Dodd Frank act and the Brazilian capital market: extraterritorial effects of regulation to the over-the-counter derivatives market

This paper aims to describe the chief alterations proposed by the Dodd Frank Act to the American over-the-counter derivatives market and, at the same time, understand the extraterritorial reach of this law compared to the regulatory framework of the Brazilian derivative market. In order to do so, I will study the extraterritorial effects of the law, particularly in reference to the international nature of Title II of the Dodd Frank, which deals with the over-the-counter derivatives, in order to evaluate its reach to foreign markets, especially the Brazilian market.

Political budget cycles in a fiscal federation : the effect of partisan voluntary transfers

This article first presents an econometric study suggesting that intergovernmental transfers to Brazilian municipalities are strongly partisan motivated. In light of that stylized fact, it develops an extension to Rogoff (1990)’s model to analyze the effect of partisan motivated transfers into sub-national electoral and fiscal equilibria. The main finding is that important partisan transfers may undo the positive selection aspect of political budget cycles. Indeed, partisan transfers may, on one hand, eliminate the political budget cycle, solving a moral hazard problem, but, on the other hand, they may retain an incompetent incumbent in office, bringing about an adverse selection problem.

Signaling in political budget cycles: How far are you willing to go?

This paper analyzes how heterogeneity in two dimensions, competency and character, a¤ects political budget cycles. Competency is the e¢ciency in running the government. Character is the degree of opportunism. In this expanded space, previous results in the literature on the separating nature of the signaling equilibrium hold if heterogeneity in opportunism is low. With high heterogeneity in opportunism, no separating equilibrium exists. Rather, the equilibrium is partially pooling: only extreme types can be distinguished.

The power of the purse : what do the data say on US federal budget allocation to the states?

This paper provides new evidence on the determinants of the allocation of the US federal budget to the states and tests the capability of congressional, electoral and partisan theories to explain such allocation. We find that socio-economic characteristics are important explanatory variables but are not sufficient to explain the disparities in the distribution of federal monies. First, prestige committee membership is not conducive to pork-barrelling. We do not find any evidence that marginal states receive more funding; on the opposite, safe states tend to be rewarded. Also, states that are historically "swing" in presidential elections tend to receive more funds. Finally, we find strong evidence supporting partisan theories of budget allocation. States whose governor has the same political affiliation of the President receive more federal funds; while states whose representatives belong to a majority opposing the president party receive less funds.

Dip financing of financially distressed companies in Brazil – the conditions provided by the brazilian bankruptcy law act as real incentives for dip lenders as in chapter 11 of the American bankruptcy code?

O objeto deste trabalho é a compreensão do financiamento de empresas em crise, mais especificamente, o financiamento concedido após o pedido de recuperação judicial, como forma de permitir que a empresa saia da situação de crise e retorne à condição de normalidade. Para tanto, nos apropriando do termo cunhado pela doutrina norte-americana, para fazer referência ao aporte de recursos em empresas em dificuldade, utilizaremos o termo DIP financing ou financiamento DIP. Para uma compreensão adequada do objeto, é necessário que entendamos a origem do DIP financing nos Estados Unidos e como é a regulação norte-americana sobre a matéria atualmente. O segundo passo será avaliar a possibilidade de aplicação da mesma estrutura de aporte de recursos no Brasil. Ao estudarmos a origem desse mecanismo nos Estados Unidos, veremos os problemas que surgiram ao longo dos anos e como foram superados jurisprudencialmente e doutrinariamente para que o financiamento DIP se consolidasse como uma das formas de aporte de capital em empresas em crise, culminando no desenvolvimento de uma verdadeira indústria de crédito às empresas em dificuldade. Uma análise dos problemas enfrentados pelo sistema falimentar americano nos levará a hipótese de que, a menos que sejam afirmados mecanismos que assegurem a quem concede o financiamento após o pedido de recuperação judicial, uma super prioridade no recebimento após a recuperação judicial, será possível o desenvolvimento de um mercado de DIP financing no Brasil.

