Ensaios em gestão de risco e regulação bancária

Esta tese é constituída por três ensaios. O primeiro ensaio analisa a informação pública disponível sobre o risco das carteiras de crédito dos bancos brasileiros, sendo dividido em dois capítulos. O primeiro analisa a limitação da informação pública disponibilizada pelos bancos e pelo Banco Central, quando comparada a informação gerencial disponível internamente pelos bancos. Concluiu-se que existe espaço para o aumento da transparência na divulgação das informações, fato que vem ocorrendo gradativamente no Brasil através de novas normas relacionadas ao Pilar 3 de Basileia II e à divulgação de informações mais detalhas pelo Bacen, como, por exemplo, aquelas do “Top50” . A segunda parte do primeiro ensaio mostra a discrepância entre o índice de inadimplência contábil (NPL) e a probabilidade de inadimplência (PD) e também discute a relação entre provisão e perda esperada. Através da utilização de matrizes de migração e de uma simulação baseada na sobreposição de safras de carteira de crédito de grandes bancos, concluiu-se que o índice de inadimplência subestima a PD e que a provisão constituída pelos bancos é menor que a perda esperada do SFN. O segundo ensaio relaciona a gestão de risco à discriminação de preço. Foi desenvolvido um modelo que consiste em um duopólio de Cournot em um mercado de crédito de varejo, em que os bancos podem realizar discriminação de terceiro grau. Neste modelo, os potenciais tomadores de crédito podem ser de dois tipos, de baixo ou de alto risco, sendo que tomadores de baixo risco possuem demanda mais elástica. Segundo o modelo, se o custo para observar o tipo do cliente for alto, a estratégia dos bancos será não discriminar (pooling equilibrium). Mas, se este custo for suficientemente baixo, será ótimo para os bancos cobrarem taxas diferentes para cada grupo. É argumentado que o Acordo de Basileia II funcionou como um choque exógeno que deslocou o equilíbrio para uma situação com maior discriminação. O terceiro ensaio é divido em dois capítulos. O primeiro discute a aplicação dos conceitos de probabilidade subjetiva e incerteza Knigthiana a modelos de VaR e a importância da avaliação do “risco de modelo”, que compreende os riscos de estimação, especificação e identificação. O ensaio propõe que a metodologia dos “quatro elementos” de risco operacional (dados internos, externos, ambiente de negócios e cenários) seja estendida à mensuração de outros riscos (risco de mercado e risco de crédito). A segunda parte deste último ensaio trata da aplicação do elemento análise de cenários para a mensuração da volatilidade condicional nas datas de divulgação econômica relevante, especificamente nos dias de reuniões do Copom.

Correspondentes bancários e microcrédito no Brasil: tecnologia bancária e ampliação dos serviços financeiros para a população de baixa renda

Dois importantes fenômenos têm sido observados recentemente nos mercados financeiros: microcrédito e correspondentes bancários. Microcrédito, ressaltado pelo Nobel da Paz que foi concedido em 2006 a Muhammad Yunus pelo seu trabalho no Grammen Bank, está cada vez mais sendo reconhecido como um poderoso instrumento de geração de renda e redução de pobreza nos países em desenvolvimento. Correspondente bancário, que tem tido um recente destaque particularmente no Brasil, está relacionado com a criação de canais de oferta de serviços financeiros em estabelecimentos de varejo, resultando em baixos custos de distribuição e ampliação da penetração dos serviços bancários direcionados à população de baixa renda. Apesar de terem sido ambos, microcrédito e correspondentes bancários, desenvolvidos com foco nas populações de baixa renda, na prática existe pouca interação entre eles. Este estudo apresenta uma investigação sobre o potencial dos correspondentes como canal de distribuição do microcrédito. Foi realizada uma pesquisa qualitativa com alguns dos principais atores ligados tanto ao universo dos correspondentes bancários quanto ao das microfinanças. Os resultados sugerem que adaptações ao do modelo dominante atualmente de correspondente pode gerar oportunidades para os bancos, as organizações de microfinanças e para a população de baixa renda no Brasil.

