Exchange rate regulation, the behavior of exchange rates, and macroeconomic stability in Brazil

In the last two decades an entirely new set of rules governing the foreign exchange transactions was established in Brazil, substituting for the framework inherited from the 1930s. Foreign exchange controls were dismantled and a floating exchange rate regime replaced different forms of peg. In this paper we argue that although successful by comparison to previous experiences, the current arrangement has important flaws that should be addressed. We discuss how it first led to high volatility and extremely high interest rates, which, when overcome, gave way to a long lasting appreciation of the real exchange rate with adverse consequences to industry.

A formação política do Brasil segundo Furtado

The article provides a broad view of Celso Furtado's interpretation of the political development of Brazil, spread over his several writings. Furtado's approach was dominated by his analytical effort to understand the effects of the distinct socioeconomic foundations of the United States and Brazil on the development of their respective structures of power. The persistent influence of the Brazilian colonial patriarchal regime was reflected on the fragility of democracy as a political arrangement throughout most of Brazilian history, including the oligarchic republic before 1930. The mismatch between the industrialization process and the inertia of the political system led to unstable populism and eventually to the attempt of military arbitration in 1964.

Public-private partnership investments in dry ports – Russian logistics markets and risks

The investments have always been considered as an essential backbone and so-called ‘locomotive’ for the competitive economies. However, in various countries, the state has been put under tight budget constraints for the investments in capital intensive projects. In response to this situation, the cooperation between public and private sector has grown based on public-private mechanism. The promotion of favorable arrangement for collaboration between public and private sectors for the provision of policies, services, and infrastructure in Russia can help to address the problems of dry ports development that neither municipalities nor the private sector can solve alone. Especially, the stimulation of public-private collaboration is significant under the exposure to externalities that affect the magnitude of the risks during all phases of project realization. In these circumstances, the risk in the projects also is becoming increasingly a part of joint research and risk management practice, which is viewed as a key approach, aiming to take active actions on existing global and specific factors of uncertainties. Meanwhile, a relatively little progress has been made on the inclusion of the resilience aspects into the planning process of a dry ports construction that would instruct the capacity planner, on how to mitigate the occurrence of disruptions that may lead to million dollars of losses due to the deviation of the future cash flows from the expected financial flows on the project. The current experience shows that the existing methodological base is developed fragmentary within separate steps of supply chain risk management (SCRM) processes: risk identification, risk evaluation, risk mitigation, risk monitoring and control phases. The lack of the systematic approach hinders the solution of the problem of risk management processes of dry port implementation. Therefore, management of various risks during the investments phases of dry port projects still presents a considerable challenge from the practical and theoretical points of view. In this regard, the given research became a logical continuation of fundamental research, existing in the financial models and theories (e.g., capital asset pricing model and real option theory), as well as provided a complementation for the portfolio theory. The goal of the current study is in the design of methods and models for the facilitation of dry port implementation through the mechanism of public-private partnership on the national market that implies the necessity to mitigate, first and foremost, the shortage of the investments and consequences of risks. The problem of the research was formulated on the ground of the identified contradictions. They rose as a continuation of the trade-off between the opportunities that the investors can gain from the development of terminal business in Russia (i.e. dry port implementation) and risks. As a rule, the higher the investment risk, the greater should be their expected return. However, investors have a different tolerance for the risks. That is why it would be advisable to find an optimum investment. In the given study, the optimum relates to the search for the efficient portfolio, which can provide satisfaction to the investor, depending on its degree of risk aversion. There are many theories and methods in finance, concerning investment choices. Nevertheless, the appropriateness and effectiveness of particular methods should be considered with the allowance of the specifics of the investment projects. For example, the investments in dry ports imply not only the lump sum of financial inflows, but also the long-term payback periods. As a result, capital intensity and longevity of their construction determine the necessity from investors to ensure the return on investment (profitability), along with the rapid return on investment (liquidity), without precluding the fact that the stochastic nature of