Bank loan terms and conditions: is there a macro effect?

We examine whether macroeconomic factors contain significant information for bank loan contracting terms and conditions (T&Cs), over and above that of standard firm-specific or country-level institutional factors. Our estimation is based on a seemingly unrelated mixed-processes methodology that accommodates two salient data properties: (i) the fact that loan contract terms are determined jointly as a single lending contract, and (ii) the fact that the elements of loan T&Cs are generated by different distributional formats. Our findings indicate that cross-country variation accounts for a significant portion of observed variation in loan T&Cs. In addition, macroeconomic fundamentals significantly explain the “package” of loan T&Cs offered to corporate borrowers, with this effect being distinct from any influence that T&Cs receive from firm-specific factors, and also from country-specific institutional factors.

The housing market channel of monetary policy transmission in the Euro area

Purpose – The purpose of this paper is to explore the role of the housing market in the monetary policy transmission to consumption among euro area member states. It has been argued that the housing market in one country is then important when its mortgage market is well developed. The countries in the euro area follow unitary monetary policy, however, their housing and mortgage markets show some heterogeneity, which may lead to different policy effects on aggregate consumption through the housing market. Design/methodology/approach – The housing market can act as a channel of monetary policy shocks to household consumption through changes in house prices and residential investment – the housing market channel. We estimate vector autoregressive models for each country and conduct a counterfactual analysis in order to disentangle the housing market channel and assess its importance across the euro area member states. Findings – We find little evidence for heterogeneity of the monetary policy transmission through house prices across the euro area countries. Housing market variations in the euro area seem to be better captured by changes in residential investment rather than by changes in house prices. As a result we do not find significantly large house price channels. For some of the countries however, we observe a monetary policy channel through residential investment. The existence of a housing channel may depend on institutional features of both the labour market or with institutional factors capturing the degree of household debt as is the LTV ratio. Originality/value – The study contributes to the existing literature by assessing whether a unitary monetary policy has a different impact on consumption across the euro area countries through their housing and mortgage markets. We disentangle monetary-policy-induced effects on consumption associated with variations on the housing markets due to either house price variations or residential investment changes. We show that the housing market can play a role in the monetary transmission mechanism even in countries with less developed mortgage markets through variations in residential investment.

A regulação no Brasil: desafios político-institucionais

A pesquisa discute os desafios da regulação no Brasil, com ênfase nos aspectos político-institucionais. Sistematiza a literatura brasileira sobre o tema e acompanha os debates em curso, na esfera federal, sobre a questão da autonomia das agências reguladoras. Busca referências na experiência internacional, em especial no caso inglês.

O campo de energia elétrica no Brasil - de 1880 a 2002

Since electric power is an essential element in modern society, this paper analyzes the historic and institutional factors that have contributed to the formation and organization of the Brazilian electric sector, from the time when it started to be used in this country until the end of year 2002. This analysis is based on a linear description of historic facts, giving emphasis to crucial events ¿ or critical incidents, as they were called for the purpose of this paper. As to these happenings, the social actors who played an important role in the development of the Brazilian electric power sector were analyzed. An analytical model based on the theoretical references offered by the Institutional Theory was used. The study also highlights the elements that comprehend the development of the phenomenon in face of the ambivalence existing in a developing country, which is the case of the Brazilian electric power sector. The organizational fields that were established at the time determined by the main crucial incidents presented throughout the length of time covered by this study. The resources that the main social actors involved in the electric power sector may use by are also identified, as well as their main interests and level of influence these actors may have. Several documents were analyzed. The qualitative methodology was used. Also, many semi-structured in-depth interviews of the people who have made the history of this sector for reliability were conducted. Finally, this study includes the main elements that have shaped the institutional model of the Brazilian electric sector. It also characterizes the external environment as the element which has most influenced the sector and has also led its way throughout the different developmental phases, especially with respect to funding. The growing rates of power consumption indicate the need for a constant increase in the supply of electric power to meet the needs of society and economic development. This requires constant investment. Lack of investment is a limiting factor. Not only does it hinder the development of the country but it may also result in very unfortunate mishaps such as electric power rationing, such as the kind we had to endure a while ago.

