How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (light-touched) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — investors have incentives to interpret information in a biased fashion in a systematic way. ‘Fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in unregulated and over-liquid financial market to learn from previous mistakes seems rather limited.

Structuring a startup's operations in an emerging market

The present work analyzes the establishment of a startup’s operations and the structuring all of the processes required to start up the business, launch the platform and keep it working. The thesis’ main focus can therefore be described as designing and structuring a startup’s operations in an emerging market before and during its global launch. Such business project aims to provide a successful case regarding the creation of a business and its launch into an emerging market, by illustrating a practical example on how to structure the business’ operations within a limited time frame. Moreover, this work will also perform a complete economic analysis of Brazil, thorough analyses of the industries the company is related to, as well as a competitive analysis of the market the venture operates in. Furthermore, an assessment of the venture’s business model and of its first six-month performance will also be included. The thesis’ ultimate goal lies in evaluating the company’s potential of success in the next few years, by highlighting its strengths and criticalities. On top of providing the company’s management with brilliant findings and forecasts about its own business, the present work will represent a reference and a practical roadmap for any entrepreneur willing to establish his operations in Brazil.

Exclusivity contracts and competition : the case of the Brazilian fuels market

Exclusivity contracts can help stations by providing brand-value that allows them to obtain higher profits, relative to unbranded retailers. However, branded retailers may have a stronger negative effect over its competitors’ profits. It is not clear which one of these two effects dominates (brand-value vs competition effect). Therefore, the impact of exclusivity over the number of participants in the downstream market is not determined. In this paper, I empirically study the effects of exclusivity agreements on competition in the Brazilian gasoline sector. In order to do so, I estimate an entry model of endogenous product-type choices using data of retailers’ locations and contract choices along with data from the 2010 Brazilian Census. I use my estimates to simulate entry decisions under two counterfactual scenarios: i) mandatory exclusivity and ii) no exclusivity.

Uso da internet no setor de hotelaria de Recife-PE

A Internet é uma tecnologia que revolucionou o mundo, criando novas formas de interação entre pessoas, organizações e negócios. O setor hoteleiro é um segmento que muito tem se beneficiado dos serviços suportados pela Internet. O objetivo do estudo é identificar os diferentes fatores que influenciam ao uso da Internet sob três dimensões: individual, organizacional e ambiental. Um modelo conceitual foi postulado contendo nove variáveis independentes sobre duas variáveis dependentes, relativas ao padrão de uso da Internet. Os dados foram coletados junto a 52 hotéis localizados no litoral do Recife – PE. O resultado da análise inferencial dos dados mostrou um padrão diferenciado de uso da Internet nos hotéis de pequeno, médio e grande porte e como os fatores acima descritos podem ser mais bem explorados a fim de se atingir um eficiente padrão de uso, aumentando suas posições competitivas. Baseadas na análise e resultados obtidos do estudo, são esboçadas algumas recomendações e implicações para futuras pesquisas. ABSTRACT:The Internet technology has revolutionized the world, creating new forms of interaction among people, organizations and businesses. The hotel sector has reaped many benefits from services supported by the Internet. The object of this study is to explore different factors that influence the adoption of the Internet in three areas: individual, organizational and environment. A conceptual framework was advanced containing nine independent variables and two dependent variables related to the usage of the Internet. Data was collected from 52 hotels located along the coast of Recife, PE, Brazil. Analysis of the data has demonstrated the Internet use in small, medium and large size hotels. Some attributes of the Internet usage could be better utilized by owners and managers in order to achieve a more efficient pattern of use, improving their competitive position. Based on the findings obtained from the study, some recommendations and implications for future research are advanced

Marketing de relacionamento em um provedor de internet: um estudo comparativo que considera a visão gerencial e a percepção dos clientes

The current paper aims at analyzing customer retention in Internet provider services. For this study, we sought to understand what are the client's expectations regarding the services available and compare them with management perception in relation to the use of those services. Identifying the coherence level between the two points of view, management and client, it is possible to pinpoint how service is assessed in real conditions. Then, from this point on, a new vision can be implemented on available services, and new customer service strategies aiming at best serving to their expectation and need, can be rethought. The exploratory research was utilized. It was based on case study, and quantitative and qualitative methods were used. The quantitative method was done by applying the cluster technique with six variables of control derived from the six main services, whose definition was done through qualitative survey of the internal management team. Then, an structured interview with 443 clients, from a probabilistic sample of 800 costumers. The total number of active clients of the internet provider is of 10.677. Client perception in relation to services varied, if compared with the four services that were under the managerial metric method, this comparison showed a more positive evaluation than the real use of the service. Thus, it was observed that the value of each service available for the client depends on his/her perception of it, regardless of using or not the offered service. As a result, it is possible to understand which services offered by the company under study effectively contribute to a good client-company relationship, and the upkeep of those clients

