Current account and capital mobility hypothesis: Evidence from the G-7

This paper investigates an intertemporal optimization model in order to analyze the current account of the G-7 countries, measured as the present value of the future changes in net output. The study compares observed and forecasted series, generated by the model, using Campbell & Shiller’s (1987) methodology. In the estimation process, the countries are considered separately (with OLS technique) as well as jointly (SURE approach), to capture contemporaneous correlations of the shocks in net output. The paper also proposes a note on Granger causality and its implications to the optimal current account. The empirical results are sensitive to the technique adopted in the estimation process and suggest a rejection of the model in the G-7 countries, except for the USA and Japan, according to some papers presented in the literature.

Microinsurance in Brazil: current situation and outlook

O trabalho aqui apresentado teve como objetivo investigar as oportunidades do microseguro no Brasil levando em conta o atual contexto de microfinanças no país e as potencias sinergias quem poderiam facilitar a implementação e o desenvolvimento do conceito. Cumpre lembrar que o microseguro não pode ser um substituto do microcrédito, mas; é um necessario complemento para continuar no caminho da inclusão social e financeira. A primeira parte desse trabalho aborda o tema de microfinanças no mundo e depois no Brasil, para poder entender o papel do microseguro como uma das ferramentas de microfinanças. A segunda parte é dedicada ao microseguro, com uma apresentação do conceito geral e de algumas iniciativas no mundo antes de se focar sobre o microseguro no Brasil. Apresentamos o quadro legal e os incentivos, juntos com o mercado potencial e os canais de distribuição no Brasil. A última parte apresenta o estudo de caso do Banco Bradesco e do órgão regulatório Susep, realizado através de entrevistas.

The BoP approach and its links to main related research fields: sense-making of the current discussion

A Base-da-Pirâmide (Base ofthePyramid- BoP) é referida na literatura como sendo o segmento sócio-econômico mais baixo em termos de paridade do poder de compra. Esse segmento encontrase geralmente excluído do sistema capitalista global. Esta tese analisa o tema BoP e discute dentro de um contexto sócio-econômico, como essa abordagem se relaciona com outras áreas de pesquisa, assim como a teoria do desenvolvimento internacional e a teoria de negócios internacionais. Estas duas teorias são identificadas como tendo uma relação mais forte com BoP. No que se segue, a abordagem BoP é incorporada nessas duas teorias com o objetivo de tornar este conceito mais claro e abrangente. Seguindo este raciocínio a abordagem BoP vem identificar contribuições no tocante a cada uma dessas abordagens teóricas. O argumento principal da tese é que a abordagem BoP é capaz de ligar essas duas teorias (teoria do desenvolvimento internacional e a teoria de negócios internacionais) em um só modelo teórico, mostrando assim que essas duas abordagens teóricas distintas podem na realidade serem complementares.

The impact of past hyperinflation on current household investment behavior

Neste estudo é proposto que a instabilidade macroeconômica extrema causada pela hiperinflação nas décadas de 80 e 90 no Brasil causou um efeito de longo prazo no comportamento de poupança dos indivíduos. Usando dados da Pesquisa Nacional por Amostra de Domicílio (PNAD) de 2009 e 2011 e um questionário complementar, encontramos três evidências significantes: (1) indivíduos que possuem memória do período de hiperinflação no Brasil tem uma menor probabilidade de participar do mercado de ações; (2) há uma forte evidência que pessoas que estavam em idade formativa durante a hiperinflação são menos dispostos de possuir algum tipo de instrumento financeiro do que pessoas que tiveram a experiência desse choque macroeconômico em outros períodos de suas vidas; (3) mulheres solteiras são muito mais prováveis de ter uma poupança financeira que homens solteiros.

Some notes about the determination of current account equilibrium real exchange rate and the relation between real exchange rate and productive specialization

The objective of these notes is to present a simple mathematical model of the determination of current account real exchange rate as defined by Bresser-Pereira (2010); i.e. the real exchange rate that guarantees the inter temporal equilibrium of balance of payments and to show the relation between Real Exchange rate and Productive Specialization at theoretical and empirical level.

Is the meander growth in the Brazil Current system off Southeast Brazil due to baroclinic instability?

