTAs), were put in doubt after McCallum's(1995) finding of a large border effect between US and Canadian provinces. Since then, there has been a great amount of research on this topic employing the gravity equation. This dissertation has two goals. The first goal is to review comprehensively the recent literature about the gravity equation, including its usages, econometric specifications, and the efforts to provide it with microeconomic foundations. The second goal is the estimation of the Brazilian border effect (or 'home-bias trade puzzle') using inter-state and international trade flow data. It is used a pooled cross-section Tobit model. The lowest border effect estimated was 15, which implies that Brazilian states trade among themselves 15 times more than they trade with foreign countries. Further research using industry disaggregated data is needed to qualify the estimated border effect with respect to which part of that effect can be attributed to actual trade costs and which part is the outcome of the endogenous location problem of the firm.

Política e gestão cultural: Brasil, USA e Europa

Este estudo lida com política cultural, administração e financiamento das artes e do patrimônio histórico. Passa em revista a experiência brasileira, a partir da bibliografia disponível, e a contrasta com a de países adiantados. Embora com foco no presente, reconstitui seletivamente a história dessa política pública desde 1945, nos Estados Unidos, na Inglaterra e na França, e aponta impasses que hoje ela enfrenta no contexto neoliberal e globalizado. Questões como formação de dirigentes culturais, patrocínio empresarial, incentivos fiscais, diplomacia cultural, descentralização administrativa, tendências do consumo cultural, "espetacularização" de eventos e o papel das fundações são localizadas nas discussões que ocorrem dentro e fora da academia, nos países considerados.

Sports administration: an examination of the competitive balance concept through european and brazilian domestic soccer leagues comparison

A questão do Equilíbrio Competitivo é um tema importante da economia dos esportes profissionais nos Estados Unidos e na Europa. Muitas pesquisas foram feitas para estabelecer os critérios mais relevantes para avaliar a competitividade das ligas profissionais de futebol. Esta pesquisa analisou a relevância do Equilíbrio Competitivo como determinante da competitividade comparando o Brasileirão Série A com as nove principais ligas na Europa (Bélgica, Inglaterra, Alemanha, Holanda, França, Itália, Portugal, Escócia e Espanha). A competitividade é a capacidade de uma empresa (um clube) ou de uma indústria de enfrentar a concorrência efetiva ou potencial. A medida da competitividade deve levar em consideração uma série de fatores importantes como a qualidade e a relação qualidade/preço, a gestão de recursos humanos e a organização empresarial. Esse trabalho visa demonstrar que, apesar da incerteza do resultado ter sido considerado por muito tempo como um fator positivo de atratividade/interesse dos fãs nos esportes, um campeonato equilibrado poderia ter um efeito insignificante, para não dizer desprezível sobre a competitividade das ligas de futebol a longo prazo. Os resultados mostraram que o aumento do Equilíbrio Competitivo pode ser relevante para os campeonatos mais fracos (Bélgica, Holanda, Portugal, Escócia), mas nao dos cincos melhores (Alemanha, Espanha, França, Inglaterra, Itália). Consequentemente, o Equilíbrio Competitivo deve ser contemplado como uma variável desprezível quanto à competitividade das ligas de futebol, apesar do interesse crescente pelo conceito na literatura. Baseado principalmente em pesquisas de Dell'Osso e Symanski (1991) e de Oughton e Michie (2004), o índice HHI (Herfindahl-Hirschman) tem sido utilizado para determinar o nível de concentração de 11 ligas de futebol estudadas. Uma revisão da literatura sobre administração de futebol e esportes foi realizada.

State ownership and corporate governance

State ownership of publicly-traded corporations remains pervasive around the world, and has been increasing in recent years. Existing literature focuses on the implications of government ownership for corporate governance and performance at the firm level. This Article, by contrast, explores the different but equally important question of whether the presence of the state as a shareholder can impose negative externalities on the corporate law regime available to the private sector. Drawing from historical experiments with government ownership in the United States, Brazil, China, and Europe, this study shows that the conflict of interest stemming from the state’s dual role as a shareholder and regulator can influence the content of corporate laws to the detriment of outside investor protection and efficiency. It thus addresses a gap in the literature on the political economy of corporate governance by incorporating the political role of the state as shareholder as another mechanism to explain the relationship between corporate ownership structures and legal investor protection. Finally, this Article explores the promise of different institutional arrangements to constrain the impact of the state’s interests as a shareholder on the corporate governance environment, and concludes by offering several policy recommendations.

