Banco Central e a administração de crises bancárias

Crises bancárias podem implicar uma alta redistribuição de recursos em uma sociedade. O interesse público em manter os bancos em funcionamento demanda o desenho de regimes eficazes de resolução, pois a falência desordenada desses intermediários pode ser uma fonte de risco sistêmico. O Banco Central, autoridade responsável por zelar pela higidez do sistema financeiro, pode se valer de diversos instrumentos para reestruturar ou liquidar um banco em dificuldade financeira. De modo a prevenir a propagação do risco sistêmico, as regras jurídicas conferem ao Banco Central uma ampla margem de discricionariedade no julgamento de quais bancos merecem receber assistência financeira e na escolha dos métodos de resolução bancária. O caráter globalizado das finanças exige uma maior coordenação entre autoridades domésticas na resolução de bancos que operam em múltiplas jurisdições. Algumas iniciativas de órgãos internacionais no período pós-crise de 2007-2008 têm buscado instituir, em nível global, um marco normativo para gerenciamento de crises bancárias, através da harmonização de regimes domésticos de resolução. O histórico de crises do sistema financeiro brasileiro levou ao desenvolvimento de uma rede de proteção bancária em momentos anteriores à crise financeira global de 2007-2008. Assim, o sistema financeiro brasileiro apresentou bom funcionamento mesmo nas fases mais agudas. Não tendo experimentado uma crise sistêmica no período recente, o Brasil não está passando por reformas profundas na estrutura institucional do seu sistema financeiro, a exemplo de países como Estados Unidos e Reino Unido. No entanto, desafios impostos pela crescente globalização das finanças e peculiaridades locais motivam reformas e mudanças discretas nos padrões de governança da rede de proteção brasileira. Através da reconstituição da atuação do Banco Central em três momentos de crise no Brasil, o presente trabalho busca analisar criticamente a rede de proteção bancária brasileira e os mecanismos jurídicos de accountability da autoridade financeira no exercício da supervisão e administração de crises bancárias.

Citizens and the future of multilateralism in a polycentric world at 2030: the perspectives of emerging countries for the trading system: the impasse of WTO, the trends of mega agreements, the logic of value chains and the advent of consumers concerns on international trade

A new paradigm is modeling the World: evolutionary innovations in all fronts, new information technologies, huge mobility of capital, use of risky financial tools, globalization of production, new emerging powers and the impact of consumer concerns on governmental policies. These phenomena are shaping the World and forcing the advent of a new World Order in the Multilateral Monetary, Financial, and Trading System. The effects of this new paradigm are also transforming global governance. The political and economic orders established after the World War and centered on the multilateral model of UN, IMF, World Bank, and the GATT, leaded by the developed countries, are facing significant challenges. The rise of China and emerging countries shifted the old model to a polycentric World, where the governance of these organizations are threatened by emerging countries demanding a bigger participation in the role and decision boards of these international bodies. As a consequence, multilateralism is being confronted by polycentrism. Negotiations for a more representative voting process and the pressure for new rules to cope with the new demands are paralyzing important decisions. This scenario is affecting seriously not only the Monetary and Financial Systems but also the Multilateral Trading System. International trade is facing some significant challenges: a serious deadlock to conclude the last round of the multilateral negotiation at the WTO, the fragmentation of trade rules by the multiplication of preferential and mega agreements, the arrival of a new model of global production and trade leaded by global value chains that is threatening the old trade order, and the imposition of new sets of regulations by private bodies commanded by transnationals to support global value chains and non-governmental organizations to reflect the concerns of consumers in the North based on their precautionary attitude about sustainability of products made in the World. The lack of any multilateral order in this new regulation is creating a big cacophony of rules and developing a new regulatory war of the Global North against the Global South. The objective of this paper is to explore how these challenges are affecting the Tradinge System and how it can evolve to manage these new trends.

