Contributos da Bolsa de Valores de Cabo Verde para o Crescimento da Economia do País

O trabalho monográfico ora apresentado, pretende evidenciar as potencialidades da Bolsa de Valores de Cabo Verde, no que tange a sua criação, desempenho, evolução, funcionamento e contribuição para a economia do país. O presente trabalho tem também como propósito, estudar de que forma como o mercado de capitais contribui para a economia de um país, o porque das empresas recorrerem a esse mercado, quais os benéficos ao estar cotada numa Bolsa e ainda qual a razão de algumas não estarem inseridas nele. Esse mercado que hoje conquista vários investidores a nível mundial, é considerado como sendo uma opção infalível e de grande relevância para a economia de qualquer país, sendo também uma escolha para poupar e financiar investimentos. Entendemos que, a existência de um Mercado de Capitais num país como o nosso, sendo este um PDM, onde existe forte dependência do estrangeiro e há necessidade de criar atributos capazes de garantir o apoio à sua economia, é um privilégio, pois apesar dos riscos e dificuldades enfrentados encontra-se em activa e sempre com rumo a uma melhoria. Em forma de conclusão, afirmamos que o nosso mercado de capitais além de ser rudimentar, apresenta baixos níveis de liquidez em relação a frequência de transacção de títulos. Pelo que ficamos com alguma reserva quanto aos benefícios que terão os potenciais investidores. The monograph presented here, aims to highlight the potential of the Stock Exchange of Cape Verde, with respect to its creation, performance, development, operation and contribution to the economy. This work also has the purpose to study that how the capital market contributes to the economy of a country, why companies resort to this market, which benefits by being listed on a stock exchange and also the reason some do not being inserted in it. This market that many investors now conquering the world, is considered to be infallible and a choice of great importance to the economy of any country, is also a choice to save and fund investments. We understand that the existence of a capital market in a country like ours, this being a developed country average, where there is heavy reliance on overseas and need to create features that would guarantee support for its economy, it is a privilege, because despite the risks and difficulties faced is in active and always towards an improvement. By way of conclusion, we note that our capital market as well as being rough, has low levels of liquidity in relation to frequency of trading of securities. Therefore we are left with some reservations about the benefits that have the potential investors.

O papel dos Portos no Desenvolvimento da Economia de Cabo Verde

Os Portos de Cabo Verde sempre tiveram um papel importante no desenvolvimento económico e social, isto porque facilitam a deslocação de pessoas e mercadorias entre as ilhas, de igual forma que contribuem para a minimização dos efeitos da descontinuidade territorial, facilitando a transferência de produtos e pessoas a um menor custo. É nesse contexto que o tema desenvolvido se justifica pelo impacto que a actividade portuária tem na economia de Cabo Verde. O Capítulo I faz uma abordagem sobre a Administração Portuária em Cabo Verde, onde se relata uma breve resenha histórica dos portos nacionais, o estilo da Autoridade Portuária e o papel do Estado no Sector Portuário, bem como os serviços prestados pelos Portos de Cabo Verde. O Capítulo II refere-se sobre o papel do Sector Portuário no desenvolvimento socioeconómico de Cabo Verde, no qual fez-se a caracterização desse Sector, o destaque da contribuição dos Portos no desenvolvimento do país e a ilustração do grau de importância do comércio externo na economia nacional. Ainda nesse Capítulo, fez-se referência à Segurança Portuária como sendo um elemento fundamental para o desenvolvimento económico dos Portos de Cabo Verde e destacou-se as Estratégias de Marketing que a Enapor vem adoptando como instrumento de Gestão para vender a imagem da Empresa. O 3º e último Capítulo enfatiza a relevância do Porto Grande, um dos portos principais que apresenta a melhor infra-estrutura portuária de Cabo Verde. Destacou-se o efeito económico provocado pela actividade portuária na economia regional, o estágio de desenvolvimento da cidade do Mindelo, como consequência da evolução do Porto Grande, e ainda salientou-se a localização geográfica do Porto Grande em relação aos portos dos países limítrofes. Por último, fez-se uma análise SWOT, tendo-se destacado os principais pontos fortes do Porto e realçando algumas perspectivas futuras, tendo em conta os desafios que a Administração do Porto, como entidade gestora, persegue.The Cape Verdean Ports have always had an important role in economic and social development as they facilitate the transfer of people and merchandise among the islands. The same way they reduce the effect of territorial discontinuity, facilitating the transfer of cargo and people at low costs. Thus the addressed theme is justified by the impel Port activities provide to the economy in Cape Verde. This work is divided into three chapters: Chapter one introduces the Ports Administration in Cape Verde and a short history overview is set up on the topic. The management method and or the role of the National Govern concerning the port sector as well the services offered by these Ports are also stated. Chapter two refers to the role of the Port Sector in the socio-economic developing process in Cape Verde and some characteristics concerning this Sector. Emphasis is put on the contribution the Ports provide to the development of the country and the great importance of the extern trade in national economy. In addition, this chapter deals with port security as an essential factor to economic development of the Cape Verdean Ports. Marketing strategies adopted by ENAPOR as managing instruments in order to put on the market a good image of the enterprise is also addressed. Chapter three brings in the relevance of Porto Grande, one of the main Ports in Cape Verde which in fact has the best infrastructures. The effect on regional economy by the activities of the Port and the development moment in Mindelo city is considered as consequence of Porto Grande progress. The geographic location of the harbour and other harbours in near countries is also studied. Finally, a SWOT analysis is introduced, the main strong points as well some future prospective considering challenges of the harbour are pointed out.

