Effects of overvaluation and exchange rate volatility over industrial investment: empirical evidence and economic policy proposals for Brazil

The present article aims to analyze the recent behavior of real exchange rate in Brazil and its effects over investment per worker in Brazilian manufacturing and extractive industry. Preliminary estimates presented in the article shows an over-valuation of 48% of real exchange rate in Brazil. The reaction between the level (and volatility) of real exchange rate and investment (per worker) in Brazil is analyzed by means of a panel data econometric model for 30 sectors of Brazilian manufacturing and extractive industry. The empirical results show that the level and volatility of real exchange rate has a strong effect over investment per worker in Brazilian industry. Finally, we conclude the article presenting a proposal for a new macroeconomic regime that aims to produce an acceleration of economic growth of Brazilian economy and, by that, a catching-up process with developed countries.

O enigma da política industrial no Brasil

RESUMOAo longo dos últimos 10 anos, o governo brasileiro lançou vários planos para promover a inovação da indústria e reforçar sua competitividade a nível nacional. No entanto, os resultados têm se mostrado pobres devido às distorções criadas por alguns instrumentos herdados da época da substituição de importações, tais como altas tarifas sobre bens intermediários e de máquinas, regras de conteúdo local e proteção antidumping. Este artigo destaca o papel desempenhado por esses instrumentos usando dois exemplos: investigações antidumping e uma regra de conteúdo local peculiar que só existe no Brasil, o chamado Processo Produtivo Básico (PPB).

Desindustrialização e o investimento em infraestrutura como instrumento conciliador de uma política industrial base no Brasil

RESUMOO fraco desempenho da indústria brasileira no período pós-crise de 2008 retomou o debate em torno da necessidade de um esboço de política industrial. Por conseguinte, e dadas as suas características, o investimento em infraestrutura se apresenta como uma alternativa conciliadora e eficiente na tarefa de devolver a competitividade a este setor. Este trabalho tem como objetivo aprofundar o debate sobre a questão da desindustrialização da economia brasileira e contribuir para a discussão sobre a funcionalidade do investimento em infraestrutura como instrumento de política industrial, enfatizando seu caráter conciliador no que chamamos aqui de uma política industrial base.

Possibilities and challenges in utilization of information provided by Industrial Internet applications

Global digitalization has affected also industrial sector. A trend called Industrial Internet has been present for some years and established relatively steady position in businesses. Industrial Internet is also referred with the terminology Industry 4.0 and in consumer businesses IoT (Internet of Things). Eventually, trend consists of many traditionally proven technologies and concepts, such as condition monitoring, remote services, predictive maintenance and Internet customer portals. All these technologies and information related to them are estimated to change the rules of business in industrial sector. This may result even a new industrial revolution. This research has its focus on Industrial Internet products, services and applications. The study analyses four case companies and their digital service offerings. According to this analysis the comparison of these services is done to find out if there is still space for companies to gain competitive advantage through differentiation with these state of the art solutions. One of the case companies, Case Company Ltd., is working as a primary case company and a subscriber of this particular research. The research and results are analyzed primarily from this company’s perspective and need. In empirical part, the research clarifies how Case Company Ltd. has allocated its development resources through last five years. These allocations in certain categories are then compared to other case companies’ current customer offering and conclusions are made how the approach of different companies differ from each other. Existing theoretical knowledge of Industrial Internet is about to find its shape. In this research we take a look how the case company analysis and findings correlate with the existing knowledge and literature of the topic.

The relationship between b2b branding and industrial buying in the digital era: evidence from Finnish gas industry

The aim of this study is to understand the importance of b2b brands in different phases of the industrial buying process in the digital era. The research problem is approached by examining a b2b supplier brand in the context of gas supplier selection. The data was collected by interviewing individuals from ten different companies. The findings contribute to previous theory by showing that as industrial buying behaviour is eventually individual behaviour, brands can influence decision making. The relevance of a brand depends on individual’s personality and preferences. Digital media cannot be ignored in managing brand image as buyers are present in the online environment. The results reveal that traditional personal selling is, nevertheless, in a key role in brand image building and is a source of added value. The salesperson influences buyers’ perceived associations of a brand and gives the brand a face.

