860 resultados para circuits of capital
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This study investigated perceptions that children aged 6–10 years (n = 83) have of what it means to be physically active. Ideographic research was conducted utilising drawings and interviews to understand values that are placed on participating in physical activity (PA). The article questions the idea that whilst it may be commonly accepted by academics that there is a need to be active for health, little research has considered what this may actually mean for the child. Drawing on Bourdieu, the article utilises key concepts within the analysis of ‘capital' to frame an understanding of how children experience PA. Findings suggest that central to children's experiences is the place of social interaction and reciprocation. The article investigated the production and transference of forms of capital: physical, cultural and social. The potential for such concepts to be exploited by schools is discussed with reference to physical education and opportunities offered during free play.
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The issue of imperfect information plays a much more important role in financing “informationally opaque” small businesses than in financing large companies.1 This chapter examines the asymmetric information issue in entrepreneurial finance from two perspectives: the effects of relationship lending and the impacts of credit market concentration on entrepreneurial financial behavior. These two perspectives are strongly linked to each other via the asymmetric information issue in entrepreneurial finance. Existing literature has recognized the important role played by relationship lending in alleviating the problem of asymmetric information. However, mixed empirical results have been reported. For example, it has been found that the development of relationship lending can improve the availability of finance for small businesses borrowers (Petersen and Rajan, 1994) and reduce the costs of finance (Berger and Udell, 1995). Meanwhile, with monopoly power, banks may extract rents, in terms of charging higher-than-market interest rates, from small businesscustomers who have very concentrated banking relationships (Ongena and Smith, 2001). In addition, both favorable and unfavorable effects of credit market concentration on financing small businesses have been acknowledged. Small business borrowers may have to pay a higher-than-market price on loans (Degryse and Ongena, 2005) and are more likely to be financially constrained (Cetorelli, 2004) than in competitive markets. On the other hand, empirical studies have shown that market concentration create a strong motive for lenders to invest in private information from small business customers, and therefore a concentrated market is more efficient in terms of private information acquisition (Han et al., 2009b). The objective of this chapter is to investigate, by reviewing existing literature, the role played by relationship lending and the effects of market concentration on financing entrepreneurial businesses that are supposed to be informationally opaque. In the first section we review literature on the important role played by asymmetric information in entrepreneurial finance from two perspectives: asymmetric information and relationship lending, and the theoretical modeling of asymmetric information. Then we examine the relationship between capital market conditions and entrepreneurial finance and attempt to answer two questions: Why is the capital market condition important for entrepreneurial finance? and What are the effects of capital market conditions on entrepreneurial financial behavior in terms of discouraged borrowers, cash holding, and the availability and costs of finance?
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Our article focuses on the region of Chilean Patagonia and considers how it has developed as a leading producer of salmon for global food markets. It addresses the problem of how to decentre conventional views of the forces driving regional development that give primacy to the role of capital and technology, instead giving due recognition to the knowledge and practices of situated actors and to the relationships that form between human and non-human entities in food producing regions. As an alternative, we ask whether an assemblage approach can improve our understanding of regional transformation. To explore this question, we present original ethnographic data on constitutive practices that have transformed the Patagonian region, from the territorialization of Salmonidae species to experimentation in ocean ranching and sea water fish farming, and finally the development of a global industry. The evidence leads us to argue that in a complex globalised world, assemblage theory offers a valuable approach for understanding how regional potential is realised. In the case of Chilean Patagonia, it is apparent that forms of bio-power generate new relations between life, agency and nature, stimulating contemporary regional transformations in ways overlooked by the lineal logic of capital objectification discourses. Applying an assemblage approach enables the significance of new contemporary human – non-human relationships and inter-subjectivities to come to the fore, keeping the social in view as potential for regional transformation and new power asymmetries continuously emerge.
