The marginal cost of funds from public sector borrowing

An expression for the welfare cost of a marginal increase in the public debt is derived using a simple AK endogenous growth model. This measure of the marginal cost of public funds (MCF) can be interpreted as the marginal benefit-cost ratio that a debtfinanced public project needs in order to generate a net social gain. The model predicts an increase in the public debt ratio will have little effect on the optimal public expenditure ratio and that most of the adjustment will occur on the tax side of the budget.

Bank relationships: effect on the availability and marginal cost of credit for firms in Argentina

The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some private information is transferable, like balance sheet data. Private information generated in relationships is not. To capture the closeness of bank relationships, we resort to the concentration of bank credit and the number of credit lines in a bank. We also consider public information available in the Central de Deudores. The cost of credit is measured using overdrafts, the most expensive line of credit, at the bank that charges the highest rate for overdrafts. We find that the cost of credit is smaller for a firm with a close relationship to the marginal bank. Firms with large assets, a high sales/assets ratio, and a low debt/assets ratio pay a lower interest rate at the margin. A good credit history (no debt arrears and no bounced checks) and collateral also reduce the marginal interest rate. The availability of credit is measured by unused credit lines as a proportion of total liabilities with the main bank. The availability of credit depends positively on a close relationship with the main bank. Large assets, a high return over assets, a high sales/assets ratio, a low debt/assets ratio, a good credit history, and collateral lead to higher credit availability. Our measure of unused credit lines is less ambiguous than traditional measures like leverage, which may indicate financial distress rather than availability of credit.

On the efficiency of the Argentinean electricity wholesale market

This paper discusses two key aspects regarding the efficiency of the Argentinean Electricity Market. Using hourly data on prices, marginal costs, and operational status of generators, it will be argued that, unlike the former British and Californian electricity spot markets, this market is not subject to the conventional forms of exercise of market power by generators. We then use Chao's (1983) model of optimal configuation of electricity supply to evaluate the social desirability of the change in the supply pattern of the Argentinean electricity industry, which took place throughout the last ten years.

Curva de Phillips novo keynesiana, custo marginal e expectativas de inflação no Brasil

A importância deste trabalho será analisar a dinâmica inflacionária brasileira de acordo com um modelo híbrido de curva de Phillips baseado nos estudos sobre a curva de Phillips “Novo-Keynesiana”. Através deste estudo será possível avaliar a inflação passada e as expectativas de inflação como determinantes à inflação corrente e a aplicabilidade da curva de Phillips “Novo-Keynesiana” para o caso brasileiro. As conclusões do estudo darão uma indicação mais concreta do novo dinamismo da inflação brasileira e do papel das expectativas de inflação como variável predissora.

Optimal monetary policy under administered prices

This work aims to analyze the interaction and the effects of administered prices in the economy, through a DSGE model and the derivation of optimal monetary policies. The model used is a standard New Keynesian DSGE model of a closed economy with two sectors companies. In the first sector, free prices, there is a continuum of firms, and in the second sector of administered prices, there is a single firm. In addition, the model has positive trend inflation in the steady state. The model results suggest that price movements in any sector will impact on both sectors, for two reasons. Firstly, the price dispersion causes productivity to be lower. As the dispersion of prices is a change in the relative price of any sector, relative to general prices in the economy, when a movement in the price of a sector is not followed by another, their relative weights will change, leading to an impact on productivity in both sectors. Second, the path followed by the administered price sector is considered in future inflation expectations, which is used by companies in the free sector to adjust its optimal price. When this path leads to an expectation of higher inflation, the free sector companies will choose a higher mark-up to accommodate this expectation, thus leading to higher inflation trend when there is imperfect competition in the free sector. Finally, the analysis of optimal policies proved inconclusive, certainly indicating that there is influence of the adjustment model of administered prices in the definition of optimal monetary policy, but a quantitative study is needed to define the degree of impact.

