Inflation, welfare and public expenditures

This paper studies welfare effects of monetary policy in an overlapping generations model with capital and no form of taxation other than inflation. Public expenditures have a positive effect on labor productivity. The main result of the paper is that an expansive monetary policy can be welfare improving, at least for ìsmall enoughî inflation rates, and that there is an optimal inflation rate. Growth maximization, however, is never optimal. Steady-state capital and output increase with inflation, reproducing the so-called Tobin effect. For large inflation rates, however, the government authorities cannot affect real variables and there are only nominal effects.

The role of law and public-private collaboration in promoting innovative firms in Brazil: the case of the BNDES and the “criatec fund”

This paper presents the result of a qualitative empirical research about the “Criatec Fund”, a venture capital fund, privately managed and directed to innovative firms, that was created in 2007 by the Brazilian Development Bank (BNDES). The paper discusses the role of law in the implementation of the Criatec Fund in three different legal dimensions: structural, regulatory and contractual. Based on interviews, this paper tries to test some hypothesis previously formulated by some scholars that studied new financial policies created by the BNDES. This study explains the institutional arrangements of this seed capital policy and the role of flexible legal instruments in the execution of this peculiar type of publicprivate partnership. It also poses some questions to the “law and development agenda” based on some insights from the economic sociology of law.

Social and entrepreneurial values profiles

O empreendedor tem intrigado acadêmicos há anos. Portanto, inúmeras abordagens têm sido aplicadas para entender quem é o empreendedor, sua personalidade e comportamentos. As principais escolas de estudo sobre o tema são a escola de traços psicológicos e a escola de processos ou comportamentos. No entanto, a academia ainda carece de uma definição concreta do indivíduo responsável pelo fenômeno do empreendedorismo. Em uma tentativa de esclarecer essa questão esta pesquisa sugere uma nova abordagem para a compreensão da pessoa do empreendedor com base nos valores pessoais de Schwartz. O objetivo da tese é compreender o perfil de valores de empreendedores sociais e comerciais a fim de determinar as semelhanças e diferenças nas suas preferências de valores que orientam o comportamento empreendedor de ambos e o enfoque social de um e privado do outro. Para este fim a versão mais curta do Questionário de Perfil Valores de Schwartz foi aplicada a uma amostra de 44 empreendedores sociais e 71 comerciais. A primeira proposição da tese era que os empreendedores sociais e comerciais possuiriam um perfil de valores. A segunda era que este perfil de valores seria determinado pelo princípio organizador da ansiedade com preferência pelos valores “livres de ansiedade” em decorrência das características empreendedoras que enfatizam busca pela auto-expansão, crescimento e promoção do alcance de metas. Dessa forma os valores mais importantes para ambos os tipos de empreendedores seriam auto-determinação, estimulação, hedonismo, universalismo e benevolência. A terceira proposição era que os empreendedores sociais e comerciais atribuiriam a mais alta importância ao valor auto-determinação. A quarta propunha que os empreendedores sociais dariam maior importância do que os comerciais para benevolência e universalismo visto que esses valores presumem apreciação pelos outros, preservação e valorização do bem-estar das pessoas mais próximas bem como de qualquer ser vivo em geral. Os resultados das análises descritivas e dos testes de hipóteses apontam para a validação de todas as proposições menos a última. No entanto, apesar da quarta proposição não haver sido estatisticamente comprovada, houve uma leve tendência dos empreendedores sociais darem maior importância do que os comerciais aos valores de auto-transcendência. Conseqüentemente, para maiores esclarecimentos sobre esse tópico, outros estudos com amostras maiores e randômicas devem ser realizadas.

Debt maturity determinants in Brazil: evidence from private and public corporate borrowings

This study provides an empirical investigation of the determinants of long-term debt maturity in Brazil. We built a unique database that includes privately placed debt and public debt for 308 publicly traded, non-financial Brazilian companies, from 2009 to 2013. We perform GMM panel analyses using as dependent variables the amount of long-term debt payable in more than one, three, and five years for total debt, BNDES (Brazilian Development Bank) debt and corporate bonds. The results show that the BNDES finances less risky firms, i.e., those that are larger, older, more tangible and more transparent. We also find support for information asymmetry theories, as companies with higher transparency levels have similar leverage levels relative to others but higher proportions of long-term debt in their capital structures. Regarding debt levels, we find that more levered companies are larger, less profitable, more tangible and have fewer growth opportunities. To our knowledge, this is the first paper to address the determinants of long-term debt maturity in Brazil that uses various specifications of long-term debt and that examines different types of debt.