the project environment is hardly described by the formula-based approach. The current theoretical base for the economic appraisals of the dry port projects more often perceives net present value (NPV) as a technique superior to other decision-making criteria. For example, the portfolio theory, which considers different risk preference of an investor and structures of utility, defines net present value as a better criterion of project appraisal than discounted payback period (DPP). Meanwhile, in business practice, the DPP is more popular. Knowing that the NPV is based on the assumptions of certainty of project life, it cannot be an accurate appraisal approach alone to determine whether or not the project should be accepted for the approval in the environment that is not without of uncertainties. In order to reflect the period or the project’s useful life that is exposed to risks due to changes in political, operational, and financial factors, the second capital budgeting criterion – discounted payback period is profoundly important, particularly for the Russian environment. Those statements represent contradictions that exist in the theory and practice of the applied science. Therefore, it would be desirable to relax the assumptions of portfolio theory and regard DPP as not fewer relevant appraisal approach for the assessment of the investment and risk measure. At the same time, the rationality of the use of both project performance criteria depends on the methods and models, with the help of which these appraisal approaches are calculated in feasibility studies. The deterministic methods cannot ensure the required precision of the results, while the stochastic models guarantee the sufficient level of the accuracy and reliability of the obtained results, providing that the risks are properly identified, evaluated, and mitigated. Otherwise, the project performance indicators may not be confirmed during the phase of project realization. For instance, the economic and political instability can result in the undoing of hard-earned gains, leading to the need for the attraction of the additional finances for the project. The sources of the alternative investments, as well as supportive mitigation strategies, can be studied during the initial phases of project development. During this period, the effectiveness of the investments undertakings can also be improved by the inclusion of the various investors, e.g. Russian Railways’ enterprises and other private companies in the dry port projects. However, the evaluation of the effectiveness of the participation of different investors in the project lack the methods and models that would permit doing the particular feasibility study, foreseeing the quantitative characteristics of risks and their mitigation strategies, which can meet the tolerance of the investors to the risks. For this reason, the research proposes a combination of Monte Carlo method, discounted cash flow technique, the theory of real options, and portfolio theory via a system dynamics simulation approach. The use of this methodology allows for comprehensive risk management process of dry port development to cover all aspects of risk identification, risk evaluation, risk mitigation, risk monitoring, and control phases. A designed system dynamics model can be recommended for the decision-makers on the dry port projects that are financed via a public-private partnership. It permits investors to make a decision appraisal based on random variables of net present value and discounted payback period, depending on different risks factors, e.g. revenue risks, land acquisition risks, traffic volume risks, construction hazards, and political risks. In this case, the statistical mean is used for the explication of the expected value of the DPP and NPV; the standard deviation is proposed as a characteristic of risks, while the elasticity coefficient is applied for rating of risks. Additionally, the risk of failure of project investments and guaranteed recoupment of capital investment can be considered with the help of the model. On the whole, the application of these modern methods of simulation creates preconditions for the controlling of the process of dry port development, i.e. making managerial changes and identifying the most stable parameters that contribute to the optimal alternative scenarios of the project realization in the uncertain environment. System dynamics model allows analyzing the interactions in the most complex mechanism of risk management process of the dry ports development and making proposals for the improvement of the effectiveness of the investments via an estimation of different risk management strategies. For the comparison and ranking of these alternatives in their order of preference to the investor, the proposed indicators of the efficiency of the investments, concerning the NPV, DPP, and coefficient of variation, can be used. Thus, rational investors, who averse to taking increased risks unless they are compensated by the commensurate increase in the expected utility of a risky prospect of dry port development, can be guided by the deduced marginal utility of investments. It is computed on the ground of the results from the system dynamics model. In conclusion, the outlined theoretical and practical implications for the management of risks, which are the key characteristics of public-private partnerships, can help analysts and planning managers in budget decision-making, substantially alleviating the effect from various risks and avoiding unnecessary cost overruns in dry port projects.

