Past and future of the bankruptcy law in Brazil and Latin America

This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature and its evolution on this subject. Next, we examine the economic incentives associated with several aspects of bankruptcy laws and insolvency procedures in general, as well as the trade-offs involved. After this theoretical discussion, we evaluate empirically the current stage of the quality of insolvency procedures in Latin America using data from Doing Business and World Development Indicators, both from World Bank and International Financial Statistics from IMF. We find that the region is governed by an inefficient law, even when compared with regions of lower per capita income. As theoretical and econometric models predict, this inefficiency has severe consequences for credit markets and the cost of capital. Next, we focus on the recent Brazilian bankruptcy reform, analyzing its main changes and possible effects over the economic environment. The appendix describes difficulties of this process of reform in Brazil, and what other Latin American countries can possibly learn from it.

City sizes and industry concentration

In a general equilibrium model of trade under transportation costs between two cities we show how the relative population sizes are simultaneously detemined with the degree of geographic concentration of industries characterized by different elasticities of scale of production. The effect on city size of the presence of nontraded goods is also analyzed.

Exchange rate policies, patterns of specialization and economic development: theory and evidence in developing countries

The objectives of this paper are twofold. First, it intends to provide theoretical elements to analyze the relation between real exchange rates and economic development. Our main hypothesis is very much in line with the Dutch disease literature, and states that competitive currencies contribute to the existence and maintenance of the anufacturing sector in the economy. This, in turn, brings about higher growth rates in the long run, given the existence of increasing returns in the industrial sector, and its importance in generating echnological change and increasing productivity in the overall economy. The second objective of this paper is empirical. It intends to analyze examples of successful exchange rate policies, such as Chile and Indonesia in the eighties, as a benchmark for comparison with countries where currency overvaluation has taken place, such as Brazil. In the latter case, the local currency is being inflated by large capital inflows, due to high domestic interest rates and to a boom in demand and prices of commodities in the international markets. It will be argued that the industrial sector bears most of the burden when the currency appreciates, and that Brazil risks at deindustrialization if there are no changes in the exchange rate regime

The gay subject in business and its discursive formation: an exploration on power, knowledge and sexuality

Issues related to the reality of lesbian, gay, bisexual and transgender (LGBT) individuals are being incorporated into institutional and social discourses, and show the challenges that must be overcome towards citizenship. The inclusion of gay rights in the domain of institutions like the United Nations and the Brazilian Secretariat of Human Rights are a response to broader movements that places the gay subject as an important topic of debate in the social-political sphere. In this scenario, some institutions deserve close attention from researchers related to gay issues, the business environment being a good example. In this domain, diversity has become an important topic of debate between scholars, where the question of sexual identity in most cases does not appear. The literature that actually focuses on the theme is explored through approaches that are not able to break with universalisms and a normatized vocabulary. Therefore, this research explores discursive structures related to sexuality and examines the meanings construed throughout these structures as described by gay individuals working in business. Furthermore, it investigates patterns of discursive normative structures and consequential challenges faced by gay people in the working environment, and also complements the current debate both in the socio-political sphere and in academic reality on LGBT challenges. The Foucauldian notions of discourse, knowledge and power, and the main concepts of queer theory are incorporated to the analysis, as well as concepts related to the politics of post-colonial sexuality, subordination, and hegemonic forces, together with role of reflexivity in modernity and its impacts on secularized mental structures. The research design takes a phenomenological approach and bases its knowledge claim on a participatory perspective, where the sample chosen for data collection consisted of gay individuals working in the business environment, aiming at generate categories of meanings through the description of their experiences.

City sizes and industry concentration

In a general equilibrium model of trade under transportation costs between two cities we show how the relative population sizes are simultaneously determined with the degree of geographic concentration of industries characterized by different elasticities of scale of production. The effect on city size of the presence of nontraded goods is also analyzed .

Judicial system performance and economic development

The role of judicial systems in determining economic perfonnance has gained increasingly attention in recent years. Nonetheless, the literature lacks a clearly articulated framework to examine how judicial systems influence the investment and production decisions of economic agents. This paper tries to till in this gap. It examines what constitutes a well-functioning judiciary, analyzes how dysfunctional judicial systems compromise economic growth, and reviews the relevant empirical literature. It concludes with some remarks about why, despite the widespread perception that well-functioning legal and judicial systems are key to the success of market-oriented reforms in developing and transition countries, judicial refonn has lagged so much behind other reforms.

Immigration as a strategic vector for the socio-economic and institutional development of Brazil

Brazil has demonstrated resilience in relation to the recent economic crises and has an auspicious development potential projected for the coming decades, which, linked to the globalization process, provides important opportunities for our people. Gradually we have established ourselves as one of the leading nations in the world and we have become a reference in questions linked to economic equilibrium, development, energy, agriculture and the environment. This international recognition favors the exchange of experiences with other cultures, governments and organizations, bringing with it the possibility of stimulating a dynamic process of development and innovation.

