Export-led recoveries in small open industrialized economies

This paper studies the role of Vertical Specialization-based trade and foreign damand push as elements capable of explaining export-led recoveries in small open industrialized economies. The empirical evidence on export-led recoveries is reviewed. Data supporting the growing importance of vertical specialization for international trade are presented. I compare the performance of two versions of a small open economy model, calibrated to mimic Canadian Business Cycles. The …rst one is based upon Schmitt-Grohe(1998). The second incorporates Vertical- Specialization-based trade. I show that an arti…cial economy featuring Vertical-Specializationbased trade in conjunction with an exogenous AR(2) process for foreign output displays improved impulse responses to a foreign output shock and is able to mimic the contribution of Canadian exports to output growth during economic recoveries.

Business cycles in emerging economies : the role of interest rates

This paper documents the empirical relation between the interest rates that emerging economies face in international capital markets and their business cycles. It shows that the patterns observed in the data can be interpreted as the equilibrium of a dynamic general equilibrium model of a small open economy, in which (i) firms have to pay for a fraction of the input bill before production takes place, and (ii) preferences generate a labor supply that is independent of the interest rate. In our sample, interest rates are strongly countercyclical, strongly positively correlated with net exports, and they lead the cycle. Output is very volatile and consumption is more volatile than output. The sample includes data for Argentina during 1983-2000 and for four other large emerging economies, Brazil, Mexico, Korea, and Philippines, during 1994-2000. The model is calibrated to Argentina’s economy for the period 1983-1999. When the model is fed with actual US interest rates and the actual default spreads of Argentine sovereign interest rates, interest rates alone can explain forty percent of output fluctuations. When simulated technology shocks are added to the model, it can account for the main empirical regularities of Argentina’s economy during the period. A 1% increase in country risk causes a contemporaneous fall in output of 0.5 ’subsequent recovery. An increase in US rates causes output to fall by the same on impact and by almost 2% two years after the shock. The asymetry in the effect of shocks to US rates and country risk is due to the fact that US interest rates are more persistent than country risk and that there is a significant spillover effect from US interest rates to country risk.

Equilibria in exchange economies with financial constraints : beyond the Cass trick

We consider an exchange economy under incomplete financiaI markets with purely financiaI securities and finitely many agents. When portfolios are not constrained, Cass [4], Duffie [7] and Florenzano-Gourdel [12] proved that arbitrage-free security prices fully characterize equilibrium security prices. This result is based on a trick initiated by Cass [4] in which one unconstrained agent behaves as if he were in complete markets. This approach is unsatisfactory since it is asymmetric and no more valid when every agent is subject to frictions. We propose a new and symmetric approach to prove that arbitrage-free security prices still fully characterize equilibrium security prices in the more realistic situation where the financiaI market is constrained by convex restrictions, provided that financiaI markets are collectively frictionless.

Situação financeira e satisfação do consumidor das operadoras de saúde suplementar no Brasil

Este artigo elabora um diagnóstico sobre a situação financeira das operadoras de saúde suplementar no Brasil de acordo com a modalidade de gestão (seguro saúde, medicina de grupo, cooperativa médica, filantrópica e autogestão). Como indicador principal de saúde financeira, utiliza-se uma versão adaptada do zscore de Altman. Paralelamente, o estudo examina empiricamente os determinantes de satisfação do consumidor do sub-sistema suplementar de saúde, focando a análise no impacto da situação financeira da operadora e nas modalidades de gestão existentes sobre o nível de reclamações registradas junto à Agência Nacional de Saúde Suplementar. Para tanto, utiliza-se uma amostra de 270 operadoras de saúde suplementar para o período 2003-2005, e são utilizadas regressões de dados em painel, com variáveis de controle de mercado, operacionais e de gestão. Os resultados indicam que (1) as operadoras de saúde se beneficiam de economias de escala, (2) as empresas que operam no modelo de autogestão têm melhor situação financeira que as demais, e (3) as despesas com marketing não impactam a satisfação dos consumidores dos planos de saúde no Brasil. Finalmente, encontra-se também evidência fraca de que boa situação financeira implica melhor satisfação do consumidor.