Characterization of heat waves affecting mortality rates of broilers between 29 days and market age

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

Evaluation of mango loss (Mangifera indica L.) in the retail market of Botucatu-SP

Losses in the mango commercialization process in Brazil has reduced its offer to the consumer. The present study aims at determining these losses in different purchase sites of the retail market, its causes and suggestions for reducing them. Twenty two retail points, including supermarkets, greengroceries and free fair were selected in Botucatu, state of São Paulo, Brazil. The total amount commercialized was 114 ton/year. The following average losses were verified for each mango variety: 'Tommy Atkins'(11, 5%), Haden (12, 4%) and 12, 7% for other varieties. The total loss in retail market reached US$ 25.231,00 corresponding to 14 tons. The average loss percentage observed is compatible with previous studies running in other cities. The results suggest the need of better management, the exposure of the fruit to the consumer, technology in the transportation of the fruits and most appropriate storage for maintaining the quality and the reduction of losses. The results show the need of higher investment in technical personnel reskilling in fruit and vegetable sector.

O amor em tempos de internet: as expectativas amorosas na rede social Badoo

This research aims to examine the phenomenon of sexual relations by observing the Social Network Badoo. As a means to achieve this objective, qualitative in-depth interviews were conducted online. The main question is to understand how the amorous expectations in the liquid modernity are configured. Added to that, there is as analysis categories the insight about relationships and the love experiences provided by the use of the Social Network Badoo. There are three initial hypotheses: 1) a time of transition is experienced, in which the liquid love in the proposed terms by Bauman (2004) was gaining ground and, as consequence, the relationships would be presenting themselves shorter, more open and with another interactive proposals for the relations. 2) The consuming practices of the liquid modernity can interpellate the relational practices molding them according to your logic. 3) It is assumed that the reasoning, inherent to the market, of the use followed by the disposal settles itself in the social behavior and this practice is accentuated by technology, through the use of the internet for the establishment of romantic relationships.the empirical analysis shows that both the vision on relationships as the amorous expectations in liquid modernity have as references the model of solid loving relationship, inherent to the traditional modernity. However it also demonstrates that the romantic experiences and practices refer to the liquid relationship model. Therefore, from these statements it is argued that there is in liquid modernity the cohabitation of the liquid and solid models of romantic relationships. In summary, this research aims to understand the contemporary love relationships across the spectrum of relationships that develop on the Internet Social Network: Badoo

A Internet como tecnointeração da aprendizagem: valorização da cultura e identidade juvenil

The present study investigates Internet as technological interaction in the school environment as a resource of the teaching-learning process. It aims to discuss the lack of synchronicity between proposals of educational access for Internet use and types of access and interaction applied by youngsters. For the development of this research, I resorted to a qualitative, descriptive and explanatory research focused on a group whose subjects are youngsters from eleven to fifteen years of age in a catholic school which belongs to a group of private teaching schools in Natal city, Rio Grande do Norte state. As methodological option it focus on a group and the observation of its participation, discourse analysis and ethnography, considering facts and data of the pedagogical practice concerning the focused theme, besides the attempt to know the youngsters everyday at school and the relationship between them and juvenile cultures. It recognizes the existence of two moments of the focused group: the first related to internet use like technological interaction; the second concerns to the way Internet is problematic as technological interaction in classroom learning. While contacting with youngsters, the study discusses the concepts of Media Environments, Culture, Identity, Network, Consumption and Citizenship. It recognizes that it is relevant for the school to consider Internet a pedagogical tool, directed not just at research, but mostly as learning environment and as learning construction in a collaborative way. It points out the need of approach between school and media environment, reevaluating the pedagogical practice, offering a new evaluation proposal (self-evaluation). It suggests a renewal in the teacher's pedagogical practice in the classroom and using Internet, valuing the connection between technological interaction and communication as motivation elements of student s learning construction and their effective participation in decisions involving citizenship. It gives priority to educational work directed at the establishment of dialogic relationship between codes, learning and contents, leading to the new findings domain in the media environment, enabling the development of abilities and performances directed at the recognition and consumption of information from a critical reading of the media

Construtivismo de marco teórico-pedagógico a grife: um estudo a partir das mensagens veiculadas na internet