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The practice of bodily differentiation: Overweight and internet dating on the market of intimacy With the emergence of Internet dating, the procedure for choosing a partner has been radically changed. Given the initial invisibility of the body when Internet dating, one might presume that looks become less important when searching for partners online. Unfortunately, this is far from the truth. Based on twelve interviews with Internet daters of which six define themselves as overweight, the reproduction of bodily distinction in both mediated and direct communication is here being studied. A recurrent theme among the interviewees is the disappointment of the first date face to face. Ironically the importance of looks (or bodily capital) appears to be even more vital when dating on Internet than when building relationships “in real life”. Besides the disappointment of the first date in real life, the obese women in this study could also gather information of their value on the market of intimacy through being met by serious harassments and in exclusively being treated as sexual objects. Despite its strong association with the physical body, bodily capital can sometimes be difficult to distinguish from other forms of capital. From this point of view, the possibility of less repressive forms of intimacy is discussed.
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As últimas décadas têm apresentado significativas mudanças no cenário intercapitalista mundial. Especialmente após a popularização internacional das filosofias e técnicas japonesas de gestão, partindo do Sistema Toyota de Produção, muitos estudos e metodologias têm sido desenvolvidos na busca da racionalização dos processos produtivos. Basicamente estes estudos foram centrados nas características da indústria de forma, vale dizer, bens de capital e bens duráveis de consumo. Neste sentido, surge um natural questionamento sobre a aplicabilidade destes conceitos e técnicas a outros tipos de processos produtivos, especialmente no caso da indústria de propriedade contínua, muitas vezes identifica da como indústria de transformação (incluindo refino de petróleo, petroquímica, papel e celulose, energia elétrica e outras), pelas características específicas apresentadas pela mesma. Assim, a presente dissertação analisa diferentes metodologias desenvolvidas para a indústria de forma, avaliando a possibilidade de aplicação de seus conceitos à indústria de propriedade contínua. Posteriormente, desenvolve um modelo analítico mais apropriado à realidade e característica deste tipo de indústria. A seguir, baseado nas conclusões do modelo analítico desenvolvido, estabelece os conceitos básicos de um modelo de gestão dos processos produtivos da indústria de propriedade contínua. Finalizando, são apresentadas as conclusões relativas à aplicação das diferentes metodologias, e em especial dos modelos desenvolvidos, à indústria de propriedade de produção contínua.
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O lançamento de DRs (Recibos de Depósitos) por empresas brasileiras é um mecanismo que possibilita às empresas terem acesso a mercados de capitais maiores e mais líquidos, podendo servir como um instrumento para o aumento de suas visibilidades no exterior e como um possível redutor de seus custos de capital. Esta pesquisa verifica os reflexos ocorridos nas ações das empresas brasileiras que lançaram mão deste instrumento no que tange a suas valorizações de mercado, suas volatilidades e suas performances ajustadas ao risco. De uma forma geral, apesar de pouco significativos estatisticamente, os resultados encontrados para as empresas brasileiras parecem ser condizentes com a hipótese de que a negociação internacional dos papéis dessas companhias ajudam a reduzir os efeitos da segmentação de mercado em suas ações, estando associados a ajustes para cima em seus preços, e para baixo, em seus retornos esperados e em suas volatilidades, para todos os tipos de DRs brasileiros negociados no mercado norte-americano, à exceção dos DRs de nível III que, de uma forma não significativa, parecem se comportar como se fossem emissões sazonais de capitais tradicionais (seasoned equity offerings).
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Rio de Janeiro
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This paper analyzes the impact of profit sharing on the incentives that individuals face to set up their own business. It presents a model of capital accumulation in which individuals are equally skilled to be workers but differ in their abilities to manage a firm Given an exogenous profit sharing parameter, an individual chooses whether to be an employer or an employee in order to maximize his net income. It is shown that profit sharing can inhibit entrepreneurial initiatives, reducing the number of firms in operation, the aggregate output and the economy's long run capital stock.
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This study explores the productivity performance of the Brazilian economy between 1970 and 1998. We assess how much of the TFP downfall can be explained by some departures from the standard procedure. We incorporate to the standard measure utilization of capacity, changes in the workweek of capital, services of capital from electricity consumption, relative prices distortions, human capital, and investment in specific technology. We conclude that the downfall in productivity is quite robust to those specifications. The only case that presents a marked difference from the standard TFP measure occurs when relative prices of capital are corrected. The implications of this finding are a topic for future research.