The Brazilian class C women perception regarding premium mass products in the beauty industry

Recentemente, os mercados emergentes se tornaram um alvo potencial para a indústria da beleza e o Brasil está se tornando um mercado lucrativo para os produtos cosméticos Premium (Euromonitor International, 2013). A população de baixa renda no Brasil representa 70% de seus habitantes ao considerar as classes C, D e E (Barki e Parente, 2010), sendo a classe C representada por 56% da população (Neri, 2012). Este é um mercado potencial para as empresas multinacionais (MNCs), que enfrentam desafios de fazer negócios no país, visto que a classe C opta por gastar parte de sua renda com produtos relacionados a beleza (Silva e Parente, 2007) e ainda há um pouco conhecimento sobre o comportamento de consumo na base da pirâmide. Portanto, o objetivo deste estudo é investigar e descrever o comportamento de consumo das mulheres brasileiras da classe C no setor de beleza, em relação aos produtos Mass Premium, melhorando o conhecimento no que diz respeito a essa população e ao tema proposto. Para atingir esse objetivo, o autor utilizou uma metodologia baseada em uma análise descritivas qualitativa em que foram entrevistadas 20 mulheres de todas as faixas etárias, que pertencem à classe C brasileira e citações foram usadas para fornecer a confirmação dos resultados da análise. Os resultados sugerem que, ao longo dos anos, houve de fato um movimento de trade up no consumo de produtos de beleza. Além disso, foram identificados cinco aspectos principais, que conduzem decisão de compra das mulheres de classe C, no setor de beleza: confiabilidade, qualidade, status, autoestima e bem-estar. Apesar das limitações de um estudo exploratório, espera-se que a pesquisa aumente o conhecimento sobre o mercado da base da pirâmide, especialmente no que diz respeito à indústria da beleza.

Cooperativa habitacional autofinanciável :uma alternativa de mercado à escassez de financiamento

As an example of what happened in Brazil in the 90s, it s noticed in Natal a new system of cooperative housing production which is done by advancing the users resources selffinancing. This system comes as an alternative for the real state market performance since the end of the National Housing Bank (BNH), in 1986. Self-financed housing cooperatives play an important social role by contributing to own housing acquisition by low-income population, without, however, becoming a mechanism of social interest housing production. It is important to consider that Brazil registers a housing deficit of 6.6 million housing units (IBGE 2000/Census), which, compared to 1991, shows an increment of 21.7% to a growth rate of 2.2% a year. This deficit figure has been deepening, mainly with the end of the National Housing Bank (BNH). The self-financed cooperative housing production broadens around the Metropolitan Region of Natal (RMN) and remains as an alternative to the lack of financing in the housing / real state market. In general, the aim of this work is to analyze the role of self-financing housing cooperatives on the housing production in the RMN, in order to identify their role in the real state market, in the own housing promotion and in the housing policy. The Universe of this study is performance of four housing cooperatives - CHAF-RN, COOPHAB-RN, MULTHCOOP e CNH - that work through self-financing. It is considered here an amount of 38 undertakings launched between 1993 and 2002, including 8143 housing units. The methodology adopted consists of bibliographic, documental and field research. As a result, actions like brokerage, marketing, speculation, and the criteria to define places for undertakings and final products, show how close they are to the housing market production. As a matter of fact, this short distance explains why the self-financed cooperative production for social interest housing is still limited. This reinforces the theory that it is necessary to define and implement a subsidized housing policy to serve the low-income Brazilian population

Do acesso clássico à comercialização: especificidades do mercado imobiliário informal na área especial de interesse social de Mãe Luiza, Natal/ RN.

This study presents research regarding affordable housing and their effects on the spatial reconfiguration of Natal/ RN, aiming to identify the specificities of the informality of urban land. This study aims to understand how informal housing market operates housing provision for the population located in popular informal settlements, through buying and selling market and rental market of residential properties irregular / illegal. This understanding will be through the neighborhood of Mãe Luisa, Special Area of Social Interest (SASI), located between neighborhoods with a population of high purchasing power and inserted into the tourist shaft of seaside of town. The characterization of informal housing market in Mãe Luiza, from buyers, sellers and renters, will help to understand how these informal transactions operate on SASI and housing provision for public policy development and implementation of housing programs and land regularization for low-income population, adequate to dynamic and reality of housing of informal areas

Fases do desenvolvimento e diferenciação testicular em cutias (Dasyprocta aguti) criadas em cativeiros

A cutia (Dasyprocta aguti) é um roedor silvestre encontrado amplamente na região Nordeste do Brasil. É uma espécie muito utilizada pela população humana de baixa renda como fonte alternativa de proteína na alimentação. Foram utilizadas 31 cutias, machos, provenientes da Universidade Federal do Piauí (FUFPI), Estado do Piauí e da Escola Superior de Agricultura de Mossoró Estado do Rio Grande do Norte. Os animais foram divididos em grupos etários desde o nascimento até os 14 meses de idade. O diâmetro nuclear médio foi obtido pela medida de 10 núcleos do tipo celular estudado em cada testículo, no estágio 1 do ciclo do epitélio seminífero. Nos animais que não apresentaram o epitélio organizado em estágios bem definidos em virtude da idade, foram feitas medidas em secções transversais escolhidas somente pelo contorno circular. O início da assincronia do processo espermatogênico foi observado a partir dos seis meses de idade. A puberdade, na cutia Dasyprocta aguti, foi definitivamente estabelecida a partir dos nove meses de idade, pois estavam presentes todos os tipos celulares e espermatozóides liberados no lume tubular em grande parte do parênquima testicular.