Control of Bubbling Fluidized Bed Conditions

The objectives of this master’s thesis were to understand the importance of bubbling fluidized bed (BFB) conditions and to find out how digital image processing and acoustic emission technology can help in monitoring the bed quality. An acoustic emission (AE) measurement system and a bottom ash camera system were evaluated in acquiring information about the bed conditions. The theory part of the study describes the fundamentals of BFB boiler and evaluates the characteristics of bubbling bed. Causes and effects of bed material coarsening are explained. The ways and methods to monitor the behaviour of BFB are determined. The study introduces the operating principles of AE technology and digital image processing. The empirical part of the study describes an experimental arrangement and results of a case study at an industrial BFB boiler. Sand consumption of the boiler was reduced by optimization of bottom ash handling and sand feeding. Furthermore, data from the AE measurement system and the bottom ash camera system was collected. The feasibility of these two systems was evaluated. The particle size of bottom ash and the changes in particle size distribution were monitored during the test period. Neither of the systems evaluated was ready to serve in bed quality control accurately or fast enough. Particle size distributions according to the bottom ash camera did not correspond to the results of manual sieving. Comprehensive interpretation of the collected AE data requires much experience. Both technologies do have potential and with more research and development they may enable acquiring reliable and real-time information about the bed conditions. This information could help to maintain disturbance-free combustion process and to optimize bottom ash handling system.

Kaksoiskäämitty hybridibussin kestomagneettiajomoottori

Tämä työ on tehty Lappeenrannan teknilliselle yliopistolle, joka on suunnitellut ja toteuttanut hybridibussin. Hybridibussin ajomoottorissa käytetään kaksoiskäämitystä, joka mahdollistaa bussin ajamisen vikatilanteessa, jossa toinen käämityksistä on epäkunnossa. Työn tavoitteena on selvittää, millainen kaksoiskäämitys toimii parhaiten tämän hybridibussin kestomagneettiajomoottorissa. Työssä tutustutaan ajomoottoreihin ja niiltä vaadittaviin ominaisuuksiin sekä vikasietoisiin sähkömoottoreihin. Tutkimuksessa löydettyihin vikasietoisiin ajomoottoreihin perustuen päädyttiin neljään kaksoiskäämitysvaihtoehtoon. Näitä kaksoiskäämityksiä tutkittiin FE-analyysiä hyödyntäen. Kaksoiskäämitysten toimintaa simuloitiin nimellis- ja vikatilanteessa. Simuloinnin tuloksista selvisi, että kaksoiskäämitys, jossa jokaisessa urassa oli puolet yhtä käämitystä ja puolet toista (kaksoiskäämitys 1), ei toiminut kunnolla nimellistilanteessa eikä vikatilanteessa. Suurin ongelma oli vikatilanteessa aiheutuva suuri oikosulkuvirta. Kaksoiskäämitys, jossa kaksi napaa oli samaa käämitystä (kaksoiskäämitys 2), toimi moitteettomasti nimellistilanteessa. Vikatilanteen toiminnassa kuitenkin havaittiin epäjaksollisuutta magneettivuontiheydessä, mikä on haitallista moottorin käynnille ja vaaraksi roottorille. Kaksoiskäämityksiä, joista ensimmäisessä oli neljäsosa konetta samaa käämitystä (kaksoiskäämitys 3) ja toisessa puolet koneesta samaa käämitystä (kaksoiskäämitys 4), tutkittiin vikatilanteessa vain magneettivuontiheyden osalta. Puolet ja puolet käämityn koneen osalta magneettivuontiheys osottautui epäjaksolliseksi kuten oli odotettu. Neljäsosiksi käämityn koneen magneettivuontiheys oli säännöllisen jaksollinen. Nimellispisteessä kaksoiskäämityksillä 3 ja 4 havaittiin suuri vääntöväre verrattuna kaksoiskäämityksiin 1 ja 2. Johtopäätöksenä kaksoiskäämitys 3 vaikuttaa lupaavalta, mikäli suuri nimellispisteen vääntöväre saadaan hallintaan käyttämällä uravinoutta staattorissa.

