Capital flows to Latin America: recent developments

Includes bibliography

Identificação de perfis diferenciais de metilação do DNA na endometriose

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Machado de Assis e o Espiritismo: diálogos machadianos com a doutrina de Allan Kardec (1865 . 1896)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Teclas paralelas: a dimensão literário-musical em Os teclados, de Teolinda Gersão

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Monitoramento da integridade em estruturas aeronáuticas

Pós-graduação em Engenharia Mecânica - FEIS

Capital flows to Latin America: recent developments

The external environment has deteriorated sharply as a result of the spiraling financial turmoil, and has led to a weakening in commodity prices and fears of a worldwide recession. Latin America and the Caribbean's fastest expansion in 40 years may be threatened as the global credit crunch makes financing scarce and squeezes demand for the region's commodities. This time around the region is better positioned to weather the crisis than in the past, given improvements in macroeconomic and financial policies as well as a reduced net dependency on external capital inflows. However, Latin American markets are feeling the effects of the crisis through a slowdown in capital inflows, large declines in stock price indexes, significant currency adjustments and an increase in debt spreads. Volatility has soared, with the closely watched Chicago Board Options Exchange Volatility Index moving to an all-time high of 70.33 on October 17, indicating that fear (rather than greed) has been ruling the markets.After reaching record lows in May 2007, emerging markets bond spreads are now above pre-Asian crisis levels. The JPMorgan EMBI+ Latin American composite widened by 146 basis points in the third quarter, with spreads reaching 448 basis points at the end of September. Spreads have widened sharply in recent weeks as foreign investors cut back regional exposure for the safety of U.S. Treasuries. The ongoing lack of liquidity and subsequent liquidation of assets is leading to a collapse in asset prices and a sharp widening in spreads. Daily spreads in October have risen to levels not seen since December 2002, making it much more difficult for governments that need financing to get it. Risk premiums for Latin corporates and sovereigns have risen substantially, but have remained well below U.S. junk (high-yield) bonds. Latin corporates are facing a steep rise in foreign exchange borrowing costs (although less than firms in other emerging markets), which raises concerns that refinancing risks will climb.So far, emerging markets vulnerabilities have been more focused on corporates, as sovereigns have improved public debt dynamics and countries' financing needs are under control. Market performance has been driven by the rapid deterioration of emerging markets bank and corporate market, as well as ongoing losses in emerging markets equities. From January to September 2008, the Morgan Stanley Capital International (MSCI) Latin American Index lost almost 28%, while the Emerging Markets Index lost 37% and the G-7 Index lost 24%. While in 2007 the Latin America component gained 47%, almost nine times as much as the MSCI-G7 index for developed markets, since mid-September 2008 stocks in Latin America have been doing worse than stocks in developed countries, as concerns about access to credit and the adverse impact of sharp falls in commodity prices and in local currencies contribute to increased risk aversion and to outflows of capital. Many governments in the region have used revenue from the commodity boom to pay down debt and build reserves. Now, facing a global financial crisis and the threat of recession in developed countries, the biggest question for Latin America is how long and deep this cyclical downturn will be, and how much it is going to reduce commodity prices. Prices for commodities such as soy, gold, copper and oil, which helped fund the region's boom, have fallen 28% since their July 2 high, according to the RJ/CRB Commodity Price Index. According to Morgan Stanley (in a September 29 report), should prices return to their 10-year average, Latin America's balanced budgets would quickly revert to a deficit of 4.1% of GDP. As risk aversion increases, investors are rapidly pulling out massive amounts of money, creating problems for local markets and banks. There is an ongoing shortage of dollars (as investors liquidate assets in Latin American markets), and as currencies depreciate, inflation concerns increase despite the global slowdown. In Brazil and Mexico, central banks deployed billions of dollars of reserves to stem steep currency declines, as companies in these countries, believing their local currencies would continue to strengthen against the U.S. dollar, took debts in dollars. Some companies also made bets using currency derivatives that have led to losses in the billions of dollars. Dramatic currency swings have caused heavy losses for many companies, from Mexico's cement giant Cemex SAB to the Brazilian conglomerate Grupo Votorantim. Mexico's third-largest retailer, Controladora Comercial Mexicana, declared bankruptcy recently after reporting huge losses related to exchange rate bets. As concerns about corporate exposure to dollar-denominated derivatives increases, yields on bonds issued by many of Brazil's and Mexico's leading companies have started to rise, sharply raising the cost of issuing new debt. Latin American external debt issuance came to a halt in the third quarter of 2008, totaling only US$ 690 million. The cost of obtaining loans for capital expenditures, M&A and debt refinancing is also rising substantially for Latin American corporates amid contagion from the U.S. financial crisis. According to bankers, a protracted trend of shortening tenors and widening spreads has intensified in the past few weeks, indicating that bank lending is quickly following the way of bonds and equity. Finally, money transfers from Latin American migrants are expected to decline for the first time this decade, as a result of economic downturns in the U.S. and Spain, inflation and a weaker dollar. The Mexican Central Bank announced that money transfers from Mexicans living in the U.S. dropped a record 12.2% in August. In 2008, migrants from the region will send some 1.7% less in remittances year-on-year when adjusted for inflation, according to the IADB, compounding the adverse effects of the deepening financial turmoil.