Eficácia do diquat no controle de Hydrilla verticillata, Egeria densa e Egeria najas e toxicidade aguda para o Guaru (Phallocerus caudimaculatus), em condições de laboratório

No Brasil, as macrófitas aquáticas submersas, Egeria densa e Egeria najas, têm causado prejuízos aos usos múltiplos da água. Hydrilla verticillata foi recentemente introduzida, mas tem histórico como planta problemática nos EUA, no México e na Austrália. O objetivo deste trabalho foi avaliar as suscetibilidades relativas dessas três macrófitas aquáticas ao diquat e os riscos da utilização desse herbicida para o guaru (Phallocerus caudimaculatus). Para isso, foram instalados ensaios em condições de laboratório, a fim de avaliar a suscetibilidade relativa das três macrófitas por meio da manutenção de ponteiros dessas plantas em soluções contendo 0,0; 0,2; 0,4; 0,8; e 1,6 mg L-1 de diquat (Reward®) por 14 dias. A avaliação foi realizada pela variação do acúmulo de matéria fresca e do comprimento dos ponteiros no período de exposição ao herbicida. H. verticillata mostrou maior sensibilidade ao diquat em comparação com as duas macrófitas do gênero Egeria, mesmo em baixas concentrações do herbicida. Nas maiores concentrações, E. densa mostrou maior sensibilidade que E. najas. O risco da aplicação do diquat para P. caudimaculatus foi estimado pela toxicidade aguda. Alevinos de P. caudimaculatus de 0,4 ± 0,2 mg foram expostos a soluções de 0,0; 1,0; 5,0; 10,0; 15,0; 20,0; 25,0; e 30,0 mg L-1 de diquat. A concentração letal de 50% (CL(I) (50;96h)) do diquat estimada para P. caudimaculatus foi de 7,17 mg L-1. Para P. caudimaculatus, a toxicidade aguda foi superior à concentração recomendada para o controle de macrófitas aquáticas submersas, indicando risco muito baixo para esse peixe.

Toxicidade aguda e efeitos histopatológicos do herbicida diquat na brânquia e no fígado da tilápia nilótica (Oreochromis niloticus)

The lethal concentration of 50% (LC (I) and the histopathologic effects of diquat herbicide on Nile tilapia (Oreochromis niloticus) fish were evaluated in three experiments. The fishes were exposed to concentrations of 0, 25, 30, 35, 40, 45, 50, 55 and 60 rug diquat L-1, and gill and liver histology were evaluated in the surviving fishes. The estimated LC (I) (50-96h) of diquat was 37.28 mg L-1, with lower limits of 33.12 mg L-1 and upper limits of 41.44 mg L-1. In the treatment with 30, 35 and 40 mg L-1, signs of apical fusion of the secondary lamellae were observed; with 45 and 50 mg L-1, congestion of the primary lamellae was observed; in the treatment with 55 mg L-1, congestion of blood vessels on secondary lamellae took place. The livers of fishes in treatments with 0, 25, 30 and 35 mg L-1showed cordonal organization of hepatocytes. In the treatments with 40 and 45 mg L-1, hypertrophy of hepatocytes took place; with 50 and 55 mg L-1, cell fusion and the presence of vacuoles inside hepatocytes were observed. Diquat presented low risk of toxicity for nile tilapia, as the more severe histopathologic alterations occurred only in higher concentrations.