Temporally-growing frontal meandering and occasional eddy-shedding is observed in the Brazil Current (BC) as it flows adjacent to the Brazilian Coast. No study of the dynamics of this phenomenon has been conducted to date in the region between 22 degrees S and 25 degrees S. Within this latitude range, the flow over the intermediate continental slope is marked by a current inversion at a depth that is associated with the Intermediate Western Boundary Current (IWBC). A time series analysis of 10-current-meter mooring data was used to describe a mean vertical profile for the BC-IWBC jet and a typical meander vertical structure. The latter was obtained by an empirical orthogonal function (EOF) analysis that showed a single mode explaining 82% of the total variance. This mode structure decayed sharply with depth, revealing that the meandering is much more vigorous within the BC domain than it is in the IWBC region. As the spectral analysis of the mode amplitude time series revealed no significant periods, we searched for dominant wavelengths. This search was done via a spatial EOF analysis on 51 thermal front patterns derived from digitized AVHRR images. Four modes were statistically significant at the 95% confidence level. Modes 3 and 4, which together explained 18% of the total variance, are associated with 266 and 338-km vorticity waves, respectively. With this new information derived from the data, the [Johns, W.E., 1988. One-dimensional baroclinically unstable waves on the Gulf Stream potential vorticity gradient near Cape Hatteras. Dyn. Atmos. Oceans 11, 323-350] one-dimensional quasi-geostrophic model was applied to the interpolated mean BC-IWBC jet. The results indicated that the BC system is indeed baroclinically unstable and that the wavelengths depicted in the thermal front analysis are associated with the most unstable waves produced by the model. Growth rates were about 0.06 (0.05) days(-1) for the 266-km (338-km) wave. Moreover, phase speeds for these waves were low compared to the surface BC velocity and may account for remarks in the literature about growing standing or stationary meanders off southeast Brazil. The theoretical vertical structure modes associated with these waves resembled very closely to the one obtained for the current-meter mooring EOF analysis. We interpret this agreement as a confirmation that baroclinic instability is an important mechanism in meander growth in the BC system. (C) 2008 Elsevier B.V. All rights reserved.

Application of the Potentiometric Stripping Analysis with Constant Current for the Determination of Lithium Ions Using a Spinel-Type Manganese (IV) Oxide-Modified Carbon Paste Electrode

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Current Research on the Immune Response to Experimental Sporotrichosis

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

Photo-Induced Dipole Relaxation Current in Natural Amethyst

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Magnetic response and critical current properties of mesoscopic-size YBCO superconducting samples

In this contribution superconducting specimens of YBa(2)Cu(3)O(7-delta) were synthesized by a modified polymeric precursor method, yielding a ceramic powder with particles of mesoscopic-size. Samples of this powder were then pressed into pellets and sintered under different conditions. The critical current density was analyzed by isothermal AC-susceptibility measurements as a function of the excitation field, as well as with isothermal DC-magnetization runs at different values of the applied field. Relevant features of the magnetic response could be associated to the microstructure of the specimens and, in particular, to the superconducting intra- and intergranular critical current properties.

Fault Current Limiter Using YBCO Coated Conductor-The Limiting Factor and Its Recovery Time

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

Test of a Modular Fault Current Limiter for 220 V Line Using YBCO Coated Conductor Tapes With Shunt Protection

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

Inconsistencies of a purported probability current in the Duffin-Kemmer-Petiau theory

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Resistivity in the dynamic current sheath of a field reversed configuration

The resistivity of a field reversed configuration in a theta-pinch with slow rising current was investigated during the turbulent phase from the moment of field reversal until end of plasma radial implosion. This transport coefficient was obtained in a hydrogen plasma by local measurements with magnetic probe and compared to numerical calculations with Chodura resistivity and evolution of lower hybrid drift instability. The values of resistivity are higher than those predicted by classical binary collision. During early phase of confinement, the doubly layer structure of current sheath in the low electric field machine was theoretically well reproduced with anomalous collision frequency calculated with Chodura resistivity that provides appropriate conditions for onset of lower hybrid drift instability and the regular evolution of pinch. The plasma dynamic, radial profiles of magnetic field during the radial compression and resistivity values were equally close to those observed by the measurements. (C) 2012 American Institute of Physics. [http://dx.doi.org/10.1063/1.3698405]

Dielectric spectroscopy and thermally stimulated discharge current in PEEK film

A permissividade complexa de filmes de poli(eter-eter-cetona) (PEEK) foram investigados num grande intervalo de frequência. Não foram observados picos de relaxação no intervalo de frequência de 1,0 Hz a 10(5) Hz, mas no intervalo de baixa frequência (10-4 Hz) há uma evidência de pico, o qual também pode ser observado com medidas de corrente de despolarização termo-estimulada (TSDC). Este pico está relacionado com a transição vítrea do polímero. A energia de ativação relacionada a esta relaxação dipolar foi obtida e ovalor é Ea = 0,44 eV, que é similar à energia de ativação de muitos polímeros sintéticos. As cargas espaciais se mostraram importantes no mecanismo de condução como evidenciado nas medidas da corrente de despolarização.