Assets, markets and poverty in Brazil

Esse artigo estabelece uma base para pesquisas que tratam da relação entre pobreza, distribuição de recursos e operação do mercado de capitais no Brasil. O principal objetivo é auxiliar a implementação de políticas de reforço de capital dos pobres. A disponibilidade de novas fontes de dados abriu condições inéditas para implementar uma análise de posse de ativos e pobreza nas áreas metropolitanas brasileiras. A avaliação de distribuição de recursos foi estruturada sobre três itens: Capital físico, capital humano e capital social. A estratégia empírica seguida é de analisar três diferentes tipos de impactos que o aumento dos ativos dos pobres podem exercer no nível de bem estar social. A primeira parte do artigo avalia a posse de diferentes tipos de capitais através da distribuição de renda. Esse exercício pode ser encarado como uma ampliação de medidas de pobreza baseadas em renda pela incorporação de efeitos diretos exercidos pela posse de ativos no bem estar social. A segunda parte do artigo descreve o impacto de geração de renda que a posse de ativos pode ter sobre os pobres. Estudamos como a acumulação de diferentes tipos de capital impactam os índices de pobreza baseados na renda usando regressões logísticas. A terceira parte estuda o efeito que o aumento da posse de ativos dos pobres tem no melhoramento da habilidade dos indivíduos pobres em lidar com choques adversos da renda. Estudamos a interação entre a dinâmica da renda, imperfeições do mercado de capitais e comportamentos financeiros levando em consideração diferentes horizontes de tempo. As questões de longo prazo estão relacionadas com o estudo das flutuações de renda de baixa freqüência e ciclo da vida da posse de ativos usando análise de coorte. As questões de curto prazo estão relacionadas com o comportamento do pobre e as perdas de bem estar ao lidar com hiatos de alta freqüência entre renda e consumo desejado. A análise da dinâmica de renda e pobreza é conduzida a partir da combinação de dados de painel de renda com dados qualitativos sobre comportamento financeiro de curto prazo das famílias.

Macroeconomic policy and poverty in Brazil

O Brasil é um país onde os 50% mais pobres se apropriam aproximadamente de 10% da renda agregada, e os 10% mais ricos detêm quase 50% deste mesmo. O colorário desse alto grau de desigualdade é que se uma pessoa está somente preocupada em maximizar o nível de GPD, a função de bem–estar social implícita adotada devota parte do seu peso ao bem-estar de 10% da população. Em outras palavras, a concentração brasileira de renda cria uma anomalia dentro da perspectiva de agente representativo implícito na análise macroeconômica aonde as pessoas valem aquilo que ganham. A análise da pobreza inverte esse peso estrutural da população, estipulando zero de peso para o segmento não pobre da sociedade e atribuindo pesos aos indivíduos que aumentam com suas necessidades insatisfeitas. Esse projeto estuda as conexões entre a evolução macroeconômica Brasileira recente e da pobreza. A análise é dividida em duas partes: A primeira parte descreve a evolução da pobreza brasileira e seus principais determinantes macroeconômicos durante os últimos 15 anos. A segunda parte tira proveito das mudanças da pobreza e desigualdades medidas durante o período 1993-96 para estudar seus principais determinantes macroeconômicos. Dado a maior importância do Plano Real, uma especial atenção foi dada a análise dos impactos da desinflação no nível e na distribuição de renda e a possível sinergia entre essas duas dimensões de determinação da pobreza. A terceira parte do projeto decompõe as mudanças dos diversos índices de pobreza através dos diferentes grupos dado pelas características dos chefes de família (i.e.; sexo, anos de estudo, raça, classe trabalhadora, setores de atividades, região, densidade populacional). Depois essa decomposição é avançada um passo desatrelando as mudanças nessa diferentes células de pobreza em termos de suas respectivas mudanças em termos de desigualdade da renda per capita. Esse perfil de pobreza ajuda a mapear as diferentes fontes de mudança da pobreza na análise histórica e fornece consistência interna para os exercícios de análises contra-factuais.

Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system

Mercados financeiros e finanças corporativas

An entry strategy with innovation and differentiation in Brazil and the United States

With the global rise of credit and debit card usage, acquirers play an increasingly important role within the payments industry by processing these types of payment transactions on behalf of merchants. This study focuses on examining two markets – Brazil and the United States – by providing an overview of the market dynamics, the state of the competitive landscape, and the role and impact of regulations and new technologies. In considering these factors, strategic recommendations are provided for new players interested in enter either market. Further, factors such as existing and future opportunities as well as risks are considered.

The effects of the minimum wage on earnings and employment in Brazil

This paper analyzes the effects of the mlmmum wage on both, eammgs and employment, using a Brazilian rotating panel data (Pesquisa Mensal do Emprego - PME) which has a similar design to the US Current Population Survey (CPS). First an intuitive description of the data is done by graphical analysis. In particular, Kemel densities are used to show that an increase in the minimum wage compresses the eamings distribution. This graphical analysis is then forrnalized by descriptive models. This is followed by a discussion on identification and endogeneity that leads to the respecification of the model. Second, models for employment are estimated, using an interesting decomposition that makes it possible to separate out the effects of an increase in the minimum wage on number of hours and on posts of jobs. The main result is that an increase in the minimum wage was found to compress the eamings distribution, with a moderately small effect on the leveI of employment, contributing to alleviate inequality.

Fostering innovation and entrepreneurship in Brazil through private equity and venture capital public policies

It is well documented the positive impact of the Private Equity and Venture Capital (PE/VC) industry on the creation and development of highly successful innovative companies in a few countries, mainly in the United States. PE/VC firms provide not only capital to startups and small and medium enterprises (SMEs) that usually have financing gap, especially in emerging markets, but also strategic resources that enable these enterprises to commercialize innovation. As consequence, government incentive and nurture of local PE/VC industries would be expected in emerging economies due to innovation‟s importance to economic growth. This paper aims to identify if the Brazilian government has supported local PE/VC industry throughout the years in order to foster favorable conditions to creating and developing successful innovative businesses. It also analyzes Brazil‟s main public policies towards PE/VC and if they encompass all the three stages of its cycle – fundraising, investing and exiting. I conducted an empirical research which collected primary data from a sample of 127 PE/VC firms (90% of the population) operating in Brazil as of June, 2008. All firms answered a webbased questionnaire that collected quantitative data regarding their investment vehicles, portfolio companies, investments and exits. I compared the data obtained from the survey with the main local governmental PE/VC support programs. First, I confirmed the hypothesis that the Brazilian government has been using the PE/VC industry as a public policy towards entrepreneurship and innovation. Second, I identified that although PE/VC public policies in Brazil are mostly concentrated in fundraising phase, they have been able to positively impact the whole cycle. Third, it became clear that the Brazilian government became more concerned about Seed and Venture Capital (VC) Early stages due to their importance to the entire PE/VC value chain. As consequence, I conclude that those public policies have been very important to build a dynamic and strong local PE/VC industry, whose committed capital grew 50% per year between 2005 and 2008 to achieve US$27 billion, which invested US$ 11 billion, which employs 1,400 professionals (75% with postgraduate degrees) and maintains 482 portfolio companies, mostly SMEs. In addition, PE/VCbacked companies represented one third of the Initial Public Offerings (IPOs) that occurred in Brazil between 2004 and 2008 (approximately US$15 billion).

A new playing field: retrospective voting and soccer in Brazil

O propósito deste estudo é analisar o possível impacto que um viés emocional possa ter nos julgamentos dos eleitores. Nesse sentido utilizamos o futebol como fonte exógena de um choque. O nosso modelo de efeitos fixos nos leva a concluir que vitórias de equipes no final de semana da eleição estão associadas a maior votação no incumbente indicando que um viés emocional pode influenciar o eleitor.