Quem tem direito à moradia? :uma análise da política nacional de habitação e dos programas de habitação de interesse social (2003-2005)

This dissertation analyses the Brazilian housing policy of today s, focusing on the programmes in the socalled Social Interest Housing Subsystem in order to discuss to what extent the government has been able to grant housing constitutional rights in the country. The discussion is about housing policy and the principles in the country s Constitution regarding the role of housing as a social right, a right that must be granted by the state. This refers to land rent theory to understand the relationship between capital and property and the reasons why, under capitalism, housing becomes a commodity in the market. Then, it discusses the national housing policy, which emphasizes land ownership through financing, that is, via market, a process that excludes all low income population. In the conclusion, it is clear that, although government programmes cover extensively at least potentially the national territory as well as social group, subsidized housing programmes cannot be implemented in the city due to land prices because subsidy is too low. In this way, the law that grants housing rights to all Brazilian citizens is violated

Novas fronteiras petrolíferas no Brasil : uma análise da necessidade de nova regulamentação da área do pré-sal sob a ótica constitucional

The Oil industry in Brazil has gone through several stages during the economical, political and social historical process. However, the significative changes have happened in the last fifteen years, due to market opening arising from the relaxation of the state monopoly over the Oil deposits and its derivatives. The edition of the Constitutional Amendment #9, changing the first paragraph of the 177th item of the Federal Constitution, marked the end of a stiffness about the monopoly that the Brazilian state kept in relation to the exploration and research of Oil and Gas. The economical order was fundamental to actualize the idea contained in the #9 Amendment, since its contents has the power to set up measures to be adopted by public power in order to organize the economical relations from a social viewpoint. The new brazilian Oil scenery, called pre-salt, presents itself in a way to amaze the economical markets, in addition to creating a new perspective to the social sector. This work will identify, in this new scenario, the need for change in the legal system. Nevertheless, this subject must not be treated in a thoughtless way: being an exhaustible good, we shall not forget that the future generations also must benefit from the exploration of natural resources recently discovered. The settlement of a new regulatory mark, including the change in the concession contract model to production and sharing is one of the suggested solutions as a bill in the National Congress, in an attempt to ensure the sovereignty of the nation. The constitutionality of a new regulatory mark is questioned, starting from an analysis of the state monopoly, grounding the comprehnsions in the brazilian constitutions, the relevance of the creation of Petrobras for self-assertion of the state about the monopoly of Oil and derivatives, and its posture after the Constitutional Amendment nº 9 (1995), when a company stops having control of the state monopoly, beginning to compete in a fairly way with other companies. The market opening and private initiative are emphasized from the viewpoint of the Constitutional Principles of the Economical and Social Order. The relaxation of the monopoly regarding the exploratory activity in the Federal Constitution doesn't deprive from the Union the ownerships of underground goods, enabling to this federal entity to contract, directly or by concession of exploration of goods, to state-owned or private companies. The existing oil in the pre-salt layer transforms the scenario from very high risk to low risk, which gives the Union the possibility of defining another way of exploring this resources in the best interests of the Public Administration

Pitiose cutânea equina de localização atípica tratada topicamente com solução de anfotericina B e DMSO

Background: Cutaneous lesions by Pythium insidiosum infection are commonly observed in horses, especially in those living at flooded environments. Equine pythiosis is characterized by the development of tumoral masses that are frequently located at distal limbs, ventral abdomen, thorax, breast and face. The lesions are usually granulomatous, serosanguineous and ulcerated, most often destroyed by self-mutilation due to the intense pruritus. The proposed treatment includes surgical excision followed by antifungal drugs administration, which can be done systemically or topically. Amphotericin B and dimethyl sulfoxide (DMSO) in association has been successfully used for cutaneous pythiosis topical treatment due to the DMSO property to carry any substance through plasmatic membranes.Case: The present report concerns a 12-year-old mixed breed gelding presenting with self-mutilation of a tumoral mass located at the left flank. The owners reported that the horse had initially presented a small wound that had evolved to a 20-cm in diameter mass in 4 weeks. Tissue samples were collected, processed and stained by the Gomori's methenamine silver (GMS) method. The histopathological analysis revealed Pythium insidiosum hyphae in a granulomatous tissue, especially located at peripheral region, where kunkers were present. Surgical excision of the mass followed by cauterization was indicated as initial treatment, and due to financial reasons, the owners elected only the topical antifungal therapy to control the fungus infection after surgery. Flunixin meglumine was also administrated for five days aiming the control of pain and inflammation. The wound was cleaned with povidone-iodine solution and rinsed with a solution containing, 50 mg, of amphotericin B in 10 mL of sterile water and 10 mL of DMSO. This procedure was carried Out twice a day. The wound healed fast due to an excellent centripetal epithelialization. and the horse was discharged after 64 days showing only 5% of the initial wound area. The owner reported by telephone the complete healing and hair growth 10 days after discharge.Discussion: Despite the atypical location of the tumoral lesion described at the present report, the history and clinical manifestations, especially the intense pruritus, showed similarity with other characteristic reports of equine cutaneous pythiosis. The diagnosis was confirmed by the histopathological examination showing hyphae structures, as described to be evidences of the presence of Pythium insidiosum in the tissue. The surgical procedure was the first step to provide remission of clinical signs, and one day after surgery the pruritus desapeared. After excision of the granulomatous tissue and cauterization, daily topical administration of amphotericin B associated with DMSO was effective in destroying the infectious agent, as observed by the excellent epithelization. A pink granulation tissue grew up providing an ideal surface for epithelial migration and the healing process progressed quickly. Centripetal epithelialization reduced the wound area until 3% of the initial area in 64 days of treatment, when the remaining wound was found almost completely healed and covered with hair. At the present report, the horse presenting pythiosis was only topically treated. The recommended therapy using amphotericin B and DMSO solution was effective, economically viable and low risk, considering that the systemic antifungal therapy usually suggested is expensive and extremely nephrotoxic. The atypical location of the lesion on the left flank shows that any anatomical region can be affected by the fungus, since the conditions for its development were present.

