La bolsa de café, azúcar y cacao y su incidencia en las exportaciones de América Latina y el Caribe = The coffee, sugar and cocoa exchange and its impact on exports from Latin America and the Caribbean

Incluye Bibliografía

Mercados de futuros: su utilidad y sus limitaciones para el comercio de productos básicos de América Latina = Future markets: their usefulness and limitations for Latin American commodity trade

Incluye Bibliografía

Latin American commodity exports: policy issues

Includes bibliography

Evolución reciente del mercado internacional de productos básicos = Recent evolution of the international commodity market

Incluye Bibliografía

Latin America and commodity futures markets today

Includes bibliography

Exchange and Cooperation Programme CELADE

El informe describe las actividades desarrolladas bajo el Programa de Intercambio y Cooperacion CELADE-Canada II (CCII) durante el periodo enero-marzo de 1989, en sus tres componentes: a) cooperacion tecnica, ensenanza e investigacion, centradas en encuestas demograficas nacionales, encuestas de migracion interna, uso y generacion de informacion en poblacion, estudios integrados sobre poblacion y desarrollo, cursos nacionales sobre la integracion de las variables demograficas en la planificacion, programas de estudios demograficos, cursos sobre tecnicas de analisis demografico, talleres, seminarios y publicaciones; b) intercambio, incluyendo el apoyo a estudiantes latinoamericanos en universidades canadienses, contratacion de personal canadiense y profesores visitantes; c) apoyo a programas, a traves de personal tecnico, servicios de computacion, materiales y equipos.

Capital flows to Latin America: recent developments

The external environment has deteriorated sharply as a result of the spiraling financial turmoil, and has led to a weakening in commodity prices and fears of a worldwide recession. Latin America and the Caribbean's fastest expansion in 40 years may be threatened as the global credit crunch makes financing scarce and squeezes demand for the region's commodities. This time around the region is better positioned to weather the crisis than in the past, given improvements in macroeconomic and financial policies as well as a reduced net dependency on external capital inflows. However, Latin American markets are feeling the effects of the crisis through a slowdown in capital inflows, large declines in stock price indexes, significant currency adjustments and an increase in debt spreads. Volatility has soared, with the closely watched Chicago Board Options Exchange Volatility Index moving to an all-time high of 70.33 on October 17, indicating that fear (rather than greed) has been ruling the markets.After reaching record lows in May 2007, emerging markets bond spreads are now above pre-Asian crisis levels. The JPMorgan EMBI+ Latin American composite widened by 146 basis points in the third quarter, with spreads reaching 448 basis points at the end of September. Spreads have widened sharply in recent weeks as foreign investors cut back regional exposure for the safety of U.S. Treasuries. The ongoing lack of liquidity and subsequent liquidation of assets is leading to a collapse in asset prices and a sharp widening in spreads. Daily spreads in October have risen to levels not seen since December 2002, making it much more difficult for governments that need financing to get it. Risk premiums for Latin corporates and sovereigns have risen substantially, but have remained well below U.S. junk (high-yield) bonds. Latin corporates are facing a steep rise in foreign exchange borrowing costs (although less than firms in other emerging markets), which raises concerns that refinancing risks will climb.So far, emerging markets vulnerabilities have been more focused on corporates, as sovereigns have improved public debt dynamics and countries' financing needs are under control. Market performance has been driven by the rapid deterioration of emerging markets bank and corporate market, as well as ongoing losses in emerging markets equities. From January to September 2008, the Morgan Stanley Capital International (MSCI) Latin American Index lost almost 28%, while the Emerging Markets Index lost 37% and the G-7 Index lost 24%. While in 2007 the Latin America component gained 47%, almost nine times as much as the MSCI-G7 index for developed markets, since mid-September 2008 stocks in Latin America have been doing worse than stocks in developed countries, as concerns about access to credit and the adverse impact of sharp falls in commodity prices and in local currencies contribute to increased risk aversion and to outflows of capital. Many governments in the region have used revenue from the commodity boom to pay down debt and build reserves. Now, facing a global financial crisis and the threat of recession in developed countries, the biggest question for Latin America is how long and deep this cyclical downturn will be, and how much it is going to reduce commodity prices. Prices for commodities such as soy, gold, copper and oil, which helped fund the region's boom, have fallen 28% since their July 2 high, according to the RJ/CRB Commodity Price Index. According to Morgan Stanley (in a September 29 report), should prices return to their 10-year average, Latin America's balanced budgets would quickly revert to a deficit of 4.1% of GDP. As risk aversion increases, investors are rapidly pulling out massive amounts of money, creating problems for local markets and banks. There is an ongoing shortage of dollars (as investors liquidate assets in Latin American markets), and as currencies depreciate, inflation concerns increase despite the global slowdown. In Brazil and Mexico, central banks deployed billions of dollars of reserves to stem steep currency declines, as companies in these countries, believing their local currencies would continue to strengthen against the U.S. dollar, took debts in dollars. Some companies also made bets using currency derivatives that have led to losses in the billions of dollars. Dramatic currency swings have caused heavy losses for many companies, from Mexico's cement giant Cemex SAB to the Brazilian conglomerate Grupo Votorantim. Mexico's third-largest retailer, Controladora Comercial Mexicana, declared bankruptcy recently after reporting huge losses related to exchange rate bets. As concerns about corporate exposure to dollar-denominated derivatives increases, yields on bonds issued by many of Brazil's and Mexico's leading companies have started to rise, sharply raising the cost of issuing new debt. Latin American external debt issuance came to a halt in the third quarter of 2008, totaling only US$ 690 million. The cost of obtaining loans for capital expenditures, M&A and debt refinancing is also rising substantially for Latin American corporates amid contagion from the U.S. financial crisis. According to bankers, a protracted trend of shortening tenors and widening spreads has intensified in the past few weeks, indicating that bank lending is quickly following the way of bonds and equity. Finally, money transfers from Latin American migrants are expected to decline for the first time this decade, as a result of economic downturns in the U.S. and Spain, inflation and a weaker dollar. The Mexican Central Bank announced that money transfers from Mexicans living in the U.S. dropped a record 12.2% in August. In 2008, migrants from the region will send some 1.7% less in remittances year-on-year when adjusted for inflation, according to the IADB, compounding the adverse effects of the deepening financial turmoil.

