Capital Flows to Latin America and the Caribbean: Recent Developments

For six years, the global economy has been driven by the U.S. Federal Reserve’s policies of easy money. Liquidity has flowed from developed to developing economies, financing infrastructure and corporate investment and allowing consumers to indulge in credit-fuelled retail spending. Thus the effective ending of the Fed’s third round of asset purchases (QE3) at the end of October represents both a watershed and the beginning of a new stage in the world economy. The end of asset-purchases comes at a challenging time for emerging markets, with China’s economy slowing, the Euro zone struggling to avoid a recession and the Japanese economy already in recession. The unwinding of the U.S. monetary stimulus, while the European Central Bank and the Bank of Japan step up their monetary stimulus, has underpinned an appreciation by the U.S. dollar, in which most commodities are priced. An appreciated dollar makes dollar-denominated commodities more expensive to buyers, thereby creating pressure for sellers to lower their prices. Latin American markets ended the third quarter of 2014 under pressure from a stronger U.S. dollar. In this changing external context, there are many signs that a slowdown in Latin American and Caribbean (LAC) financial markets, particularly debt markets, which have been breaking issuance records for the past six years, may slowdown from now on. Commodity prices – including those of oil, base metals and some goods – are in a prolonged slump. The Bloomberg commodity price index, a benchmark of commodity investments, has fallen to a five-year low as China’s economy slows down, and with it the demand for commodities. Investment into the LAC region has decelerated, in large part because of a deceleration of mining investments. Latin American currencies have suffered depreciations, as current account deficits have widening for a number of countries. And LAC companies, having issued record amounts of foreign currency bonds may now struggle to service their debt. In October, credit-rating agency Moody’s downgraded the bonds of Brazil’s Petrobras to tow notches above speculative grade because of the impact of falling oil prices and the weaker real on its debt. Growth prospects look brighter in 2015 relative to 2014, but a strengthening U.S. dollar, uneven global growth and weakness in commodity prices are skewing the risk toward the downside for the 2015 forecasts across the region. The Institute of International Finance expects the strengthening of the dollar to have a divergent impact across the region, however, depending on trade and financial linkages. The Institute of International Finance, Capital Flows to Emerging Markets, October 2, 2014. A stronger dollar lifts U.S. purchasing power, supporting exports, growth and capital inflows in countries with close trade links to the U.S. economy. However, rising dollar financing costs will increase pressure on countries with weak external positions. Given the effects of falling oil prices and a stronger dollar, some companies in the region, having issued record amounts of foreign currency bonds, may now struggle to service their debts. Prospects of Fed rate hikes resulting in tighter global liquidity amid the rapid rise in the corporate external bond stock has indeed raised concerns over some companies. However, there is still a shortage of bonds at a global level and the region still enjoys good economic policy management for the most part, so LAC debt markets may continue to enjoy momentum despite occasional bursts of high volatility – even if not at the record levels of recent years.

A descentralização do conceito de super-herói paladino e a crise de identidade pós-moderna

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Uso de aeradores e substratos no cultivo semi-intensivo do camarão-da-amazônia Macrobrachium amazonicum: análise técnica, econômica e emissão de gases do efeito estufa

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

A poética do corpo na obra Linha-d'-água de Olga Savary

A presente dissertação constitui uma interpretação do corpo e de suas inter-relações com o erotismo e com o amor, a partir de um diálogo com a obra Linha-d’Água (1987), de Olga Savary (1933). A hipótese de pesquisa, aqui articulada, compreende a transfiguração poética do corpo sob o elemento simbólico da água como a encenação poético-ontológica do princípio da unidade entre o ser humano e a natureza. Por meio de uma abordagem hermenêutica (RICOEUR, 1990), vislumbra-se nos poemas a abertura para a articulação textual de um ser-no-mundo, que diz respeito a uma nova experiência do homem com a existência. A obra opera a recriação poética dos corpos na manifestação das águas, de modo que a comunhão amorosa instaura uma aproximação do ser humano com a sua origem, como uma possibilidade de reconciliação com a natureza (PAZ, 1994). Para compor este diálogo, contrapõe-se à leitura que, à luz do ecofeminismo, compreende esta operação poética como a expressão de subjetividades relacionada a questões de gênero ou de papéis sociais (SOARES, 1999). Sob a vigência do erotismo, os corpos humanos desnudados são assimilados a uma doação da natureza, entendida como o desvelamento da phýsis grega (HEIDEGGER, 1999). Os versos de Linha-d’Água articulam um movimento de ruptura com o legado conceitual da metafísica platônica, que estabeleceu uma cisão entre o homem e a sua condição carnal, o homem e o real, aprofundada durante a modernidade. Em meio à dinâmica cíclica e incessante da phýsis, o ser humano reconhece na própria liquidez do seu corpo o retorno ao fundamento primordial; por outro, assume a sua condição de estar lançado no fluir temporal incessante. Na obra da escritora paraense, recoloca-se o horizonte humano, por via da poética corporal, em reconciliação com o élan originário da natureza e, ao mesmo tempo, com a própria natureza viva dos amantes.

