Political institutions as substitute for democracy: a political economy analysis of economic growth

This manuscript empirically assesses the effects of political institutions on economic growth. It analyzes how political institutions affect economic growth in different stages of democratization and economic development by means of dynamic panel estimation with interaction terms. The new empirical results obtained show that political institutions work as a substitute for democracy promoting economic growth. In other words, political institutions are important for increasing economic growth, mainly when democracy is not consolidated. Moreover, political institutions are extremely relevant to economic outcomes in periods of transition to democracy and in poor countries with high ethnical fractionalization.

Sale of credit portfolio and risk : the case of financial institutions in Brazil

Este estudo analisa se as vendas de carteiras de crédito são utilizadas por instituições financeiras para gestão de risco, de acordo com Stanton(1998) e Murray(2001) ou para captação recursos, como apontado em Cebenoyan e Strahan(2001) e Dionne e Harchaoui(2003). Duas hipóteses foram testadas quanto às vendas de carteira de crédito: 1) implicam em melhor rating na carteira remanescente; ou 2) promovem alavancagem financeira - com piora na carteira remanescente -, controlando para a existência de coobrigação e para quem esses ativos foram transferidos. A amostra inclui informações trimestrais de 145 instituições financeiras do primeiro trimestre de 2001 ao segundo trimestre de 2008. Os resultados oferecem evidências empíricas de que as instituições financeiras utilizam estas vendas para melhora do rating da carteira de crédito remanescente, ou seja, elas transferem, em sua maioria, ativos de baixa qualidade, garantindo bons ratings e melhorando a liquidez. Adicionalmente, seguindo a proposta Dionne e Harchaoui(2003) - que além de testar, evidenciam que exigências regulatórias promovem alavancagem em ativos de alto risco - foi observada a relação entre o Índice de Basiléia e rating da carteira de crédito. As conclusões foram semelhantes às encontradas por Dionne e Harchaoui(2003): quanto mais adequada – maior Índice de Basiléia - uma instituição financeira for, maiores as chances de ela possuir uma carteira de crédito com qualidade ruim.

Hybrid political institutions and governability: the budgetary process in Brazil

In this paper we take a close look at some of the particular pathways by which majoritarian and consensual institutions affect governability. We demonstrate that the mix of majoritarian and consensual institutions found within a country can influence these pathways quite dramatically, such that they produce rather different consequences for governability, even when these pathways are relatively similar in nature. Particularly, we focus on the rules governing the relationship between the President and the Legislature, especially the appropriation of amendments proposed by legislators. In some presidential countries, the president possesses a partial veto (or a line-item veto) which allows him/her to approve or strike appropriations, which legislators introduce in amendments. Concentrating on the case of Brazil, we argue and demonstrate that whether or not the president can use this tool to sustain governing majorities (i.e., to increase governability) depends on the kind of amendment introduced by legislators. One kind, individual amendment, is linked to the majoritarian institution of a powerful presidency and therefore helps to increase governability. A second kind, collective amendment, is linked to consensual institutions and actually does not enhance legislative support for the Executive.

Rising Brazil: implications for world order and international institutions

Palestra promovida pelo Centro de Relações Internacionais da FGV.