Influência do etileno na regulação do florescimento de Coffea arabica L.

Coffee is one of the most valuable exported agricultural product worldwide as well as the second most traded commodity after oil. This crop represents a source of employment and considerably accounts for the revenue of the country, besides its undeniable importance for local and world socioeconomical scenery. The quality of the coffee drink is directly related to the fruit ripening stage, which is found in different stages at harvesting due to the sequential flowering, increasing costs with the production and generating a lower-quality beverage. The asynchronous flowering of the coffee tree comes from the uneven development of buds, which can be influenced by environmental factors, taking into account that the anthesis takes place after a water deficit period, followed by precipitation. Changes in the hormone balance have been observed after water deficit and rehydration cycles, and such oscillation on the water status of the plant increased the level of ethylene in some species. This finding led to the association between the requirements at the flowering stage of the coffee tree and the involvement of the ethylene in promoting anthesis. The application of 1- MCP (ethylene action inhibitor) triggered the anthesis in coffee trees. And, in coffee seedlings in greenhouse conditions after a period of water shortage followed by irrigation, the profile of gene expression of the biosynthesis route and signaling of ethylene are changed in leaves and roots. The increased levels of the ethylene precursor (ACC) in roots throughout the dry season and the transportation of this compound into shoots may be the signal to trigger the anthesis in coffee tree after rehydration. Thus, in order to better understand the role of the ethylene in regulation of flowering, we analyzed the effects of the exogenous application of 1-MCP in different physiological characteristics and in the expression of genes related to the ethylene biosynthesis and signaling pathways in coffee leaves and bud from plants under field conditions. The evaluations and tissue sampling were carried out in different times treatments implementation: T1 – control, T2 – 1-MCP+Break-Thru, and T3 – Break-Thru. There was influence of 1-MCP and Break-Thru in gas exchange parameters and of 1-MCP contributed to the increase in relative water content. RT-qPCR analyses showed a different behavior in relation to the profile of gene expression in leaves and buds analyzed in the present study (CaACS1 – like, CaACO1 – like, CaACO4 – like, CaETR4 – like) and the expression levels were changed a few hours (2h) after applying the products. However, there was flowering only in plants treated with 1-MCP, in the absence of rain and irrigation.

Pricing and spread components at the Lima Stock Exchange

This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases.

Exchange-rate variations and the rate of inflation in emerging economies

This paper develops a structural general equilibrium model to analyse the reactions of the nominal exchange rate and the domestic price level to three types of external shock in emerging economies that have limited access to world capital markets. Although the results depend crucially on the type of external shock, each of the two national balance-sheet parameters considered here —the risk premium and the ratio of external indebtedness— exacerbates the reactions of the two endogenous variables without altering the degree of exchange-rate pass-through (erpt). Moreover, flatter Phillips curves, as observed today in many economies, tend to increase erpt. On the basis of these results, the authorities of emerging economies seeking to stabilize markets and limit erpt are advised to minimize the two risk parameters by applying a flexible inflation-targeting regime.

Exchange rate pass-through and inflation targets in Chile

Using quarterly data on the Chilean economy from 1986 to 2009, this article looks at the effect of gradual implementation of an inflation-targeting regime on exchange rate pass-through to prices. Initially, the introduction of inflation-targeting contributes to substantial reductions in the pass-through coefficient. However, in the second phase of implementation, once the monetary authority extends the policy horizon and introduces greater flexibility into the exchange rate system, the pass-through coefficient rises sharply. The findings of this study show that exchange rate pass-through to prices, in addition to being sensitive to the inflationary environment, is closely tied to the rules of the game that shape the monetary policy framework.

Desorption of heavy metals from ion exchange resin with water and carbon dioxide

Adsorption and regeneration of ion exchange resins were studied using a subcritical solution of a CO₂-H₂O mixture and a fixed bed column. The commercial Amberlite IRC-50/IRC-86 cation exchange resins and Amberlite IRA-67 anion exchange resin were tested for heavy metals (Pb, Cu, Cd) adsorption from a solution with different initial metal concentrations at different temperatures. After adsorption, the loaded resins were regenerated with water and carbon dioxide at different temperatures and a pressure of 25 MPa. The efficiency of the IRC-50 resin was lower than that of the IRC-86 resin for the adsorption of metals like Cd, Cu and Pb. Results obtained for desorption of these metals indicated that the process could be used for Cd and in principle for Cu. Sorption of metal ions depended strongly on feed concentration. Mathematical modeling of the metal desorption process was carried out successfully as an extraction process. For this purpose, the VTII Model, which is applied to extraction from solids using supercritical solvents, was used in this work.

Estudos estruturais por dinâmica molecular do peptídeo Polybia-MPI via Replica Exchange

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)