902 resultados para Zero interest rate policy


Relevância:

100.00% 100.00%

Publicador:

Resumo:

Este trabalho tem como proposta investigar como o preço de terras de uso rural no Brasil é afetado pelos preços e exportações das principais commodities agropecuárias, bem como por variáveis macroeconômicas, como taxa básica de juros, taxa de câmbio, taxa de inflação e disponibilidade de crédito agrícola. Para tal foram consideradas as produções agrícola de algodão, café, cana-de-açúcar (e seus principais produtos açúcar e etanol), milho e soja, a produção pecuária de carne bovina e a produção industrial de celulose de fibra curta com foco em sua principal matéria prima, os plantios reflorestados de eucalipto. Em linha com estudos anteriores, foi encontrada evidência empírica de que o preço da terra possui cointegração com algumas das variáveis agrícolas, pecuárias e florestais citadas, em especial em estados com maior vocação agropecuária e/ou para silvicultura. Quanto às variáveis macroeconômicas, apenas a taxa básica de juros apresentou cointegração com o preço de terras para todos os estados avaliados, taxa de câmbio e disponibilidade de crédito rural não aparecem como variáveis estatisticamente significantes. Conclui-se que, para estados com notável participação na balança comercial brasileira de produtos agrossilvipastoris, é possível obter um modelo de equilibro de longo prazo entre o preço da terra de uso rural e as variáveis destacadas acima, de modo que investidores do setor possam utilizá-lo como ferramenta de projeção no auxílio da tomada de decisão além de avaliar potenciais impactos no valor de seus ativos A inovação do presente estudo está em testar as hipóteses de cointegração para cada um dos estados da federação.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

We study the relationship between the volatility and the price of stocks and the impact that variables such as past volatility, financial gearing, interest rates, stock return and turnover have on the present volatility of these securities. The results show the persistent behavior of volatility and the relationship between interest rate and volatility. The results also showed that a reduction in stock prices are associated with an increase in volatility. Finally we found a greater trading volume tends to increase the volatility.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

This study aims to verify if the Petrobras options market is efficient in the semi-strong form, that is, if all public information is reflected in these derivative prices. For this purpose, this work tries to achieve profit systematically through the Delta-GammaNeutral strategy using the company's stock and options. In order to simulate the strategy exactly as it would be used in the real world, we built the order books every five minutes considering all buying and selling orders sent to the underlying asset and to the options. We apply the strategy when distortions between implied volatilities extracted from the options are detected. The results show that the Petrobras options market is not efficient, since in 371 day trade strategies, which have an average investment of R$81,000 and average duration of one hour and thirteen minutes, the average return was 0.49% - which corresponds to more than 1,600% of the 1-day risk free interest rate - and 85% of strategies were profitable.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Neste trabalho buscamos identificar os principais determinantes da demanda por fundos de investimento no Brasil através do modelo Logit, que é bastante utilizado na teoria das organizações industriais. Sempre que possível realizamos “links” com os principais conceitos de finanças comportamentais. Assim, conseguimos aclarar as principais variáveis que impactam as variações de “market-share” na indústria de fundos de investimento. Concluímos que os principais indicadores observados pelos investidores no momento de tomada de decisão são o CDI, a inflação, a taxa real de juros, a variação do dólar e da bolsa de valores, por outro lado a rentabilidade acumulada dos últimos três meses é fator decisivo para que o investidor aplique ou resgate um fundo de investimento. Variáveis de risco e de retorno esperado que imaginávamos ter forte impacto, não se mostraram significativas para as variações de “share”.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