Lugares para amizade na sociedade contemporânea: caminhos educativos a partir da obra de Zygmunt Bauman

Pós-graduação em Educação - FFC

Environment and dispersal paths override life strategies and residence time in determining regional patterns of invasion by alien plants

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Strontium isotopes measurement from bunker cave system: a contribution for the multi-proxy paleoclimate research of Central Europe

In recent years speleothem has been intensely studied due to its great potential of registering paleoclimate proxies but some considerably uncertaintiesregarding speleothem proxy interpretation still exist. In order to minimize these uncertainties, multi-proxy approach has been used. Here is presented the strontium isotope record from Bunker cave, northwest Germany. This cave was previously studied and has proved well record paleoclimate changes during Holocene for central Europe.87Sr/86Sr ratio is presented for rain water, A-horizon soil (water and leachate), C-horizon soil (water and leachate), host rock and host rock leachate, drip water and from a stalagmite (Bu4) previously dated covering the Holocene. Upper soil presented the higher values in contrast with host rock (lower values). Drip water and C-horizon presented intermediated ratios. Sr isotopesare used to track the source of 87Sr/86Sr in the Bunker system, resulting in a mixture between A-horizon soil, C-horizon soil and host rock. A decreasing trend in Bu4 indicates change in the Sr source in the system

SPelha: poética locativa

Pós-graduação em Artes - IA

Definição de um modelo de análise de sucesso das empresas baseado em índices contábeis e na análise multivariada

The objective of this paper is to relate the set of financial ratios that are directly related to the success of public traded companies using a methodological approach and the method of multivariate principal component analysis. This study consists in the use of profitability ratios, debt and liquidity, to define the relationship between financial ratios with the best public traded companies listed in the magazine Exame Melhores e Maiores of 2013. Multivariate analysis was used to reduce the dimensionality of multivariate data, making linear combinations of the original variables (financial ratios) and express the data in principal components that result in new variables that contains much of the original data. As a result, we got the optimal number of five principal components, and both represent 95.6% of the original data. Among of all financial ratios, we can highlight the direct relationship between profitability ratios for the first principal component, and the direct relationship between the liquidity ratios, both inversely related with non-capital participation rates and degree indebtedness to the second principal component

Educação a distância na modernidade líquida: uma análise descritiva

Pós-graduação em Educação - FFC

O impacto da adesão aos diferentes níveis de Governança Corporativa para o desempenho econômico e financeiro de um segmento de empresas

The importance of the capital market to Brazilian economic development, linked to the the fragility of a theoretical framework on the issue, case for developing this research. The agents operating in the capital market seek security and confidence for decision making on their investment in that sense we seek to address the concept and values of Corporate Governance to pay in the Brazilian capital market. The Corporate Governance, in its essence, is the system by which companies are directed and monitored, involving the relationship between shareholders and the board of companies, as well as a set of mechanisms and factors intended to minimize market failures. Seeking to confirm adherence to a more advanced system of corporate governance can result in a favorable financial performance, companies were investigated operating in the financial sector (intermediation, various services and insurance), listed by BM&FBOVESPA. The stock market ranks the corporate governance systems in three levels: Level 1 (rudimentary), Level 2 (intermediate) and New Market Level (advanced). To earn the impact of different levels of Corporate Governance for the outcome of the selected companies were calculated and analyzed accounting ratios of profitability, capital structure and liquidity from the Standardized Financial Statements (DFP), base year 2011, 2012 and 2013

Metacommunity organisation, spatial extent and dispersal in aquatic systems: patterns, processes and prospects

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

Banco do Vaticano: uma análise econômico-financeira

This thesis work aims to bring a better viewing on an atypical case of financial analysis. The lstituto per le Opere di Religione (IOR), commonly known as the Vatican Bank, has peculiarities according to its goals as a bank. Belonging to a Catholic religious congregation, IOR has been used to manage the resources of the church, and ensure that these resources are used for the operation of it and, also for religious works. However the financial transactions made by the bank remained secret throughout its existence until mid 2012. This feature of not providing relevant information at the local and international community brought harm. Several cases of corruption and money laundering came up, bringing scandals that cause bad looks for the religious entity. In order to interact with the international community and understanding the importance of it, the Roman Apostolic Catholic Church decides to joing the international accounting procedures (IFRS) and went on to provide yearly financial statement reports and other information from its bank from 2012 . Thus, this thesis work takes on the role of analyzing the financial statements of the IOR and present its economic and financial health from the Capital Structure ratios, liquidity and profitability in the period 2012-2014. Overall, there has been a significant reduction in indebtedness 548% in 2012 to 362% in 2014. However, such an index showing is still high. In addition, the debt profile remained bad (87.47% short-term in 2014). The Liquidity ratios, both indices fell during the analysed period. Noteworthy is that even with retractions, the indices are equal or greater than 1, which indicates financial footing able to pay off debts. Regarding profitability, in 2013 it represented atypical moment, considering the economic performance of the IOR in the investigated period. There was decrease in profits this year, which resulted in great loss of the indicators in 2013. For the previous and subsequent...