Seroprevalence of Antibodies to Chlamydophila psittaci in Zoo Workers in Brazil

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

Análise de desempenho de um fogão solar construído a partir de sucatas de antena de tv

Given the growing environmental crisis caused by degradation, mainly due to the use of polluting energy sources, increasing the growing use of renewable energies worldwide, with emphasis on solar energy, an abundant supply and available to everyone, which can be harnessed in several ways: electricity generation; dehydration of food; heating, disinfection and distillation and cooking. The latter has as its primary feature the viability of clean, renewable energy for society, combating ecological damage caused by large-scale use of firewood for cooking foods, use in tropical countries with high solar radiation, and has funding NGOs throughout the world with the goal of achieving low-income population. The proposed project consists of a solar cooker for concentration, working from the reflection of sunlight by a hub that they converge to a focal point at the bottom of the pot, getting lots of heat. The solar cooker under study consists of two elliptical reflecting parabolas made from the recycling of scrap TV antenna, having 0.29 m² of surface area for each antenna, which were covered by multiple mirrors of 2 mm thick and mounted on a metal structure, with correction for the mobility of the apparent movement of the sun. This structure was built with the recycling of scrap metal, possessing a relatively low cost compared with other solar cookers, around US$ 50.00. This cost becomes negligible, since that will involve a great benefit to not have fuel costs for each meal, unlike the use of gas or firewood for cooking food. The tests show that the cooker has reached the maximum temperature of 740 ° C, for boiling water in an average time of 28 minutes, cooking various types of foods such as potatoes, rice and pasta in an average time of 45 minutes and still going as a solar oven, making pizza baking and meat. These cooking times do not differ much from the cooking times on a gas stove, it becomes the solar cooker as a good consumer acceptance, and furthermore not to deliver the same gases that can poison the food as with the wood stove. Proves the viability of using the stove to cook or bake in two daily meals for a family, still presenting a position to improve his performance with the addition of new materials, equipment and techniques

Expression of nonclassical molecule human leukocyte antigen-G in oral lesions

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Um sonho distante: reflexões sobre acessibilidade nos conjuntos habitacionais do pmcmv faixa 1 na região metropolitana de Natal

This dissertation seeks to reflect on the accessibility of the governmental program Minha Casa Minha Vida, track 1, which comprehends people who made 0 to 3 minimum wages within the metropolitan region of Natal RN between the years of 2009 and 2012. The research covers the municipalities benefited by the program: Ceará-Mirim, Extremoz, Macaíba, Monte Alegre, Natal, Nísia Floresta, Parnamirim and São Gonçalo do Amarante. We have investigated the extensions of PMCMV on the context of the access to the city, debating some concepts attached to the capitalist mode of production such as residential segregation and peripherization. We have aimed to identify the accessibility conditions in the new housing complexes from three primal categories, namely, the localization of the complexes, the disponibility of public equipments, services, leisure and cultural properties on the neighborhood and the offer of public transport. Our theorical references are based on the ideas of the british geographer David Harvey on his work Social Justice and the City , from 1980. Harvey s studies made us debate on the locational choice for the social-matter habitation, and also let us discuss the price to accessibility on these new programs and its implications on the income of those who are benefited by them, specially because this is about a low-income population. To the achievement of these objectives, we made use of case study, including desk research, photographic documentation, records of field observations and informal conversations with locals, composing a qualitative study. In light of what has been researched and considering the guiding research questions, we reflect on aspects of the program that can greatly influence the processes of residential segregation and housing periphery of the lowincome population from the precarious conditions of accessibility to the referred population