O trabalho faz uma análise sobre as taxas de juros brasileiras, além das principais características da curva soberana de juros nominais, dando ênfase aos títulos pré-fixados emitidos pelo governo em moeda local, no mercado doméstico e externo, onde notamos a ocorrência de um fenômeno bastante peculiar, que é o diferencial de rendimento e de maturidade existentes entre os dois mercados. Arida, Bacha e Lara-Resende (2004) conjecturam sobre a existência de um risco inerente ao país, chamado por eles de “incerteza jurisdicional”, relacionado às instituições brasileiras, e que estaria por trás das altas taxas de juros e da inexistência de um mercado de crédito doméstico de longo prazo. É feito um diagnóstico mais detalhado sobre as possíveis causas do fenômeno de maior maturidade e menor rendimento dos títulos emitidos no mercado externo em relação aos títulos do mercado interno, notando-se que ambos os fenômenos – dos altos juros brasileiros e da inexistência de um mercado juros de longo prazo – estão diretamente relacionados. As conclusões sobre as possíveis causas para o diferencial de rendimento entre os títulos locais e externos emitidos em Reais dizem respeito tanto aos fatores quantitativos, relacionados aos custos de investimento no Brasil e ao risco de conversibilidade, que contribuem em parte para aumentar as taxas exigidas para os títulos locais, bem como aos fatores qualitativos, como piores instituições no Brasil em relação às instituições externas. A diferença de maturidade entre os títulos também advém de questões institucionais, o que reafirma de certo modo a teoria de “incerteza jurisdicional” para explicar este fenômeno.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

The biofilms microbial forms of association are responsible for generating, accelerating and / or induce the process of corrosion. The damage generated in the petroleum industry for this type of corrosion is significatives, representing major investment for your control. The aim of this study was to evaluate such tests antibiograms the effects of extracts of Jatropha curcas and essential oil of Lippia gracilis Schauer on microrganisms isolated from water samples and, thereafter, select the most effective natural product for further evaluation of biofilms formed in dynamic system. Extracts of J. curcas were not efficient on the complete inhibition of microbial growth in tests type antibiogram, and essential oil of L. gracilis Schauer most effective and determined for the other tests. A standard concentration of essential oil of 20 μL was chosen and established for the evaluation of the biofilms and the rate of corrosion. The biocide effect was determined by microbial counts of five types of microorganisms: aerobic bacteria, precipitating iron, total anaerobic, sulphate reducers (BRS) and fungi. The rate of corrosion was measured by loss of mass. Molecular identification and scanning electron microscopy (SEM) were performed. The data showed reduction to zero of the most probable number (MPN) of bacteria precipitating iron and BRS from 115 and 113 minutes of contact, respectively. There was also inhibited in fungi, reducing to zero the rate of colony-forming units (CFU) from 74 minutes of exposure. However, for aerobic and anaerobic bacteria there was no significant difference in the time of exposure to the essential oil, remaining constant. The rate of corrosion was also influenced by the presence of oil. The essential oil of L. gracilis was shown to be potentially effective

Relevância:

100.00% 100.00%

Publicador:

Resumo:

The period post-war promoted several changes in relations economic, political and social world. Since then, a new division international of labor has delineated, with the great growth of Asian countries. In the field of international relations, the world still appears to transition is not completed because the old institutions were not replaced by new ones and the power of the United States as a major capitalist country remains unshaken, even with the emergence and strengthening of new economic global blocs. With globalization, Brazil emerges with more intensity in the face of new issues global, although its share in transactions trade global hasn‟t changed accordingly. In this sense, the objective of this dissertation is to examine, in a descriptive and critical the development of international relations and trade of Brazil and Rio Grande do Norte with the main blocs in the world from 1999 to 2008. As a secondary objective: to identify the assumptions theoretical that underpinned the decisions governments of the FHC and Lula, in particular, the interference of these terms in international relations and foreign trade. Adopted as the procedure methodological the literature review of the subject, as well as collection and processing of the data of foreign trade. During the Cardoso government has undergone the substantial growth in imports, as part of the economic policy of anti-inflationary, generating large deficits trade. From the first to the second term, with the inflection of exchange rate policy the country has resumed surpluses trade. The choice of government of the autonomy participation increased the relative share of the traditional blocks in total foreign trade and reduced the share of MERCOSUL. In the Lula government, there is the maintenance of some elements of the economic policy of the previous government and the partial shift in the conduct of foreign policy, with the option of autonomy through diversification, raising its stake on the blocks and other emerging countries in total foreign trade Brazilian and reducing the contribution of the traditional blocks such as NAFTA and the European Union. A trend observed in the previous government and deepened in the Lula government was the growth in commodity exports and the decline of manufactured products, confirming the model of conservative insertion of Brazilian exports. The Rio Grande do Norte followed the trend Brazilian in the growth of foreign trade, including in participating conservative, given that the products exported by the state are basically coming from horticulture irrigated and agribusiness. However, in the aspect of destination export, the state followed trajectory distinct from that in the Lula government, with the deepening of trade relations with traditional blocks, especially with the European Union and NAFTA