Household borrowing constraints and monetary policy in emerging economies

Credit markets in emerging economies can be distinguished from those in advanced economies in many respects, including the collateral required for households to borrow. This work proposes a DSGE framework to analyze one peculiarity that characterizes the credit markets of some emerging markets: payroll-deducted personal loans. We add the possibility for households to contract long-term debt and compare two different types of credit constraints with one another, one based on housing and the other based on future income. We estimate the model for Brazil using a Bayesian technique. The model is able to solve a puzzle of the Brazilian economy: responses to monetary shocks at first appear to be strong but dissipate quickly. This occurs because income – and the amount available for loans – responds more rapidly to monetary shocks than housing prices. To smooth consumption, agents (borrowers) compensate for lower income and for borrowing by working more hours to repay loans and erase debt in a shorter time. Therefore, in addition to the income and substitution effects, workers consider the effects on their credit constraints when deciding how much labor to supply, which becomes an additional channel through which financial frictions affect the economy.

WTO - Market and non market economies: the hybrid case of Chine

This article will discuss the systemic challenges of integrating hybrid economies, and their NME features, into the WTO. It will analyze how the Multilateral Trading System has dealt differently with the issue with the issue during the GATT and the WTO eras. It will then discuss the relationship between NMEs and the principles and rules of the multilateral trading system

Weak phenotypic reversion of ivermectin resistance in a field resistant isolate of Haemonchus contortus by verapamil

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

The tricyclic antidepressants amitriptyline, nortriptyline and imipramine are weak antagonists of human and rat alpha(1B)-adrenoceptors

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

A Weak Maximum Principle for Optimal Control Problems with Nonsmooth Mixed Constraints

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Contemporary gene flow and weak genetic structuring in Rococo toad (Rhinella schneideri) populations in habitats fragmented by agricultural activities

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

Absence or weak correlation between chewing side preference and lateralities in primary, mixed and permanent dentition

Objectives: To determine whether chewing side preference (CSP) is correlated to lateralities (handedness, footedness, eyedness and earedness) in primary, mixed and permanent dentitions.Design: Three-hundred subjects were divided into 3 groups: Group 1-100 children 3-5 years old, primary dentition; Group 2-100 children 6-12 years old, mixed dentition; Group 3 - 100 subjects 18-47 years old, permanent dentition. CSP was determined using a method developed by Mc Donnell et al.(9) Subjects were given a piece of gum and the position of the chewing gum was recorded 7 times as right or left. Subjects were classified as 'observed preferred chewing side' (OPCS) when they performed 5/7, 6/7 or 7/7 strokes on the same side. OPCS corresponded to the CSP. Laterality tests were performed for handedness, footedness, eyedness and earedness tasks. The Chi-square (chi(2)) and phi correlation (r) tests were used to investigate significant correlations between CSP and sidedness.Results: There was a significant correlation between chewing and earedness (p = 0.00), although there was weak positive correlation (r = 0.30) for primary dentition. There were significant correlations between chewing and handedness (p = 0.02; r = 0.25) and chewing and footedness (p = 0.02; r = 0.26), however, there were weak positive correlations for mixed dentition; there were significant correlations between chewing and handedness (p = 0.02; r = 0.26); chewing and footedness (p = 0.00; r = 0.33) and chewing and earedness (p = 0.01; r = 0.29); however, there were weak positive correlations for permanent dentition.Conclusion: It may be concluded that CSP can be significantly correlated with: earedness for primary dentition; handedness and footedness for mixed dentition; handedness, footedness and earedness for permanent dentition, but these are weak positive relationships. Future work on larger samples of left- and right-sided individuals is required to validate the findings. (C) 2012 Elsevier Ltd. All rights reserved.

Electromagnetic structure and weak decay of meson K in a light-front QCD-inspired model

The kaon electromagnetic (e.m.) form factor is reviewed considering a light-front constituent quark model. In this approach, it is discussed the relevance of the quark-antiquark pair terms for the full covariance of the e.m. current. It is also verified, by considering a QCD dynamical model, that a good agreement with experimental data can be obtained for the kaon weak decay constant once a probability of about 80% of the valence component is taken into account.

Cooper pair dispersion relation for weak to strong coupling

Cooper pairing in two dimensions is analyzed with a set of renormalized equations to determine its binding energy for any fermion number density and all coupling assuming a,generic pairwise residual interfermion interaction. Also considered are Cooper pairs (CP's) with nonzero center-of-mass momentum (CMM) and their binding energy is expanded analytically in powers of the CMM up to quadratic terms. A Fermi-sea-dependent linear term in the CMM dominates the pair excitation energy in weak coupling (also called the BCS regime) while the more familiar quadratic term prevails in strong coupling (the Bose regime). The crossover, though strictly unrelated to BCS theory per se, is studied numerically as it is expected to play a central role in a model of superconductivity as a Bose-Einstein condensation of CPs where the transition temperature vanishes for all dimensionality d less than or equal to 2 for quadratic dispersion, but is nonzero for all d greater than or equal to 1 for linear dispersion.