Constructing coincident and leading indices of economic activity for the brazilian economy

This paper has three original contributions. The first is the reconstruction effort of the series of employment and income to allow the creation of a new coincident index for the Brazilian economic activity. The second is the construction of a coincident index of the economic activity for Brazil, and from it, (re) establish a chronology of recessions in the recent past of the Brazilian economy. The coincident index follows the methodology proposed by The Conference Board (TCB) and it covers the period 1980:1 to 2007:11. The third is the construction and evaluation of many leading indicators of economic activity for Brazil which fills an important gap in the Brazilian Business Cycles literature.

Constructing coincident and leading indices of economic activity for the Brazilian economy

This paper has three original contributions. The fi rst is the reconstruction effort of the series of employment and income to allow the creation of a new coincident index for the Brazilian economic activity. The second is the construction of a coincident index of the economic activity for Brazil, and from it, (re) establish a chronology of recessions in the recent past of the Brazilian economy. The coincident index follows the methodology proposed by The Conference Board (TCB) and it covers the period 1980:1 to 2007:11. The third is the construction and evaluation of many leading indicators of economic activity for Brazil which fills an important gap in the Brazilian Business-Cycle literature.

Analysis of contagion from the constant conditional correlation model with Markov regime switching

Over the last decades, the analysis of the transmissions of international nancial events has become the subject of many academic studies focused on multivariate volatility models volatility. The goal of this study is to evaluate the nancial contagion between stock market returns. The econometric approach employed was originally presented by Pelletier (2006), named Regime Switching Dynamic Correlation (RSDC). This methodology involves the combination of Constant Conditional Correlation Model (CCC) proposed by Bollerslev (1990) with Markov Regime Switching Model suggested by Hamilton and Susmel (1994). A modi cation was made in the original RSDC model, the introduction of the GJR-GARCH model formulated in Glosten, Jagannathan e Runkle (1993), on the equation of the conditional univariate variances to allow asymmetric e ects in volatility be captured. The database was built with the series of daily closing stock market indices in the United States (SP500), United Kingdom (FTSE100), Brazil (IBOVESPA) and South Korea (KOSPI) for the period from 02/01/2003 to 09/20/2012. Throughout the work the methodology was compared with others most widespread in the literature, and the model RSDC with two regimes was de ned as the most appropriate for the selected sample. The set of results provide evidence for the existence of nancial contagion between markets of the four countries considering the de nition of nancial contagion from the World Bank called very restrictive. Such a conclusion should be evaluated carefully considering the wide diversity of de nitions of contagion in the literature.

Sacredness of the constitutional text and interpretative heresy: the Brazilian Supreme Court decision on same-sex civil unions

The paper provides a close lecture of the arguments and methods of legal construction, employed in the extensive individual opinions written by the Justices of the Brazilian Supreme Court in the case which authorized the same sex civil union. After tracing an outline of the legal problem and his possible solutions, we analyze the individual opinions, showing their methodological syncretism, the use of legal methods and arguments in a contradictory way as well the deficiencies in the reasoning. The Justices use legal arguments, but do not meet the requirements of rationality in the decision-making. We have a rhetorical attempt that aims to satisfy the public opinion than to offer a comprehensive and coherent solution according the normative elements of the Brazilian Federal Constitution of 1988.

The role of the BNDES in the Brazilian development financing: contributions from the paper “towards a legal theory of finance” of Katharina Pistor

This paper aims to verify the main contributions and adjustments that the paper “Towards a Legal Theory of Finance” from Katharina Pistor may bring to the role of the Brazilian National Bank for Economic and Social Development (BNDES) in the Brazilian development financing. In order to do so, I work with two questions in this paper: (i) such theory presents elements which allow analyzing the role of the BNDES and from there, if it is required, adjustments can be made in the governance of the BNDES? and (ii) there are academics and scholars that, together with the theory, also contribute with the improvement of the BNDES role in the development of Brazil?

The Brazilian foreign exchange market through the microstructure perspective

The objective of this study is to investigate whether the relationship between order ow and the spot exchange rate stems from the fact that the ow aggregates information on dispersed economic fundamentals in the economy. To perform this test, a database that includes all transactions of the commercial and nancial segments of the Brazilian primary foreign exchange market between January of 1999 and May of 2008 was used. We show that the order ow was partly responsible for variations in in ation expectations over the time period and that this relationship did not remain robust, drawing comparisons with other fundamentals such as GDP and Industrial Production.

Taxonomy of Ophiuroidea (Echinonermata) from the continental shelf and slope of the southern and southeastern Brazilian coast

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

Advanced ceramics: Evaluation of the mechanism of stock removal and ground surface quality

The aim of this work is to evaluate the mechanism of stock removal and the ground surface quality of advanced ceramics machined by a surface grinding process using diamond grinding wheels. The analysis of the grinding performance was done regarding the cutting surface wear behavior of the grinding wheel for ceramic workpieces. The ground surface was evaluated using Scanning Electron Microscopy (SEM). As a result it can be said that the mechanism of material removal in the grinding of ceramic is largely one of brittle fracture. The increase of the hmax can reduce the tangential force required by the process. Although, it results in an increase in the surface damage, reducing the mechanical properties of the ground component.