Volatility of returns, variations in prices and volume traded: evidence from the main stocks in Brazil

We study the relationship between the volatility and the price of stocks and the impact that variables such as past volatility, financial gearing, interest rates, stock return and turnover have on the present volatility of these securities. The results show the persistent behavior of volatility and the relationship between interest rate and volatility. The results also showed that a reduction in stock prices are associated with an increase in volatility. Finally we found a greater trading volume tends to increase the volatility.

A decisão de consumo marginal baseado no aumento do limite de crédito

No Brasil os emissores de cartão de crédito realizam periodicamente aumento de limites do cartão, para clientes que possuem bom comportamento creditício. O objetivo do nosso estudo é analisar os efeitos desse aumento no uso que o cliente tem do seu cartão, com a hipótese de que o cliente passará a utilizar mais o cartão, seja por anchoring, visto que ele se importa em sempre ter uma reserva de limite para eventuais emergências, ou por se sentir priorizado pelo banco, ou até mesmo por demanda reprimida de crédito. Para isso, analisamos uma base de aumento de limite, com grupo de teste e controle, de clientes selecionados para aumento de limite, e observamos que o aumento fez com que os clientes aumentassem seus gastos, seu saldo devedor, passaram a fazer mais transações e timidamente passaram a rotativar. Após observar esses efeitos, dividimos o grupo em dois: Clientes com utilização média menor ou igual a 50% antes da ação e clientes com utilização média maior que 50% antes da ação. Para os clientes do teste dos dois grupos observamos um aumento no gasto mensal, no número de transações mensal, no saldo devedor e no número de clientes rotativando. Essa diferença foi maior no grupo de maior utilização pré tratamento, mas mesmo clientes que inicialmente pareciam ter uma demanda de crédito menor, mostraram-se sensíveis a utilizar mais devido ao aumento do limite.

Valores econômicos para as características de produção de leite de búfalas no Estado de São Paulo

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

Influência do pré-aquecimento na adaptação marginal de dois materiais seladores de fóssulas e fissuras, analisada através de tomografia de coerência ótica

Among the non-invasive techniques employed in the prevention of caries highlights the sealing pits and fissures which is a conservative maneuver, in order to obliterate them to protect them from attack acid bacteria. Influenced by the studies of pre-heating composite resin, which has experienced great improvement in some of their physical properties, this study aimed to evaluate in vitro the superficial and internal marginal adaptation of different materials and sealants in pre-heating or not. A total of 40 extracted human third molars (n=10) that had their occlusal surfaces prepared to receive sealant. We tested two types of sealing materials: resin sealant (Fluoroshield) and low-viscosity resin (Permaflo), where 50% of previously received heated material and the other half received sealant material at room temperature. All samples were subjected to thermal cycling and pH, simulating a cariogenic oral environment, and later were analyzed appliance OCT (optical coherence tomography). The images obtained alterations were recorded and analyzed statistically. Change was considered as the emergence of bubbles, gaps and cracks in the sealant. Comparisons of the same material, assessing the fact that it is not sealed or preheated material, as well as comparisons between different materials subjected to the same temperature were carried out. The nonparametric Tukey test was used (p < 0,05). The results showed that there was statistically significant difference between both the materials analyzed, as between the situations in which the sealant material was submitted (preheated or not). On the issue of marginal adaptation and internal surface, seen through Optical coherence tomography, may suggest that there is a difference between the use of one type or another of the sealing material analyzed, with superiority attributed to resin Permaflo compared to sealant Fluroshield, telling is the same for the different techniques used