Development of a bovine adenovirus type 2-based gene delivery vector /

ABSTRACT Recombinant adenoviruses are currently under intense investigation as potential gene delivery and gene expression vectors with applications in human and veterinary medicine. As part of our efforts to develop a bovine adenovirus type 2 (BAV2) based vector system, the nucleotide sequence of BAV2 was determined. Sixty-six open reading frames (ORFs) were found with the potential to encode polypeptides that were at least 50 amino acid (aa) residue long. Thirty-one of the BAV2 polypeptide sequences were found to share homology to already identified adenovirus proteins. The arrangement of the genes revealed that the BAV2 genomic organization closely resembles that of well-characterized human adenoviruses. In the course of this study, continuous propagation of BAV2 over many generations in cell culture resulted in the isolation of a BAV2 spontaneous mutant in which the E3 region was deleted. Restriction enzyme, sequencing and PCR analyses produced concordant results that precisely located the deletion and revealed that its size was exactly 1299 bp. The E3-deleted virus was plaque-purified and further propagated in cell culture. It appeared that the replication of such a virus lacking a portion of the E3 region was not affected, at least in cell culture. Attempts to rescue a recombinant BAV2 virus with the bacterial kanamycin resistance gene in the E3 region yielded a candidate as verified with extensive Southern blotting and PCR analyses. Attempts to purify the recombinant virus were not successful, suggesting that such recombinant BAV2 was helper-dependent. Ten clones containing full-length BAV2 genomes in a pWE15 cosmid vector were constructed. The infectivity of these constructs was tested by using different transfection methods. The BAV2 genomic clones did appear to be infectious only after extended incubation period. This may be due to limitations of various transfection methods tested, or biological differences between virus- and E. co//-derived BAV2 DNA.

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.

The structural effects of divalent cations and insulin on phospholipid model membranes /

It is well accepted that structural studies with model membranes are of considerable value in understanding the structure of biological membranes. Many studies with models of pure phospholipids have been done; but the effects of divalent cations and protein on these models would make these studies more applicable to intact membrane. The present study, performed with above view, is a structural analysis of divalent io~cardio1ipin complexes using the technique of x-ray diffraction. Cardiolipin, precipitated from dilute solution by divalent ionscalcium, magnesium and barium, contains little water and the structure formed is similar to the structure of pure cardiolipin with low water content. The calcium-cardiolipin complex forms a pure hexagonal type II phase that exists from 40 to 400 C. The molar ratio of calcium and cardiolipin in the complex is 1 : 1. Cardiolipin, precipitated with magnesium and barium forms two co-existing phases, lamellar and hexagonal, the relative quantity of the two phases being dependent on temperature. The hexagonal phase type II consisting of water filled channels formed by adding calcium to cardiolipin may have a remarkable permeability property in intact membrane. Pure cardiolipin and insulin at pH 3.0 and 4.0 precipitate but form no organised structure. Lecithin/cardiolipin and insulin precipitated at pH 3.0 give a pure lamellar phase. As the lecithin/cardiolipin molar ratio changes from 93/7 to SO/50, (a) the repeat distance of the lamellar changes from 72.8 X to 68.2 A; (b) the amount of protein bound increases in such a way that cardiolipin/insulin molar ratio in the complex reaches a maximum constant value at lecithin/cardiolipin molar ratio 70/30. A structural model based on these data shows that the molecular arrangement of lipid and protein is a lipid bilayer coated with protein molecules. The lipid-protein interaction is chiefly electrostatic and little, if any, hydrophobic bonding occurs in this particular system. So, the proposed model is essentially the same as Davson-Daniellifs model of biological membrane.