The role of import intermediary companies in the Russian imports from the EU A case study of a Russian industrial company’s point of view on import intermediaries

The literature on agency suggests different implications for the use of export intermediaries. However, only few studies provide a view on import intermediaries. This thesis tries for its part to fill this research gap by studying the import intermediaries in the EU–Russia trade from a Russian industrial company’s point of view. The aim is to describe import intermediation and explain the need for import intermediary companies in the EU–Russia trade. The theoretical framework of this thesis originates from an article by Peng and York (2001), in which they study the performance of export intermediaries. This thesis applies resource-based theory, transaction cost theory and agency cost theory, following the idea of Peng and York. The resource-based theory approach is utilised for describing an ideal import intermediary company, and transaction cost theory provides a basis for understanding the benefits of using the services of import intermediary companies, while agency cost theory is applied in order to understand the risks the Russian industrial company faces when it decides to use the services of import intermediaries. The study is performed in the form of a case interview with a representative of a major Russian metallurgy company. The results of the study suggest that an ideal intermediary has the skills required specifically for the imports process, in order to save time and money of the principal company. The intermediary company helps reducing the amount of time the managers and the staff of the principal company use to make imports possible, thus reducing the salary costs and providing the possibility to concentrate on the company’s core competencies. The benefits of using the services of import intermediary companies are the reduced transaction costs, especially salary costs that are minimised because of the effectiveness and specialisation of import intermediaries. Intermediaries are specialised in the imports process and thus need less time and resources to organise the imports. They also help to reduce the fixed salary costs, because their services can be used only when needed. The risks of being misled by intermediaries are minimised by the competition on the import intermediary market. In case an intermediary attempts fraud, it gets replaced by its rival.

How CSR and stakeholder engagement encourage the development of Industrial symbiosis from the management viewpoint?

The thesis aims to understand how CSR and stakeholder engagement can contribute to the development of industrial symbiosis. Theory suggests that corporate social responsibility and stakeholder engagement theories have many similar aspects that correlate with the development of industrial symbiosis. This study is qualitative and empirical suggestions are derived from integrative analysis of literature, secondary data and case study analysis. The empirical findings from the interviews support the framework that is created from the findings of the literature review. The results discovered throughout the thesis research suggest that CSR functions as a theoretical background for industrial symbiosis and stakeholder engagement helps develop more thorough understandings of it from the management viewpoint. Empirical findings and literature review also suggest that in the developing of industrial symbiosis the key aspect are the social characteristics such as a robust management structure, trust between partners and long-term commitment to the common goals that support the development of these symbioses. Also, communication and transparency supports the development of industrial symbiosis. For managerial contribution, this thesis presents organizational practices that can help managers to understand how they can engage in effective engagement with stakeholders in the development of industrial symbiosis.

The Pricing of Customized Industrial Products

The main objective of this study was to examine the pricing of customized industrial products in international markets, and to understand what pricing decision making consists of. Another purpose of the study was to identify the main factors that affect the pricing decisions of industrial companies, as well as the different pricing strategies industrial companies may choose when pricing customized products. The research was conducted as a qualitative single case study, and a Finnish industrial company specializing in indoor environment solutions, Halton Marine Oy, was used as the case company in the study. The primary data was collected through semi-structured theme interviews with the key management personnel of the company, and the results were discussed and analyzed in the light of the existing literature. The results of this study indicate that the pricing of customized industrial products consists of several dimensions, and is influenced by a large variety of factors that are both internal and external to the firm. In addition, it was found that the choice of a pricing strategy is largely dependent on the chosen segment, the product category, and the stage in the product life cycle. The results also suggest that customizing companies should consider using the value-based pricing orientation, since customization is closely linked to customer value.

The characterization of new benzimidazole fungicides /

Extensive studies have been initiated to generate enough data to register the methyl homologue (MBC-MIC, see List of Abbreviations, page 14) of benomyl (MBC-BIC) as a commercial product through a joint effort between the federal government and Canadian industry. The objective of this study, as part of the whole project, was to generate fundamental data on the physical properties of the series of benomyl homologues (MBC-MIC, MBC-EIC, MBC-PIC and MBC-BIC). These data include the half lives of these compounds in water at the pH range from 2 to 12; they ranged from 0.7 to 10. 1 hours. Standard solutions of these compounds in concentrated acid were found to be stable for at least two weeks, and in the case of MBC-MIC it was stable at least 1 month. Another major goal of this study was to determine the solubility of each compound in water at different pHs in the range of 1 to 12. The solubility of the compounds ranged from 0.6 jig/mL to 396 fig/mL. In addition, it was possible to prepare stable stock solutions at concentrations > 1 000 |ig/mL in concentrated nitric acid. Several aspects of analytical methods have been improved to accurately assess the solubility and rate of degradation of benomyl and its homologues in alkaline conditions. The determination of melting points was attempted but all compounds decomposed before melting.To complement the studies of the benomyl homologue series attempts were made to explore the presence of any relationships between the structures of the compounds and their properties. Although there were some exceptions, the compound's solubility decreased and half life increased as the molecular size increased from the methyl to the butyl analogue.