The costs of education, longevity and the poverty of nations

This paper explores the distortions on the cost of education, associated with government policies and institutional factors, as an additional determinant of cross-country income differences. Agents are finitely lived and the model takes into account life-cycle features of human capital accumulation. There are two sectors, one producing goods and the other providing educational services. The model is calibrated and simulated for 89 economies. We find that human capital taxation has a relevant impact on incomes, which is amplified by its indirect effect on returns to physical capital. Life expectancy plays an important role in determining long-run output: the expansion of the population working life increases the present value of the flow of wages, which induces further human capital investment and raises incomes. Although in our simulations the largest gains are observed when productivity is equated across countries, changes in longevity and in the incentives to educational investment are too relevant to ignore.

O professor e a prática educativa

Este trabalho tem como objetivo analisar o discurso e a prática docentes desenvolvidos nas três primeiras séries do ensino de 19 grau, em sete escolas estaduais da periferia urbana de Sant'Ana do Livramento, RS. O estudo surgiu das críticas que os diferentes segmentos da sociedade têm feito à ação pedagógica desenvolvida no interior da instituição escolar. Fundamentamse tais críticas na ausência de relação direta entre o modo de operar o saber escolar e as reais necessidades de um sujeito concreto, num contexto social definido. Visando melhor compreensão do tema abordado, foram utilizados os instrumentos: a) entrevista, para anali sar os conceitos básicos que compõem a prática docente; b) observação em sala de aula, para verificar o de transformação do discurso em prática. processo A análise e interpretação dos resultados permit! ram concluir que: - as estratégias colocadas no discurso docente nao acontecem com regularidade no exercício da práxis; - o único momento de coerência entre discurso e prática encontra-se no tratamento dispensado ao "aluno-fra casso": ele é considerado "carente"; - existe tendência a adotar um ritual comum de açao pedagógica, exclusivamente voltada para a apresentação do conteúdo, supervalorizando o aspecto da aprendizagem; quantitativo - a prática docente, permeada pelos valores culturais da classe dominante, tem reproduzido o papel discriminatório da educação através do emprego de mecanismos que impedem às camadas majoritárias o acesso ao saber escolar; - o professor transfere para fatores extra-inst! tucionais a culpa pelo fracasso escolar. Esta postura ideg tifica um mecanismo de defesa em face do ideário pedagógico, que não consegue reduzir e/ou eliminar as barreiras existentes entre o saber escolar e o saber popular.

Strenghthening long-term growth in Brazil

This paper is devoted to an examination of the main issues identified with Brazil’s barriers to growth in the long term. It begins with a decomposition of per capita and total GDP long term growth to identify the main proximate sources of Brazil’s growth deceleration. Most of the analysis in this part concentrates on factors affecting aggregate supply. The reason for this approach is that, within certain limits past experience reveals that it is easy to stimulate aggregate demand via fiscal and monetary stimuli in Brazil. The risk is on bumping into production capacity barriers, i.e., supply constraints. Five substantially diversified but interconnected issues have been raised in the literature as supply constraints, many of which associated to a rate of savings lower than deemed necessary for sustaining faster growth: the tax burden, institutional factors, infrastructure, finance and education. Accordingly, the paper also deals with the issues of a high an increasing tax burden, institutional shortcomings and policy settings, insufficient investment in infrastructure, insufficient long term financing, and educational shortcomings, as growth impediments. A survey of policies aimed at removing the barriers to growth thus identified is presented next. The paper concludes by bringing again to the fore the need to increase savings and investment for growth resumption and by speculating on the growth potential of Brazil, conditional on productivity and investment growth.

