Financial crisis and national policy issues: an overview

Includes bibliography

An econometric analysis of private-sector investment in Brazil

Includes bibliography

United States interest rates, Latin American debt and financial contagion

Includes bibliography

Brazil: the international financial crisis and counter-cyclical policies

Includes bibliography

Identifying financial crises in real time

Following the thermodynamic formulation of a multifractal measure that was shown to enable the detection of large fluctuations at an early stage, here we propose a new index which permits us to distinguish events like financial crises in real time. We calculate the partition function from which we can obtain thermodynamic quantities analogous to the free energy and specific heat. The index is defined as the normalized energy variation and it can be used to study the behavior of stochastic time series, such as financial market daily data. Famous financial market crashes-Black Thursday (1929), Black Monday (1987) and the subprime crisis (2008)-are identified with clear and robust results. The method is also applied to the market fluctuations of 2011. From these results it appears as if the apparent crisis of 2011 is of a different nature to the other three. We also show that the analysis has forecasting capabilities. © 2012 Elsevier B.V. All rights reserved.

Analysis of artisanal fisheries in two reservoirs of the upper Paraná River basin (Southeastern Brazil)

We compared the artisanal fisheries, in terms of catch strategies, productivity, and gross per capita income, at two reservoirs: The Barra Bonita (an eutrophic reservoir with some introduced species), and the Jurumirim (an oligotrophic reservoir, with no introduced species). Published data and structured interviews with fishers were used to evaluate fishing activity, fish biomass, and the financial performance of the fisheries. In the Barra Bonita Reservoir we analysed data from 745 fishing trips, from which 86,691.9 kg of fish were landed, with a mean CPUE of 62.4 kg/fisher-1 day-1. The main type of fish caught was tilapia (71,513.5 kg; CPUE of 51.5 kg/fisher-1 day-1), which constituted 82.5% of the biomass caught. In the Jurumirim Reservoir, we analysed data from 2,401 fishing trips, from which 25,093.6 kg of fish were landed, with a mean CPUE of 10.4 kg/fisher-1 day-1. The main type of fish caught was traíra (6,158.6 kg; CPUE of 2.6 kg/fisher-1 day-1), which constituted 24.5% of the biomass caught. Ordination analysis (PCA) indicated that there was a difference in composition between the fishing reservoirs and ANCOVA showed that there was a significant difference in fish production between the reservoirs. A Student's t-test showed that fishers in the Barra Bonita Reservoir had a significantly higher gross per capita income than those from the Jurumirim Reservoir. Although the Barra Bonita Reservoir has a higher fish production and the fishers earn a higher gross per capita income, we recommend the Jurumirim Reservoir as a model for artisanal fishery management because fishing activity in this reservoir is viable in the long term and such a model would promote conservation and sustainability. This contrasts with the Barra Bonita Reservoir, in which the fishery is not viable in the long term, due to environmental problems caused by artificial eutrophication and the introduction of alien species. It is also noted that in many countries, management of fisheries based on exotic species has not been viable in the long term. © 2013 Sociedade Brasileira de Ictiologia.

Module for the Analysis of Growth of International Commerce (MAGIC PLUS)

On 12 September 2006, on the occasion of the launching of the report Latin America and the Caribbean in the World Economy, 2005-2006, the Executive Secretary of ECLAC, José Luis Machinea, presented a new version of the software program Module for the Analysis of Growth of International Commerce (MAGIC).  The first version of MAGIC was created by ECLAC Subregional Headquarters in Mexico , to conduct ex post analysis of the competitiveness of countries' exports to the United States market. The new application architecture was made possible thanks to financial support from the Canadian International Development Agency (CIDA) and the Division of Production, Productivity and Management of ECLAC headquarters in Santiago , Chile .  This issue of the FAL Bulletin reviews the progress of MAGIC in the ten years it has been functioning, and the evolution which has made it one of ECLAC's most popular, versatile, and technologically advanced applications.  

Financial constraints on economic development: Theory and policy for developing countries

This article contains a theoretical and policy analysis of the financial constraints on economic development in developing countries. Following a Keynesian interpretation, it concludes that financial policies are needed to relieve these constraints, given the natural tendency of financial systems to operate in ways that are dysfunctional to economic development. It then proposes three lines of policy that take account of the special characteristics of developing countries: resource allocation policies targeted at segments of strategic importance for economic and financial development; policies to control financial and external fragility; and compensatory policies of a more interventionist cast, in particular directed credit programmes for both public- and private-sector lending to complement resource allocation policies, and countercyclical regulatory barriers so that fragility can be better controlled.

