Balance of payment crises and capital flows : the role of liquidity

A model of externaI CrISIS is deveIoped focusing on the interaction between Iiquidity creation by financiaI intermediaries and foreign exchange collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. This resembles the observed cycle in capital fiows: large infiows, crisis and abrupt outfiows. The mo deI highlights how adverse productivity and international interest rate shocks can be magnified by the behavior of individual foreign investors linked together through their deposits in the intermediaries. An eventual collapse of the exchange rate can link investors' behavior even further. The basic model is then extended, quite naturally, to study the effects of capital fiow contagion between countries.

Economic recovery from the Argentine great depression : institutions, expectations, and the change of macroeconomic regime

This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of convertibility in 1929. As elsewhere, fiscal policy in Argentina was conservative, and had little power to smooth output. Monetary policy became heterodox after 1929. The first and most important stage of institutional change took place with the switch from a metallic monetary regime to a fiduciary regime in 1931; the Caja de Conversión (Conversion Office, a currency board) began rediscounting as a means to sterilize gold outflows and avoid deflationary pressures, thus breaking from orthodox "mIes of the game." However, the actual injections of liquidity were small' and were not enough to fully offset the incipient monetary contractions: the "Keynes" effect was weak or negative. Rather, recovery derived from changes in beliefs and expectations surrounding the shift in the monetary and exchange-rate regime,and the delinking of gold flows and the money base. Agents perceivod a new regime, as shown by the path of consumption, investment, and estimated ex ante real interest rates: the "Mundell" effect was dominant. Notably, this change of regime predated a later, and supposedly more significant, stage of institutional reform, namely the creation of the central bank in 1935. Still, the extent of intervention was weak, and insufficient to fully offset externaI shocks to prices and money. Argentine macropolicy was heterodox in terms of the change of regime, but still conservative in terms of the tentative scope of the measures taken .

The effect of guia exame’s ratings on the brazilian fund industry: an analysis of net-worth flows

This paper infers the impact the publication “Guia Exame” (the guide) has on the Brazilian fund industry, more specifically on the ability the concerned funds develop on attracting new investment. The impact is measured using the event-study analysis based on the variation of net worth subsequently to the event of being rated, according to the methodology applied by the guide to rank the funds. We used five years of fund ratings according to Guia Exame (2000-2004) and analyzed the changes of these funds’ net worth. We also compared the event amongst different categories of funds. The results found confirm the expected effects according to star rankings and asset manager size in all years.

Methods of discard ewes carcass suspension and the quality of meat

Objetivou-se com este trabalho avaliar o método de pendura da carcaça quanto à qualidade da carne ovina. Foram utilizadas 10 ovelhas de descarte com aproximadamente 62 kg de peso corporal. Após abate, esfola, evisceração e retirada da cabeça e das patas, as carcaças foram divididas longitudinalmente em duas partes. Lados alternados das meias carcaças foram pendurados pelo tendão do gastrocnêmico, tratamento 1 (T1) e suspensos pelo osso pélvico (T2) por um período de 24 horas em câmara frigorífica. Posteriormente retirou-se o músculo Semimembranosus de todas as meias carcaças para as análises de qualidade da carne. Os músculos Semimembranosus das carcaças pendurados pelo método de suspensão da pelve apresentou maior maciez que os mesmos músculos das carcaças pendurados pelo tendão do gastrocnêmico, com valores de 1,99 kgf.cm-2 e 3,15 kgf.cm-2, respectivamente. O tratamento 2 obteve menores perdas por cocção da carne que o tratamento 1, com valores médios de 32,14 e 33,44%, respectivamente. Os demais parâmetros de qualidade de carne avaliados não foram influenciados pelo método de suspensão da carcaça. Concluiu-se que o método de suspensão da carcaça, influenciou a maciez e as perdas por cocção da carne, sendo os melhores resultados para as carcaças penduras pelo osso pélvico.

Numerical solution of the eXtended Pom-Pom model for viscoelastic free surface flows

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

Activity of disinfectants against foodborne pathogens in suspension and adhered to stainless steel surfaces

The purpose of this study was to investigate and compare the efficacy of various disinfectants on planktonic cells and biofilm cells of Listeria monocytogenes, Staphylococcus aureus and Escherichia coli. Numbers of viable biofilm cells decreased after treatment with all tested disinfectants (iodine, biguanide, quaternary ammonium compounds, peracetic acid and sodium hypochlorite). Sodium hypochlorite was the most effective disinfectant against biofilm cells, while biguanide was the least effective. Scanning electron microscopy observations revealed that cells adhered on stainless steel surface after treatment with the disinfectants. No viable planktonic cells were observed after treatment with the same disinfectants. Based on our findings, we concluded that biofilm cells might be more resistant to disinfectants than plancktonic cells.

Influence of pH of Colloidal Suspension on the Electrical Conductivity of SnO2 thin Films Deposited Via Sol-Gel-Dip-Coating

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Effect of pH of colloidal suspension on crystallization and activation energy of deep levels in SnO2 thin films obtained via sol-gel

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

A combination of implicit and adaptative upwind tools for the numerical solution of incompressible free surface flows

This paper is concerned with the numerical solutions of time dependent two-dimensional incompressible flows. By using the primitive variables of velocity and pressure, the Navier-Stokes and mass conservation equations are solved by a semi-implicit finite difference projection method. A new bounded higher order upwind convection scheme is employed to deal with the non-linear (advective) terms. The procedure is an adaptation of the GENSMAC (J. Comput. Phys. 1994; 110: 171-186) methodology for calculating confined and free surface fluid flows at both low and high Reynolds numbers. The calculations were performed by using the 2D version of the Freeflow simulation system (J. Comp. Visual. Science 2000; 2:199-210). In order to demonstrate the capabilities of the numerical method, various test cases are presented. These are the fully developed flow in a channel, the flow over a backward facing step, the die-swell problem, the broken dam flow, and an impinging jet onto a flat plate. The numerical results compare favourably with the experimental data and the analytical solutions. Copyright (c) 2006 John Wiley & Sons, Ltd.

Numerical Experimental Comparison of Dam Break Flows with non-Newtonian Fluids

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

A Modified Technique of Rat Tail Suspension for Longer Periods of Observation

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

A marker-and-cell approach to free surface 2-D multiphase flows

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Simulation results and applications of an advection bounded scheme to practical flows

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

Electrofluid dynamic (EFD) energy conversion in gas flows with suspended nanoparticles

This work presents simulations of the Electrofluid Dynamic energy conversion process in slender channel devices having very small particles (in both micro and nano scales) as charge carriers. Solutions are discussed for a system composed by coupled differential equations, which includes the equation for the total current along the channel, the equations for total energy and momentum of the mixture (gas and solid particles), the continuity equation and the equations for energy and momentum of a single particle. Results for suspended particles of higher diameters have been previously published in the Literature, but the simulations here presented exhibit an appreciable increase in the values for output currents.

Electrofluid dynamic (EFD) energy conversion in gas flows with suspended nanoparticles

This work presents simulations of the Electrofluid Dynamic energy conversion process in slender channel devices having very small particles (in both micro and nano scales) as charge carriers. Solutions are discussed for a system composed by coupled differential equations, which includes the equation for the total current along the channel, the equations for total energy and momentum of the mixture (gas and solid particles), the continuity equation and the equations for energy and momentum of a single particle. Results for suspended particles of higher diameters have been previously published in the Literature, but the simulations here presented exhibit an appreciable increase in the values for output currents.