Essays on health care reform, wealth inequality, and demography

This thesis contains three chapters. The first chapter uses a general equilibrium framework to simulate and compare the long run effects of the Patient Protection and Affordable Care Act (PPACA) and of health care costs reduction policies on macroeconomic variables, government budget, and welfare of individuals. We found that all policies were able to reduce uninsured population, with the PPACA being more effective than cost reductions. The PPACA increased public deficit mainly due to the Medicaid expansion, forcing tax hikes. On the other hand, cost reductions alleviated the fiscal burden of public insurance, reducing public deficit and taxes. Regarding welfare effects, the PPACA as a whole and cost reductions are welfare improving. High welfare gains would be achieved if the U.S. medical costs followed the same trend of OECD countries. Besides, feasible cost reductions are more welfare improving than most of the PPACA components, proving to be a good alternative. The second chapter documents that life cycle general equilibrium models with heterogeneous agents have a very hard time reproducing the American wealth distribution. A common assumption made in this literature is that all young adults enter the economy with no initial assets. In this chapter, we relax this assumption – not supported by the data – and evaluate the ability of an otherwise standard life cycle model to account for the U.S. wealth inequality. The new feature of the model is that agents enter the economy with assets drawn from an initial distribution of assets. We found that heterogeneity with respect to initial wealth is key for this class of models to replicate the data. According to our results, American inequality can be explained almost entirely by the fact that some individuals are lucky enough to be born into wealth, while others are born with few or no assets. The third chapter documents that a common assumption adopted in life cycle general equilibrium models is that the population is stable at steady state, that is, its relative age distribution becomes constant over time. An open question is whether the demographic assumptions commonly adopted in these models in fact imply that the population becomes stable. In this chapter we prove the existence of a stable population in a demographic environment where both the age-specific mortality rates and the population growth rate are constant over time, the setup commonly adopted in life cycle general equilibrium models. Hence, the stability of the population do not need to be taken as assumption in these models.

Teoria da despesa pública: uma leitura ético-constitucional em busca do possível da reserva

Brazilian law passes through a crisis of effectiveness commonly attributed to the extravagance of fundamental rights and public shortage. However, public finances are not dogmatically structured to solve the conflicts around the limitations of public spending. There are ethical conditioning factors, like morality, proportionality and impartiality, however, these principles act separately, while the problem of public shortage is holistic. Also, the subjectivity of politics discretionary in the definition of public spending, which is supported in an indeterminate concept of public interest, needs material orientation about the destination of public funds, making it vulnerable to ideological manipulation, resulting in real process of catching rights. Not even the judicial activism (such as influx of constitutionalism) is shown legally appropriate. The Reserve of Possible, also presents basic ethical failure. Understanding the formation of public shortage is therefore essential for understanding the crisis of effectiveness of state responsibilities, given the significant expansion of the state duty of protection, which does not find legal technique of defense of the established interests. The premise of argument, then, part of the possibility of deducting minimal model ethical of desire to spend (public interest) according to objective parameters of the normative system. Public spending has always been treated disdainfully by the Brazilian doctrine, according to the legal character accessory assigned to the monetary cost. Nonetheless, it is the meeting point between economics and law, or is in the marrow of the problem of public shortage. Expensive Subjects to modernity, as the effectiveness of fundamental rights, pass necessarily an ethical legal system of public spending. From the ethical principles deducted from the planning, only the democratic principle guides the public spending through the approval of public spending in the complex budget process. In other words, there is an ethical distancing of economic reality in relation to state responsibilities. From the dogmatic belief of insufficiency, public spending is evaluated ethically, according to the foundations of modern constitutionalism, in search of possible of the financial reserve, certain that the ethics of public economy is a sine qua non condition for legal ethics.

Caracterização de processos morfodinâmicos e hidrodinâmicos do cinturão lacustre meridional da Reserva Biológica do Lago Pirituba, Amapá