Analysis of extreme events in the Caribbean 1990-2008

This study presents an analysis of extreme events in the Caribbean subregion for the period 1990 to 2008, and forms part of a similar, wider study focused on the Latin America and the Caribbean region (Central America and South America being the other two subregional components). It explores the economic costs of climate change through an examination of adaptation costs to extreme events. ECLAC, through its Subregional Headquarters for the Caribbean, is pleased to have been able to undertake this study with the financial support of DFID and to have ensured its successful execution in collaboration with technical expertise from the University of the West Indies.

Is financial literacy an economic good?

Financial literacy (fl) is generally regarded as an economic good which individuals choose whether or not to consume depending on how much of a contribution they expect it to make to the quality of their financial decision-making. This construct has not, however, been tested empirically. In this study we analyse variations in fl on the part of individuals who experience major life-cycle events that show up in the data and that can be assumed to have repercussions on their personal finances. The analysis of a panel made up of approximately 12,000 people indicates that there is a correlation between 13 of the 17 selected life events and financial decisions, but only one of those events (job training) is associated with a change in fl. This evidence casts doubt upon the conceptualization of fl as an economic good and is in line with a series of other studies that, for one reason or another, have questioned the soundness of the current conceptual approach to FL.

Socioeconomic, financial and production infrastructure profile of farmers in rural settlements in the western region of the state of São Paulo, Brazil

Family agriculture, mostly represented by rural settlements especially in the state of São Paulo, makes up rural establishments in Brazil. Current investigation collects, analyzes and compares data on farmers on two rural settlements in the western region of the state of São Paulo, specifically in the municipality of Rancharia, with regard to their socioeconomic, financial and productive infrastructure profile, coupled to information on eventual restrictions to rural credit, by an analysis based on descriptive statistics. Results show that there are different factors between farmers and production systems, which cause loan restrictions due to such differences as age, agricultural and cattle-breeding activity, technical assistance and management. The valorization of these differences should be taken into account for the construction of new events, without extremes, and work for situations featuring demand-based development and characteristics of the locality

2006 Michigan Dairy Farm Business Analysis Summary

This report summarizes the financial and production records of 139 dairy farms from throughout Michigan in 2006. To be included, the farms must have produced at least 50 percent of gross cash farm income from milk and dairy animal sales. The records came from Michigan State University’s TelFarm project and the Farm Credit Service system in Michigan. The values were pooled into averages for reporting purposes. The farms are larger than would be the average of all dairy farms in Michigan. While considerable variation in the data exists, average values are reported in the summary tables and discussion that follows.

Multiple Radial Midpupil Lid Distances: A Simple Method for Lid Contour Analysis

Purpose: To describe a new computerized method for the analysis of lid contour based on the measurement of multiple radial midpupil lid distances. Design: Evaluation of diagnostic technology. Participants and Controls: Monocular palpebral fissure images of 35 patients with Graves' upper eyelid retraction and of 30 normal subjects. Methods: Custom software was used to measure the conventional midpupil upper lid distance (MPLD) and 12 oblique MPLDs on each 15 degrees across the temporal (105 degrees, 120 degrees, 135 degrees, 150 degrees, 165 degrees, and 180 degrees) and nasal (75 degrees, 60 degrees, 45 degrees, 30 degrees, 15 degrees, and 0 degrees) sectors of the lid fissure. Main Outcome Measures: Mean, standard deviation, 5th and 95th percentiles of the oblique MPLDs obtained for patients and controls. Temporal/nasal MPLD ratios of the same angles with respect to the midline. Results: The MPLDs increased from the vertical midline in both nasal and temporal sectors of the fissure. In the control group the differences between the mean central MPLD (90 degrees) and those up to 30 degrees in the nasal (75 degrees and 60 degrees) and temporal sectors (105 degrees and 120 degrees) were not significant. For greater eccentricities, all temporal and nasal mean MPLDs increased significantly. When the MPLDs of the same angles were compared between groups, the mean values of the Graves' patients differed from control at all angles (F = 4192; P<0.0001). The greatest temporal/nasal asymmetry occurred 60 degrees from the vertical midline. Conclusions: The measurement of radial MPLD is a simple and effective way to characterize lid contour abnormalities. In patients with Graves' upper eyelid retraction, the method demonstrated that the maximum amplitude of the lateral lid flare sign occurred at 60 degrees from the vertical midline. Financial Disclosure(s): The authors have no proprietary or commercial interest in any of the materials discussed in this article. Ophthalmology 2012; 119: 625-628 (C) 2012 by the American Academy of Ophthalmology.