Brazil and the USA: rethinking the future of ethanol for stronger mutual wns

A produção de etanol e a dominação da indústria, historicamente, tem sido uma fonte de discórdia para seus dois principais produtores. Os EUA com seu etanol de milho e o Brasil com sua etanol de cana, são os dois maiores produtores mundiais de etanol (1º EUA; 2º Brasil) e tem competido pela participação de mercado mundial há décadas. A partir de Dezembro de 2011, os EUA levantaram as tarifas e os subsídios que foram instalados para proteger sua indústria de etanol, o que muda o campo de jogo da produção mundial de etanol para o futuro. Atualmente em todo o mundo, o etanol é usado em uma proporção muito menor comparativamente a outros combustíveis. Esta pesquisa analisa o nível potencial de colaboração entre os EUA e o Brasil, facilitando um diálogo entre os stakeholders em etanol. A pesquisa consiste principalmente de conversas e entrevistas, com base em um conjunto de perguntas destinadas a inspirar conversas detalhadas e expansivas sobre os temas de relações Brasil-EUA e etanol. Esta pesquisa mostra que o etanol celulósico, que é também conhecido como etanol de segunda geração, oferece mais oportunidades de parceria entre os EUA e o Brasil, como há mais oportunidades para pesquisa e desenvolvimento em conjunto e transferência de tecnologia nesta área. Enquanto o etanol de cana no Brasil ainda é uma indústria próspera e crescente, o milho e a cana são muito diferentes geneticamente para aplicar as mesmas inovações exatas de um etanol de primeira geração, por outro. As semelhanças entre os processos de fermentação e destilação entre as matérias-primas utilizadas nos EUA e no Brasil para o etanol de segunda geração torna o investimento conjunto nesta área mais sensível. De segunda geração é uma resposta para a questão "alimentos versus combustíveis". Esta pesquisa aplica o modelo de co-opetição como um quadro de parceria entre os EUA e o Brasil em etanol celulósico. A pesquisa mostra que enquanto o etanol pode não ser um forte concorrente com o petróleo no futuro imediato, ele tem melhores perspectivas de ser desenvolvido como um complemento ao petróleo, em vez de um substituto. Como os EUA e o Brasil tem culturas de misturar etanol com petróleo, algo da estrutura para isso já está em vigor, a relação de complementaridade seria fortalecido através de uma política de governo clara e de longo prazo. A pesquisa sugere que apenas através desta colaboração, com toda a partilha de conhecimentos técnicos e estratégias econômicas e de desenvolvimento, o etanol celulósico será um commodity negociado mundialmente e uma alternativa viável a outros combustíveis. As entrevistas com os interessados em que esta pesquisa se baseia foram feitas ao longo de 2012. Como a indústria de etanol é muito dinâmica, certos eventos podem ter ocorrido desde esse tempo para modificar ou melhorar alguns dos argumentos apresentados.

Capital flows and monetary control under a domestic currency substitution regime: the recent Brazilian experience

The 90s have witnessed a resumption in capital flows to Latin America. due to the conjugation of low interest rates in the US and economic reforms in most LA countries. In Brazil. however. substantial capital flows have becn induced by the extremely high domestic interest rates practiced by the Central Bank as a measure of last reson given the absence of successful stabilization policies. These very high interest rates were needed to prevent capital flight in a context of a surprisingly stable inflation rate above 20% a month. and keep interest bearing govemment securities preferable to foreign assets as money substitutes. We carefully describe how this domestic currency substitution regime (interest bearing govemment securities are substituted for MIas cash holdings) requires the Central Bank to renounce aoy control over monerary aggregates. In this domestic currency substitution regime. hyperinflation is the most likely outcome of an isolated (i.e.. without fiscal adjusanents) attempt by the Brazilian Central Bank to control money.

Options listing and the volatility of the underlying asset: a study on the derivative market function

Os mercados de derivativos são vistos com muita desconfiança por inúmeras pessoas. O trabalho analisa o efeito da introdução de opções sobre ações no mercado brasileiro buscando identificar uma outra justificativa para a existência destes mercados: a alteração no nível de risco dos ativos objetos destas opções. A evidência empírica encontrada neste mercado está de acordo com os resultados obtidos em outros mercados - a introdução de opções é benéfica para o investidor posto que reduz a volatilidade do ativo objeto. Existe também uma tênue indicação de que a volatilidade se torna mais estocástica com a introdução das opções.