Benefícios econômicos agregados às propriedades urbanas pelas paisagens naturais

Amenities value provided by green areas, sea, river and natural landscapes are hardly perceived and incorporated on urban planning and development. In this work, distance and view to protected and non-protected green areas, sea and river were evaluated as to how they increase the housing prices in Natal. Hedonic pricing methods were used with linear models to estimate the marginal implicit value of environmental, residential and neighborhood features. Results on Chapter 1 demonstrate the view to the sea and protected natural areas were largely capitalized on housing prices, while non-protected natural areas didn t display such effect. Housing prices also increase when close to the sea or to parks entrance. However, housing prices fall when houses are near non-protected natural areas. When estates with sea view were excluded, the protected natural areas view and a longer distance to non-protected natural areas increased dwelling prices. Results on Chapter 2 point the sea view as an hedonic variable the contributes strongly to the property selling prices, even though not always as the greatest contributor; furthermore, the property proximity to Dunas Park or City of the Park entrance increases its price, as does closeness to Dunas Park, view to City of the Park or Dunas Park. On the other hand, selling prices diminish if properties are close to City of the Park or Morro do Careca. Results on this study confirm the hedonic pricing methods is an important intrument, capable of revealing to popullation the importance of enviromental amenities and can be used by public managers for creating public policies for conservation and restoration projects

Effect of the Insertion and Polymerization Technique in Composite Resin Restorations: Analysis of Marginal Gap by Atomic Force Microscopy

This in vitro study evaluated the marginal gap at the composite tooth/resin interface in class V cavities under the influence of two insertion techniques and a curing system by means of atomic force microscopy (AFM). Forty enamel and dentin cavities were prepared on the buccal surface in bovine teeth with quadratic forms measuring 2 mm X 2 mm and depth of 1.5 mm. The teeth were then divided into four groups: group A, 10 cavities were restored in one increment, light cured by halogen light; group B, 10 cavities filled with bulk filling, light cured by the light emitting diodes (LED); group C, 10 cavities were restored by the incremental technique, light cured by halogen light; group D, 10 cavities were restored by the incremental technique, light cured by the LED. The teeth underwent the polishing procedure and were analyzed by AFM for tooth/restoration interface evaluation. The data were compared between groups using the nonparametric Kruskall-Wallis and Mann-Whitney tests (p < 0.05). The results showed a statistically significant difference between groups A and B and groups A and C. It was concluded that no insertion and polymerization technique was able to completely seal the cavity.

IMPROVEMENT TO THE MARGINAL COPING FIT of COMMERCIALLY PURE TITANIUM CAST IN PHOSPHATE-BONDED INVESTMENT BY USING A SIMPLE PATTERN COATING TECHNIQUE

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

Evaluation of marginal microleakage in Class II cavities: Effect of microhylolrid, flowable, and compactable resins

Objective: the goal of the present study was to evaluate the microleakage on the cementum/dentin and enamel surfaces in Class 11 restorations, using different kinds of resin composite (microhybrid, flowable, and compactable). Method and materials: Forty human caries-free molars were extracted and selected. Eighty Class 11 standardized cavities were made in the cervical wall at the cementoenamel junction (CEJ) and at the mesial and distal surfaces. The teeth were divided into four groups: G1 - adhesive system + microhybrid resin composite Z100; G2 - adhesive system + compactable resin composite Prodigy Condensable; G3 - adhesive system + flowable resin composite Revolution + Z1 00 resin composite; G4 - adhesive system + Revolution fluid resin + compactable resin composite Prodigy Condensable. The adhesive system used in this study was Scotchbond Multi-Purpose Plus. The specimens were thermocycled in baths of 5degreesC and 55degreesC for 1,000 cycles and immersed in 50% silver nitrate solution. The specimens then were sectioned and evaluated on degree of dye penetration. Results: the results were evaluated using the nonparametric Kruskall-Wallis test, which showed a statistically significant difference between groups G1 and G4, G2 and G4, and G3 and G4. Conclusions: None of the materials was able to eliminate the marginal microleakage at the cervical wall; the application of a low-viscosity resin composite combined with a compactable resin composite significantly decreased the microleakage.

Marginal gingiva discoloration by gray MTA: A case report

Perforation of the root canal during insertion of an intracanal post is a complication of endodontic therapy. Mineral trixoide aggregate (MTA) has been successfully used a sealer in these situations. This material has recently been formulated in white color, allowing its application in areas of esthetic concern. This is a clinical case report of a root perforation sealed with gray MTA that resulted in discoloration of the marginal gingiva. Treatment consisted of replacing gray MTA with white MTA with the aid of a dental operating microscope, producing satisfactory esthetic results.