O controle de gestão nos bancos múltiplos que atuam no Brasil: estudo do impacto da internacionalização e da convergência aos padrões internacionais de contabilidade

Os Sistemas de Controle de Gestão, bem como as informações por eles disponibilizadas, ganham cada vez mais relevância no setor bancário. Tal fato vem ocorrendo devido à necessidade de melhoria de práticas de gestão, assim como processos, justificada pelo desenvolvimento contínuo das atividades nesse mercado. Este estudo se propôs a verificar o impacto provocado pelo processo de internacionalização e convergência aos padrões internacionais de contabilidade nos sistemas de controle gerencial de bancos múltiplos que atuam no Brasil. Para isso, realizou-se uma pesquisa exploratória através do método de estudo de caso, sendo utilizados entrevistas e questionários, para examinar a aplicação do referencial teórico na prática do uso de Sistemas de Controle de Gestão nesses bancos, buscando destacar possíveis modificações em função de ambos os processos. Os resultados obtidos na análise dos casos apresentam características comuns à literatura, e incomuns em outros aspectos. O impacto da Internacionalização trazido aos Sistemas de controle dos bancos mostrou estar atrelado à área de tecnologia da informação, enquanto para Convergência aos padrões internacionais de Contabilidade, o impacto deve estar muito mais endereçado à evidenciação nos padrões internacionais, do que propriamente aos Sistemas de controle.

Teorias Keynesianas sobre bancos e crédito: Tobin, Stiglitz e os pós-keynesianos

O presente trabalho tem por objetivo analisar os modelos da firma bancária e crédito a partir de uma visão keynesiana. Inicialmente são apresentadas as proposições teóricas de Keynes e as derivações dessa a partir dos velhos e novos keynesianos. Na 2 parte os modelos representativos da firma bancária dessas escolas são descritos através de Tobin e Stiglitz, sendo neste último caso introduzido o conceito de assimetria de informação. No 3 capítulo é desenvolvida a abordagem pós-keynesiana de endogeneidade da oferta de moeda, sendo apresentados os modelos horizontalista de Moore, bem como as críticas da visão estruturalista, além do modelo de estratégia bancária de Alves, Dymski e Paula, desenvolvido a partir da hipótese de fragilidade financeira de Minsky. No capítulo 4 efetua-se uma discussão, feita por autores pós-keynesianos, sobre a possibilidade de compatibilizar em alguma medida o modelo de Tobin e o modelo de racionamento de crédito com a concepção pós-keynesiana de banco e crédito.

Regulação financeira sistêmica no Brasil: desafios e propostas de aprimoramento institucional

A presente dissertação versa sobre o estudo da regulação financeira sistêmica brasileira e está dividida em quatro capítulos. No primeiro capítulo, descreve-se a essência das atividades financeiras e narra-se a trajetória histórica que deu ensejo à criação de Bancos Centrais e o surgimento da regulação bancária no mundo. Em seguida, discorre-se sobre o processo de expansão do sistema financeiro e sua internacionalização face à globalização financeira dos mercados. Após a exposição de razões políticas, comportamentais, econômicas e técnicas consideradas determinantes para a consumação da última crise financeira mundial (caso subprime), demonstra-se que uma regulação financeira sistêmica adequada constitui um processo complexo, dinâmico e contínuo de gestão pública com vistas a evitar ou atenuar os efeitos de crises sistêmicas. Nesse sentido, são expostos os motivos por que o Brasil enfrentou bem tal crise, através da apresentação da evolução dos processos regulatórios domésticos nos últimos anos. No segundo capítulo, utilizado o marco político-filosófico de John Rawls, sustenta-se a ideia de que a estabilidade financeira sustentável ao longo do tempo é uma questão de justiça básica que deve influenciar o desenho político-institucional em sociedades democráticas constitucionais. Nesse sentido, afirma-se a possibilidade de geração de um consenso sobreposto, segundo o ideal de razão pública, quanto à necessidade de estabelecimento de instituições, relativamente descoladas dos ciclos político-eleitorais e dotadas de especialização técnica, responsáveis pelo planejamento e acompanhamento público e transparente da sustentabilidade da execução da política monetária e da regulação financeira sistêmica propriamente dita no longo prazo. Adicionalmente, em razão da globalização financeira dos mercados, discorre-se sobre os limites e possibilidades do ideal de razão pública nos organismos financeiros internacionais (redes globais de governo), instituídos para definir padrões de regulação financeira sistêmica, e são feitos comentários acerca da existência de um Direito Administrativo Global. No terceiro capítulo, defende-se a ideia de razão prática regulatória como a diretriz adequada de atuação sustentável do Estado na economia com foco em resultados, a fim de estimular o progresso nos processos regulatórios, mediante o uso do better regulation como paradigma de análise de custos e benefícios. Após, expõe-se a noção de juridicidade administrativa como a mais compatível com a Constituição, além de defender-se a legitimidade democrática e o poder normativo das agências reguladoras financeiras. Por fim, com fundamento nas características do desenho institucional da estrutura regulatória brasileira, são formuladas propostas de aprimoramento institucional. No último capítulo, são feitos comentários sobre as vantagens, limites e riscos de judicialização dos processos regulatórios financeiros em democracias constitucionais, o que motiva a construção de parâmetros institucionais e materiais de atuação judicial, posteriormente analisados em precedentes importantes julgados no Brasil nos últimos anos.