X-ray diffraction studies of muscle : observations on the anterior byssus retractor muscle of Mytilus edulis and the insect flight muscle from Sarcophaga bullata

The interfilament spacing of the anterior byssus retractor muscle from Mytilus edulis was studied as the muscle was extended. It was found that variations in this spacing were very small and consistent with the hypothesis that the interfilament spacing was independent of the extension of the muscle. It was observed that the interfilament spacing was dependent on the osmolarity of the bathing medium. In concentrated solutions of the artificial seawater, the interfilament spacing decreased; while in dilute solutions of artificial seawater, it was observed that the interfilament spacing was increasing. X-ray diffraction patterns were obtained from fresh, and glutaraldehyde fixed, specimens of insect flight muscle from Sarcophaga bullata. There patterns were in general agreement with previous X-ray diffraction studies of insect flight muscle. A reflexion G at 93A was observed and interpreted as arising from diffraction in the mitochondria. Specimens of dried insect flight muscle produced a diffraction pattern consisting of arc and ring reflexions. This was interpreted as suggesting an ordered arrangement of cristae, in the mitochondria from these muscles.

Charles C. Chapman's birthday celebration, Fullerton, California,1932

Family portrait taken at Charles C. Chapman's birthday celebration, Fullerton, California,July 2, 1932. The group poses outside his residence on the lawn. Top row [left to right]: Arthur Irvin, Charles Wickett, Irvin Chapman, Sam Collins, Paul Williams, Grant Chapman,, Sidney Chapman, Clay McCarn, Earl Chapman's son David McDougal, Earl Chapman's son William McDougal, Earl Chapman, Harry Chapman, William Wickett Sr. Second row [left to right]: Mr. VanMeter, Mrs. Sinclair, C. C. Sinclair, John Franklin, Way Bagley, Marjorie Collins, Emma Williams, Ruth Chapman, Vesta Chapman, Inez Bagley, Grace Chapman, Bertha Chapman, Clough Chapman, Frank and Bertha Chapman's daughter Agnes McDougal [Streech], Georgiana Chapman, Thela Clough, Mrs. Earl [Ann] Chapman, Bessie Reynolds, Fred Chapman, E. B. [Bert] Reynolds. Seated [left to right]: Mrs. VanMeter, Hattie Clark, Louie Messlar, Charlie Thamer, Louella Thamer, Dolla Harris, Stanley Chapman Sr. holding Mary Anne, Ethel Wickett, Charles C. Chapman, Clara Chapman, Colum C. Chapman, Aunt Annie Colum, Deryth Chapman, Anna Marie Chapman, Floy Chapman, Edith Chapman. Front row [left to right]: Sam E. Collins, Bill Wickett Jr., Joyce Chapman, Marilyn Chapman, Elizabeth Chapman, Mary McCarn, Nina Chapman Lescher, Jodeane Collins, Bob Gibb, Jean Chapman. In front is a floral arrangement with drawing of a Western Union telegram "To Chas. C. Chapman, July 2, 1932, N. Fullerton, Cal., 'Wishing you a happy birthday, Nina."

Speech of Com. Jesse Duncan Elliott, U.S.N. delivered in Hagerstown, Md. on 14th November, 1843.-

Published by the Committee of Arrangement of Washington County, Maryland.

Determinants of bankruptcy protection duration for Canadian firms

The present thesis examines the determinants of the bankruptcy protection duration for Canadian firms. Using a sample of Canadian firms that filed for bankruptcy protection between the calendar years 1992 and 2009, we fmd that the firm age, the industry adjusted operating margin, the default spread, the industrial production growth rate or the interest rate are influential factors on determining the length of the protection period. Older firms tend to stay longer under protection from creditors. As older firms have more complicated structures and issues to settle, the risk of exiting soon the protection (the hazard rate) is small. We also find that firms that perform better than their benchmark as measured by the industry they belong to, tend to leave quickly the bankruptcy protection state. We conclude that the fate of relatively successful companies is determined faster. Moreover, we report that it takes less time to achieve a final solution to firms under bankrupt~y when the default spread is low or when the appetite for risk is high. Conversely, during periods of high default spreads and flight for quality, it takes longer time to resolve the bankruptcy issue. This last finding may suggest that troubled firms should place themselves under protection when spreads are low. However, this ignores the endogeneity issue: high default spread may cause and incidentally reflect higher bankruptcy rates in the economy. Indeed, we find that bankruptcy protection is longer during economic downturns. We explain this relation by the natural increase in default rate among firms (and individuals) during economically troubled times. Default spreads are usually larger during these harsh periods as investors become more risk averse since their wealth shrinks. Using a Log-logistic hazard model, we also fmd that firms that file under the Companies' Creditors Arrangement Act (CCAA) protection spend longer time restructuring than firms that filed under the Bankruptcy and Insolvency Act (BIA). As BIA is more statutory and less flexible, solutions can be reached faster by court orders.