Exchange rate misalignments and international trade policy: impacts on tariffs

The debate on “exchange wars and trade wars” is raising the attention of experts on international trade and economics. The main purpose of this paper is to analyze the impacts of exchange rate misalignments on one of the most traditional trade policy instruments – tariffs, as defined by the WTO – World Trade Organization. It is divided into three sections: the first one examines the effects of exchange rate variations on tariffs and its consequences for the multilateral trade system; the second explains the methodology used to determine exchange rate misalignments and also presents its results for Brazil, US and China; and the third summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication”

Trade rules and exchange rate misalignments : in search for a WTO solution e medidas compensatórias

The debate on the link between trade rules and rules on exchange rates is raising the attention of experts on international trade law and economics. The main purpose of this paper is to analyze the impacts of exchange rate misalignments on tariffs as applied by the WTO – World Trade Organization. It is divided into five sections: the first one explains the methodology used to determine exchange rate misalignments and also presents its results for Brazil, US and China; the second summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication”; the third examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth one creates a methodology to estimate exchange rates against a currency of the World and a proposal to deal with persistent and significant misalignments related to trade rules. The conclusions are present in the last section

5th BRICS Trade and Economic Research Network (TERN) meeting: the impact of mega agreements on BRICS

The BRICS TERN – BRICS Trade and Economics Research Network is a group of independent research institutes established four years ago by five think tanks from Brazil, Russia, India, China and South Africa. The main objective of the network is to study different aspects of trade and economic relations amongst these five countries. The purpose of the V BRICS TERN Meeting was to analyze and debate the effects of the negotiations of the Mega Agreements, mainly those initiated by the US and the EU, already in negotiation, to each of the BRICS Trade Policies. Both Mega Agreements were examined – the Trans Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP). The studies included the main impacts on trade flows and on the international trade rules system, respecting the perspective of each of the countries concerned. This workshop was an initiative of the Center for Global Trade and Investments (CGTI), a think-tank on International Trade held by FGV Sao Paulo School of Economics. Its main objective is the research on trade regulation, preferential trade agreements, trade and currency, trade and global value chains, through legal analysis and economic modelling. One of its main researches, now, is on the potential economic and legal impacts of the Mega Agreements on Brazil and WTO rules. This meeting was organized in March14, 2014, in Rio de Janeiro, in a perfect timing for introducing such issues in the international agenda, in advance of the 6th BRICS Summit scheduled to be held in Brazil in July 2014.

Species Diversity of Myrmecofauna and Araneofauna Associated with Agroecosystem and Forest Fragments and their Interaction with Carabidae and Staphylinidae (Coleoptera)

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

Further characterization of two sequiviruses infecting lettuce and development of specific RT-PCR primers

Lettuce mottle virus (LeMoV) and dandelion yellow mosaic virus (DaYMV) infect lettuce in South America and Europe, respectively. LeMoV and DaYMV possess isometric particles, occur at low concentrations in plants and have narrow host ranges. Partial genome sequences of both viruses were obtained using purified viral preparations and universal primers for members of the family Sequiviridae. DaYMV and LeMoV sequences were analyzed and showed identity with other members of the family. Universal primers that detect both viruses and specific primers for LeMoV and DaYMV were designed and used in RT-PCR-based diagnostic assays. These results provide the first molecular data on the LeMoV and DaYMV genomes and suggest that LeMoV is a member of the genus Sequivirus, probably distinct from DaYMV.

Analysis of Abstracts Presented at the Prosthodontic Research Section of IADR General Sessions 2004-2005: Demographics, Publication Rates, and Factors Contributing to Publication

Purpose: The purposes of this study were to describe the demographics of abstracts presented at the prosthodontics section of IADR General Sessions from 2004 to 2005, evaluate the publication rate of abstracts, and analyze the relationship between variables in abstracts and publication.Materials and Methods: Prosthodontics research section abstracts from the IADR General Session in 2004 and 2005 were evaluated for: number of authors, presentation type, origin, affiliation, topic, study design, statistics, study outcome, and funding. The publication rate was calculated following a PubMed search. The journal of publication, year of publication, and the length of time before publication were analyzed. Descriptive statistics were used for the data analysis; the relationships between presentation type, study design, study outcome, statistics, funding, and publication were analyzed using logistic regression (alpha = 0.05).Results: From 346 abstracts, 37.0% were published. For oral presentations, 40.7% were published; 35.8% of poster presentations were published. The mean duration before publicationwas 26.4months. North America had themost abstracts, and Europe had the most publications. Fixed prosthodontic research had the highest number and proportion for publication. A significant association with publication was noted for neutral study outcomes (p = 0.018), studies with funding (p = 0.035), and abstracts from Europe (p = 0.001).Conclusions: The majority of abstracts from the prosthodontics research section of IADR General Sessions from 2004 and 2005 remain unpublished. A significant association for publication was noted with neutral outcomes, funding, and abstracts from Europe.