Identification of Rhizoctonia solani AG 1-IB in lettuce, AG 4 HG-I in tomato and melon, and AG 4 HG-III in broccoli and spinach, in Brazil

Fungi isolated in Brazil, from lettuce, broccoli, spinach, melon and tomato, were identified as Rhizoctonia solani. All lettuce isolates anastomosed with both AG 1-IA and IB subgroups and all isolates from broccoli, spinach, melon and tomato anastomosed with AG 4 subgroup HG-I, as well as with subgroups HG-II and HG-III. DNA sequence analyses of ribosomal internal transcribed spacers showed that isolates from lettuce were AG 1-IB, isolates from tomato and melon were AG 4 HG-I, and isolates from broccoli and spinach were AG 4 HG-III. The tomato isolates caused stem rot symptoms, the spinach, broccoli and melon isolates caused hypocotyl and root rot symptoms on the respective host plants and the lettuce isolates caused bottom rot. This is the first report on the occurrence in Brazil of R. solani AG 4 HG-I in tomato and melon, of AG 4 HG-III in broccoli and spinach and of AG 1-IB in lettuce.

Molecular typing and virulence markers of Yersinia enterocolitica strains from human, animal and food origins isolated between 1968 and 2000 in Brazil

Molecular typing and virulence markers were used to evaluate the genetic profiles and virulence potential of 106 Yersinia enterocolitica strains. of these strains, 71 were bio-serotype 4/O: 3, isolated from human and animal clinical material, and 35 were of biotype 1 A or 2 and of diverse serotypes, isolated from food in Brazil between 1968 and 2000. Drug resistance was also investigated. All the strains were resistant to three or more drugs. The isolates showed a virulence-related phenotype in the aesculin, pyrazinamidase and salicin tests, except for the food isolates, only two of which were positive for these tests. For the other phenotypic virulence determinants (autoagglutination, Ca++ dependence and Congo red absorption), the strains showed a diverse behaviour. The inv, ail and ystA genes were detected in all human and animal strains, while all the food isolates were positive for inv, and 3% of them positive for ail and ystA. The presence of virF was variable in the three groups of strains. The strains were better discriminated by PFGE than by enterobacterial repetitive intergenic consensus PCR (ERIC-PCR). A higher genomic similarity was observed among the 4/O: 3 strains, isolated from human and animal isolates, than among the food strains, with the exception of two food strains possessing the virulence genes and grouped close to the 4/O: 3 strains by ERIC-PCR. Unusually, the results revealed the virulence potential of a bio-serotype 1 A/O: 10 strain, suggesting that food contaminated with Y. enterocolitica biotype 1 A may cause infection. This also suggests that ERIC-PCR may be used as a tool to reveal clues about the virulence potential of Y. enterocolitica strains. Furthermore, the results also support the hypothesis that animals may act as reservoirs of Y. enterocolitica for human infections in Brazil, an epidemiological aspect that has not been investigated in this country, confirming data from other parts of the world.

Description of Leishmania (Leishmania) forattinii sp. n., a new parasite infecting opossums and rodents in Brazil

A new parasite species of Leishmania is described, L. (Leishmania) forattinii sp. n., which was isolated from a pooled triturate of liver and spleen of a opossum (Didelphis marsupialis aurita) and from skin samples from a rodent (Proechmys iheringi denigratus), captured in primary forest on the Atlantic Cost of Brazil. Our results on the basis of biological and molecular criteria indicate that this taxonomically distinct parasite ias a new species of the L. mexicana complex, but closely related to L. (L.) aristidesi Laison & shaw, 1979, as revelated by phenetic and phylogenetic numerical analyses of the enzyme data. L. forattinii was clearly distinguishable from other Leishmania species of the genus usisng enzyme electrophoresis, monoclonal antibodies, molecular karyotypes, analysis of restriction enzyme digestion patterns of kinetoplast DNA (kDNA), as well as the use of kDNA hybridization procedures.

The species of Paspalum L (Poaceae), groups Virgata and Quadrifaria, in Brazil - Distribution and ecology

The Brazilian species of Paspalum L. (Poaceae) groups Virgata and Quadrifaria are revised based on herbarium material and live specimens of recent collections. The Virgata taxa are P. wettsteinii, P. rufum, P. regnellii, P. conspersum, P. virgatum and P. commune, while Quadrifaria encompasses P. intermedium, P. densum, P. millegrana, P. durifolium, P. brunneum, P. usteri, P. plenum, P. quadrifarium, P. coryphaeum, P. exaltatum and P. haummmanii. Both groups are commonly found throughout the country, but rare in the wet areas of the Amazonian forest, and better characterized as megatherm plants.