A PARIDADE CAMBIAL E AS SUAS VANTAGENS PARA A ECONOMIA CABOVERDIANA

A gestão da economia é uma actividade inerente a todos os países, uma vez que a escassez de recursos é uma realidade inquestionável. Cabo Verde elegeu a estabilidade de preços como um dos principais pilares da sua política económica e, neste contexto identificou a Paridade Cambial ao Euro como um meio privilegiado para a sua consecução. Neste âmbito, assinou o Acordo de Cooperação Cambial (ACC) em 1998 com Portugal como forma de credibilizar a Paridade Cambial com o Euro. Este trabalho, embora de cariz académico, tem por objectivo estudar as vantagens da Paridade Cambial para a Economia Cabo-verdiana. É composto por quatro capítulos e um glossário. Para sua realização foram consultados livros, Decretos-Lei, sítios, relatórios e boletins do Banco de Cabo Verde (BCV). O Capítulo I descreve os principais regimes cambiais existentes, apresentando as suas características, suas vantagens e desvantagens. O Capítulo II apresenta os critérios e indicadores, normalmente utilizados pelos países na escolha do regime cambial. O Capítulo III fala dos regimes cambiais em Cabo Verde, mostra que até se chegar ao regime cambial actual o país já passou por várias experiências cambiais. O Capítulo IV descreve o ACC, começando por apresentar as suas características e os seus objectivos, analisa as vantagens e os eventuais custos da Paridade Cambial CVE/Euro e por fim fala da credibilidade do regime cambial de Cabo Verde.

Canonical correspondence analysis in social science research

The use of simple and multiple correspondence analysis is well-established in socialscience research for understanding relationships between two or more categorical variables.By contrast, canonical correspondence analysis, which is a correspondence analysis with linearrestrictions on the solution, has become one of the most popular multivariate techniques inecological research. Multivariate ecological data typically consist of frequencies of observedspecies across a set of sampling locations, as well as a set of observed environmental variablesat the same locations. In this context the principal dimensions of the biological variables aresought in a space that is constrained to be related to the environmental variables. Thisrestricted form of correspondence analysis has many uses in social science research as well,as is demonstrated in this paper. We first illustrate the result that canonical correspondenceanalysis of an indicator matrix, restricted to be related an external categorical variable, reducesto a simple correspondence analysis of a set of concatenated (or stacked ) tables. Then weshow how canonical correspondence analysis can be used to focus on, or partial out, aparticular set of response categories in sample survey data. For example, the method can beused to partial out the influence of missing responses, which usually dominate the results of amultiple correspondence analysis.