Condicionantes políticos das reformas tributárias na América Latina

Seriam as reformas tributárias condicionadas por fatores políticos? Verificando a escassez de trabalhos empíricos sobre o tema, elaboramos definição própria de reforma tributária e adotamos uma tipologia para esses fenômenos. Em seguida, compilamos a base de dados de reformas tributárias a partir das respostas aos formulários da pesquisa de campo IPES 2006, realizada pelo Banco Interamericano de Desenvolvimento, com apoio do Centro Interamericano de Administrações Tributárias (CIAT). Esses formulários foram preenchidos por funcionários especialistas dos ministérios de finanças latino-americanos, que reportaram reformas entre 1990 e 2004. Depois, construímos os índices de reformas tributárias, que foram utilizados como variáveis dependentes em nossos modelos. Os índices contribuem para o desenvolvimento de estudos quantitativos sobre reformas tributárias, portando flexibilidade para testar diversas hipóteses. Eles tornaram possível analisar separadamente os determinantes das reformas da tributação da renda e do consumo, das reformas gerais e direcionadas, das reformas tendentes a aumentar ou reduzir tributos. Nos testes, destacou-se a influência da lista fechada, indicando que a disciplina parlamentar é importante para aprovar reformas. Em menor número de especificações, foram também relevantes a magnitude distrital, o bicameralismo, o poder de decreto do presidente da república e seu ciclo eleitoral. Não captamos evidência de fatores políticos conjunturais, como a ideologia partidária e maioria do governo no parlamento. Do mesmo modo, a influência dos poderes presidenciais de agenda e veto não se confirmou. O domínio de um partido na coalizão de governo foi relevante somente quando vinculado à lista fechada nas eleições. Em geral, os resultados confirmam o impacto de fatores político-institucionais sobre reformas tributárias, não se observando o mesmo para fatores político-conjunturais. Além disso, foram observadas diferenças nos condicionantes políticos que definem reformas na tributação da renda e do consumo, direcionadas e gerais, expansivas e redutoras (incentivos). O estudo contribui para análise quantitativa dos condicionantes políticos das reformas tributárias na América Latina e fornece dados antes indisponíveis. Oferece evidência empírica, considerando diferentes tipos de reformas e de fatores políticos. O estudo conclui pela necessidade de incorporar as variáveis políticas nas análises que envolvam reformas tributárias, até então marcadas pelo domínio dos argumentos econômicos. Além disso, sugere que o aperfeiçoamento das instituições políticas é importante para melhorar as decisões de política tributária na América Latina.

A arquitetura jurídico-institucional de um ambiente de inovação brasileiro: o Parque Tecnológico de São José dos Campos.

O presente trabalho objetiva investigar a arquitetura jurídico-institucional de um ambiente inovativo denominado parque tecnológico. Este é um arranjo imobiliário que conta com os elementos da chamada tríplice hélice - academia, setor privado e Estado. Almeja a transformação do conhecimento em desenvolvimento, por meio de atividades fundadas em ciência, tecnologia e inovação (C&T&I). A pretensão é contribuir com a premissa de que esses arranjos são frutos da nova lógica econômica baseada no conhecimento e da atual concepção sistêmica de inovação que exige interdependência e interação dos seus agentes. Dentre esses destacamos, o Estado, por ser o ator mais paciente por resultados e o potencial idealizador, fomentador e articulador de processos inovativos sistemicamente pensados. A estratégia Estudo de Caso Único foi eleita para observar, em detalhes, a arquitetura jurídico-institucional do Parque Tecnológico de São José dos Campos, bem como para, a partir de um olhar jurídico-institucional, retirar aprendizados dessa experiência que possam ser aproveitados em novas modelagens de parques tecnológicos e de políticas públicas que focam a estruturação de ambientes inovativos sistêmicos. Foram priorizados exames qualitativos: (i) da sua fisiologia jurídico-institucional; (ii) dos agentes envolvidos e das respectivas amarrações jurídicas estabelecidas; (iii) da influência do Estado e das políticas públicas que o permeiam; (iv) do seu processo de implantação e desenvolvimento; e (v) dos desafios jurídico-formais e jurídico-institucionais que enfrenta. Compreendeu-se que parques tecnológicos são estruturados como arranjos híbridos, segundo a lógica da inovação em sistema, em que os elementos da tríplice hélice atuam em sinergia a partir da ativa atuação do Estado. Sua arquitetura jurídico-institucional decorre da aplicação de tecnologias de contratação e de regulação aplicadas em ambientes alicerçados em fatores institucionais específicos.