This thesis is resulted of a research on propagated the social representations of constructivism in the Internet, which as had estimated basic the idea of Moscovici (1961) of that the media it has determinative paper in the popularization of the scientific theories, in formation e propagation of the social representations and in the construction of behaviors human beings. Understanding the Internet as latest space of circulation of social communications, therefore, privileged field (and still not explored) for studies of social representations, we choose this half midiático as investigative field of our research, it if it constitutes in the "great ocean of the new informational planet" (LEVY, 2000, p. 126), besides making possible the interaction with different forms of images, different individuals, different ' world ', configuring itself as important space of symbolic production e of analysis of the representational process in the world contemporary. Based in these questions, we trace as objective to analyze the circulating speech propagated on-line on the constructivism, searching to apprehend the social representations shared the respect. This objective was constructed in face of the insertion of the theory constructivist in the educational way has two decades more than, as well as of its consolidation as reference in different social contexts, mainly in midiático. The question that directed the research was: as this theory obtains to penetrate in some layers of our society, to influence the world readings e the behaviors of different people? That modifications it suffers in this trajectory and which the paper of the Internet in this process? The corpus of the research was constituted of the substances on the theory found in the Internet, in pages in Portuguese of Google, in the period of 27 of July of 2004 the 17 of August of 2004. The data they had been analyzed on the basis of the project of analysis of content elaborated for Moscovici (1961) and in the estimated theoreticians of the social communication, in special of the hypermedia. The results had disclosed that the Internet participates of determinative form in the process of popularization of the constructivism theory, not only spreading out its estimated theoretician- methodological for the domain public (diffusion), but propagating positive beliefs and images of its postulates (propagation) and using them it service of interests politicians e financiers (propaganda). The popularization of the constructivism in the Internet and social representations of this theory propagated configure one process in which the theory passes of pedagogical theoretical landmark for grief, assuming a commercial character extremely and the status of solution for problems of the education and the society, stirring up attitudes and behaviors in public, most general possible, that comes to take care of to the interests politicians e marketing. Recognizing the diversity, the permanent renewal of information and the negotiation of directions gifts in the Internet, as well as the innumerable ones forms of access to the information found by it, we consider results of the research as fruits of the inherent characteristics to this way midiático, to the time where we call the attention for relativity these results, for the plasticity of knowing them and sensible propagated on-line e for the great challenge that the hypermedia imposes to the study of communication phenomena, of the social representations and in educational quarrels and for the necessity of new research that they investigate the forms of socialization of the information and communication propitiated by hypermedia and its implications in the construction of the symbolic universes and in practical social

Postharvest Conservation of Mature-Green and Ripe 'Paluma' Guava Stored at Two Temperatures

This work aimed to establish the importance of maturation and ripeness stages and the use of refrigeration for the conservation of 'Paluma' guavas. Fruit picked at the mature-green and ripe stages were stored at ambient conditions (21 degrees C and 85% RH) and also at 10 degrees C (85% RH). The fruit were evaluated every 2 or 3 days for weight loss, appearance, decay, color, firmness, soluble solids, titratable acidity, ascorbic acid, total polyphenols extractable content and total antioxidant activity. The fruit stored at 21 degrees C had higher weight loss than those stored at 10 degrees C. Mature-green guavas at 21 degrees C remained in good quality for 6 days, but at 10 degrees C, the preservation period increased to 15 days. Ripe fruit were preserved for 4 days at 21 degrees C, which was extended with refrigeration to 6 days. Mature-green fruit at 21 degrees C had decay in 6 days; while at 10 degrees C decay happened in 18 days. The peel color of mature-green fruits, at 21 degrees C, showed increasing values of luminosity, indicating that its color became lighter (change from green to yellow) and at 10 degrees C it showed constant values until the end of storage. Pulp firmness of mature-green fruit declined during storage as a result of ripening. In ripe fruits such reduction occurred more slowly, since they were softer. The color of the pulp became intense red for mature fruits. Soluble solids were lower in ripe fruit at 21 degrees C, while in mature fruits at 10 degrees C, it increased. The titratable acidity increased in fruits stored at 10 degrees C. The fruits kept at 21 degrees C and the mature guavas kept at 10 degrees C showed no changes in ascorbic acid content. The ripe fruit at 10 degrees C maintained their ascorbic acid levels. Mature guavas, stored at 10 degrees C, had the longest shelf life and higher contents of soluble solids and titratable acidity, with no changes in total polyphenols extractable content and total antioxidant activity.

Brazilian Students and Working Capital: An Analysis of Their Decisions When Using Virtual Market Business Games