Regional differences in the spatial and temporal heterogeneity of oceanographic habitat used by Steller sea lions

Over the past three decades, the decline and altered spatial distribution of the western stock of Steller sea lions (Eumetopias jubatus) in Alaska have been attributed to changes in the distribution or abundance of their prey due to the cumulative effects of fisheries and environmental perturbations. During this period, dietary prey occurrence and diet diversity were related to population decline within metapopulation regions of the western stock of Steller sea lions, suggesting that environmental conditions may be variable among regions. The objective of this study, therefore, was to examine regional differences in the spatial and temporal heterogeneity of oceanographic habitat used by Steller sea lions within the context of recent measures of diet diversity and population trajectories. Habitat use was assessed by deploying satellite-depth recorders and satellite relay data loggers on juvenile Steller sea lions (n = 45) over a five-year period (2000–2004) within four regions of the western stock, including the western, central, and eastern Aleutian Islands, and central Gulf of Alaska. Areas used by sea lions during summer months (June, July, and August) were demarcated using satellite telemetry data and characterized by environmental variables (sea surface temperature [SST] and chlorophyll a [chl a]), which possibly serve as proxies for environmental processes or prey. Spatial patterns of SST diversity and Steller sea lion population trends among regions were fairly consistent with trends reported for diet studies, possibly indicating a link between environmental diversity, prey diversity, and distribution or abundance of Steller sea lions. Overall, maximum spatial heterogeneity coupled with minimal temporal variability of SST appeared to be beneficial for Steller sea lions. In contrast, these patterns were not consistent for chl a, and there appeared to be an ecological threshold. Understanding how Steller sea lions respond to measures of environmental heterogeneity will ultimately be useful for implementing ecosystem management approaches and developing additional conservation strategies.

High Resolution Paleoceanography of the Guaymas Basin, Gulf of California, During the Past 15 000 Years

Deep Sea Drilling Project Site 480 (27°54.10’N, 111°39.34’W; 655 m water depth) contains a high resolution record of paleoceanographic change of the past 15 000 years for the Guaymas Basin, a region of very high diatom productivity within the central Gulf of California. Analyses of diatoms and silicoflagellates were completed on samples spaced every 40-50 yr, whereas ICP-AES geochemical analyses were completed on alternate samples (sample spacing 80-100 yr). The Bolling-Allerod interval (14.6-12.9 ka) (note, ka refers to 1000 calendar years BP throughout this report) is characterized by an increase in biogenic silica and a decline in calcium carbonate relative to surrounding intervals, suggesting conditions somewhat similar to those of today. The Younger Dryas event (12.9-11.6 ka) is marked by a major drop in biogenic silica and an increase in calcium carbonate. Increasing relative percentage contributions of Azpeitia nodulifera and Dictyocha perlaevis (a tropical diatom and silicoflagellate, respectively) and reduced numbers of the silicoflagellate Octactis pulchra are supportive of reduced upwelling of nutrient-rich waters. Between 10.6 and 10.0 ka, calcium carbonate and A. nodulifera abruptly decline at DSDP 480, while Roperia tesselata, a diatom indicative of winter upwelling in the modern-day Gulf, increases sharply in numbers. A nearly coincident increase in the silicoflagellate Dictyocha stapedia suggests that waters above DSDP 480 were more similar to the cooler and slightly more saline waters of the northern Gulf during much of the early and middle parts of the Holocene (~10 to 3.2 ka). At about 6.2 ka a stepwise increase in biogenic silica and the reappearance of the tropical diatom A. nodulifera marks a major change in oceanographic conditions in the Gulf. A winter shift to more northwesterly winds may have occurred at this time along with the onset of periodic northward excursions (El Nino-driven?) of the North Equatorial Countercurrent during the summer. Beginning between 2.8 and 2.4 ka, the amplitude of biogenic silica and wt% Fe, Al, and Ti (proxies of terrigenous input) increase, possibly reflecting intensification of ENSO cycles and the establishment of modern oceanographic conditions in the Gulf. Increased numbers of O. pulchra after 2.8 ka suggest enhanced spring upwelling.