O FUNDEB na prática: uma análise jurídica dos desafios para a implementação de políticas públicas no Brasil

Esta dissertação pretende examinar a estrutura jurídica (ponto de partida) do Fundo de Manutenção e Desenvolvimento da Educação Básica e de Valorização dos Profissionais da Educação (FUNDEB), que foi adotada com o intuito de promover a melhoria da educação por meio do financiamento entre entes federativos (ponto de chegada). Para tanto, utilizamos como arcabouço teórico a literatura de Direito e Desenvolvimento, que ressalta a relevância de desenhos jurídicos específicos apresentarem-se como instrumentos para assegurar o cumprimento de direitos fundamentais (SCHAPIRO e TRUBEK, 2012), o trabalho de Bucci sobre políticas públicas (BUCCI, 2006a, 2006b, 2013, 2015) e as discussões de Sen sobre desenvolvimento (SEN, 2000). Para aferir como o FUNDEB foi implementado pelo arcabouço institucional, utilizamos como recorte metodológico a análise dos diplomas normativos relativos a essa política e das decisões proferidas pelo Superior Tribunal de Justiça (STJ) e Supremo Tribunal Federal (STF), afetas ao cálculo e repasse dos recursos de complementação federal, que se destinam aos entes que não possuem condições de atender às determinações da Lei do Fundo. Mais precisamente, selecionamos decisões sobre o prazo para ajustar os valores de complementação federal e acerca da constitucionalidade da Lei do Piso do Magistério, que também exige complementação federal nos termos do FUNDEB. A partir das decisões, constatamos que as interpretações conferidas pelos órgãos judiciais permitiram maior discricionariedade à União para dispor sobre as regras para complementação federal, além de conceder maior prazo para proceder aos ajustes. Concluímos que as questões jurídicas apresentadas nas decisões evidenciam ambiguidades ou lacunas no desenho jurídico da política pública do FUNDEB, o que pode gerar certo grau de imprevisibilidade nas condições para sua implementação prática que podem, por sua vez, frustrar, parcial ou totalmente, os objetivos almejados pela política pública.

O princípio constitucional da legalidade administrativa e os limites do controle das atividades-fim das agências reguladoras pelo Tribunal de Contas da União

Analysis of the role of the Union Accounts Court on the control of regulatory agencies, with the objective of identifying the limits of the Institution s acting on the aim activities of the agencies, particularly the control limits of the Court on the merits of discretionary administrative actions, taking into account the autonomy of these entities in the model of regulatory state. Analyzes the principle of administrative legality, the control of public administration, state s action in the economy and facing regulatory agencies, their emergence, evolution and characteristics. Includes the study of jurisprudence and doctrinal differences, as for the limits of the powers conferred by the constitutional legislator to Federal Court of Audit, regarding the control of agencies aim activities, or, in other terms, their regulatory and inspector missions of market, under the principle of administrative legality. Performs analysis, based on case studies involving Court s audits on regulatory agencies. Are appreciated differences within the Institution about the their decisions effects - imposed or not - as regards the arrangements to be adopted by regulatory agencies to correct the flaws and omissions found during Court s inspections, in which content of the act of public agent, despite their technical nature, can happen the criterion of convenience and opportunity

A Competência normativa das agências reguladoras e seus limites principiológicos no direito brasileiro

The transition of the liberal state to welfare state, globalization and the crisis of funding from the government spending on the multiple roles demanded an overhaul of the means of intervention in the economic domain and structure organizational of the Public Administration by enhancing the performance of regulatory functions. Therefore appear in Brazilian law independent regulatory agencies with legal administrative particular that gives autonomy increased, with fixed terms and stability of its leaders, police and competencies, normative and administrative judges. In this scenario, given the autonomy granted by the laws of the creation of regulatory agencies, the legislative competence becomes the most contentious issue, as not infrequently is innovation in the legal system. The main foundations of innovative extension producible by regulatory agencies, which diverges doctrine, are the constitutional attribution of own competence of the Public Administration and the discretionary power. Thus, it is necessary to delimit the constitutional and legal foundations of special legislative powers of these autarchies in our legal system, seeking ways to limit and control the production rules of those entities, for the purpose of position them before the powers constitutionally constituted. We note that with the constitutionalisation of administrative law regulatory agencies found limits to its performance in the normative constitutional principles, especially through the principles of efficiency, morality and proportionality, which has enabled a more effective control of their normative acts

