Does Regulation matter? Institutional dimension of the 2008 financial crisis

Why did house prices fall in 2007‐2009? This is the fundamental question to most Americans, and to those who lent them money. Most homeowners did not care why residential real estate prices rose. They assumed prices always rose, and they should simply enjoy their good fortune. It was not until prices began to fall that people were left searching for answers. How much did regulation or lack thereof play in the role of the devastation? To what degree did greed and unrealistic consumer expectation have on the real estate bubble? Using existing literature as well as face to face interviews of experienced leaders within the real estate industry in California who experienced both the up and down of the real estate cycle, the overarching purpose of this study is to investigate the opinions and beliefs of the leaders and drivers within the real estate industry about the cause of the real estate bubble that occurred sharply in 2008 . Specifically, this project will focus on the opinions of real estate industry leaders who worked in the center of the subprime universe located in Irvine, California, during 2004‐2008. Comparing the mainstream beliefs with the interviewees it is fair to say that the main finding in the mainstream beliefs are reflected very well with the finding of the subject’s opinion. The thesis is divided into 6 chapters starting with “introduction”, followed by chapter 2 “Literature Review”. Chapter 3 is “Research Methodology” followed by chapter 4 “Data Presentation”. Finally, the results are discussed in chapter 5 “Analysis and Discussion” and conclusions in Chapter 6.

What happens after the Central Bank of Brazil increases the target interbank rate by 1%?

In this paper I use Taylor's (2001) model and Vector Auto Regressions to shed some light on the evolution of some key macroeconomic variables after the Central Bank of Brazil, through the COPOM, increases the target interest rate by 1%. From a quantitative perspective, the best estimate from the empírical analysis, obtained with a 1994 : 2 - 2004 : 2 subsample of the data, is that GDP goes through an accumulated decline, over the next four years, around 0.08%. Innovations to interest rates explain around 9.2% of the forecast erro r of GDP.

Does money in schools matter? evaluating the effects of FUNDEF on wages and test scores in Brazil

In this paper we investigate the effects of the 1998 reform in the funding of fundamental education in Brazil (FUNDEF) on the relative wages of public school teachers and on the relative proficiency of public school pupils. The evidence suggests that, on average, FUNDEF raised the public school teachers’ relative wages and improved the relative proficiency of the public school students. Some indirect evidence was presented that showed that the effect of FUNDEF on proficiency seems to be related to its effect on wages and on school characteristics. The effect on proficiency seems to be concentrated in the municipal schools in the Northeast of the country.

The trajectory of social housing policy in Brazil: From the National Housing Bank to the Ministry of the Cities

This paper discusses social housing policy in Brazil since the 1990s by analyzing government programs’ institutional arrangements, their sources of revenues and the formatting of related financial systems. The conclusion suggests that all these arrangements have not constituted a comprehensive housing policy with the clear aim of serving to enhance housing conditions in the country. Housing ‘policies’ since the 1990s – as proposed by Fernando Collor de Mello, Itamar Franco, Fernando Henrique Cardoso and ´ Luis Inacio Lula da Silva’s governments (in the latter case, despite much progress towards subsidized investment programs) – have sought to consolidate financial instruments in line with global markets, restructuring the way private interests operate within the system, a necessary however incomplete course of action. Different from rhetoric, this has resulted in failure as the more fundamental social results for the poor have not yet been achieved.

Co-accumulation of microbial residues and particulate organic matter in the surface layer of a no-till Oxisol under different crops

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

Heteroplasmy in hair: Differences among hair and blood from the same individuals are still a matter of debate

The analysis of mitochondrial DNA (mtDNA) is a useful tool in forensic cases when sample contents too little or degraded nuclear DNA to genotype by autosomal short tandem repeat (STR) loci, but it is especially useful when the only forensic evidence is a hair shaft. Several authors have related differences in mtDNA from different tissues within the same individual, with high frequency of heteroplasmic variants in hair, as also in some other tissues. Is still a matter of debate how the differences influence the interpretation forensic protocols. One difference between two samples supposed to be originated from the same individual are related to an inconclusive result, but depending on the tissue and the position of the difference it should have a different interpretation, based on mutation-rate heterogeneity of mtDNA. In order to investigate it differences in the mtDNA control region from hair hafts and blood in our population, sequences from the hypervariable regions 1 and 2 (HV1 and HV2) from 100 Brazilian unrelated individuals were compared. The frequency of point heteroplasmy observed in hair was 10.5% by sequencing. Our study confirms the results related by other authors that concluded that small differences within tissues should be interpreted with caution especially when analyzing hair samples. (C) 2007 Elsevier B.V.. All rights reserved.

