How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (‘light-touch’) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — i.e., by investors who have incentives to interpret information in a biased fashion in a systematic way. Thus, ‘fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in (excessively) ‘friendly-regulated’ and over-liquid financial market to learn from previous mistakes seems rather limited.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (light-touched) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — investors have incentives to interpret information in a biased fashion in a systematic way. ‘Fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in unregulated and over-liquid financial market to learn from previous mistakes seems rather limited.

Avaliação crítica da pesquisa clínica no Brasil

Pós-graduação em Patologia - FMB

Estrutura e dinâmica da comunidade fitoplanctônica no período de cinco anos em ambiente mesotrófico (Lago das Ninfeias), Parque Estadual das Fontes do Ipiranga, São Paulo

Pós-graduação em Ciências Biológicas (Biologia Vegetal) - IBRC

Comparative genomics and phylogenetics of the vertebrate CYP3 family

CYP3A verstoffwechselt mehr als 50% aller gegenwärtig in der Therapie eingesetzten Wirkstoffe, die häufig an klinisch relevanten Arzneimitttel-Wechselwirkungen beteiligt sind. Das Verständnis über die Bedeutung und die Regulation von einzelnen CYP3A Genen in der Pharmakologie und Physiologie ist unvollständig. Wir untersuchten die Evolution des CYP3 Genlokus über einen Zeitraum von 450 Millionen Jahre mittels genomischer Sequenzen von 16 Tierarten. Neue CYP3 Unterfamilien (CYP3B, C und D) entstanden über eine beschleunigte Evolution aus CYP3A Vorstufen von Clupeocephala Spezies. Ausgeprägte funktionelle Unterschiede traten zwischen CYP3A in Säugern und Clupeocephala CYP3 auf. Alle amnioten CYP3A Gene entwickelten sich aus zwei CYP3A Urgenen. Aufgrund der Entstehung von Säugern mit Plazenta ging eines von ihnen verloren während das andere eine neue genomische Umgebung infolge einer Translokation erlangte. In Primaten unterzog sich CYP3A mit mehreren Genduplikationen, Deletionen, Pseudogenisierung und Genkonversionen einer raschen evolutionären Veränderung. Die Entwicklung von CYP3A in Schmalnasenaffen (Alte Welt Affen, große Menschenaffen und Menschen) unterschieden sich wesentlich von Neue Welt Primaten (z.B. gewöhnlichen Krallenaffen) und Feuchtnasenaffen (z.B. Galago). Stellvertretend für die CYP3A Protein-codierende Sequenz entdeckten wir zwei frühe Episoden von besonders starker positiver Selektion: (1) auf CYP3A7 in der frühen hominoiden Evolution, welche im fetalen Zeitraum von einer Einschränkung der hepatischen Expression begleitet war, und (2) auf humanes CYP3A4 im Anschluss an die Teilung der Abstammungslinie in Schimpansen und Mensch. In Übereinstimmung mit diesen Befunden beeinflussen drei von vier positiv ausgewählten Aminosäuren, die in früheren biochemischen CYP3A Studien untersucht wurden, die Aktivität und Regioselektivität. Es ist somit naheliegend, dass CYP3A7 und CYP3A4 katalytische Funktionen erworben haben können, die besonders wichtig waren für die Evolution von Hominoiden und Menschen. Die Charakterisierung von CYP3A Promotoren in Primaten zeigte eine Anreicherung von ER6 Elementen in CYP3A Promotoren von Primaten und einen Trend in Richtung Erhöhung der ER6 Enstehung entlang den Abstammungslinien, die zu humanen und Schimpansen CYP3A4 führten. Die steigende Anzahl an ER6 Elementen kann durch die ausgeprägte CYP3A4 Induzierbarkeit und Expressionsvariabilität im Menschen verursacht sein.

Rhesus factors and ammonium: a function in efflux?

Completion of fungal, plant and human genomes paved the way to the identification of erythrocytic rhesus proteins and their kidney homologs as ammonium transporters. Ammonium is the preferred nitrogen source of bacteria and fungi, and plants acquire nitrogen from the soil in the form of ammonium [1]. In animals and humans, assimilated forms of nitrogen - amino acids - are much preferred for nutrition, and, in the case of ammonotelic animals, ammonium is used for the excretion of nitrogen instead. In the human kidney, ammonium is produced, reabsorbed and excreted as a means to maintain pH balance and to get rid of surplus inorganic nitrogen. Whether ammonium transport also has a role in the pH regulation of other organs is not known and the molecular mechanisms were not, up to now, understood.

Chemical characteristics of coal pebbles and Barzas-type coals

Coal pebbles found in 1994 in the Greham Bell Island (Franz Josef Land Archipelago) are made up of Barzas-type cuticular liptobiolith. The coal belongs to the initial stage of catagenesis and is characterized by high content of cutinite (up to 70%) with very low reflectance (Ro = 0.1%). Maceration products show some tegillate elements of Arthropoda and individual Devonian spores. It is supposed that plant cuticle and Arthropoda exocuticle are present in this coal. Obtained data suggest presence of Paleozoic rocks in the sedimentary sequence, although they are not yet recovered. These data complement available information on distribution of specific Devonian coals and allow to have a new insight into zoogenic material involved in coal formation.

Food composition of beryx-alfonsino over submarine rises near Azores

Qualitative and quantitative food composition, as well as intensity of feeding of beryx-alfonsino Beryx splendens was examined on banks near the Azores. Data are presented with respect to size groups and taking into account type of feeding of males and females. Crustaceans and fishes were constituents of their feeding ration. A tendency toward increase in the number of consumed fishes in the course of ontogenetic development of beryx-alfonsino was noted. Beryx-alfonsino was shown to occupy the trophic level of consumers of the third order performing function of a deep-water predator.

Contents of major components, U, and Th in bones and bone debris

Uranium and thorium contents, as well as their distribution patterns have been studied in biogenic phosphates from the Atlantic and Pacific Oceans. Differently lithified fish remains (bones, scales, teeth) and marine mammal bones (ribs, vertebras, earbones) collected from both reduced shelf sediments and oxidized pelagic ones have been analyzed. U content in the material varies from 0.7 to 700 ppm, and Th content - from <0.5 to 14 ppm. U/Th ratio varies from 0.16 to 400. Contents of both elements increase with lithification of biogenic phosphates. U concentration is more intense on shelves, whereas thorium concentration increases in pelagic areas. Partial positive correlation of U and Th with Fe and negative correlation of U with organic carbon are noted. The latter corresponds to higher lithification of biogenic phosphates. Calcium phosphate transformed from hydroxyapatite to fluorcarbonate-apatite is the main carrier of U, while transformed organic matter is a minor agent. Thorium is mainly bound with Fe.