Organic food market in the United States: Market access opportunities for Latin American and Caribbean producers

Includes bibliography

Seasonal changes in the gonadossomatic index, allometric condition factor and sex ratio of an auchenipterid catfish from eastern Amazonia

O objetivo deste estudo foi avaliar alterações sazonais no índice gonadossomático (IGS%), fator de condição (K) e proporção sexual, a fim de determinar o período de atividade reprodutiva do bagre Auchenipterichthys longimanus (Siluriformes: Auchenipteridae), a partir da análise de exemplares coletados em igarapés da Floresta Nacional de Caxiuanã, estado do Pará, Brasil. Através de coletas bimestrais entre julho de 2008 e julho de 2009, foram capturados 589 exemplares de A. longimanus, sendo 251 machos e 338 fêmeas. Dentre os machos, 171 exemplares foram classificados como adultos e 80 foram jovens, e dentre as fêmeas, 249 eram adultas e 89 jovens. Por meio do estabelecimento de uma equação senoidal, a análise do IGS% evidenciou uma assincronia reprodutiva entre os sexos, pois os machos obtiveram maiores valores de IGS% em janeiro e as fêmeas apresentaram seu pico em março. Para os valores de IGS% de machos, a equação senoide mostrou-se significante somente para os valores brutos (P=0,001), sendo não identificada uma tendência com os valores médios do IGS% (P=0,136). Para as fêmeas, os valores de significância da equação senoide para o IGS% foram obtidos tanto para os dados brutos (P=0,012) quanto para os dados médios (P=0,026). Para o Fator de Condição, a equação senoide demonstrou variação nos valores brutos e médios de machos adultos (P=0,02 e P=0,00, respectivamente) e nos valores brutos de fêmeas (P=0,04), refletindo diferenças nos padrões de investimento energético entre os sexos. Em relação à proporção sexual, foi observada uma maior frequência de capturas de fêmeas reprodutivas em relação aos machos nos meses de Janeiro e Março de 2009, sugerindo um padrão de segregação sexual com fins reprodutivos. Esses parâmetros são fundamentais na avaliação, conservação e manejo dos estoques naturais de peixes, assim como para subsidiar estratégias e procedimentos para a preservação e conservação da ictiofauna.

Genetic variation in native and farmed populations of Tambaqui (Colossoma macropomum) in the Brazilian Amazon: regional discrepancies in farming systems

O tambaqui, Colossoma macropomum, é a espécie de peixes mais popularmente usada para a aquicultura no Brasil, mas não há nenhum estudo comparando a variação genética entre as populações nativas e de cultivo desta espécie. No presente estudo foram analisadas sequências de DNA mitocondrial para avaliar a diversidade genética entre duas populações selvagens, um plantel de produção de alevinos, e uma amostra de estoques de piscicultura, todos da região de Santarém, no oeste do estado do Pará. Níveis similares de diversidade genética foram encontrados em todas as amostras e, surpreendentemente, o plantel mostrou expressiva representação da diversidade genética registrada em populações selvagens. Estes resultados contrastam consideravelmente com os do estudo anterior de estoques cultivados nos estados do Amapá, Pará, Piauí, Rondônia, que registrou apenas dois haplótipos, indicando uma longa história de endogamia nas matrizes utilizadas para a produção de alevinos. Os resultados dos dois estudos mostram dois cenários distintos de aquicultura do tambaqui na Amazônia, que devem ser melhor avaliados, a fim de garantir o sucesso da expansão da atividade na região, e no resto do Brasil, já que o tambaqui e seus híbridos agora são cultivados em todo o país.

The role of the state in health public policies: an overview of the debate on the concept of State and the Brazilian case

This article is the result of a narrative literature review. The objective is to show the development of an overview on the ideological debate on the design of state health policies. We argue that the role of the state in the development of health policy, even under the pressure of the global market, may create alternatives to promote and drive economic and social development, meaning they are not subject to economic constraints imposed by the liberal ideal of market. Here is a part of a theoretical discussion about the construction and presence of the State in Latin America, particularly in Brazil. We take the approaches of the Marxist tradition and liberal to the issue as reference. This discussion allows us to understand the historical role of the state in the maintenance of social policies, specifically health, is an alternative to public control eases the intense capital mobility promoted by economic globalization. In this sense, the theme makes the Brazilian health an important issue of social sciences, why is the historicity of the construction of the Brazilian health system, as a public policy that can mirror the actual reconstruction of the institutional framework of the Brazilian state with the establishment instances of negotiation between the various spheres of power that strengthen the state in this process of democratization of Brazilian society.

Guidelines for the Brazilian ceramic sector strategic development, based on a comparison with the Italian market

Based on a structured literature review, the ceramic tiles sector of Italy (benchmark) and Brazil (2nd world producer and consumer) are compared, under four strategic factors: normative, market, technology and strategic management, in order to identify critical risks for a national strategic sector. The document aims to propose guidelines for a strategic re-planning of the Brazilian ceramic tiles sector, making the Brazilian producers aware of the national market fragility (in spite of its recent remarkable evolution) and helping the policy makers to reflect on the need of reviewing the strategic planning methods and practice, of designing new targeted programs (based on coherence between operation and business strategies), of providing improved management to strengthen the sector against unfair competition by low-cost producers, enhancing the necessary infrastructure in technology, work, marketing and quality management. The analysis is limited to the single-firing production technology. The wide-coverage strategic analysis of the Brazilian ceramic tiles sector, very little studied until now in a scientific way, emphasizes the importance of applying research methodology and may be valuable to both scholars and practitioners. Additionally, it highlights the need of investments in innovation (product design and production technology) and the fundamental role of the sector organization, identifying different dimensions. It is possible to conclude that the recent Brazilian production growth is not due to a natural strengthening because of the hit of the sector and of correct enterprises strategy, but it seems the result of a temporary and favorable economic contingency.