River habitat survey and geomorphological evaluation of the Glaze Brook Catchment

This is the River habitat survey and geomorphological evaluation of the Glaze Brook Catchment report produced by the Environmental Research and Consultancy of the University of Liverpool in 2002. The major aims of the project were to provide baseline information on river habitats in the Glaze catchment using standard River Habitat Survey (RHS) methods (sampling 25% of the catchment length) and, through the geomorphological audit, to assess the distribution and intensity of geomorphological processes, notably sediment transfer, sources and sinks. This information was then used to develop informed management recommendations. The Glaze catchment is a heavily modified watercourse of generally poor habitat quality. The most important factors contributing to the low quality of the sites are poor bank and channel features; low diversity/absence of channel vegetation; paucity of bankside trees and, to a lesser extent, a lack of channel substrate diversity. The high degree of modification relates principally to extensively resectioned banks and channels plus extensive culverting in the urban parts of the catchment.

Spatial and temporal patterns in the demersal fish community on the shelf and upper slope regions of the Gulf of Alaska

We analyzed data from National Marine Fisheries Service bottom trawl surveys carried out triennially from 1984 to 1996 in the Gulf of Alaska (GOA). The continental shelf and upper slope (0–500 m) of the GOA support a rich demersal fish fauna dominated by arrowtooth flounder (Atheresthes stomias), walleye pollock (Theragra chalcogramma), Pacific cod (Gadus macrocephalus), Pacific halibut (Hippoglossus stenolepis), and Pacific Ocean perch (Sebastes alutus). Average catch per unit of effort (CPUE) of all groundfish species combined increased with depth and had a significant peak near the shelf break at 150–200 m. Species richness and diversity had significant peaks at 200–300 m. The western GOA was characterized by higher CPUEs and lower species richness and diversity than the eastern GOA. Highest CPUEs were observed in Shelikof Strait, along the shelf break and upper slope south of Kodiak Island, and on the banks and in the gullies northeast of Kodiak Island. Significant differences in total CPUE among surveys suggest a 40% increase in total groundfish biomass between 1984 and 1996. A multivariate analysis of the CPUE of 72 groundfish taxa revealed strong gradients in species composition with depth and from east to west, and a weak but significant trend in species composition over time. The trend over time was associated with increases in the frequency of occurrence and CPUE of at least eight taxa, including skates (Rajidae), capelin (Mallotus villosus), three flatfish species, and Pacific Ocean perch, and decreases in frequency of occurrence and CPUE of several sculpin (Myoxocephalus spp.) species. Results are discussed in terms of spatial and temporal patterns in productivity and in the context of their ecological and management implications.

Integrated billing mechanisms in the Internet of Things to support information sharing and enable new business opportunities

The Internet of Things (IOT) concept and enabling technologies such as RFID offer the prospect of linking the real world of physical objects with the virtual world of information technology to improve visibility and traceability information within supply chains and across the entire lifecycles of products, as well as enabling more intuitive interactions and greater automation possibilities. There is a huge potential for savings through process optimization and profit generation within the IOT, but the sharing of financial benefits across companies remains an unsolved issue. Existing approaches towards sharing of costs and benefits have failed to scale so far. The integration of payment solutions into the IOT architecture could solve this problem. We have reviewed different possible levels of integration. Multiple payment solutions have been researched. Finally we have developed a model that meets the requirements of the IOT in relation to openness and scalability. It supports both hardware-centric and software-centric approaches to integration of payment solutions with the IOT. Different requirements concerning payment solutions within the IOT have been defined and considered in the proposed model. Possible solution providers include telcos, e-payment service providers and new players such as banks and standardization bodies. The proposed model of integrating the Internet of Things with payment solutions will lower the barrier to invoicing for the more granular visibility information generated using the IOT. Thus, it has the potential to enable recovery of the necessary investments in IOT infrastructure and accelerate adoption of the IOT, especially for projects that are only viable when multiple benefits throughout the supply chain need to be accumulated in order to achieve a Return on Investment (ROI). In a long-term perspective, it may enable IT-departments to become profit centres instead of cost centres. © 2010 - IOS Press and the authors. All rights reserved.