The Amapá State has an important natural lake system, known as The Amapá Lakes Region . Most of these lakes are on the southern part of Amapá s coastal plain, which has 300 km of extension and it s composed by holocenic sediments deposited at the northern part of Amazon River to the Orange Cape located on the northern part of Amapá state. This region is under influence of the Amazon River discharge which is the largest liquid discharge of about 209.000 m³/s and biggest sediment budget discharged on the ocean in the order 6.108 ton per day. The climate is influenced by the Intertropical Convergence Zone and El Niño Southern Oscillation which act mainly under precipitation, nebulosity, local rivers and tidal hidrology. In this region lake belts are Ocidental, Oriental and Meridional Lake Belts. The last one is formed by the by the lakes Comprido de Cima, Botos, Bacia, Lodão, Ventos, Mutuco and Comprido de Baixo. These lakes are the closest to the Araguari River and are characterized by pelitic sedimentation associated with fluvial and estuarine flood plains under influence of tides. The lakes are interconnected, suffer influence of flood pulses from the Tartarugal, Tartarugalzinho and Araguari rivers and the hydrodynamic and morphodynamic know edge is poor. Volume and area reduction, natural eutrophication, anthophic influence, hidrodynamic alterations, morphological changes and are factors which can contribute to the closing of such lakes on the Meridional Lake Belt. This belt is inside the boundaries of the Biological Reserve of Piratuba Lake, created in 1980 for integral protection. Due to the fragility of the environment together with the poor knowledge of the system and with the study area relevancy it is necessary to know the hydrodynamic and geoenvironmental processes. This work aims the characterization of morphodynamic and hydrodynamic processes in order to understand the geoambiental context of the Meridional Lake Belt, from the Comprido de Baixo Lake to the dos Ventos Lake, including the Tabaco Igarape. Methodology was based on the hydrodynamic data acquisition: liquid discharge (acoustic method), tides, bathymetry and the interpretation of multitemporal remote sensing images, integrated in a Geographic Information System (GIS). By this method charts of the medium liquid discharges of Lake Mutuco and Tabacco Igarape the maximum velocity of flow were estimated in: 1.1 m/s, 1.6 m/s and 1.6 m/s (rainy season) and 0.6 m/s, 0.6 m/s and 0.7 m/s (dry period), the maximum flow in: 289 m³/s, 297 m³/s and 379 m³/s (rainy season) and 41 m³/s , 79 m³/s and 105 m³/s (dry period), respectively. From the interpretation of multitemporal satellite images, maps were developed together with the analysis of the lakes and Tobaco Igarape evolution from 1972 to 2008, and were classified according to the degree of balance in the area: stable areas, eutrophic areas, areas of gain, and eroded areas. Troughout analysis of the balance of areas, it was possible to quantify the volume of lake areas occupied by aquatic macrophytes. The study sought to understand the hydrodynamic and morphodynamic processes occurring in the region, contributing to the elucidation of the processes which cause and/or favor geoenvironmental changes in the region; all such information is fundamental to making the management of the area and further definition of parameters for environmental monitoring and contributing to the development of the management plan of the Biological Reserve of Lake Piratuba. The work activities is a part of the Project "Integration of Geological, geophysical and geochemical data to Paleogeographic rebuilding of Amazon Coast, from the Neogene to the Recent

Can sieve-element plastids in Panicum maximum (Poaceae) leaves act in the blockage of injured sieve-tube elements?

The ultrastructural features and the plastid changes caused by sample preparation were studied in sieve elements of Panicum maximum leaves. Samples of expanded leaves, taken near the ligule region, were fixed and processed by common light and transmission electron microscopy methods. In mature sieve-tube elements, the protoplast is electron-translucent and plastids are the most frequent organelles. Mitochondria and smooth endoplasmic reticulum segments are also visible and occupy a parietal position within the cell. The plastids are globular and show electron-dense proteinaceous inclusions in the stroma. The protein crystals are predominantly cuneate, but thin crystalloids and amorphous and/or filamentous proteins also occur. The presence of intact plastids plus others in different phases of plastid envelope rupture were interpreted as evidence that this rupture is a normal event in response to injury. This plastid envelope rupture is possibly activated by the release of pressure in the sieve-tube element. After plastid membrane vesiculation, the stroma and the protein crystals are dispersed within the sieve-element ground cytoplasm. The vesicles originating from the plastid envelope move to one cell pole, while protein crystalloids move to the opposite pole and agglomerate in the sieve-plate region. Our findings indicate that these protein crystalloids, which deposit in the sieve plate, may act in sieve-plate pores occlusion, preventing the release of phloem sap, similar to the role of P-protein in dicotyledons. (c) 2008 Elsevier GmbH. All rights reserved.

Leaf glands act as nectaries in Diplopterys pubipetala (Malpighiaceae)

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

Do Terrestrial Tank Bromeliads in Brazil Create Safe Sites for Palm Establishment or Act as Natural Traps for Its Dispersed Seeds ?

This study shows for the first time that terrestrial tank bromeliads from Brazilian restinga can act as natural traps for dispersed palm Euterpe edulis seeds. Such bromeliads, which are shade intolerant, gain benefits by limiting palm recruitment since they hinder canopy formation and, consequently, increase luminosity over its aggregates.

Does cotinine act upon reactive oxygen species and peroxidases?

Nicotine, an oxidizing agent, is certainly one of the most widely used alkaloids in the world. It is, together with its main metabolite, cotinine, responsible for tobacco-dependence. The use of tobacco is closely associated with lung disease, morphological leukocyte modification and generation of oxidant species. The aim of this study was to look for a possible relationship between cotinine, oxidant species generation and oxidative processes. After studying the action of cotinine in some chemical oxidation models and on the enzymatic kinetics of peroxidases (myeloperoxidase and horseradish peroxidase), we concluded that cotinine does not act directly upon H 2O 2, HOCl, taurine chloramines, horseradish peroxidase or myeloperoxidase.

Expenditures, investment and financing for sustainable development in Trinidad and Tobago

Includes bibliography

Budget reform in OECD member countries: common trends

Includes bibliography