This study aims to demonstrate that data from business games can be an important resource for improving efficiency and effectiveness of learning. The proposal presented here was developed from preliminary studies of data from Virtual Market games that pointed the possibility of identifying gaps in learning by analyzing the decisions of students. This proposal helps students to refine their learning processes and equips tutors with strategies for teaching and student assessment. The proposal also complements the group discussion and/or debriefing, which are widely used to enhance learning mediated by games. However, from a management perspective the model has the potential to be erroneous and miss opportunities, which cannot be detected because of the dependence on the characteristics of the individual, such as ability to communicate and work together. To illustrate the proposed technique, data sets from two business games were analyzed with the focus on managing working capital and it was found that students had difficulties managing this task. Similar trends were observed in all categories of students in the study-undergraduate, postgraduate and specialization. This discovery led us to the analysis of data for decisions made in the performance of the games, and it was determined that indicators could be developed that were capable of indentifying inconsistencies in the decisions. It was decided to apply some basic concepts of the finance management, such as management of the operational and non-operational expenditures, as well as production management concepts, such as the use of the production capacity. By analyzing the data from the Virtual Market games using the indicator concept, it was possible to detect the lack of domain knowledge of the students. Therefore, these indicators can be used to analyze the decisions of the players and guide them during the game, increasing their effectiveness and efficiency. As these indicators were developed from specific content, they can also be used to develop teaching materials to support learning. Viewed in this light, the proposal adds new possibilities for using business games in learning. In addition to the intrinsic learning that is achieved through playing the games, they also assist in driving the learning process. This study considers the applications and the methodology used.

Bioacoustic analysis of advertisement call in Hyla nana and Hyla sanborni (Anura, Hylidae) in Botucatu, São Paulo, Brazil

As características relacionadas à comunicação sonora em duas espécies aparentadas, Hyla nana e H. sanborni, pertencentes ao grupo nana de espécies, foram estudadas, entre agosto de 1997 e junho de 1999, em duas poças permanentes de grande porte em área aberta na região de Botucatu, Estado de São Paulo. Foram obtidas gravações de 131 exemplares, 71 indivíduos de H. nana e 58 de H. sanborni, durante início de atividade de vocalização e atividade de vocalização em coro. Houve diferença nos ritmos de emissão de notas dos cantos entre o início das atividades e durante os coros. O canto de anúncio das espécies consiste na emissão de séries consecutivas de notas simples, pulsadas, com taxa de repetição rápida. Hyla nana e H. sanborni apresentam dois tipos de notas em seu canto de anúncio, denominados aqui como tipos A e B. Notas do tipo A, introdutórias, apresentam maior duração e número de pulsos, e suas emissões foram mais freqüentes durante o início das atividades de vocalização. As notas introdutórias são as primeiras da série emitida em atividade de coro. As notas do tipo B, secundárias, são curtas e com menor número de pulsos, sendo emitidas durante as vocalizações em coro. Os dois tipos de notas encontrados diferem significativamente em sua estrutura temporal. As duas espécies apresentaram segregação acústica tanto na estrutura espectral como na temporal de seus cantos de anúncio.

Underlying dynamics of typical fluctuations of an emerging market price index: the Heston model from minutes to months

We investigate the Heston model with stochastic volatility and exponential tails as a model for the typical price fluctuations of the Brazilian São Paulo Stock Exchange Index (IBOVESPA). Raw prices are first corrected for inflation and a period spanning 15 years characterized by memoryless returns is chosen for the analysis. Model parameters are estimated by observing volatility scaling and correlation properties. We show that the Heston model with at least two time scales for the volatility mean reverting dynamics satisfactorily describes price fluctuations ranging from time scales larger than 20min to 160 days. At time scales shorter than 20 min we observe autocorrelated returns and power law tails incompatible with the Heston model. Despite major regulatory changes, hyperinflation and currency crises experienced by the Brazilian market in the period studied, the general success of the description provided may be regarded as an evidence for a general underlying dynamics of price fluctuations at intermediate mesoeconomic time scales well approximated by the Heston model. We also notice that the connection between the Heston model and Ehrenfest urn models could be exploited for bringing new insights into the microeconomic market mechanics. (c) 2005 Elsevier B.V. All rights reserved.

Packaging to Preserve 'Aurora-1' Peaches from Two Maturity Stages

The main objective of this research was to evaluate chemical and physical changes in 'Aurora-1' peach harvested at two maturity stages, packed in different types of packaging and kept under refrigeration. Fruit were harvested at the mature green and ripe stages, packed in four different types of packaging (control, PD-900 (TM), PVC and PET) and stored at 6 degrees C. The following variables were evaluated every eight days: coloration, accumulated fresh mass loss, firmness, appearance, acidity, total soluble solids contents, soluble sugars, and percentage of pectin solubilization. We observed that the postharvest life was influenced by packaging and the mature green fruits showed lower disease occurrence. Fresh mass loss was lower in packed fruits. The peel of mature green fruits developed a characteristic ripe peach color at the end of storage, but PD-900 (TM) provided a delay in color change. Packaging also influenced the firmness, allowing for more firmness retention than for the control fruits at both harvest stages. The organic acid content decreased in the packaged fruits and increased in the control fruits. In the packaged fruit, the amount of sugar increased until the eighth day and then decreased until the end of the storage period. The 'Aurora-1' peaches did not show compromised quality by packaging use and exhibited an increase in harvest life to 24 days (compared to 16 days for the control).