A simple permutation test for clusteredness

Hierarchical clustering is a popular method for finding structure in multivariate data,resulting in a binary tree constructed on the particular objects of the study, usually samplingunits. The user faces the decision where to cut the binary tree in order to determine the numberof clusters to interpret and there are various ad hoc rules for arriving at a decision. A simplepermutation test is presented that diagnoses whether non-random levels of clustering are presentin the set of objects and, if so, indicates the specific level at which the tree can be cut. The test isvalidated against random matrices to verify the type I error probability and a power study isperformed on data sets with known clusteredness to study the type II error.

A randomized concave programming method for choice network revenue management

Models incorporating more realistic models of customer behavior, as customers choosing froman offer set, have recently become popular in assortment optimization and revenue management.The dynamic program for these models is intractable and approximated by a deterministiclinear program called the CDLP which has an exponential number of columns. However, whenthe segment consideration sets overlap, the CDLP is difficult to solve. Column generationhas been proposed but finding an entering column has been shown to be NP-hard. In thispaper we propose a new approach called SDCP to solving CDLP based on segments and theirconsideration sets. SDCP is a relaxation of CDLP and hence forms a looser upper bound onthe dynamic program but coincides with CDLP for the case of non-overlapping segments. Ifthe number of elements in a consideration set for a segment is not very large (SDCP) can beapplied to any discrete-choice model of consumer behavior. We tighten the SDCP bound by(i) simulations, called the randomized concave programming (RCP) method, and (ii) by addingcuts to a recent compact formulation of the problem for a latent multinomial-choice model ofdemand (SBLP+). This latter approach turns out to be very effective, essentially obtainingCDLP value, and excellent revenue performance in simulations, even for overlapping segments.By formulating the problem as a separation problem, we give insight into why CDLP is easyfor the MNL with non-overlapping considerations sets and why generalizations of MNL posedifficulties. We perform numerical simulations to determine the revenue performance of all themethods on reference data sets in the literature.

The political cost of reforms

This paper formalizes in a fully-rational model the popular idea that politiciansperceive an electoral cost in adopting costly reforms with future benefits and reconciles it with the evidence that reformist governments are not punished by voters.To do so, it proposes a model of elections where political ability is ex-ante unknownand investment in reforms is unobservable. On the one hand, elections improve accountability and allow to keep well-performing incumbents. On the other, politiciansmake too little reforms in an attempt to signal high ability and increase their reappointment probability. Although in a rational expectation equilibrium voters cannotbe fooled and hence reelection does not depend on reforms, the strategy of underinvesting in reforms is nonetheless sustained by out-of-equilibrium beliefs. Contrary tothe conventional wisdom, uncertainty makes reforms more politically viable and may,under some conditions, increase social welfare. The model is then used to study howpolitical rewards can be set so as to maximize social welfare and the desirability of imposing a one-term limit to governments. The predictions of this theory are consistentwith a number of empirical regularities on the determinants of reforms and reelection.They are also consistent with a new stylized fact documented in this paper: economicuncertainty is associated to more reforms in a panel of 20 OECD countries.

A tractable consideration set structure for network revenue management

Models incorporating more realistic models of customer behavior, as customers choosing from an offerset, have recently become popular in assortment optimization and revenue management. The dynamicprogram for these models is intractable and approximated by a deterministic linear program called theCDLP which has an exponential number of columns. When there are products that are being consideredfor purchase by more than one customer segment, CDLP is difficult to solve since column generationis known to be NP-hard. However, recent research indicates that a formulation based on segments withcuts imposing consistency (SDCP+) is tractable and approximates the CDLP value very closely. In thispaper we investigate the structure of the consideration sets that make the two formulations exactly equal.We show that if the segment consideration sets follow a tree structure, CDLP = SDCP+. We give acounterexample to show that cycles can induce a gap between the CDLP and the SDCP+ relaxation.We derive two classes of valid inequalities called flow and synchronization inequalities to further improve(SDCP+), based on cycles in the consideration set structure. We give a numeric study showing theperformance of these cycle-based cuts.

