Stock return comovements and integration within the Latin American integrated market

Financial integration has been pursued aggressively across the globe in the last fifty years; however, there is no conclusive evidence on the diversification gains (or losses) of such efforts. These gains (or losses) are related to the degree of comovements and synchronization among increasingly integrated global markets. We quantify the degree of comovements within the integrated Latin American market (MILA). We use dynamic correlation models to quantify comovements across securities as well as a direct integration measure. Our results show an increase in comovements when we look at the country indexes, however, the increase in the trend of correlation is previous to the institutional efforts to establish an integrated market in the region. On the other hand, when we look at sector indexes and an integration measure, we find a decreased in comovements among a representative sample of securities form the integrated market.

COMMUNICATION AND INFORMATION BARRIERS TO HEALTH ASSISTANCE FOR DEAF PATIENTS

IN BRAZIL, recent regulations require changes in private and public health systems to make special services available to deaf patients. in the present article, the researchers analyze the perceptions of 25 sign language using patients regarding this assistance. The researchers found communication difficulties between these patients and health services staff, as well as a culture clash and a harmful inability among the service providers to distinguish among the roles of companions, caretakers, and professional translator/interpreters. Thus, it became common for the patients to experience prejudice in the course of treatment and information exchange, damage to their autonomy, limits on their access to services, and reduced efficacy of therapy. The researchers conclude that many issues must be dealt with if such barriers to health access are to be overcome, in particular the worrying degree of exclusion of deaf patients from health care systems.

Where did all these books come from? The Publishing Industry and American Intellectual Life

The American book publishing industry shapes the character of American intellectual life. While the newspaper and television industries have been accused of and investigated for bias and lowering America’s intellectual standards, book publishing has gone largely unexamined by scholars. The existing studies of the publishing industry have focused on finance, procedure and history. “There are few ‘theories’ of publishing – efforts to understand the ‘whys’ as well as the ‘hows.’ Few scholarly scientists have devoted significant scholarly attention to publishing” (Altbach and Hoshino, xiii). There are many possible reasons for this lacuna. First, there is a perception that books have always been around, that they are an “old” technology and therefore they don’t appear to have had as much of an impact on our society as television and other media (which were developed quickly and suddenly) seem to have had (Altbach and Hoshino, xiv). Also, despite books’ present and past popularity, television, radio, and now the internet reach more people more easily, and are therefore more topical points of study and observation. In studying the effects of mass media on everyday American life, television and the internet may be the most logical points of study. Regarding public intellectual life however, books play a much more important role. Public intellectual life has always been associated with independent thinkers publishing their work for the masses. For this reason, this I focus on trade publishing. Trade publishing produces fiction and non-fiction works for the general reading public, as opposed to technical manuals, textbooks, and other fiction and nonfiction books targeted to small and specific audiences. Although, quantitatively speaking, “the largest part of book publishing business is embodied in that great complex of companies and activities producing educational, business, scientific, technical, and reference books and materials,” (Tebbel 1987, 439) the trade industry publishes most of the books that most people read. It is the most public segment of the industry, and the most likely place to find public intellectualism. Trade publishing is not only the most public segment of the industry, but it is also the most susceptible to corruption and lowered intellectual standards. Unlike specialty publishing, which caters to a specific, known segment of society, trade publishers must compete with countless other publications, as well as with other forms of media, for the patronage of the general public. As John Tebbel (author of a widely referenced history of the publishing industry) puts it, “The textbook, scientific, or technical book is subjected to much more rigorous scrutiny by buyers and users, and in an intensively competitive market inferior products are quickly lost" (Tebbel 1987, xiv). Since the standards for trade publishing are not nearly as specific – trade books simply need to catch the attention of a significant number of readers, they don’t have to measure up to a given level of quality – the quality of trade books is much more variable. And yet, a successful trade publication can have a much greater impact on society than the most rigorously researched and edited textbook or scholarly study.

Economic and technical feasibility study of a combined-cycle cogeneration system associated with cellulose plants

In this paper, is presented an economical and technical feasibility study of a combined cycle cogeneration system proposed to be used in a pulp plant located in Brazil, where around 95% of country's pulp production is done by the use of Kraft Process. This process allows the use of black liquor and other by-products as fuel. This study is based upon actual data from a pulp plant with a daily production of 1000 tons., that generates part of the energy demanded by the process in a conventional cogeneration system with condensing steam turbine and two extractions. The addition of a gas turbine was studied to compare electricity production level and its related costs between original system and the new one, considering that the former can use industrial by-products and firewood as fuel, when required. Several parameters related to electric generation systems operation and production costs were studied. The use of natural gas in the combined cycle, in comparison with the use of firewood in the conventional system was studied. The advantages of natural gas fuel are highlighted. The surplus availability and the electricity generation costs are presented as a function of pulp and black liquor production.