Coevolução e as práticas isomórficas de gestão: um estudo sobre os processos de mudanças institucionais no Instituto Federal de Educação, Ciência e Tecnologia do RN

The Federal Institution for Education, Science and Technology, in its historical path, has been living different changes. The transformations occurred along the way have been determined by coercive forces from the institutional environment, which has became more and more broad and complex throughout the time, obtaining diverse characteristics and new elements such as non institutional factors1 which started to contribute with the other changes. In this context, this work aims to study the isomorphic practices of the managers in the institutional changes process of the IFRN in 1998 and 2008, as of a theoretical coevolutionary perspective (CHILD; RODRIGUES; LEWIN; CARROL; VOLBERDA, 2003). This theory brings a new point of view for the organization analysis to the organizational studies, since it offers a non deterministic and non linear lection of the evolution process, which means, a coevolution. Thus, the organizations and their institutional and non institutional environment auto evolve, auto organize and auto reproduce. Therefore, the institutional and non institutional factors of the macro environment keep a continuous interdependence relationship with the organizations. For the means of this study, it is important to understand that is impossible to comprehend the object, the isomorphic practices, without considering that the previous institutional changes and its evolutions, its continuations and discontinuations, important in the coevolution process. As such, to call upon the institutional historical track is a fundamental aspect to materialize this study, for the recursive movement is indeed present in the coevolution. Another important point to make this research effective is that it is not possible to abdicate from the hologramatic view2 of this study, which considers the object, the isomorphic practices, part of the whole and this whole is also in the parts, therefore it is impossible to comprehend the object of study outside the context where it belongs. With this, as of the objective previously proposed, it is necessary to describe the characteristics of coevolution of the institutional changes related in 1998 and 2008; analyze the dynamic of the isomorphic mechanisms in its respective institutional change process; and describe the lessons learned which the isomorphic practices left to the IFRN, regarding its benefits and difficulties. All these transformations happened through coercive forces3 of the institutional environment. As of the Nineties, these forces became stronger, the environment became broader and more complex, with the emergency of new environmental factors. This study proposed to study the managing process and its practices, related to the micro environment, although it is required to articulate these actions, the demands and requirements from the macro environment. To make this research effective, semi structured interviews have been conducted with the managers who participated in both institutional change processes. In the results analysis, it has been possible to verify the particularity of each change, the one from 1998 with a strong normative action of the managers against coercive forces from the government for the search of recognition and the institutional legitimation and the one in 2008, which has been characterized by the normative action by managers in agreement with the coercive forces from the government, in favor of the government policy for the technological professional education. However, the results analysis it is possible to notice the evidence of a belonging feeling from the interviewed managers

Caminhos de sobrevivência institucional: a gestão do núcleo de oficinas e artes profissionalizantes laís aderne

The object of this study is the organizational management, particularly the relational processenvironment organization focused on the survival of the space Department of the Arts and Crafts Mestre Raimundo Cardoso linked to the structural arrangement of the Liceu do Paracuri.. Aimed to understand the ways of organizational survival, from the actors' perception of the Center for Arts Career Workshops and Lais Aderne, with investments that discuss the theoretical models of management, institutional theory, cultural organization and institutionalization of public education requirement of the municipal light LDB. (1996) used a qualitative approach with a view to RICHARDSON (1985). The data generated were analyzed based on the technique of content analysis, the thematic type [categorical] Bardin (1977). The results indicate that the institutionalization of the arrangement of the Liceu do Paracuri emerges meet the legal requirement of the autonomy of municipal educational administration under the aegis of sustainable development, quality of life and basic education from the municipal Hélio Gueiros (1993-1996 ). More specifically the Center for Arts and Crafts Laís Aderne, the unit of analysis, the subjects said that this space is designed as a link between the demands of school and community searching through interdisciplinary activities educate and train manpower mainly potter. They did mention the existence of institutional factors (history, culture, habits, values) represent a strong socio-cultural element to the actors belonging to the core that guides behavior and actions of these individuals, fueled by a sense of hope, inclusion of future artisans in culture ceramist. It made a shared management, the existence of a unique work through cultural revival. However, over the course of time, the core is faced with dilemmas of managing transitions mainly regarding governmental, technological beyond endurance by the craftsmen for the optimization of their work. The conclusion - that the paths chosen for the organizational survival of the core meaning and guiding their actions in the systematization of conduct, representations, memories and traditions through habits and choices of consensus, the viewpoint of the actors

Investment and economic reform in Latin America

Includes bibliography

Potential output in Latin America: a standard approach for the 1950-2002 period

Includes bibliography

Long run economic development in Latin America in a comparative perspective: proximate and ultimate causes

Includes bibliography

Water governance for development and sustainability

Includes bibliography