Acute and subchronic exposure of diplopods to substrate containing sewage mud: Tissular responses of the midgut

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

Towards a Realization of the Condensed-Matter-Gravity Correspondence in String Theory via Consistent Abelian Truncation of the Aharony-Bergman-Jafferis-Maldacena Model

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Micromorphology and spectroscopic characteristics of organic matter in waterlogged podzols of the upper Amazon basin

In waterlogged environments of the upper Amazon basin, organic matter is a major driver in the podzolisation of clay-depleted laterites, especially through its ability to weather clay minerals and chelate metals. Its structure in eight organic-rich samples collected at the margin and in the centre of the podzolic area of a soil sequence was investigated. The samples illustrate the main steps in the development of waterlogged podzols and belong either to eluviated topsoil A horizons or to illuviated subsoil Bhs, Bh and 2BCs horizons. Organic matter micromorphology was described, and the overall molecular structure of their clay size fractions was assessed using Fourier transform infrared (FTIR) spectroscopy and cross polarization/magic angle spinning (CP/MAS) C-13 nuclear magnetic resonance (NMR). Organic features of the horizons strongly vary both vertically and laterally in the sequence. Topsoil A horizons are dominated by organic residues juxtaposed to clean sands with a major aliphatic contribution. In the subsoil, numerous coatings, characteristic of illuviation processes, are observed in the following horizons: (i) At the margin and bottom parts of the podzolic area, dark brown organic compounds of low aromacity with abundant oxygen-containing groups accumulate in Bhs and 2BCs horizons. Their spectroscopic features agree with the observation of cracked coatings in 2BCs and the presence of organometallic complexes, whose abundance decreases towards low lying positions. (ii) By contrast, black organic compounds of high aromacity with few chelating functions accumulate as coatings and infills in the overlying sandy Bh horizon of well-expressed waterlogged podzols. (c) 2008 Elsevier B.V. All rights reserved.

On the coupling of the self-dual field to dynamical U(1) matter and its dual theory

We consider arbitrary U (1) charged matter non-minimally coupled to the self-dual field in d = 2 + 1. The coupling includes a linear and a rather general quadratic term in the self-dual field. By using both Lagragian gauge embedding and master action approaches we derive the dual Maxwell Chern-Simons-type model and show the classical equivalence between the two theories. At the quantum level the master action approach in general requires the addition of an awkward extra term to the Maxwell Chern-Simons-type theory. Only in the case of a linear coupling in the self-dual field can the extra term be dropped and we are able to establish the quantum equivalence of gauge invariant correlation functions in both theories.

The role of organic matter on the adsorption of mercury in sediments from Amazon lakes, Brazil

Gold has been exploited intensively in the Brazilian Amazon during the past 20 years, and the elemental mercury (Hg) used in amalgamating the gold has caused abnormal Hg concentrations in waterways. Since 1986 particular attention has been given to the Madeira River because it is the largest tributary of the Amazon River and gold mining was officially allowed on a 350-km sector of the river. In this paper, samples of sediments from nine lakes located in the Madeira River basin, Rondonia State, Brazil, were analysed for mercury and organic matter. The average Hg content ranged between 33 and 157 ppb, which is about 8-40 times higher than the average value corresponding to 4.4 ppb for rocks occurring in the area (regional background). Significant correlation was found between the Hg content and organic matter in the sediments, indicating its importance on the retention of this heavy metal.

EVOLUTION PATTERNS OF THE SOIL ORGANIC-MATTER IN SOME AGRICULTURAL SYSTEMS IN THE BRAZILIAN CERRADO REGION

Several changes in the soil humus characteristics were observed after clearing the Central Brazil virgin forest. When compared with the original ''Cerrado'' forest, the soils from the agricultural systems showed increased values for cation exchange capacity, total organic matter and non-extractable humin. The humic acid fraction underwent some changes suggesting increased oxidation and decreased aliphatic content. The soil organic N tends to accumulate in the insoluble humus fractions.The above changes were much less intense when the virgin forest was transformed into pastures. Under these conditions, the most significant changes were the reduction of readily biodegradable soil organic matter fractions.In view of the intensity of the lixiviation processes in the area studied, the above changes may be connected with the reduction in aggregate stability observed in the cleared sites.In general, the characteristics of the humus formations in the ''Cerrado'' region suggested high resistance to external factors, which is in part attributed to the active insolubilization of humic colloids by the Al and Fe oxides. In the absence of erosive processes in the cleared sites, additional humus stability may conform both to selective biodegradation and/or lixiviation of the humic colloids, or to the effects of the fire used in soil management.

Influence of the diet on in situ disappearance of dry matter, organic matter, and neutral detergent fiber of hydrolysed sugar cane bagasse

The effects of two diets based on hydrolysed sugarcane bagasse (HSB) and whole cottonseed (WCS), with or without oat hay, were analyzed for the in situ disappearance of dry matter (DM), organic matter (OM) and neutral detergent fiber (NDF) of HSB. Six mature castrated rams with a permanent T ruminai cannula were used in a complete randomized split plot design. The incubation times were 3, 6, 9, 12, 24, 48 and 72h. The diet with oat hay showed higher disappearance indexes for the NDF fraction. Furthermore, the maximum degradation of HSB constituents was reached around 48h of incubation. The diets were T1=64% hydrolyzed sugarcane + 36% whole cottonseed and T2=14% hydrolyzed sugarcane bagasse + 36% cottonseed + 50% oat hay.

The dynamics of specialist development banking: the case of the agriculture development bank of Trinidad and Tobago

Includes bibliography