Financing for sustainable development: visions and proposals for action from a Latin American and Caribbean perspective

Foreword Throughout the preparatory process for the World Summit on Sustainable Development and at the Summit itself, which was held in Johannesburg, South Africa, from 26 August to 4 September 2002, discussions were dominated by one central concern: the need to define and reach consensus on concrete, quantitative goals, with fixed deadlines for implementation, which were to supplement the Millennium Development Goals and facilitate progress towards an effective transition to sustainable development. Participants at the Summit explicitly affirmed the need, as a matter of urgency, to identify the financial and technical resources whereby sustainable development would become a reality and benefit directly and particularly rural and urban communities in the developing countries. The document we are now presenting is the outcome of extensive discussions held at a high-level forum during the Johannesburg Summit. Led by representatives of the Government of Mexico, the Economic Commission for Latin America and the Caribbean (ECLAC), the United Nations Development Programme (UNDP) and the Andean Development Corporation, those discussions were based on the ECLAC/UNDP study entitled Financing for sustainable development in Latin America and the Caribbean: from Monterrey to Johannesburg, which considers the opportunities and challenges for improving prospects for investment and financing for sustainable development and underscores the need to establish a new balance between the market economy and public interest through joint public/private initiatives that combine market innovation, social responsibility and appropriate regulations. Other eminent persons attending the event included heads of State, such as Gustavo Noboa, then President of Ecuador; Enrique V. Iglesias, President of the Inter-American Development Bank (IDB); José María Figueres, Managing Director of the Global Agenda of the World Economic Forum and former President of Costa Rica; and Gro Harlem Brundtland, the legendary figure who pioneered sustainable development. Valuable contributions to the discussions were made by Yolanda Kakabadse, President of the World Conservation Union; Xóchitl Gálvez Ruiz, head of the Unit for the Development of Indigenous Peoples of the Office of the President of Mexico; Cecilia López, former Minister for the Environment of Colombia; and Juan Carlos Maqueda, then Vice President of Argentina. The views emerging from the forum as set forth in this document are designed to facilitate and promote application of the Plan of Implementation of the World Summit on Sustainable Development within the framework of the Millennium Development Goals and the commitments assumed at the International Conference on Financing for Development, which was held in Monterrey, Mexico. We also aspire to continue moving forward with the adoption of measures and policies to increase investment and financing for sustainable development as well as to foster partnerships between the public and private sectors and nongovernmental organizations. We recognize, in this context, the importance of strengthening and improving public and private institutions in order to meet the operational needs associated with the effort to achieve the Millennium Development Goals and pursue the Plan of Implementation formulated in Johannesburg. We trust that this document will contribute to in-depth discussions on the application of the Plan of Implementation in the relevant forums, in particular the United Nations Commission on Sustainable Development. The Plan of Implementation of the World Summit on Sustainable Development opens up new opportunities for Latin America and the Caribbean to renew and revive their own regional agenda -with emphasis on global and especially regional public goods- and to interweave it more cohesively with the global agenda in order to promote the common interests of Latin America and the Caribbean more forcefully in international development forums. The regional agenda and the global agenda cannot be separated in a contrived manner; indeed, to an increasing degree, what we are witnessing are global environmental processes which call for action at the local level. The achievement of sustainable development in Latin America and the Caribbean, where the necessary economic, social, environmental and geopolitical conditions are combined, requires a subtle balance between the market economy, the State and the citizen. Such a balance will result in the consolidation of democratic governance in the service of human development. VICENTE FOX President of Mexico JOSÉ ANTONIO OCAMPO Executive Secretary, Economic Commission for Latin America and the Caribbean (ECLAC) ELENA MARTÍNEZ Assistant Aministrator and Regional Director for Latin America and the Caribbean of the United Nations Development Programme (UNDP) ENRIQUE GARCÍA Executive President, Andean Development Corporation (ADC)""

e-Government architectures, technical and political situation in Latin America

Includes bibliography

E-commerce and export promotion policies for small- and medium-sized enterprises: East Asian and Latin American experiences

Includes bibliography

Structural reforms, technological gaps and economic development: a Latin American perspective

Includes bibliography

Latin America and the Caribbean: projections 2006-2007

Includes bibliography

The Latin American social agenda in the year 2000

Includes bibliography

Alteraciones climáticas en Bolivia: impactos observados en el primer trimestre de 2007

Incluye Bibliografía

Latin American Metro and Subway Association (ALAMYS): a 15-year record of serving the citizenry

This issue of the Bulletin introduces the reader to the Latin American Metro and Subway Association (ALAMYS), which throughout its 15-year history has supported a variety of initiatives aimed at improving the quality of services provided by urban mass transit railway systems.At its most recent general assembly, held in Madrid, Spain, in December 2000, ALAMYS set up several technical committees to improve its operational efficiency so that it can progress as an organization and achieve its goals.This article was written by Aurelio Rojo Garrido, arojo@mail.metromadrid.es, current secretary general of ALAMYS and operations manager of Metro de Madrid, S.A.

Third ordinary meeting of the conference of South American ministers of transport, communications and public works

The third ordinary meeting of the Conference of South American Ministers of Transport, Communications and Public Works was held from 6 to 8 November 1996 in Montevideo, Uruguay. Representatives of Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay and Venezuela took part. Representatives of the following organizations were present as observers: the Latin American and Caribbean Federation of National Associations of Cargo Agents, the Latin American Railways Association, the Latin American Association for Automated Highway Transport, the Inter-American Development Bank, the Economic Commission for Latin America and the Caribbean (ECLAC), the United Nations Conference on Trade and Development (UNCTAD), the International Road Federation/German Agency for Technical Cooperation (IRF/GTZ); and other representatives from both the private and public sectors.