Comparative study between RBF and radial-PPS neural networks

The study of function approximation is motivated by the human limitation and inability to register and manipulate with exact precision the behavior variations of the physical nature of a phenomenon. These variations are referred to as signals or signal functions. Many real world problem can be formulated as function approximation problems and from the viewpoint of artificial neural networks these can be seen as the problem of searching for a mapping that establishes a relationship from an input space to an output space through a process of network learning. Several paradigms of artificial neural networks (ANN) exist. Here we will be investigated a comparative of the ANN study of RBF with radial Polynomial Power of Sigmoids (PPS) in function approximation problems. Radial PPS are functions generated by linear combination of powers of sigmoids functions. The main objective of this paper is to show the advantages of the use of the radial PPS functions in relationship traditional RBF, through adaptive training and ridge regression techniques.

Multidimensional polynomial powers of sigmoid (PPS) Wavelet neural networks

Wavelet functions have been used as the activation function in feedforward neural networks. An abundance of R&D has been produced on wavelet neural network area. Some successful algorithms and applications in wavelet neural network have been developed and reported in the literature. However, most of the aforementioned reports impose many restrictions in the classical backpropagation algorithm, such as low dimensionality, tensor product of wavelets, parameters initialization, and, in general, the output is one dimensional, etc. In order to remove some of these restrictions, a family of polynomial wavelets generated from powers of sigmoid functions is presented. We described how a multidimensional wavelet neural networks based on these functions can be constructed, trained and applied in pattern recognition tasks. As an example of application for the method proposed, it is studied the exclusive-or (XOR) problem.

Human face verification based on multidimensional Polynomial Powers of Sigmoid (PPS)

In this paper, we described how a multidimensional wavelet neural networks based on Polynomial Powers of Sigmoid (PPS) can be constructed, trained and applied in image processing tasks. In this sense, a novel and uniform framework for face verification is presented. The framework is based on a family of PPS wavelets,generated from linear combination of the sigmoid functions, and can be considered appearance based in that features are extracted from the face image. The feature vectors are then subjected to subspace projection of PPS-wavelet. The design of PPS-wavelet neural networks is also discussed, which is seldom reported in the literature. The Stirling Universitys face database were used to generate the results. Our method has achieved 92 % of correct detection and 5 % of false detection rate on the database.

Optical and electrical properties of polymerizing plasmas and their correlation with DLC film properties

Diamond-like carbon (DLC) films were grown from radiofrequency plasmas of acetylene-argon mixtures, at different excitation powers, P. The effects of this parameter on the plasma potential, electron density, electron temperature, and plasma activity were investigated using a Langmuir probe. The mean electron temperature increased from about 0.5 to about 7.0 eV while the mean electron density decreased from about 1.2x10(9) to about 0.2x10(9) cm(-3) as P was increased from 25 to 150 W. Both the plasma potential and the plasma activity were found to increase with increasing P. Through actinometric optical emission spectrometry, the relative concentrations of CH, [CH], and H, [H], in the discharge were mapped as a function of the applied power. A rise in [H] and a fall in [CH] with increasing P were observed and are discussed in relation to the plasma characteristics and the subimplantation model. The optical properties of the films were calculated from ultraviolet-visible spectroscopic data; the surface resistivity was measured by the two-point probe method. The optical gap, E(G), and the surface resistivity, rho(s), fall with increasing P. E(G) and rho(s) are in the ranges of about 2.0-1.3 eV and 10(14)-10(16) Omega/square, respectively. The plasma power also influences the film self-bias, V(b), via a linear dependence, and the effect of V(b) on ion bombardment during growth is addressed together with variation in the relative densities of sp(2) and sp(3) bonds in the films as determined by Raman spectroscopy.

