Partial economic reforrns and financial crises: an emerging markets perspective

The recent emerging market experiences have posed a challenge to the conventional wisdom that unsustainable fiscal deficits are the key to understanding financial crises in these countries. The health of the domestic banking system has emerged as the main driving force behind the perverse dynamics of partial reforms. The current paper shares this view and uses a model of contractual inefliciencies in the banking sector to understand the dynamics of these reforms. We find that the threat of a large exchange rate devaluation depends on the stock of international reserves relative to the stock of domestic credit that must be extended by the Central Bank in response to a large capital outflow. Moreover, if a country has a weak banking sector but high net reserve ratios, the capital flow reversal might only increase the vulnerability to a currency crisis without necessarily causing it. The results are in accordance with much of the empiricalliterature on the determinants of financiaI crises in emerging markets. Some aspectsof the recent policy debate on the introduction of capital controls are also analysed.

Viabilidade econômica da cultura do melão (Cucumis melo L.) na região de Ilha Solteira - SP

Com o objetivo de se verificar a viabilidade econômica da cultura do melão, na região de Ilha Solteira, ano agrícola 1991/92, procedeu-se a uma análise econômica para estudar o comportamento de dois cultivares de melão Eldorado 300 e Valenciano Amarelo CAC, variando a adubação de cobertura, ou seja, utilizando-se 3 doses de N e de K2O: 2,5; 5,0 e 10,0 g/planta. O experimento foi irrigado através de um sistema de gotejamento, sendo que o investimento inicial para aquisição do material de irrigação para uma área de 1 ha, foi da ordem de US$ 11.500,00. Apesar do alto valor do investimento inicial, a cultura se mostrou altamente rentável. Com os resultados obtidos, verificou-se que todos os tratamentos apresentaram rentabilidade positiva, sendo que a maior receita líquida encontrada foi de US$ 4.048,00 do resultado econômico, gerado pela diferença entre a receita bruta e o custo total, recebe influência direta dos níveis de produtividade e do preço alcançado pelo produto.

Using Efinol (R) L during transportation of marbled hatchetfish, Carnegiella strigata (Gunther)

The objective of this experiment was to test the efficacy of a probiotic (Efinol (R) L) during transportation of marbled hatchetfish, Carnegiella strigata. Wild specimens were captured from a small stream and transported for 24 h in plastic fish boxes with a probiotic (10 mg L-1) and probiotic-free water. The boxes were sampled at 3. 12 and 24 h of transport. At the end of the experiment, the survival rate was close to.100%) in both treatments. Dissolved oxygen diminished with time in both treatments, but the probiotic group had significantly higher levels. Conductivity. pH and ammonia increased significantly during the transport. demonstrating higher levels in the probiotic-free group. Fish from both treatments presented very high net Na+ and K+ effluxes after 3 h of transport. At 24 h, net K+ effluxes in fish of the probiotic treatment reached values close to zero and a significantly lower Na+ efflux was observed. Cortisol levels in both treatments at 3 and 12 h were significantly higher than that in control samples. Higher body cortisol levels were observed in the probiotic-frec group than that in the probiotic group at 3 and 12 h. The results demonstrate that addition of a probiotic during fish transport improves water quality and leads to fish presenting a lower stress response intensity.