Design of Low Power Multi-Standard Active-RC Filter for WLAN and DVB-H

In this paper, a low-power, highly linear, integrated, active-RC filter exhibiting a multi-standard (IEEE 802.11a/b/g and DVB-H) application and bandwidth (3MHz, 4MHz, 9.5MHz) is present. The filter exploits digitally-controlled polysilicon resister banks and an accurate automatic tuning scheme to account for process and temperature variations. The automatic frequency calibration scheme provides better than 3% corner frequency accuracy. The Butterworth filter is design for receiver (WLAN and DVB-H mode) and transmitter (WLAN mode). The filter dissipation is 3.4 mA in RX mode and 2.3 mA (only for one path) in TX mode from 2.85-V supply. The dissipation of calibration consumes 2mA. The circuit has been fabricated in a 0.35um 47-GHz SiGe BiCMOS technology, the receiver and transmitter occupy 0.28-mm(2) and 0.16-mm(2) (calibration circuit excluded), respectively.

THE PIANO MUSIC OF ROBERT SCHUMANN (1810-1856) AND JOHANNES BRAHMS (1833- 1897): A SURVEY OF CONCERTI, VARIATIONS, AND CHARACTER PIECES

Robert Schumann (1810-1856) and Johannes Brahms (1833-1897), in some ways Robert Schumann's artistic descendant, are the most important and representative German piano composers during the Romantic period. Schumann was already a mature and established musician in 1853 when he first met the young Brahms and recognized his talents, an encounter that had a long-lasting affect on the lives and careers of both men. After Schumann’s mental breakdown and death, Brahms maintained his admiration of Schumann’s music and preserved an intimate relationship with Clara Schumann. In spite of the personal and musical closeness of the two men, Schumann’s music is stylistically distinct from that of Brahms. Brahms followed traditions from Baroque and Classical music, and avoided using images and expressive titles in his music. Brahms extraordinarily intermingled earlier musical forms with multicolored tones of German Romanticism. In contrast, Schumann saw himself as a radical composer devoted to personal emotionalism and spontaneity. He favored programmatic titles for his character pieces and extra-musical references in his music. While developing their own musical styles as German Romantic composers, Schumann and Brahms both utilized the piano as a resourceful tool for self-realization and compositional development. To investigate and compare the main characteristics of Schumann and Brahms’s piano music, I looked at three genres. First, in the category of the piano concerto, I chose two major Romantic works, Schumann’s A minor concerto and Brahms’s B-flat major concerto. Second, for the category of piano variations I included two sets by Brahms because the variation framework was such an important vehicle for him to express his musical thoughts. Schumann’s unique motivic approach to variation is displayed vividly in his character-piece cycle Carnaval. Third, the category of the character piece, perhaps the favorite medium of Romantic expression at the piano, is shown by Schumann’s Papillons and Brahms’s sets of pieces Op.118 and Op.119. This performance dissertation consists of three recitals performed in the Gildenhorn Recital Hall at the University of Maryland, College Park. These recitals are documented on compact disc recordings that are housed within the University of Maryland Library System.

Spatial patterns and trends in abundance of larval sandeels in the North Sea: 1950-2005

Early recruitment indices based on larval fish data from the Continuous Plankton Recorder (CPR) have the potential to inform stock assessments of Ammodytes marinus in the North Sea. We evaluate whether the CPR data are reliable for sandeel larvae. Spatially, CPR larval data were comparable with catches by dedicated larval samplers (Gulf and bongo nets) during ICES coordinated surveys in 2004 and 2009. ICES data are also used to explore environmental influences on sandeel distributions. Temporally, CPR data correlate with larval data from plankton surveys off Stonehaven (1999–2005), with sandeel 0-group trawl data at the east Fair Isle ground (since 1984), and with recruitment data (since 1983) for the Dogger Banks stock assessment area. Therefore, CPR data may provide an early recruit index of relative abundance for the Dogger Banks assessment area, where the majority of the commercial catch of A. marinus is taken, and the Wee Bankie area that is particularly important for seabird foraging. While warm conditions may stimulate the production of sandeel larvae, their natural mortality is typically greater, in the Dogger Banks and Wadden Sea areas, when the larvae are hatched in warm years and/or with abundant 1-year-old sandeel that are likely to be cannibalistic.