Analysis of Schistosoma mansoni genes shared with Deuterostomia and with possible roles in host interactions

Abstract Background: Schistosoma mansoni is a blood helminth parasite that causes schistosomiasis, a disease that affects 200 million people in the world. Many orthologs of known mammalian genes have been discovered in this parasite and evidence is accumulating that some of these genes encode proteins linked to signaling pathways in the parasite that appear to be involved with growth or development, suggesting a complex co-evolutionary process. Results: In this work we found 427 genes conserved in the Deuterostomia group that have orthologs in S. mansoni and no members in any nematodes and insects so far sequenced. Among these genes we have identified Insulin Induced Gene (INSIG), Interferon Regulatory Factor (IRF) and vasohibin orthologs, known to be involved in mammals in mevalonate metabolism, immune response and angiogenesis control, respectively. We have chosen these three genes for a more detailed characterization, which included extension of their cloned messages to obtain full-length sequences. Interestingly, SmINSIG showed a 10-fold higher expression in adult females as opposed to males, in accordance with its possible role in regulating egg production. SmIRF has a DNA binding domain, a tryptophan-rich N-terminal region and several predicted phosphorylation sites, usually important for IRF activity. Fourteen different alternatively spliced forms of the S. mansoni vasohibin (SmVASL) gene were detected that encode seven different protein isoforms including one with a complete C-terminal end, and other isoforms with shorter C-terminal portions. Using S. mansoni homologs, we have employed a parsimonious rationale to compute the total gene losses/gains in nematodes, arthropods and deuterostomes under either the Coelomata or the Ecdysozoa evolutionary hypotheses; our results show a lower losses/gains number under the latter hypothesis. Conclusion: The genes discussed which are conserved between S. mansoni and deuterostomes, probably have an ancient origin and were lost in Ecdysozoa, being still present in Lophotrochozoa. Given their known functions in Deuterostomia, it is possible that some of them have been co-opted to perform functions related (directly or indirectly) to host adaptation or interaction with host signaling processes.

Genome analysis of DNA repair genes in the alpha proteobacterium Caulobacter crescentus

Abstract Background The integrity of DNA molecules is fundamental for maintaining life. The DNA repair proteins protect organisms against genetic damage, by removal of DNA lesions or helping to tolerate them. DNA repair genes are best known from the gamma-proteobacterium Escherichia coli, which is the most understood bacterial model. However, genome sequencing raises questions regarding uniformity and ubiquity of these DNA repair genes and pathways, reinforcing the need for identifying genes and proteins, which may respond to DNA damage in other bacteria. Results In this study, we employed a bioinformatic approach, to analyse and describe the open reading frames potentially related to DNA repair from the genome of the alpha-proteobacterium Caulobacter crescentus. This was performed by comparison with known DNA repair related genes found in public databases. As expected, although C. crescentus and E. coli bacteria belong to separate phylogenetic groups, many of their DNA repair genes are very similar. However, some important DNA repair genes are absent in the C. crescentus genome and other interesting functionally related gene duplications are present, which do not occur in E. coli. These include DNA ligases, exonuclease III (xthA), endonuclease III (nth), O6-methylguanine-DNA methyltransferase (ada gene), photolyase-like genes, and uracil-DNA-glycosylases. On the other hand, the genes imuA and imuB, which are involved in DNA damage induced mutagenesis, have recently been described in C. crescentus, but are absent in E. coli. Particularly interesting are the potential atypical phylogeny of one of the photolyase genes in alpha-proteobacteria, indicating an origin by horizontal transfer, and the duplication of the Ada orthologs, which have diverse structural configurations, including one that is still unique for C. crescentus. Conclusion The absence and the presence of certain genes are discussed and predictions are made considering the particular aspects of the C. crescentus among other known DNA repair pathways. The observed differences enlarge what is known for DNA repair in the Bacterial world, and provide a useful framework for further experimental studies in this organism.