Photosynthetic responses to temperature in tropical lotic macroalgae

A comparative analysis of the photosynthetic responses to temperature (10-30°C) was carried out under short-term laboratory conditions by chlorophyll fluorescence and oxygen (O2) evolution. Ten lotic macroalgal species from southeastern Brazil (20°11-20°48′S, 49°18-49°41′W) were tested, including Bacillariophyta, Chlorophyta, Cyanophyta, Rhodophyta and Xanthophyta. Temperature had significant effects on electron transport rate (ETR) only for three species (Terpsinoe musica, Bacillariophyta; Cladophora glomerata, Chlorophyta; and C. coeruleus, Rhodophyta), with highest values at 25-30°C, whereas the remaining species had no significant responses. It also had similar effects on non-photochemical quenching and ETR. Differences in net photosynthesis/dark respiration ratios at distinct temperatures were found, with an increasing trend of respiration with higher temperatures. This implies in a decreasing balance between net primary production and temperature, representing more critical conditions toward higher temperatures for most species. In contrast, high net photosynthesis and photosynthesis/dark respiration ratios at high and wide ranges of temperature were found in three species of green algae, suggesting that these algae can be important primary producers in lotic ecosystems, particularly in tropical regions. Optimal photosynthetic rates were observed under similar environmental temperatures for five species (two rhodophytes, two chlorophytes and one diatom) considering both techniques, suggesting acclimation to their respective ambient temperatures. C. coeruleus was the only species with peaks of ETR and O 2 evolution under similar field-measured temperatures. All species kept values of ETR and net photosynthesis close to the optimum under a broad range of temperatures. Increased non-photochemical quenching, as a measure of thermal dissipation of excess energy, toward higher temperatures was observed in some species, as well as positive correlation of non-photochemical quenching with ETR, and were interpreted as two mechanisms of adaptation of the photosynthetic apparatus to temperature changes. Different optimal temperatures were found for individual species by each technique, generally under lower temperatures by O2 evolution, indicating dependence on distinct factors: increases in temperature generally induced higher ETR due to increased enzymatic activity, whereas increments of enzymatic activity were compensated by increased respiration and photorespiration leading to decreases in net photosynthesis.

Competitividade interna na bovinocultura de corte no Estado do Rio Grande do Sul

O presente trabalho teve por objetivo identificar os principais fatores internos (custos, receitas, viabilidade técnico-econômica e uso de inovações tecnológicas) que afetam a competitividade da bovinocultura de corte em um sistema de produção de ciclo completo no Estado do Rio Grande do Sul. Os dados foram coletados durante o ano de 2008, a partir de reuniões mensais entre os meses de janeiro e dezembro. Posteriormente, os dados foram analisados em planilhas eletrônicas. Os custos foram subdivididos em desembolsados, operacionais e totais e as receitas por categoria e total. Dentre os custos avaliados, destacaram-se o custo de oportunidade da terra, mão-de-obra e suplementação animal, com valores de 19,9%, 18,3% e 13,6%, respectivamente, em relação ao custo total. Foram calculados os principais indicadores financeiros e técnicos utilizados comumente em análise de sistemas de produção. As margens econômicas (bruta, operacional e líquida), assim como a lucratividade e rentabilidade sobre o patrimônio líquido, foram positivos, o que demonstra a viabilidade econômica da atividade. Ao mesmo tempo, indicadores técnicos, como a taxa de desfrute e a produtividade/ha, apresentaram valores satisfatórios. Dessa forma, pode-se concluir que os fatores internos avaliados foram extremamente competitivos para o sistema em questão.

EC94-852 Cash Flow Planning Form

This extension circular covers the following areas of a cash flow planning form: Beginning Cash Balance, Operating Sales (crop and hay, market livestock, livestock product, custom work); Capital Sales (breeding livestock, machinery and equipment); Personal Income (wages, interest); Operating Expenses (car/truck, chemicals, conservation, custom hire, feed purchased, fertilizers and lime, freight and trucking, gasoline, fuel and oil, insurance, labor hired, rents and leases, repairs and maintenance, seeds and plants, storage, warehousing, supplies, taxes, utilities, veterinary, breeding fees and medicine, feeder livestock); Capital Purchases (breeding livestock, machinery and equipment, family living withdrawals, personal investments, income and social security, term loan payments); Net Cash Available (operating loan borrowings, operating loan payments); and Ending Operating Loan Balance. Along with the Cash Flow Planning Form is a Projected Income Statement Form which covers Projected Business Income (operating sales, breeding livestock, estimated cash income adjustments, estimated gross revenues, estimated value of production); Project Business Expenses (cash operating, esimated operating, prepaid and supplies, cash investment in growing crops, accounts payable); Projected Net Income Summary (estimated net income from operations, estimated net business income, estimated net income after taxes, estimated earned net worth change); and a Physical Inventory Flows Worksheet.

