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.

Okupar, resistir, insistir : uma etnografia das práticas de ocupação urbana Fortaleza / Ceará

The objective of this dissertation is understand the relationships built between subjects who occupy buildings in a state of abandonment to revitalize them - called okupas, noting which individuals construct such meanings on the practice of occupation and how to organize the construction and maintenance of a collective life project. Having the Okupa Squat Torém, located in the neighborhood of Fatima in the southern city of Fortaleza-CE, as locus and observed through the ethnographic method, followed the social practices of urban segment. I invested in a data collection revealed that the custom of okupas and their domestic habits, inside and outside of okupa, emphasizing the interaction situations, like most appropriate occasions to observe the constant negotiation and refinement of his cunning to intervene in the city . Among the objectives of this research, the main thing is to observe which senses are assigned to the practice of the occupation by okupas. For this, reflecting from the specifics of this urban phenomenon and talking mostly with the tradition of research in the field of anthropology, I tried to address some issues regarding the practice of okupação and organization of the group, which the principles and movements that make these contacts with city etc. The appropriation made by the subjects on the urban space here means understanding them as a cultural expression of a number of collective values, resulting from experience and perception of okupas like themselves. The intention is to show how this practice intervention and collective action has appeared in contemporary times and how my ethnography can contribute to a dialogue on the practices of mobilization and update of the city, considering the Theory of Recognition Axel Honneth (2003) as an analytical category useful to describe the forms of reciprocity experienced by okupas

A cultura de índio, seu menino, vem de longe aqui : formação histórica e territorialização dos Tremembé/CE

This dissertation is based on the ethnography of a strategic selection of three Tremembé ethnic situations, which are situated in the backlands of Acaraú and Itarema, municipalities located in Ceará State (Northeast Brazil). My main aims are the following. Firstly, I reconstitute the historical and social formation of three localities, called Lagoa dos Negros, Telhas, and Queimadas, related to a particular origin myth which refers to Almofala, an extinct colonial Aldeamento in the seashore, where the Tremembé indians and other native populations were converted and gathered under missionary administration. According to the origin myth, these three localities were set up after a strong drought which happened in 1888 (the so called three eights) when a group of Tremembé families moved to the countryside and established close to the Lagoa dos Negros and, later on, they were segmented into smaller groups which started to live in other areas and places not far from the former location. Notably, I develop an anthropological approach to understand the historical formation of these three localities. Secondly, I analyze some processes of territorialization, which were emerged from the 1980s and had important consequences to these indigenous families throughout the next two decades. This historical dimension is re-appropriated and ressignified in ethnic terms. A third point of my work is the analysis of the construction of territorialities and also the cultural and symbolic dimensions which are formulated by the Tremembé Indians who live in these localities. Therefore, I investigate some cultural traditions and rituals, such as the Torém dance, but I also examine their multiple semantics, which constitute a transversal direction throughout the history understood by the Tremembé of the different social situations I researched. To sum up, there is a process of cultural actualization, which is still going on and presents itself through the ludic sphere as well as their political and religions dimensions, which are usually associated to the ritual presentation of the Torém

A rotina de crianças de zero a dois anos na educação infantil e as especificidades infantis

In current upbringing production, children are often conceived as rightful subjects, and concrete and singular people, marked by specificities that schools must respect, mainly their personal wholeness, their care and attention needs, as well as their abilities to learn and produce culture. In the educational practices frame, routine is considered to have a definitive roll in time, space and activities structuring, as with actions and relations of subjects involved. In that perspective, this research aims to analyze routines of zero to two years old children in the upbringing context, relating to their childish specificities. Anchored in the qualitative approach, a Case Study was developed, according the procedures of daily routine observation and semi-structured interviews with six nursery teachers of CMEI Centro Municipal de Educação Infantil, Natal-RN, the research field. The data analysis was based in Speech Analysis principles. The teachers utterances regarding routine and it s roll in the frame revealed significances related to control/regulation of actions theirs and students aiming to streamline tasks; learning relative to routine itself, time and school practices. Thus, prospects of discipline and exercise of power of teachers over students surges, reducing their possibilities to participate. These conceptions reflect the daily routine of the kids and their teachers. By analyzing the methods of routine operation in the time/space/activities frame of CMEI, it was possible to perceive its homogenization of actions and rhythms, not only of the group s children, but the whole institution, which creates, many times, a controlling character that contains/prevents children s initiative. However, it was also possible to observe that in routine recesses, when it s relaxed, and other spaces, times and actions are provided, kids have the opportunity to experience and create different ways of action and relation with time, materials, other kids and teachers, being, as such, respected their specificities. We highlight the importance of reflections regarding routine in upbringing context, as to comprehend it s functions and the need for it s construction to take a multiple character that respects the plurality of situations and singularities of children as persons

Capital flows to emerging economies: does the emperor have clothes?

Includes bibliography

Financial crisis and national policy issues: an overview

Includes bibliography

Liquidity black holes: why modern financial regulation in developed countries is making short-term capital flows to developing countries even more volatile

Includes bibliography

International bank lending: water flowing uphill?

Includes bibliography

Bank lending to emerging markets: crossing the border

Includes bibliography

Derivatives, the shape of international capital flows and the virtues of prudential regulation

Includes bibliography

Ratings since the Asian crisis

Includes bibliography

Proposals for curbing the boom-bust cycle in the supply of capital to emerging markets

Includes bibliography

Corporate risk management and exchange rate volatility in Latin America

Includes bibliography

The new Basel capital accord and developing countries: issues, implications and policy proposals

Includes bibliography

The instability of the emerging-market assets demand schedule

Includes bibliography