Heterogeneous information and trade policy

Protectionism enjoys surprising popular support, in spite of deadweight losses. At thesame time, trade barriers appear to decline with public information about protection.This paper develops an electoral model with heterogeneously informed voters whichexplains both facts and predicts the pattern of trade policy across industries. In themodel, each agent endogenously acquires more information about his sector of employment. As a result, voters support protectionism, because they learn more about thetrade barriers that help them as producers than those that hurt them as consumers.In equilibrium, asymmetric information induces a universal protectionist bias. Thestructure of protection is Pareto inefficient, in contrast to existing models. The modelpredicts a Dracula effect: trade policy for a sector is less protectionist when there ismore public information about it. Using a measure of newspaper coverage across industries, I find that cross-sector evidence from the United States bears out my theoreticalpredictions.

When to carry eccentric products? Optimal retail assortment under consumer returns

To understand whether retailers should consider consumer returns when merchandising, we study howthe optimal assortment of a price-taking retailer is influenced by its return policy. The retailer selects itsassortment from an exogenous set of horizontally differentiated products. Consumers make purchase andkeep/return decisions in nested multinomial logit fashion. Our main finding is that the optimal assortmenthas a counterintuitive structure for relatively strict return policies: It is optimal to offer a mix of the mostpopular and most eccentric products when the refund amount is sufficiently low, which can be viewed asa form of risk sharing between the retailer and consumers. In contrast, if the refund is sufficiently high, orwhen returns are disallowed, optimal assortment is composed of only the most popular products (a commonfinding in the literature). We provide preliminary empirical evidence for one of the key drivers of our results:more eccentric products have higher probability of return conditional on purchase. In light of our analyticalfindings and managerial insights, we conclude that retailers should take their return policies into accountwhen merchandising.

Política de benefícios fiscais em cabo verde. Estudo de caso: Impacto dos benefícios fiscais na economia Cabo-verdiana no período 2008 a 2010

Com a globalização e a competitividade da economia, o Governo cabo-verdiano sentiu a necessidade de adotar instrumentos e mecanismos fiscais flexíveis, modernos e eficientes para dar mais ênfase ao sector empresarial e não só. A PBF constitui uma das formas do Estado intervir na economia, ou seja, forma de estimular a criação do emprego, visando elevar o bem-estar da população. Essa intervenção assume uma grande importância em economias de poucos rendimentos económicos, sendo a sua eficácia e eficiência dependente do volume de recursos financeiros arrecadados, quer através do meio produtivo próprio, quer através da imposição de contributos dos cidadãos. Os BF é um instrumento importante do Estado porque mesmo nos países com sistemas fiscais desenvolvidos e sofisticados, o Estado recorre ao BF para intervir e conformar a realidade económica e social. Há incentivos fiscais que estimulam o investimento e a produção, como as isenções e as reduções de imposto que têm por objectivo privilegiar o consumo de alguns bens ou o desenvolvimento de certas actividades e, os mais relevantes estão centrados no imposto único sobre rendimento – IUR de pessoas colectivas e nos direitos de importação – DI. Actualmente, em Cabo Verde, existe um número elevado de incentivos fiscais que estão ligados a vários sectores económicos, concedidos sem avaliação. Os Benefícios Fiscais, enquanto instrumento privilegiado de política fiscal, têm sido concedidos há alguns anos em Cabo Verde sem uma orientação específica da sua aplicação e da sua eficácia, de forma que venham a causar um maior impacto na vida das empresas e da economia nacional. O sistema fiscal Cabo-Verdiano prevê várias formas de Benefícios Fiscais, que se encontravam dispersos em vários diplomas, mas em 21 de Janeiro de 2013, a Lei nº 26/VIII/2013 cria o Código de Benefícios Fiscais, constituindo um instrumento de extrema relevância para o desenvolvimento de qualquer país, pois são consideradas ferramentas importantes para incentivar o desenvolvimento económico-social do País.

Are Americans' musical preferences more omnivores today?

Although we found a general trend favouring the omnivorousness thesis, as soon as we adjusted it to a set of structural factors and consumers tastes it was clear that this was caused by elitist inclusive omnivores who had increased the scope of their tastes. In general, younger cohorts were becoming less omnivorous, nevertheless, they were also becoming more educated and had greater to higher levels of inc ome, making the youth moreomnivorous. As expected, upscale consumers set limits on their popular taste: musicalgenres, whose audiences had educational levels below the mean profile were less preferredby upscale respondents. In spite of this, as time passed, some popular brows gained socialstatus.