Intra-annual radial growth and water relations of trees - implications towards a growth mechanism

There is a missing link between tree physiological and wood-anatomical knowledge which makes it impossible mechanistically to explain and predict the radial growth of individual trees from climate data. Empirical data of microclimatic factors, intra-annual growth rates, and tree-specific ratios between actual and potential transpiration (T PET−1) of trees of three species (Quercus pubescens, Pinus sylvestris, and Picea abies) at two dry sites in the central Wallis, Switzerland, were recorded from 2002 to 2004 at a 10 min resolution. This included the exceptionally hot and dry summer of 2003. These data were analysed in terms of direct (current conditions) and indirect impacts (predispositions of the past year) on growth. Rain was found to be the only factor which, to a large extent, consistently explained the radial increment for all three tree species at both sites and in the short term as well. Other factors had some explanatory power on the seasonal time-scale only. Quercus pubescens built up much of its tree ring before bud break. Pinus sylvestris and Picea abies started radial growth 1–2 weeks after Quercus pubescens and this was despite the fact that they had a high T PET−1 before budburst and radial growth started. A high T PET−1 was assumed to be related to open stomata, a very high net CO2 assimilation rate, and thus a potential carbon (C)-income for the tree. The main period of radial growth covered about 30–70% of the productive days of a year. In terms of C-allocation, these results mean that Quercus pubescens depended entirely on internal C-stores in the early phase of radial growth and that for all three species there was a long time period of C-assimilation which was not used for radial growth in above-ground wood. The results further suggest a strong dependence of radial growth on the current tree water relations and only secondarily on the C-balance. A concept is discussed which links radial growth over a feedback loop to actual tree water-relations and long-term affected C-storage to microclimate.

Neue Generation von Aufzügen mit Faserseil

Energieeffiziente und leistungsfähige Zug- und Tragmittel aus hochmoduligen (HM) und hochfesten (HT) Fasern rücken seit einigen Jahren in den Fokus von Aufzugherstellern und Betreibern. Hauptgrund dafür ist, das die bisher eingesetzten Stahldrahtseile auf Grund ihrer vergleichsweise hohen Eigenmasse an technische Grenzen stoßen. Seile aus hochfesten Polymerfasern haben gegenüber Stahldrahtseilen eine vergleichbare oder sogar höhere Zugfestigkeit und ein vier- bis sechsfach geringeres Gewicht. Um das Potential dieser Fasern optimal auszunutzen, sind sowohl die Anordnung der Fasern als auch die Schmierstoffeinbringung zu untersuchen. Diesbezüglich wurden verschiedenen Seilkonstruktions- und Schmierstoffvarianten entwickelt und im Dauerbiegeversuch validiert.

Schadensanalyse hochfester Faserseile

Bis heute werden in Unstetigförderern, wie Kränen und Aufzügen, fast ausschließlich Stahldrahtseile und Stahlketten eingesetzt. Gleichwohl weisen diese Zugmittel wesentliche Nachteile, wie z. B. eine hohe Ei-genmasse, geringe Biegeflexibilität und Korrosionsempfindlichkeit, auf. Um den stetig wachsenden Anforderungen insbesondere im Bereich der „laufenden Seile“ gerecht werden zu können, müssen alternative Zugmittel, unter Verwendung neuer Technologien und Werkstoffe, entwickelt und durch systematische Untersuchungen zur Serienreife geführt werden. Hochfeste Faserseile weisen bereits heute vielversprechende mechanische Eigenschaften hinsichtlich Zugfestigkeit, Schwingungsverhalten und Biegewechselfestigkeit auf. Dennoch ist ihr Einsatz aufgrund fehlender systematischer Untersuchungen, unzureichender Dimensionierungsgrundlagen sowie fehlender Verfahren zur Ablegereifeerkennung, zum gegenwärtigen Zeitpunkt nicht möglich. Mit Hilfe neuer Techniken und Verfahren, wie beispielsweise einer Mehrzonenbiegewechselmaschine für die Seilprüfung und der Computertomographie für die Seilanalyse sollen neue Erkenntnisse über das Ver-schleißverhalten von Faserseilen gewonnen und daraus abgeleitet neue Seilkonstruktionen sowie Ablegekriterien entstehen.