Speech of Com. Jesse Duncan Elliott, U.S.N. delivered in Hagerstown, Md. on 14th November, 1843

Published by the Committee of Arrangement of Washington County, Maryland Printed by G.B. Zeiber and Co.

Elucidation of a mechanism of cell lysis by chorhexidine : a biophysical approach

Chlorhexidine is an effective antiseptic used widely in disinfecting products (hand soap), oral products (mouthwash), and is known to have potential applications in the textile industry. Chlorhexidine has been studied extensively through a biological and biochemical lens, showing evidence that it attacks the semipermeable membrane in bacterial cells. Although extremely lethal to bacterial cells, the present understanding of the exact mode of action of chlorhexidine is incomplete. A biophysical approach has been taken to investigate the potential location of chlorhexidine in the lipid bilayer. Deuterium nuclear magnetic resonance was used to characterize the molecular arrangement of mixed phospholipid/drug formulations. Powder spectra were analyzed using the de-Pake-ing technique, a method capable of extracting both the orientation distribution and the anisotropy distribution functions simultaneously. The results from samples of protonated phospholipids mixed with deuterium-labelled chlorhexidine are compared to those from samples of deuterated phospholipids and protonated chlorhexidine to determine its location in the lipid bilayer. A series of neutron scattering experiments were also conducted to study the biophysical interaction of chlorhexidine with a model phospholipid membrane of DMPC, a common saturated lipid found in bacterial cell membranes. The results found the hexamethylene linker to be located at the depth of the glycerol/phosphate region of the lipid bilayer. As drug concentration was increased in samples, a dramatic decrease in bilayer thickness was observed. Differential scanning calorimetry experiments have revealed a depression of the DMPC bilayer gel-to-lamellar phase transition temperature with an increasing drug concentration. The enthalpy of the transition remained the same for all drug concentrations, indicating a strictly drug/headgroup interaction, thus supporting the proposed location of chlorhexidine. In combination, these results lead to the hypothesis that the drug is folded approximately in half on its hexamethylene linker, with the hydrophobic linker at the depth of the glycerol/phosphate region of the lipid bilayer and the hydrophilic chlorophenyl groups located at the lipid headgroup. This arrangement seems to suggest that the drug molecule acts as a wedge to disrupt the bilayer. In vivo, this should make the cell membrane leaky, which is in agreement with a wide range of bacteriological observations.

R.Lawson letter

Transcript (original spelling and grammar retained): Chatham 17th Sept. 1812. Sir, I have just received a letter from Cap’n Clay informing me that boats will be ready at the Communication Bridge tomorrow morning by day break to return that part of the 9th Reg’t which are to embark on board the Success[?] and Melabar Troop Ships[?]—and that they will likewise be ready to receive [?] on Saturday next at the same time, the division intended for the Diomedes [?]. I have therefore given the Regiment orders accordingly –and will give every assistance respecting the heavy baggage required for its safety, until some arrangement is made for its conveyance from here—the Barrack Master having no vacant store for the purpose. I have the honor to be Sir your obed’t Ser’t R. Lawson M. Gen’l. Ass Qr Master Gen’l Canterbury. Chatham 17 Sept. 1812. M. …Lawson. That boats will be in readiness at day break on the 18th & 19th Ins. For convy. the 9th Reg &…..[?] to Baggage of that Corps …..