Trends in Funding, Internationalization, and Types of Study for Original Articles Published in Five Implant-Related Journals Between 2005 and 2009

Purpose: The aims of this study were to evaluate the trends in funding, geographic origin, and study types of original articles in the dental implant literature and to investigate the relationships among these factors. Materials and Methods: Articles published in Clinical Oral Implants Research, The International Journal of Oral & Maxillofacial Implants, Clinical Implant Dentistry and Related Research, Implant Dentistry, and Journal of Oral Implantology from 2005 to 2009 were reviewed. Nonoriginal articles were excluded. For each article included, extramural funding source, geographic origin, and study type were recorded. Descriptive and analytic analyses (alpha = .05), including a logistic regression analysis, and chi-square test were used where appropriate. Results: of a total of 2,085 articles published, 1,503 met the inclusion criteria. The most common source of funding was from industry (32.4%). The proportion of studies that reported funding increased significantly over time. Europe represented the highest percentage (55.8%) of published articles. Most of the articles reported on clinical studies (49.9%), followed by animal studies (25.9%). Articles from Asia and South America and animal and in vitro studies were significantly more likely to be funded. Conclusion: Almost half of the original dental implant articles were funded. The trend toward internationalization of authorship was evident. A strong association was observed between funding and geographic origin and between funding and study type. Most studies in North America and Europe were clinical studies and supported by industry, whereas a greater proportion of studies in Asia and South America were in vitro or animal studies funded through government resources. INT J ORAL MAXILLOFAC IMPLANTS 2012;27:69-76

Acerola: importance, culture conditions, production and biochemical aspects

Origin and importance. Acerola, or Malpighia emarginata D. C., is native to the Caribbean islands, Central America and the Amazonian region. More recently, it has been introduced in subtropical areas (Asia, India and South America). The vitamin C produced by acerola is better absorbed by the human organism than synthetic ascorbic acid. Exportation of acerola crops is a potential alternative source of income in agricultural businesses. In Brazil, the commercial farming of acerola is quite recent. Climatic conditions. Acerola is a rustic plant. It can resist temperatures close to 0 degrees C, but it is well adapted to temperatures around 26 degrees C with rainfall between (1200 and 1600) mm per year. Fruit characteristics. Acerola fruit is drupaceous, whose form can vary from round to conic. When ripe, it can be red, purple or yellow. The fruit weight varies between (3 and 16) g. Maturation. Acerola fruit presents fast metabolic activity and its maturation occurs rapidly. When commercialised in ambient conditions, it requires fast transportation or the use of refrigerated containers to retard its respiration and metabolism partially. Production and productivity. Flowering and fruiting are typically in cycles associated with rain. Usually, they take place in 25-day cycles, up to 8 times per year. The plant can be propagated by cuttings, grafting or seedlings. Harvest. Fruits produced for markets needs to be harvested at its optimal maturation stage. For distant markets, they need to be packed in boxes and piled up in low layers; transportation should be done in refrigerated trucks in relatively high humid conditions. Biochemical constituents. Acerola is the most important natural source of vitamin C [(1000 to 4500) mg.100(-1) g of pulp], but it is also rich in pectin and pectolytic enzymes, carotenoids, plant fibre, vitamin B, thiamin, riboflavin, niacin, proteins and mineral salts. It has also shown active anti-fungal properties. Products and market. Acerola is used in the production of juice, soft drinks, gums and liqueurs. The USA and Europe are great potential markets. In Europe, acerola extracts are used to enrich pear or apple juices. In the USA, they are used in the pharmaceutical industry. Conclusions. The demand for acerola has increased significantly in recent years because of the relevance of vitamin C in human health, coupled with the use of ascorbic acid as an antioxidant in food and feed. Acerola fruit contains other significant components, which are likely to lead to a further increase in its production and trade all over the world.