Mass balance measurements on King George Island ice cap in 2007 and 2008

The Antarctic Peninsula has been identified as a region of rapid on-going climate change with impacts on the cryosphere. The knowledge of glacial changes and freshwater budgets resulting from intensified glacier melt is an important boundary condition for many biological and integrated earth system science approaches. We provide a case study on glacier and mass balance changes for the ice cap of King George Island. The area loss between 2000 and 2008 amounted to about 20 km**2 (about 1.6% of the island area) and compares to glacier retreat rates observed in previous years. Measured net accumulation rates for two years (2007 and 2008) show a strong interannual variability with maximum net accumulation rates of 4950 mm w.e./a and 3184 mm w.e./a, respectively. These net accumulation rates are at least 4 times higher than reported mean values (1926-95) from an ice core. An elevation dependent precipitation rate of 343 mm w.e./a (2007) and 432 mm w.e./a (2008) per 100 m elevation increase was observed. Despite these rather high net accumulation rates on the main ice cap, consistent surface lowering was observed at elevations below 270 m above ellipsoid over an 11-year period. These DGPS records reveal a linear dependence of surface lowering with altitude with a maximum annual surface lowering rate of 1.44 m/a at 40 m and -0.20 m/a at 270 m above ellipsoid. These results fit well to observations by other authors and surface lowering rates derived from the ICESat laser altimeter. Assuming that climate conditions of the past 11 years continue, the small ice cap of Bellingshausen Dome will disappear in about 285 years.

Concentrations and abundance ratios of long-chain alkenones and glycerol dialkyl glycerol tetraethers in sinking particles south of Java

In this study, we obtained concentrations and abundance ratios of long-chain alkenones and glycerol dialkyl glycerol tetraethers (GDGTs) in a one-year time-series of sinking particles collected with a sediment trap moored from December 2001 to November 2002 at 2200 m water depth south of Java in the eastern Indian Ocean. We investigate the seasonality of alkenone and GDGT fluxes as well as the potential habitat depth of the Thaumarchaeota producing the GDGTs entrained in sinking particles. The alkenone flux shows a pronounced seasonality and ranges from 1 µg m-**2 d**-1 to 35 µg m**-2 d**-1. The highest alkenone flux is observed in late September during the Southeast monsoon, coincident with high total organic carbon fluxes as well as high net primary productivity. Flux-weighted mean temperature for the high flux period using the alkenone-based sea-surface temperature (SST) index UK'37 is 26.7°C, which is similar to satellite-derived Southeast (SE) monsoon SST (26.4°C). The GDGT flux displays a weaker seasonality than that of the alkenones. It is elevated during the SE monsoon period compared to the Northwest (NW) monsoon and intermonsoon periods (approximately 2.5 times), which is probably related to seasonal variation of the abundance of Thaumarchaeota, or to enhanced export of GDGTs by aggregation with sinking phytoplankton detritus. Flux-weighted mean temperature inferred from the GDGT-based TEXH86 index is 26.2°C, which is 1.8 °C lower than mean annual (ma) SST but similar to SE monsoon SST. As the time series of TEXH86 temperature estimates, however, does not record a strong seasonal amplitude, we infer that TEXH86 reflects ma upper thermocline temperature at approximately 50 m water depth.

