Private equity and venture capital in an emerging economy: evidence from Brazil

This article, based on the Brazilian experience, examines how Private Equity and Venture Capital (PE/VC) adapts to an emerging economy Our dataset is based on two extensive questionnaires answered by each of the 65 PE/VC organizations with offices in Brazil. The results reveal that a lack of infrastructure and security create investment opportunities. However, institutional idiosyncrasies represent a major barrier and force PE/VC – a U.S. investment model – to adapt by investing in different stages of business development, avoiding LBOs, taking a generalist industry approach, geographically concentrating in the financial cluster and relying on arbitration for dispute resolution.

Deregulation and The 2007-2008 Housing/Debt Crisis Analysis of the Housing/Debt Crisis of 2007-2008 and its impact on the Financial Strength and Vulnerability of the United States and Global Economy

One looming question has persisted in the minds of economists the world over in the aftermath of the 2007-2008 American Housing and Debt Crisis: How did it begin and who is responsible for making this happen? Another two-part question is: What measures were implemented to help end the crisis and what changes are being implemented to ensure that it will never happen again? Many speculate that the major contributing factor was the repeal of the Glass-Steagall Act in 1999 that prompted a virtual feeding frenzy among the banking community when new calls from Capitol Hill encouraged home ownership in America as well as the secondary mortgage market which skyrocketed thereafter. The Glass-Steagall Act will be among many of the topics explored in this paper along with the events leading up to the 2007-2008 housing/debt crisis as well as the aftermath.

The economy of technology and adaptation (Dublado)

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The Brazilian financial system and the green economy : alignment with sustainable development

Three studies were prepared and are presented in this document. The first, The Brazilian Financial Sector Institutional Context in the Transition to Sustainable Development looks at the legislation, regulation, and public policies aimed at socio-environmental themes related to the financial sector. The second study, Current Financing for the Green Economy in Brazil, provides an initial estimate of the financial assets already allocated to the green economy, as well as a methodological proposal for the survey and monitoring of the respective flow of assets. The third and final study looks at two important segments of the Brazilian economy and their process of transition to a greener economy: renewable energy and agriculture.

The creative and advanced technology economy in Brazil: executive summary

This document brings together in a succinct form the available data about the current state of the Creative and Advanced Technology Economy of Brazil, presents some suggestions for public policies which can contribute to the development of technological and creative activities, and also points to issues to be studied and actions to be carried out in the future.

Macroeconomic constraints to growth of Brazilian economy diagnosis and some policy proposals

The recent process of accelerated expansion of the Brazilian economy was driven by exports and fixed capital formation. Although the pace of growth was more robust than in the 1990´s, we can still witness the existence of certain macroeconomic constraints to its continuation in the long run such as, for instance, the exchange rate overvaluation in particular since 2005, and in general the modus operandi of monetary policy. Such constraints may jeopardize the sustainability of the current pace of growth. Therefore, we argue that Brazil still lies in a trap made up of high interest and low exchange rates. The elimination of the exchange rate misalignment would bring about a great increase in the rate of interest, which on its turn would impact negatively upon investment and hence upon the sustainability of long run economic growth. We outline a set of policy measures to eliminate such a trap, in particular, the adoption of an implicit target for the exchange rate, capital controls and the abandonment of the present regime of inflation targeting. Recent events seem to go in this direction.

Fracking, China and the Global Economy

We develop an intertemporal model of the international economy, where tradeable intermediate goods are produced with capital, labor and hydrocarbons, and used in the production of non-tradeable consumption and investment goods. The model is calibrated to 176 countries, grouped according to their characteristics. We conduct simulations about key events that are currently reshaping the world e.g., fracking and China's new model of development. The model reproduces closely the recent fall in oil prices and delivers results about the impact on global output and consumption, but also about the propagation to different countries through terms of trade and capital accumulation.

Comments about some species abundance patterns: classic, neutral, and niche partitioning models

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Niche occupancy and the relative role of micro-habitat and diet in resource partitioning among pond dwelling tadpoles.

We determined microhabitat and diet niche for tadpoles from two ponds in an agricultural landscape. Additionally, we verified the intraspecific variation in resource use, and if diet and microhabitat use were correlated. Tadpoles found in the two ponds differed in microhabitat use, because in the larger pond they explored deeper places far from the margin. There were three groups with high microhabitat niche overlap. In both ponds, plant cover was the best descriptor to explain interspecific variation in microhabitat use. Tadpoles of all species ingested mainly Bacillariophyceae and Trachellomonas however the diet differed intraspecifically in the species from the two ponds. Ten items in the temporary pond and 15 items in the permanent one were ingested by all species; however, the relative abundance of each item differed. Diet similarity was not correlated to similarity in microhabitat use. In this study, diet was as important as microhabitat use to explain resource partitioning.

Taxonomic diversity, niche width and similarity in the use of plant resources by bees (Hymenoptera: Anthophila) in a cerrado area

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

Effects of Strength Training on Running Economy

The objective of this study was to compare the effect of different strength training protocols added to endurance training on running economy (RE). Sixteen well-trained runners (27.4 +/- 4.4 years; 62.7 +/- 4.3 kg; 166.1 +/- 5.0 cm), were randomized into two groups: explosive strength training (EST) (n = 9) and heavy weight strength training (HWT) (n = 7) group. They performed the following tests before and after 4 weeks of training: 1) incremental treadmill test to exhaustion to determine of peak oxygen uptake and the velocity corresponding to 3.5 mM of blood lactate concentration; 2) submaximal constant-intensity test to determine RE; 3) maximal countermovernent jump test and; 4) one repetition maximal strength test in leg press. After the training period, there was an improvement in RE only in the HWT group (HWT = 47.3 +/- 6.8 vs. 44.3 +/- 4.9 ml.kg(-1) -min(-1); EST = 46.4 +/- 4.1 vs. 45.5 +/- 4.1 ml.kg(-1) .min(-1)). In conclusion, a short period of traditional strength training can improve RE in well-trained runners, but this improvement can be dependent on the strength training characteristics. When comparing to explosive training performed in the same equipment, heavy weight training seems to be more efficient for the improvement of RE.

Niche-specific association of Aeromonas ribotypes from human and environmental origin

A total of 88 Aeromonas isolates from distinct locations and sources (39 from extraintestinal infections, 31 from diarrhoeic, ten from non-diarrhoeic faeces, all human, and eight from fresh water) were subjected to phenospecies identification, serotyping, ribotyping and detection of some virulence markers. The strains belonged to four different phenospecies marked by 19 O serogroups and 38 ribotypes. No strong correlation between these parameters was found, and no group, as defined by the typing methods, could be characterized with a particular set of virulence markers. There was a clear association of ribotypes with the source of the strains. Cluster analysis allowed the identification of a complex of ribotypes belonging to distinct but related sources, including clinical and environmental isolates. These results suggest that ribotyping may be an epidemiological tool suitable for the study of Aeromonas infections.

Economic survey of Latin America and the Caribbean 2012: policies for an adverse international economy

Includes bibliography

Latin America and the Caribbean in the World Economy 2001-2002

Includes bibliography