Surface roughness of enamel and four resin composites

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Consistent modified gravity: dark energy, acceleration and the absence of cosmic doomsday

We discuss modified gravity which includes negative and positive powers of curvature and provides gravitational dark energy. It is shown that in GR plus a term containing a negative power of curvature, cosmic speed-up may be achieved while the effective phantom phase (with w less than -1) follows when such a term contains a fractional positive power of curvature. Minimal coupling with matter makes the situation more interesting: even 1/R theory coupled with the usual ideal fluid may describe the (effective phantom) dark energy. The account of the R(2) term (consistent modified gravity) may help to escape cosmic doomsday.

Remarks on Parametric Surface Waves in a Nonlinear and Non-Ideally Excited Tank

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Virasoro constraints and flavor-topology duality in QCD

We derive Virasoro constraints for the zero momentum part of the QCD-like partition functions in the sector of topological charge v. The constraints depend on the topological charge only through the combination N-f +betav/2 where the value of the Dyson index beta is determined by the reality type of the fermions. This duality between flavor and topology is inherited by the small-mass expansion of the partition function and all spectral sum rules of inverse powers of the eigenvalues of the Dirac operator. For the special case beta =2 but arbitrary topological charge the Virasoro constraints are solved uniquely by a generalized Kontsevich model with the potential V(X) = 1/X.

Erbium- and ytterbium-doped sol-gel SiO2-HfO2 crack-free thick films onto silica on silicon substrate

Aware of the difficulties in applying sol-gel technology on the preparation of thin films suitable for optical devices, the present paper reports on the preparation of crack-free erbium- and ytterbium-doped silica: hafnia thick films onto silica on silicon. The film was obtained using a dispersion of silica-hafnia nanoparticles into a binder solution, spin-coating, regular thermal process and rapid thermal process. The used methodology has allowed a significant increase of the film thickness. Based on the presented results good optical-quality films with the required thickness for a fiber matching single mode waveguide were obtained using the erbium- and ytterbium-activated sol-gel silica:hafnia system. The prepared film supports two transversal electric modes at 1550 nm and the difference between the transversal electric mode and the transversal magnetic mode is very small, indicating low birefringence. Photoluminescence of the I-4(13/2) -> I-4(15/2) transition of erbium ions shows a broad band centered at 1.53 mu m with full width at a half maximum of 28 nm. Up-conversion emission was carried out under different pump laser powers, and just one transition at red region was observed. (c) 2006 Elsevier B.V. All rights reserved.

Recommended Guidelines for Submission, Trimming, Margin Evaluation, and Reporting of Tumor Biopsy Specimens in Veterinary Surgical Pathology

Neoplastic diseases are typically diagnosed by biopsy and histopathological evaluation. The pathology report is key in determining prognosis, therapeutic decisions, and overall case management and therefore requires diagnostic accuracy, completeness, and clarity. Successful management relies on collaboration between clinical veterinarians, oncologists, and pathologists. To date there has been no standardized approach or guideline for the submission, trimming, margin evaluation, or reporting of neoplastic biopsy specimens in veterinary medicine. To address this issue, a committee consisting of veterinary pathologists and oncologists was established under the auspices of the American College of Veterinary Pathologists Oncology Committee. These consensus guidelines were subsequently reviewed and endorsed by a large international group of veterinary pathologists. These recommended guidelines are not mandated but rather exist to help clinicians and veterinary pathologists optimally handle neoplastic biopsy samples. Many of these guidelines represent the collective experience of the committee members and consensus group when assessing neoplastic lesions from veterinary patients but have not met the rigors of definitive scientific study and investigation. These questions of technique, analysis, and evaluation should be put through formal scrutiny in rigorous clinical studies in the near future so that more definitive guidelines can be derived.