Sinergias nas fusões e aquisições do setor de educação superior no Brasil

Fusões e aquisições são um fenômeno relevante na economia e estão se tornando cada vez mais presentes no Brasil também. Entre os diferentes setores econômicos nos quais a estratégia de crescimento aquisitivo tem sido implementadas, a educação superior privada merece destaque, não apenas pela frequência de transações, mas também pelo porte de algumas delas, colocando as empresas líderes do mercado brasileiro entre as maiores instituições do mundo. O presente trabalho objetiva entender por que essas empresa têm adotado tal estratégia, ao invés de simplesmente se basearem no crescimento orgânico. A tentativa de responder a essa questão levou à proposta de uma hipótese que sugere que existem motivações econômicas para a ocorrência deste fato. Em outras palavras, a hipótese que o trabalho busca testar é que existem sinergias nas transações realizadas no setor de educação superior no Brasil, bem como que estas sinergias têm sido convertidas em ganhos econômicos para as empresas adquirentes e para os seus acionistas. Para tanto, o presente trabalho primeiramente apresenta uma revisão da literatura do tema de fusões e aquisição e também uma visão sobre o setor brasileiro de educação superior, incluindo sua evolução, regulamentação e outras informações relevantes para apoiar um entendimento mais profundo sobre o fenômeno estudado. Em seguida, baseando-se na metodologia proposta, o trabalho foca no teste de sua hipótese, através da identificação das sinergias específicas presentes no setor e nas empresas selecionadas (Anhanguera, Estácio e Kroton) e da análise de como estas sinergias estão sendo traduzidas em seus resultados econômicos. Finalmente, com base nas evidências geradas por tais discussões, são providas conclusões relativas à veracidade da hipótese.

Pompidou & Pompeia: a parallel between the management strategies of two cultural institutions in the French and Brazilian contexts

A presente pesquisa foi conduzida na forma de um estudo de caso de duas instituições culturais no contexto francês e brasileiro. O Centro Pompidou é um projeto presidencial de museu financiado pelo Estado, com a missão de tornar a arte moderna em todas as suas expressões acessíveis ao público em geral. O Sesc Pompeia é um centro multidisciplinar de cultura e esporte - financiado pelo dinheiro dos impostos e administrado pela Federação do Comércio . O Sesc Pompéia é dedicado à oferta de educação informal através do cultivo da mente e do corpo. O estudo examina se as teorias de dependência de recursos e de poder podem ser utilizadas para conceituar a relação que o Centro Pompidou e do Sesc Pompéia tem com seus stakeholders financeiros. Mais especificamente, será discutido em que medida o grau de dependência influencia a estratégia de gestão das instituições. O objetivo é de responder a pergunta seguinte: quais são as estratégias que as instituições adotam para reduzir sua dependência com relação a seus principais stakeholders financeiros? Finalmente algumas implicações práticas de gestão serão elaboradas a partir do paralelo entre as estratégias das duas instituições.

Theorizing Latin America : transactions, resources and institutions

Nos anos 80, a América Latina, uma das regiões menos desenvolvidas do mundo, enfrentou um período de mudanças econômicas e políticas significativas que levaram essa região a um lugar de destaque no mercado mundial. Por conseguinte, a América Latina foi objeto de diversos estudos, que, por sua vez, foram compilados nesta revisão de literatura, a fim de que se possam identificar quais os avanços foram feitos no âmbito da Gestão e Negócios Internacionais. Como base, tomou-se a metodologia aplicada por Meyer e Peng (2005), fazendo um paralelo entre três importantes teorias da área (Teoria de Baseada em Recursos, Teoria Baseada no Custo das Transações e Teoria Institucional) e alguns assuntos-chave de extrema relevância ao entendimento do tema (Construindo Vantagens Competitivas, Liberalização Econômica versus Regulação Governamental e Internacionalização) Ao final, delimitamos as contribuições da América Latina ao estudo da Gestão e Negócios Internacionais, fazendo algumas sugestões para futuros pesquisas nesse âmbito.

Electoral institutions,cleavage structures,and the number of parties

Theory: A classic question in political science concems ",hat deteImines the number of parties that compete in a given polity. Broadly speaking, there are two approaches to answering this question, one that emphasizes the role of electorallaws in structuring coalitional incentives, another that emphasizes the importance of pre-existing social cleavages. In tbis paper, we view the number of parties as a product of the interaction between these two forces, following Powell (1982) and Ordeshook and Shvetsova (1994). Hypotheses: The effective number of parties in a polity should be a multiplicative rather than an additive function ofthe peImissiveness ofthe electoral system and the heterogeneity ofthe society. Methods: Multiple regression on cross-sectional aggregate electoral statistics. Unlike previous studies, we (1) do not confine attention to developed democracies; (2) explicitly control for the influence of presidential elections, taking account of whether they are concurrent or nonconcurrent, and ofthe effective number ofpresidential candidates; and (3) also control for the presence and operation of upper tiers in legislative elections. Results: The hypothesis is confiImed, both as regards the number of legislative and the number of presidential parties .