Financial literacy and over-indebtedness in low-income households

Financial literacy can explain a significant proportion of wealth inequality. Among the key components of financial literacy are numeracy and money management skills. Our study examines the relative importance of these components in the determination of consumer debt and household net worth among credit union members in socially disadvantaged areas. The main finding from our analysis is that money management skills are important determinants of financial outcomes but that numeracy has almost no role to play. This result adds to a recent US-based behavioural finance literature on the role of attention and planning in consumer finance. Findings are found to be robust when the sample is reduced to only those who have a clear role in household financial decision-making and also when controlling for potential endogeneity. Our findings have policy implications in the UK and elsewhere as credit unions across the world are important players in national financial literacy strategies.

Fundos de investimento : um tipo societário autônomo e suas principais características

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Direito, Programa de Pós-Graduação em Direito, 2016.

Chiroptical spectroscopy of biomolecules using chiral plasmonic nanostructures

This thesis explores the potential of chiral plasmonic nanostructures for the ultrasensitive detection of protein structure. These nanostructures support the generation of fields with enhanced chirality relative to circularly polarised light and are an extremely incisive probe of protein structure. In chapter 4 we introduce a nanopatterned Au film (Templated Plasmonic Substrate, TPS) fabricated using a high through-put injection moulding technique which is a viable alternative to expensive lithographically fabricated nanostructures. The optical and chiroptical properties of TPS nanostructures are found to be highly dependent on the coupling between the electric and magnetic modes of the constituent solid and inverse structures. Significantly, refractive index based measurements of strongly coupled TPSs display a similar sensitivity to protein structure as previous lithographic nanostructures. We subsequently endeavour to improve the sensing properties of TPS nanostructures by developing a high through-put nanoscale chemical functionalisation technique. This process involves a chemical protection/deprotection strategy. The protection step generates a self-assembled monolayer (SAM) of a thermally responsive polymer on the TPS surface which inhibits protein binding. The deprotection step exploits the presence of nanolocalised thermal gradients in the water surrounding the TPS upon irradiation with an 8ns pulsed laser to modify the SAM conformation on surfaces with high net chirality. This allows binding of biomaterial in these regions and subsequently enhances the TPS sensitivity levels. In chapter 6 an alternative method for the detection of protein structure using TPS nanostructures is introduced. This technique relies on mediation of the electric/magnetic coupling in the TPS by the adsorbed protein. This phenomenon is probed through both linear reflectance and nonlinear second harmonic generation (SHG) measurements. Detection of protein structure using this method does not require the presence of fields of enhanced chirality whilst it is also sensitive to a larger array of secondary structure motifs than the measurements in chapters 4 and 5. Finally, a preliminary investigation into the detection of mesoscale biological structure is presented. Sensitivity to the mesoscale helical pitch of insulin amyloid fibrils is displayed through the asymmetry in the circular dichroism (CD) of lithographic gammadions of varying thickness upon adsorption of insulin amyloid fibril spherulites and fragmented fibrils. The proposed model for this sensitivity to the helical pitch relies on the vertical height of the nanostructures relative to this structural property as well as the binding orientation of the fibrils.

Ciclos económicos, capital bancario y nuevas opciones de política económica

El objetivo de este trabajo es utilizar algunos hechos estilizados de la "Gran recesión", específicamente la drástica caída en el nivel de capitalización bancario, para analizar la relación entre los ciclos financieros y los ciclos reales, así como la efectividad de la política monetaria no convencional y las políticas macroprudenciales. Para esto, en el primer capítulo se desarrolla una microfundamentación de la banca a partir de un modelo de Costly State Verification, que es incluido posteriomente en distintas especificaciones de modelos DSGE. Los resultados muestran que: (i) los ciclos financieros y los ciclos económicos pueden relacionarse a partir del deterioro del capital bancario; (ii) Las políticas macroprudenciales y no convencionales son efectivas para moderar los ciclos económicos, pero son costosas en términos de recursos e inflación.