The global financial crisis: what happened and what’s next

Global economic conditions have been deteriorating sharply since mid- September 2008. Lending has dropped abruptly, credit spreads have widened sharply, stock markets have plunged and economies everywhere are stumbling. Governments around the world have undertaken unprecedented measures, including some coordinated intervention. However, global economic prospects remain troubled, and further policy action is required. In order to better understand the task before policy makers as they chart a new direction, this paper examines how the global economy arrived at its current predicament, looking back at the sequence of events that contributed to create havoc in financial markets, as well as the policy response they produced. In light of these events, we examine the impact on Latin American financial markets in particular. The global nature of the current crisis underscores the need for coordinating the policy response at the global level, as well as advancing towards a new international financial architecture that will make possible a more effective response to the build-up of systemic pressures.

Necessidade de vigilância epidemiológica para Leishmania infantum (syn. Leishmania chagasi) e Leishmania (Viannia) braziliensis em flebotomíneos e gatos errantes no Bosque Municipal de Marília-SP

Pós-graduação em Medicina Veterinária - FMVZ

A escola da escolha pública e o logrolling: um teste para o Senado Federal brasileiro, entre os anos de 2003 e 2006

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Pesquisa de ovos de helmintos e cistos de protozoários parasitos em recursos hídridos destinados à irrigação agrícola e/ou consumo animal na região peri-urbana de Botucatu-SP-Brasil

Pós-graduação em Medicina Veterinária - FMVZ

Capital Flows to Latin America and the Caribbean. 2015 Overview

This report provides an overview of Latin America and Caribbean’s access to the cross-border debt markets in 2015. The main developments of the year are described through charts and tables, revealing the lowest annual issuance since 2009, higher spreads than in the previous year and a trend towards lower credit ratings.

A gênese do arquivo fotográfico de Sebastião Leme: uma leitura da acumulação

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Visão geográfica integrada das estratégias de controle das leishmanioses no município de Teodoro Sampaio, SP, com o apoio do geoprocessamento

Pós-graduação em Geografia - FCT

Dinâmicas sub-regionais e expressões metropolitanas na Amazônia brasileira: olhares em perspectiva

Dentre os elementos que marcam o fenômeno urbano na Amazônia, destaca-se o processo de metropolização das grandes cidades. Tal processo, entretanto, não se caracteriza necessariamente por aquilo que poderia revelar uma possível particularidade em nível macrorregional. A configuração de uma fronteira econômica que se expande de forma desigual e diferenciada no interior da Amazônia é responsável também pela formação de distintas sub-regiões. As metrópoles que aí se formaram são produto, condição e meio desse movimento de diferenciação, que pode ser exemplificado através das aglomerações de Belém, Manaus e São Luís, integrantes do complexo regional amazônico. Considerando, dentre outros elementos, a relação que estabelecem com a região e a forma de institucionalização das mesmas, busca-se mostrar a importância e o significado dessas formações metropolitanas em face de processos diferenciados de produção do espaço em curso na região.

Poder punitivo midiático: reflexos da governamentalidade neoliberal na sociedade espetacularizada da indústria penal

O modelo de governamentalidade neoliberal, unido aos pressupostos advindos do conceito de indústria cultural e sociedade do espetáculo, parece ter transformado ideologicamente a mídia em uma agência do sistema penal. As agências de comunicação social, por sua vez, entrelaçadas à lógica de mercado, passam a fomentar um discurso repressivo de violência criminal, promovendo a metamorfose da informação em notícia-mercadoria e disseminando a cultura de agigantamento do sistema penal. Diante disso, a notícia sobre o crime também ganha o status de mercadoria a ser vendida pela indústria do entretenimento. Para que sua vendagem alcance níveis satisfatórios, faz-se mister explorá-la de maneira imagética eespetacularizada. A mídia, como o conjunto de meios de comunicação produzidos em massa epara a massa, deixa de ter a simples função comunicativa, passando a manipular os aparatosde punição e a exercer o próprio poder punitivo que, por essência, é estatal. Nesse contexto, a televisão se destaca como o instrumento de comunicação mais presente nos lares brasileiros. Essa presença fomenta a perspectiva de criminalização da própria pobreza e difunde a prática de uma violência ilegítima. Diante desse quadro, as agências midiáticas exercem o poder repressivo através da eleição de inimigos a serem combatidos. Tais inimigos caminham os passos da demonização do criminoso e são tratados como monstros centauros em uma díade paradoxal: indignos do convívio humano e necessários ao seu divertimento. O caso “cinegrafista da TV Bandeirantes” evidencia alguns aspectos dessa realidade. A análise doproblema apresentado foi efetivada, sobretudo, com fundamento nos aportes teóricos de Michael Foucault, Adorno e Horkheimer, Guy Debord e Zaffaroni.