Economic recovery from the Argentine great depression : institutions, expectations, and the change of macroeconomic regime

This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of convertibility in 1929. As elsewhere, fiscal policy in Argentina was conservative, and had little power to smooth output. Monetary policy became heterodox after 1929. The first and most important stage of institutional change took place with the switch from a metallic monetary regime to a fiduciary regime in 1931; the Caja de Conversión (Conversion Office, a currency board) began rediscounting as a means to sterilize gold outflows and avoid deflationary pressures, thus breaking from orthodox "mIes of the game." However, the actual injections of liquidity were small' and were not enough to fully offset the incipient monetary contractions: the "Keynes" effect was weak or negative. Rather, recovery derived from changes in beliefs and expectations surrounding the shift in the monetary and exchange-rate regime,and the delinking of gold flows and the money base. Agents perceivod a new regime, as shown by the path of consumption, investment, and estimated ex ante real interest rates: the "Mundell" effect was dominant. Notably, this change of regime predated a later, and supposedly more significant, stage of institutional reform, namely the creation of the central bank in 1935. Still, the extent of intervention was weak, and insufficient to fully offset externaI shocks to prices and money. Argentine macropolicy was heterodox in terms of the change of regime, but still conservative in terms of the tentative scope of the measures taken .

Public debt management, monetary policy and financial institutions

Despite the large size of the Brazilian debt market, as well the large diversity of its bonds, the picture that emerges is of a market that has not yet completed its transition from the role it performed during the megainflation years, namely that of providing a liquid asset that provided positive real returns. This unfinished transition is currently placing the market under severe stress, as fears of a possible default from the next administration grow larger. This paper analyzes several aspects pertaining to the management of the domestic public debt. The causes for the extremely large and fast growth ofthe domestic public debt during the seven-year period that President Cardoso are discussed in Section 2. Section 3 computes Value at Risk and Cash Flow at Risk measures for the domestic public debt. The rollover risk is introduced in a mean-variance framework in Section 4. Section 5 discusses a few issues pertaining to the overlap between debt management and monetary policy. Finally, Section 6 wraps up with policy discussion and policy recommendations.

Opiniões sobre estágio curricular e prática de ensino na licenciatura em química: o caso do CEFET-PB

The Brazilian legal documents are directing the reformulation of the courses that prepare students to be teachers. Through out the country many institutions look for to fit themselves in such documents. On the other hand, other IES (Superior Education Institutions), when they are setting up such courses they looked for to be adequate to the new public politics. Based on the National Curricular Norms to form teachers for Basic Education, in tertiary level, in 2004 it was created at the CEFET-PB,the Chemistry Course (Licenciatura) to prepare people to be teachers, whose organization. This work presents the results of a research of phenomenological nature that aimed to comprehend the teachers opinions, in the range of discussions about the current politics of formation, particularly related to the CNE/CP 1 and CNE/CP 2/2002 resolutions. This work based on the curricular proposal for the Chemistry Course (Licenciatura), presents the relationship between the probationary period and the teaching practice at the CEFET-PB, in order to contribute for a reflection about these categories to clarify the teachers of the course. It started from the consideration of all changes operated in contemporary society implies changes on teacher's pedagogical practices. It was used tow instruments for the data collection: a questionnaire with open and closed questions and recordable interviews. Nine teachers form the CEFET-PB took apart and four licensed teachers. It was based in a theoretic frame as a support for discussions about the different models of teachers formation. We concluded that the representations of teachers about probationary period the practice on the activity for the teachers formation was strongly anchored in characteristic elements of the formative tendency of a institution that historically acted on a technician formation, and the results pointed to strong signs of attitudes based on a model of the technical rationality

