Monetary policy, default risk and the exchange rate

In a country with high probability of default, higher interest rates may render the currency less attractive if sovereign default is costly. This paper develops that intuition in a simple model and estimates the effect of changes in interest rates on the exchange rate in Brazil using data from the dates surrounding the monetary policy committee meetings and the methodology of identification through heteroskedasticity. Indeed, we find that unexpected increases in interest rates tend to lead the Brazilian currency to depreciate. It follows that granting more independence to a central bank that focus solely on inflation is not always a free-lunch.

Effect of benzylaminopurine (BAP) on clonal propagation rate of Curcuma longa L.

Curcuma longa L. is used in many countries for its flavor, and medicinal and cosmetic attributes, as well as for its peculiar starch characteristics. These factors have driven an interest in the in vitro propagation of this species, looking for germplasm bank maintenance, production of disease free plants, genetic variability induction from callus, and as a tool for starch research. However, there are few reports concerning the micropropagation of Curcuma longa. The in vitro propagation rate of this species, cultured under two benzylaminopurine (BAP) concentrations, was the aim of this research.

Twenty-five years of the Inter-American Development Bank

Presenta algunos antecedentes de la creacion del BID, asi como su tarea y sus proyecciones innovadoras en su papel de financiar importantes proyectos multinacionales.

Resolución 429(XIX): Presentación del Programa de Acción Regional al Banco Interamericano de Desarrollo (BID) = Resolution 429(XIX): Presentation of the Regional Programme of Action to the Inter-American Development Bank (BID) = Résolution 429(XIX): Soumission du Programme d'action régional à la BID

Publicado separadamete en cada idioma

Transformación y desarrollo: la gran tarea: informe presentado al Banco Interamericano de Desarrollo = Change and development: Latin America's great task: report submitted to the Inter-American Development Bank

Incluye Bibliografía

Serological Diagnosis of Paracoccidioidomycosis: High Rate of Inter-laboratorial Variability among Medical Mycology Reference Centers

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

Distributed Rate Allocation in Inter-Session Network Coding

In this work, we propose a distributed rate allocation algorithm that minimizes the average decoding delay for multimedia clients in inter-session network coding systems. We consider a scenario where the users are organized in a mesh network and each user requests the content of one of the available sources. We propose a novel distributed algorithm where network users determine the coding operations and the packet rates to be requested from the parent nodes, such that the decoding delay is minimized for all clients. A rate allocation problem is solved by every user, which seeks the rates that minimize the average decoding delay for its children and for itself. Since this optimization problem is a priori non-convex, we introduce the concept of equivalent packet flows, which permits to estimate the expected number of packets that every user needs to collect for decoding. We then decompose our original rate allocation problem into a set of convex subproblems, which are eventually combined to obtain an effective approximate solution to the delay minimization problem. The results demonstrate that the proposed scheme eliminates the bottlenecks and reduces the decoding delay experienced by users with limited bandwidth resources. We validate the performance of our distributed rate allocation algorithm in different video streaming scenarios using the NS-3 network simulator. We show that our system is able to take benefit of inter-session network coding for simultaneous delivery of video sessions in networks with path diversity.

Exchange Market Pressure on the Pound-Dollar Exchange Rate: 1925-1931

An investigation of exchange market pressure against the pound sterling during the inter-war period. The main findings are that a) the behavior of UK fundamentals relative to those of the USA help to explain exchange market pressure against the pound; b) during the run up to devaluation in September 1931 the monetary authorities in the UK were acting to reduce domestic credit; but that c) additional pressure was brought against the pound from speculative sources. These findings relate to current thinking on the choice of exchange rate regime as even well behaved fundamentals may not be sufficient to sustain a currency on its peg.

Grain-size distribution, sedimentation rate and x-ray fluorescence data of four sediment cores off the Senegal River estuary

Fine-grained sediment depocenters on continental shelves are of increased scientific interest since they record environmental changes sensitively. A north-south elongated mud depocenter extends along the Senegalese coast in mid-shelf position. Shallow-acoustic profiling was carried out to determine extent, geometry and internal structures of this sedimentary body. In addition, four sediment cores were retrieved with the main aim to identify how paleoclimatic signals and coastal changes have controlled the formation of this mud depocenter. A general paleoclimatic pattern in terms of fluvial input appears to be recorded in this depositional archive. Intervals characterized by high terrigenous input, high sedimentation rates and fine grain sizes occur roughly contemporaneously in all cores and are interpreted as corresponding to intensified river discharge related to more humid conditions in the hinterland. From 2750 to 1900 and from 1000 to 700 cal a BP, wetter conditions are recorded off Senegal, an observation which is in accordance with other records from NW-Africa. Nevertheless, the three employed proxies (sedimentation rate, grain size and elemental distribution) do not always display consistent inter-core patterns. Major differences between the individual core records are attributed to sediment remobilization which was linked to local hydrographic variations as well as reorganizations of the coastal system. The Senegal mud belt is a layered inhomogeneous sedimentary body deposited on an irregular erosive surface. Early Holocene deceleration in the rate of the sea-level rise could have enabled initial mud deposition on the shelf. These favorable conditions for mud deposition occur coevally with a humid period over NW-Africa, thus, high river discharge. Sedimentation started preferentially in the northern areas of the mud belt. During mid-Holocene, a marine incursion led to the formation of an embayment. Afterwards, sedimentation in the north was interrupted in association with a remarkable southward shift in the location of the active depocenter as it is reflected by the sedimentary architecture and confirmed by radiocarbon dates. These sub-recent shifts in depocenters location are caused by migrations of the Senegal River mouth. During late Holocene times, the weakening of river discharge allowed the longshore currents to build up a chain of beach barriers which have forced the river mouth to shift southwards.