Crise de confiança e liquidez bancária: evidências empíricas no mercado bancário brasileiro

A reação da autoridade bancária frente a uma crise é de fundamental importância para a sua contenção. No Brasil, durante a crise do subprime, em 2008, observou-se a ocorrência de uma crise de liquidez em alguns bancos que levou o Banco Central a autorizar uma linha especial de captação de depósitos com limite muito superior ao habitual, denominado Depósito a Prazo com Garantia Especial (DPGE). Estes fatos propiciaram uma oportunidade de observar a reação dos depositantes frente a um choque exógeno ao sistema financeiro nacional para, em seguida, explorar a captação exógena de recursos devido à ampliação nos limites dos depósitos assegurados, com cobertura do Fundo Garantidor de Crédito (FGC). Além disso, analisou-se o efeito do DPGE sobre o crédito, considerando que depósitos assegurados e não-assegurados não são substitutos perfeitos e um aumento na oferta de depósitos assegurados deveria aumentar a oferta de crédito do mercado, como um todo. A estratégia empírica utilizada permitiu reconhecer os bancos emissores de DPGE, separando-os por outros fatores relacionados aos fundamentos bancários (tamanho, liquidez, qualidade dos ativos e retorno) e analisar os efeitos do DPGE nas taxas de juros praticadas na captação de depósitos a prazo, em geral. A base de dados utilizada também permitiu observar o comportamento desses bancos e a estratégia por eles utilizada na origem e destinação de tais recursos. Tomados em conjunto, os resultados encontrados são consistentes com a ideia de que depositantes migram seus recursos para a segurança durante a crise, na chamada “fuga para a qualidade” e retornam quando lhes dão a garantia necessária. Também é coerente com a teoria que diz que a substituição imperfeita entre depósitos assegurados e depósitos não-assegurados afeta a restrição de financiamentos dos bancos. O resultado deste estudo revela a importância da atuação da autoridade reguladora frente a situações críticas, bem como os efeitos no mercado causados pela permanência de um produto desenhado para uma situação específica.

Pharmacokinetics of intraosseous and central venous drug delivery during cardiopulmonary resuscitation

We compared the pharmacokinetics of intraosseous (IO) drug delivery via tibia or sternum, with central venous (CV) drug delivery during cardiopulmonary resuscitation (CPR).Methods: CPR of anesthetized KCl arrest swine was initiated 8 min post arrest. Evans blue and indocyanine green, each were simultaneously injected as a bolus with adrenaline through IO sternal and tibial needles, respectively, n = 7. In second group (n = 6) simultaneous IO sternal and IV central venous (CV) injections were made.Results: Peak arterial blood concentrations were achieved faster for sternal IO vs. tibial IO administration (53 +/- 11 s vs. 107 +/- 27 s, p = 0.03). Tibial IO dose delivered was 65% of sternal administration (p = 0.003). Time to peak blood concentration was similar for sternal IO and CV administration (97 +/- 17 s vs. 70 +/- 12 s, respectively; p = 0.17) with total dose delivered of sternal being 86% of the dose delivered via CV (p = 0.22).Conclusions: IO drug administrations via either the sternum or tibia were effective during CPR in anesthetized swine. However, IO drug administration via the sternum was significantly faster and delivered a larger dose. (C) 2011 Elsevier B.V. All rights reserved.

Central moxonidine on salivary gland blood flow and cardiovascular responses to pilocarpine

Peripheral treatment with the cholinergic agonist pilocarpine induces intense salivation that is inhibited by central injections of the alpha(2)-adrenergic/imidazoline receptor agonist moxonidine. Salivary gland blood flow controlled by sympathetic and parasympathetic systems may affect salivation. We investigated the changes in mean arterial pressure (MAP) and in the vascular resistance in the submandibular/sublingual gland (SSG) artery, superior mesenteric (SM) artery and low abdominal aorta (hindlimb) in rats treated with intraperitoneal (i.p.) pilocarpine alone or combined with intracerebroventricular (i.c.v.) moxonidine. Male Holtzman rats with stainless steel cannula. implanted into lateral ventricle (LV) and anesthetized with urethane were used. Pilocarpine (4 mumol/kg of body weight) i.p. reduced SSG vascular resistance (-50 +/- 13% vs. vehicle: 5 +/- 3%). Pilocarpine i.p. also increased mesenteric vascular resistance (15 +/- 5% vs. vehicle: 2 +/- 3%) and MAP (16 +/- 3 mmHg, vs. vehicle: 2 +/- 3 mmHg). Moxonidine (20 nmol) i.c.v. increased SSG vascular resistance (88 +/- 12% vs. vehicle: 7 +/- 4%). When injected 15 min following i.c.v. moxonidine, pilocarpine i.p. produced no change on SSG vascular resistance. Pilocarpine-induced pressor responses and increase in mesenteric vascular resistance were not modified by i.c.v. moxonidine. The treatments produced no change in heart rate (HR) and hindlimb vascular resistance. The results show that (1) i.p. pilocarpine increases mesenteric vascular resistance and MAP and reduces salivary gland vascular resistance and (2) central moxonidine increases salivary gland vascular resistance and impairs pilocarpine-induced salivary gland vasodilatation. Therefore, the increase in salivary gland vascular resistance may play a role in the anti-salivatory response to central moxonidine. (C) 2003 Elsevier B.V. All rights reserved.

Lateral parabrachial nucleus and central amygdala in the control of sodium intake

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

Forward energy flow, central charged-particle multiplicities, and pseudorapidity gaps in W and Z boson events from pp collisions at root s=7 TeV

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Preliminary Overview of the Economies of Latin America and the Caribbean 2001

Includes bibliography

Preliminary Overview of the Economies of Latin America and the Caribbean 2002

Includes bibliography

Preliminary Overview of the Economies of Latin America and the Caribbean 2003

Includes bibliography

Preliminary Overview of the Economies of Latin America and the Caribbean 2004

Includes bibliography

Preliminary Overview of the Economies of Latin America and the Caribbean 2005

Includes bibliography

Preliminary Overview of the Economies of Latin America and the Caribbean 2008

Includes bibliography

Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?

Includes bibliography

The European Investment Bank and SMEs: key lessons for Latin America and the Caribbean

Incluye Bibliografía

Spin and pseudospin symmetries of the Dirac equation with confining central potentials

We derive the node structure of the radial functions which are solutions of the Dirac equation with scalar S and vector V confining central potentials, in the conditions of exact spin or pseudospin symmetry, i.e., when one has V=±S+C, where C is a constant. We show that the node structure for exact spin symmetry is the same as the one for central potentials which go to zero at infinity but for exact pseudospin symmetry the structure is reversed. We obtain the important result that it is possible to have positive energy bound solutions in exact pseudospin symmetry conditions for confining potentials of any shape, including naturally those used in hadron physics, from nuclear to quark models. Since this does not occur for potentials going to zero at large distances, which are used in nuclear relativistic mean-field potentials or in the atomic nucleus, this shows the decisive importance of the asymptotic behavior of the scalar and vector central potentials on the onset of pseudospin symmetry and on the node structure of the radial functions. Finally, we show that these results are still valid for negative energy bound solutions for antifermions. © 2013 American Physical Society.

Influence of the Vertical Position of Maxillary Central Incisors on the Perception of Smile Esthetics Among Orthodontists and Laypersons

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)