Perioperative cardiac arrest and its mortality in children. A 9-year survey in a Brazilian tertiary teaching hospital

Background: the incidence of perioperative cardiac arrest and mortality in children is higher than in adults. This survey evaluated the incidence, causes, and outcome of perioperative cardiac arrests in a pediatric surgical population in a tertiary teaching hospital between 1996 and 2004.Methods: the incidence of cardiac arrest during anesthesia was identified from an anesthesia database. During the study period, 15 253 anesthetics were performed in children. Data collected included patient demographics, surgical procedures (elective, urgent, or emergency), ASA physical status classification, anesthesia provider information, type of surgery, surgical areas, and outcome. All cardiac arrests were reviewed and grouped by the cause of arrest and death into one of four groups: totally anesthesia-related, partially anesthesia-related, totally surgery-related, or totally child disease or condition-related.Results: There were 35 cardiac arrests (22.9 : 10 000) and 15 deaths (9.8 : 10 000). Major risk factors for cardiac arrest were neonates and children under 1 year of age (P < 0.05) with ASA III or poorer physical status (P < 0.05), in emergency surgery (P < 0.05), and general anesthesia (P < 0.05). Child disease/condition was the major cause of cardiac arrest or death (P < 0.05). There were seven cardiac arrests because of anesthesia (4.58 : 10 000) - four totally (2.62 : 10 000) and three partially related to anesthesia (1.96 : 10 000). There were no anesthesia attributable deaths reported. The main causes of anesthesia attributable cardiac arrest were respiratory events (71.5%) and medication-related events (28.5%).Conclusions: Perioperative cardiac arrests were relatively higher in neonates and infants than in older children with severe underlying disease and during emergency surgery. The fact that all anesthesia attributable cardiac arrests were related to airway management and medication administration is important in prevention strategies.

Detection of SPM and IMP metallo-beta-lactamases in clinical specimens of Pseudomonas aeruginosa from a Brazilian public tertiary hospital

Phenotypic and genotypic SPM and IMP metallo-beta-lactamases (MBL) detection and also the determination of minimal inhibitory concentrations (MIC) to imipenem, meropenem and ceftazidime were evaluated in 47 multidrug-resistant Pseudomonas aeruginosa isolates from clinical specimens. Polymerase chain reaction detected 14 positive samples to either bla(SPM) or bla(IMP) genes, while the best phenotypic assay (ceftazidime substrate and mercaptopropionic acid inhibitor) detected 13 of these samples. Imipenem, meropenem and ceftazidime MICs were higher for MBL positive compared to MBL negative isolates. We describe here the SPM and IMP MBL findings in clinical specimens of P. aeruginosa from the University Hospital of Botucatu Medical School, São Paulo, Brazil, that reinforce local studies showing the high spreading of bla(SPM) and bla(IMP) genes among Brazilian clinical isolates.

Candidemia in a Brazilian tertiary hospital: microbiological and clinical features over a six-year period

Yeasts are becoming a common cause of nosocomial fungal infections in immunocompromised patients. Such infections often develop into sepsis with high mortality rates. The aim of this study was to evaluate some of the numerous factors associated with the development of candidemia. Medical records were retrospectively analyzed of 98 Candida spp. patients. Results showed that the most prevalent risk factors for developing candidemia were: antibiotics and antifungal agents (93.9% and 79.6%, respectively); the use of central venous catheter (93.9%); mechanical ventilation (73.5%); and parenteral nutrition (60.2%). The main species of Candida found were: C. parapsilosis (37.76%), C. albicans (33.67%); and others (28.57%). C. glabrata showed the highest mortality rate (75%), followed by C. tropicalis (57.1%) and C. albicans (54.5%). The elevated mortality rate found in this study indicates that preventive measures against candidemia must be emphasized in hospitals.