Deliberative Equality and the Transgovernmental Politics of the Global Financial Architecture

Revisiting the concept of transgovernmentalism, originally developed by Robert Keohane and Joseph Nye, can shed considerable light on the nature of interstate cooperation in contemporary global financial governance. Transgovernmentalism highlights how certain technocratic policy communities, composed of finance ministries, central banks, and regulators, dominate the global financial architecture. It also provides insights into the political and social basis of these actors' interactions and deliberations. Most importantly, renovating the concept of transgovernmentalism brings the participatory deficits in the current global financial architecture into sharp focus and points us in the direction of a workable reform agenda that would expand inclusion and participation. This article advocates basing future reform on efforts to achieve a closer realization of the principle of “deliberative equality.” Unfortunately, “transgovernmentalism” is incompatible with deliberative equality, meaning that it is precisely the transgovernmental characteristics of the current global financial architecture that have to be challenged and overturned if we are to arrive at anything approximating deliberative equality.

Order Flow and the Monetary Model of Exchange Rates: Evidence from a Novel Data Set

We propose an exchange rate model that is a hybrid of the conventional specification with monetary fundamentals and the Evans–Lyons microstructure approach. We estimate a model augmented with order flow variables, using a unique data set: almost 100 monthly observations on interdealer order flow on dollar/euro and dollar/yen. The augmented macroeconomic, or “hybrid,” model exhibits greater in-sample stability and out of sample forecasting improvement vis-à-vis the basic macroeconomic and random walk specifications.

The Impact of Extension and Ecosystem Services on Smallholders’ Credit Constraint.

On formal credit markets, access to formal credit and reasonable credit terms of smallholder farmers
in rural sub-Saharan Africa is limited due to adverse selection. Financial institutions operating in
rural areas often cannot distinguish between borrowers (farmers) that are creditworthy and those that
are not, thus, allocate limited resource to agriculture to reduce credit risk. In the presence of limited business quality signaling by smallholder farmers, financial institutions shall demand for collateral and/or offer unfavorable contract terms. Moreover, agricultural productivity of rural sub-Saharan
Africa, dominated by subsistence or small-scale farmers, is also negatively impacted by the adverse
effect of climate change. A strategy that may make the farming practices of smallholder farmer’s
climate resilient and profitable may also improve smallholder farmer's access to formal credit. This
study investigates to what extent participating in ecosystem and extension services (EES) programs
signals business quality of smallholders, thus granting them credit accessibility. We collected data
on 210 smallholder farmers in 2013, comprising farmers that receive payments for ecosystem
services (PES) and farm management training from the International Small Group Tree Planting
Program (TIST) Kenya to test the aforementioned theory empirically. We use game theory,
particularly a screening and sorting model, to illustrate the prospects for farmers with EES to access
formal credit and to improve their credit terms given that they receive PES and banking services
training. Furthermore, the PES’ long term duration (10 – 30 years) generates stable cash-flow which
may be perceived as collateral substitute. Results suggest that smallholder farmers in the TIST
program were less likely to be credit constraint compared to non-TIST farmers. Distance to market,
education, livestock and farm income are factors that determine access to credit from microfinance
institutions in rural Kenya. Amongst farmers that have obtained loans, those keeping business records
enjoy more favorable formal credit conditions. These farmers were observed to pay ca. 5 percent less
interest rate in microfinance charges. For TIST farmers, this type of farm management practices may
be attributed to the banking services and other training they receive within the program. While the
availability of classical collateral (farmlands) and PES may reduce interest rate, the latter was found
to be statistically insignificant. This research underlines the importance of an effective extension
services in rural areas of developing countries and the need to improve gains from conservation
agriculture and ensuing PES. The benefits associated with EES and PES may encompass agricultural
financing.

Regulating Digital Financial Services Agents in Developing Countries to Promote Financial Inclusion

Limited access to bank branches excludes over one billion people from accessing financial services in developing countries. Digital financial services offered by banks and mobile money providers through agents can solve this problem without the need for complex and costly physical banking infrastructures. Delivering digital financial services through agents requires a legal framework to regulate liability. This article analyses whether vicarious liability of the principal is a more efficient regulatory approach than personal liability of the agent. Agent liability in Kenya, Fiji, and Malawi is analysed to demonstrate that vicarious liability of the principal, coupled to an explicit agreement as to agent rewards and penalties, is the more efficient regulatory approach.