Alcoholic women and men: a comparative study of social and familial aspects and outcome

Objetivos: A proporção de ocorrência de alcoolismo em homens e mulheres tem uma variação de 14:1 até 2:1, mostrando a necessidade de estudos específicos para a população feminina. O objetivo deste estudo foi analisar o perfil e a evolução de alcoolistas, segundo gênero e gravidade da dependência. Métodos: Realizou-se um estudo longitudinal retrospectivo de 114 homens e 57 mulheres alcoolistas (CID-10), inscritos no ambulatório da Faculdade de Medicina de Botucatu, no período de 1990-1994 e avaliados até julho de 1997. Utilizou-se um questionário semi-estruturado, e, para avaliação da gravidade do alcoolismo, o Short Alcohol Dependence Data. Resultados/Conclusões: Os principais resultados mostraram que a estrutura familiar estava comprometida com: relacionamento difícil para 55,6% das mulheres e 65,7% dos homens; violência familiar em 74,1% das mulheres e 61,1% dos homens. As mulheres iniciaram a ingestão mais tarde que os homens (p=0,01), em geral com seus cônjuges (p=0,00). Não houve diferença de evolução no tratamento entre os gêneros. Os principais fatores associados à melhor resposta ao tratamento, independentemente do sexo, foram: nível de gravidade de dependência do álcool (dependentes leves e moderados apresentaram 5,59 vezes mais chances de melhorar do que os dependentes graves); ser praticante de alguma religião (2,3 vezes mais chances de melhora do que os pacientes que não eram praticantes); e tempo de seguimento no programa, negativamente correlacionado a chances de melhora (0,68 vezes menos chances de melhora que aqueles que permaneceram por tempo menor em tratamento).

Social and financial aspects of the artisanal fisheries of Middle Sao Francisco River, Minas Gerais, Brazil

The presence or absence of motorized boats, partnerships and multispecies catches characterize the fisheries of Sao Francisco River, Minas Gerais, Brazil. Fishing activity based on 109 interviews, carried out in the wet (high water: February and March) and dry (low water: July and August) seasons, with professional fishermen are described. Aiming to identify the fishery income components, a covariance model was proposed, with the income as the response variable, related to the factors: fishing ground, use of motorized or paddle boat; seasonality; presence of fishing assistant, and the following covariates: capture in weight in the week Frier to the interview, fisherman experience in yrs; and distance (km) travelled for fishing. The results indicated that the main contributions to income were the absence of an engine (because of high price of the fuel), the absence of a partner (because of low capture) and the amount of fish caught by the fishermen.

Caries experience associated to social and preventive factors in children of a pastoral community from Limeira-SP

Aim: To evaluate caries experience and prevalence associated to social and preventive factors in 3-6-year-old children of a Pastoral Community from Limeira, Brazil. Methods: A cross-sectional study was carried out through an epidemiologic research about the oral conditions of 110 children registered at the Children's Pastoral Community from the city of Limeira, SP, Brazil. Intraoral examination was performed by a trained dentist and the parents/caregivers filled out a questionnaire in order to outline the children's profile with respect to gender, parental education and oral health. Results: Differences related to gender were not detected (p= 0.3404). The most frequent periods of breastfeeding were 0 to 2 months (36.36%) and 2 to 6 months (35.45%), corresponding to 71.81% of the cases. The time bottle feeding pointed to two most frequent categories: 1) more than 12 months (35.45%) and 2) between 2 and 6 months (22.63%). Regarding parental education, the majority of the sample has not completed primary school (38.32%). It was observed a larger number of decayed teeth in male children (63.39%). Caries experience was significantly higher in children who were breastfed for only 2 months of life (41.96%). Children that did not use baby bottle or did not use a baby bottle for more than 1 year presented a smaller dmft, corresponding to 29.17% and 28.33%, respectively. Time of use of bottle and pacifier presented a significant association (p<0.05). Conclusions: The implementation of adequate strategies and actions is needed to reinforce oral health conditions in risk groups.

Model for analysing the social and economic impact of child undernutrition in Latin America

Includes bibliography

Sociodemographic vulnerability in the Caribbean: an examination of the social and demographic impediments to equitable development with participatory citizenship in the Caribbean at the dawn of the twenty-first century

Includes bibliography

Relationship between social and economic institutions: a theoretical model applicable to Latin America

Includes bibliography

Social and economic problems in Cuba during the crisis and subsequent recovery

Includes bibliography

Institutions and public policies for rural development in Guatemala

Includes bibliography

Poverty reduction in Latin America: the role of demographic, social and economic factors

Includes bibliography

Towards a social and polítical dimension of regional planning

Includes bibliography

Dependent societies and crisis in Latin America: the challenges of social and political transformation

Includes bibliography