Relevância:

100.00% 100.00%

Publicador:

Resumo:

In the work reported here we present theoretical and numerical results about a Risk Model with Interest Rate and Proportional Reinsurance based on the article Inequalities for the ruin probability in a controlled discrete-time risk process by Ros ario Romera and Maikol Diasparra (see [5]). Recursive and integral equations as well as upper bounds for the Ruin Probability are given considering three di erent approaches, namely, classical Lundberg inequality, Inductive approach and Martingale approach. Density estimation techniques (non-parametrics) are used to derive upper bounds for the Ruin Probability and the algorithms used in the simulation are presented

Relevância:

100.00% 100.00%

Publicador:

Resumo:

The purpose of this randomized study was to evaluate EMG spectral, subjective and cardiovascular recovery parameters after isometric lumbar extension contractions. Ten healthy women performed isometric lumbar extensions until exhaustion with 5%, 10%, 15% and 20% of maximal voluntary isometric contraction on 4 different days (random order). One baseline five second contraction was performed before the fatiguing task which was followed by eight submaximal five second extension contractions (until 20 minutes after the end of the fatiguing task) at the same intensity as the trial to evaluate muscle recovery. EMG (Median Frequency, Peak Power, Peak Power Frequency, Total Power and Zero-crossing Rate) and cardiovascular variables did not demonstrate any statistical difference between the 5-second contractions (p > 0.05) performed before and after the fatiguing task, showing a quick EMG recovery. However, the data analysis showed that the perceived effort variable had not recovered even 10 minutes after the fatigue contraction (p < 0.05). Our results represent a data basis for future comparisons and since subjective felling can affect performance, this study shows the importance of its analysis, since the subjective effort rate was not fully recovered after 10 minutes the end of the exhaustion contraction. © 2008 IOS Press. All rights reserved.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Includes bibliography

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Includes bibliography

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Were evaluated the economic effects of four grazing heights (20, 40, 60 and 80 cm) of Tanzânia grass for beef cattle. The total area was 12 acres divided into paddocks of one hectare, with three replications. We used three animals, males, Nelore per paddock, as more animals need additional adjustment to the height you want. The reduction in sward height allowed higher stocking rate, which, even with a reduction in individual performance, there was more beef production per area. The interest rate on capital given the property represented the largest share in the final cost of production. The participation of fixed variables showed a positive linear function of the increase in height from grazing, showing significant reduction of the production scale. A reduction in cost of production per hectare per year with increasing grazing height. No differences were found in certain economic indicators, and the four systems remunerate the capital invested.

Relevância:

100.00% 100.00%

Publicador:

Resumo:

Includes bibliography

Relevância:

100.00% 100.00%

Publicador:

Resumo:

The growing demand for electrical power and the limited capital invested to provide this power is forcing countries like Brazil to search for new alternatives for electrical power generation. The purpose of this paper is to present a technical and economic study on a 15 kW solar plant installed in an isolated community, highlighting the importance of the need for financial subsidy from the government. It evaluates the importance of parameters such as the annual interest rate, specific investment, the marginal cost of expanding the electrical power supply and the government subsidy on amortization time of capital invested. © 2012 Elsevier Ltd All rights reserved.