From Fordism to neoconservatism : free trade and Canadian industrial policy in an era of globalism /

Nothing today affects the lives of people in countries throughout the industrialized and developing world as much as international trade. Nowhere is this more true than in Canada. Canada's involvement in international trade has a long history dating back to 1854 when it was a British colony. As a major trading country, Canada has always adopted a proactive industrial policy which has been largely responsible for its relative economic prosperi ty. But, wi th businesses now free to invest and divest under the terms of the CUFTA and the NAFTA, the most fundamental concerns for Canadians, in a borderless world, are what powers will the Canadian government have to shape industrial policy, and to what extent can Canada continue as a viable nationstate if it can no longer control its national economy? These are important concerns because, in world without borders, the adjustment process becomes more volatile and more difficult to manage. The CUFTA and the NAFTA not only create the rules for conducting trade, but they also establish a set of new rules for the Canadian government that will diminish its power. As a member of a new North American trading bloc, Canada will find itself subject to a set of forces requiring analysis beyond participation in a conventional free trade area. Because many of the traditional levers of government will now be subject to external control imposed by these agreements, Canada will not be able to mount certain policies in the future that it has relied on in the past. This reality limits the pro-active role of the Canadian state to use policies and programmes for the country's immediate national development. What this thesis attempts is an examination of the evolution of Canadian industrial policy, in effect, the transi tion from Fordism to Neoconservatism, and an assessment of Canada's future as a nation-state as it tries to find security and improved access in a free trade arrangement. Unless Canada takes steps to neutralize the asymmetry of power between itself and the United States through adjustment programmes, it is the contention of this thesis that its economic future is anything but stable.

Incidence of resistance to benzimidazole fungicides in a field population of Venturia inaequalis /

The allele-specific polymerase chain reaction (PCR) was used to screen for the presence of benomyl resistance, and to characterize their levels and frequencies in field populations of Venturia inaequalis during two seasons. Three hundred isolates of V. inaequalis were collected each season from infected leaves of MalusX domestica. Borkh c.v. Mcintosh. The trees used were sprayed in the year prior to collection with five applications of benomyl, its homologue Azindoyle, or water. Monoconidial isolates of V. inaequalis were grown on 2% potato dextrose agar (PDA) for four weeks. Each isolate was taken from a single lesion from a single leaf. Total genomic DNA was extracted from the four week old colonies of V. inaequalis, prepared and used as a template in PCR reactions. PCR reactions were achieved by utilizing allele-specific primers. Each primer was designed to amplify fragments from a specific allele. Primer Vin was specific for mutations conferring the ben^^"^ phenotype. It was expected to amplify a 171 bp. DNA fragment from the ben^"^ alleles only. Primers BenHR and BenMR were specific for mutations conferring the ben"" and ben'^'' phenotypes, respectively. They were expected to amplify 172 bp. and 165 bp. DNA fragments from the ben"" and ben"^" alleles, respectively. Of the 953 isolates tested, 414 (69.9%) were benomyl sensitive (ben^) and 179 (30.1%) were benomyl resistant. All the benomyl resistant alleles were ben^"", since neither the ben"" nor the ben"" alleles were detected. Frequencies of benomyl resistance were 23%, 24%, and 23% for the 1997 collections, and were 46%, 26% and 38% for the 1998 collections for benomyl, Azindoyle and water treatments, respectively. Growth assay was performed to evaluate the applicability of using PCR in monitoring benomyl resistance in fungal field populations. Tests were performed on 14 isolates representing the two phenotypes (ben^ and ben^"'' alleles) characterized by PCR. Results of those tests were in agreement with PCR results. Enzyme digestion was also used to evaluate the accuracy and reliability of PCR products. The mutation associated with the ben^"'' phenotype creates a unique site for the endonuclease enzyme Bsh^236^ allowing the use of enzyme digestion. Isolates characterized by PCR as ben^'^'^ alleles had this restriction site for the SsA7l2361 enzyme. The most time consuming aspect of this study was growing fungal isolates on culture media for DNA extraction. In addition, the risk of contamination or losing the fungus during growth processes was relatively high. A technique for extracting DNA directly from lesions on leaves has been used (Luck and Gillings 1 995). In order to apply this technique in experiments designed to monitor fungicide resistance, a lesion has to be homogeneous for fungicide sensitivity. For this purpose, PCR protocol was used to determine lesion homogeneity. One hundred monoconidial isolates of V. inaequalis from 10 lesions (10-conidia/ lesion) were tested for their phenotypes with respect to benomyl sensitivity. Conidia of six lesions were homogeneous, while conidia of the remaining lesions were mixtures of ben^ and ben^ phenotypes. Neither the ben" nor the ben' phenotype was detected.