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In this paper a competitive general equilibrium model is used to investigate the welfare and long run allocation impacts of privatization. There are two types of capital in this model economy, one private and the other initially public ("infrastructure"), and a positive externality due to the latter is assumed. A benevolent government can improve upon decentralized allocation internalizing the externality, but it introduces distortions in the economy through the finance of its investments. It is shown that even making the best case for public action - maximization of individuals' welfare, no• operation inefficiency and free supply to society of infrastructure services - privatization is welfare improving for a large set of economies. Hence, arguments against privatization based solely on under-investment are incorrect, as this maybe the optimal action when the financing of public investment are considered. When operation inefficiency is introduced in the public sector, gains from privatization are much higher and positive for most reasonable combinations of parameters .
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We contrast Free Trade Areas involving Mercosul and the EU25, the US and China, respectively, using a new CGE model and associated database. Roughly, the China FTA lies halfway the other two, a bias towards the US pattern being suggested. When considering China a new Northern partner, protective deals don’t seem advisable. China’s advantages should prevail when facing the US or the EU: its need of capital goods, for instance, may open profitable cross-exchanges. China’s emergence can be a positive factor, if placed in an enlarged policy space where, together with its Asian neighbours, it counter-balances the US-EU polarity.
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this article addresses the welfare and macroeconomics effects of fiscal policy in a frarnework where govemment chooses tax rates and the distribution of revenues between consumption and investment. We construct and simulate a model where public consumption affects individuaIs' utility and public capital is an argument of the production function. The simulations suggest that by simply reallocating expenditures from consumption to investment, the govemment can increase the equilibrium leveIs of capital stock, hours worked, output and labor productivity. Funhennore, we 'show that the magnitude and direction of the long run impact of fiscal policy depends on the size of the elasticity of output to public capital. If this parameter is high enough, it may be the case that capital stock, within limits, increases with tax rates.
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Este artigo é uma formalização da crítica à estratégia do crescimento com poupança externa que um de seus autores vem sendo fazendo nos últimos anos. Apesar dos países de renda média serem pobres de capital, os déficits em conta corrente (poupança externa), financiado seja por empréstimos ou por investimentos externos diretos, não irá aumentar a taxa de acumulação de capital ou terá pouco impacto sobre ela, uma vez que os déficits de conta corrente estarão associados taxas de câmbio apreciadas, ordenados e salários aumentados artificialmente e altos níveis de consumo. Consequentemente, a taxa de substituição da poupança externa pela interna será relativamente alta, e o país será obrigado não a investir e crescer, mas a consumir. Apenas quando há grandes oportunidades de investimento, estimuladas por uma ampla diferença entre a taxa de lucro esperada e a taxa de juros de longo prazo, a propensão marginal ao consumo diminuirá suficientemente, a ponto de o lucro adicional originário do fluxo de capital estrangeiro ser usado para investimento, ao invés de para consumo. Neste caso especial, a taxa de substituição de poupança externa pela interna tenderá a ser menor e a poupança interna contribuirá positivamente para o crescimento
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O presente artigo é uma formalização da crítica à estratégia do crescimento com poupança externa. Apesar dos países de renda média serem pobres em capital, os déficits em conta corrente (poupança externa), financiados por empréstimos ou investimentos diretos externos, não necessariamente farão aumentar a taxa de acumulação de capital ou, mesmo, terão pouco impacto sobre ela, de forma que os déficits em conta serão associados a taxas de câmbio apreciadas, altos salários e ordenados reais e altos níveis de consumo. Conseqüentemente, o país se endividará para consumir, e não para investir e crescer. Apenas quando há grandes oportunidades de investimento, estimulados por uma diferença considerável entre a taxa de lucro esperada e a taxa de juros a longo prazo, o lucro adicional produzido pelo fluxo de capital estrangeiro será usado para investimento, e este trade-off entre a redução da poupança externa e interna não ocorrerá
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Nos países em desenvolvimento há uma tendência à sobrevalorização da taxa de câmbio. Existem duas causas estruturais: a doença holandesa e a atração que altos lucros e taxas de juros nos países em desenvolvimento exercem sobre capitais externos, e quatro causas políticas: a política do crescimento com poupança externa, o controle da inflação através de uma “âncora”, cambial, a política de “aprofundamento de capital”, e o populismo cambial. O país deverá neutralizar esta tendência para poder ter um crescimento rápido, ou sofrerá crises cíclicas de balanço de pagamento