Economic stagnation and alternative development strategies

The focus of my paper is the presentation of some thoughts on overcoming economic stagnation, with reference to the case of Mexico. In Section 2, I will describe the reasons why the policies of financial opening based on the Washington Consensus create endogenous tendencies toward economic stagnation and overvaluation of currencies. Section 3 offers a concise outline of a possible alternative development project for Mexico. Section 4 presents some proposals regarding monetary, foreign exchange, and fiscal policy oriented toward reviving economic growth. Finally, in Section 5, I present some conclusions.

An essay on economic growth: classical determinants, convergence and financial development

This dissertation surveys the literature on economic growth. I review a substantial number of articles published by some of the most renowned researchers engaged in the study of economic growth. The literature is so vast that before undertaking new studies it is very important to know what has been done in the field. The dissertation has six chapters. In Chapter 1, I introduce the reader to the topic of economic growth. In Chapter 2, I present the Solow model and other contributions to the exogenous growth theory proposed in the literature. I also briefly discuss the endogenous approach to growth. In Chapter 3, I summarize the variety of econometric problems that affect the cross-country regressions. The factors that contribute to economic growth are highlighted and the validity of the empirical results is discussed. In Chapter 4, the existence of convergence, whether conditional or not, is analyzed. The literature using both cross-sectional and panel data is reviewed. An analysis on the topic of convergence using a quantile-regression framework is also provided. In Chapter 5, the controversial relationship between financial development and economic growth is analyzed. Particularly, I discuss the arguments in favour and against the Schumpeterian view that considers financial development as an important determinant of innovation and economic growth. Chapter 6 concludes the dissertation. Summing up, the literature appears to be not fully conclusive about the main determinants of economic growth, the existence of convergence and the impact of finance on growth.

The Predation of Artemia Nauplii by the Larvae of the Amazon River Prawn, Macrobrachium amazonicum (Heller, 1862), is Affected by Prey Density, Time of Day, and Ontogenetic Development

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Effect of Environmental Temperature During the First Week of Brooding Period on Broiler Chick Body Weight, Viscera and Bone Development

O presente trabalho teve como objetivo estudar o efeito de diferentes temperaturas-ambiente durante a primeira semana de vida de pintos de corte sob parâmetros zootécnicos, desenvolvimento visceral e crescimento ósseo. Foram utilizados 240 pintos de um dia, alojados em 3 câmaras climáticas, com temperaturas constantes de 20, 25 e 35°C do 1° ao 7° dia de vida. Diariamente, o consumo de água e ração, bem como o peso vivo, o peso relativo do fígado, moela, coração, saco vitelino e bursa de Fabricius foram avaliados. A tíbia e o fêmur também foram pesados e o comprimento e espessura (diâmetro médio) mensurados. As aves criadas a 20°C ganharam menos peso e consumiram menos ração do que aves mantidas a 25°C e menos água do que aves mantidas a 35°C. O peso relativo do fígado, coração e moela foram afetados pela temperatura ambiente, entretanto, não foi observado efeito da temperatura de criação sobre o peso do saco vitelino e bursa de Fabricius. Os dados mostraram que todos os parâmetros ósseos pesquisados aumentaram com a idade das aves. A temperatura ambiente não afetou a espessura da tíbia e do fêmur, mas foi observado um aumento significativo no peso e comprimento dos ossos com o aumento da temperatura ambiente. Os resultados desse experimento mostraram que o estresse por frio (20°C) reduziu o crescimento ósseo bem como o peso vivo das aves, durante os primeiros sete dias após a eclosão.

Oocyte activation and preimplantation development of bovine embryos obtained by specific inhibition of cyclin-dependent kinases

Realizaram-se dois experimentos para avaliar a eficiência da bohemina e roscovitina associadas à ionomicina para ativação partenogenética e desenvolvimento embrionário inicial de bovinos. No primeiro, foram testadas diferentes concentrações (0, 50, 75 ou 100µM) e diferentes tempos de exposição (2, 4 ou 6 horas) à bohemina ou à roscovitina na ativação de oócitos bovinos maturados in vitro (MIV) pré-expostos à ionomicina. Os melhores tratamentos, bohemina 75µM e roscovitina 50µM, ambos por seis horas, foram utilizados no segundo experimento, no qual oócitos bovinos MIV foram expostos à ionomicina seguido ou não pelo tratamento com inibidores específicos das quinases dependentes de ciclina (CDKI), e avaliados quanto à configuração nuclear, taxa de ativação e desenvolvimento até blastocisto. Os tratamentos combinados (ionomicina+CDKI) apresentaram melhor taxa de ativação (77,3%) e desenvolvimento embrionário inicial (35,2%) do que a ionomicina sozinha (69,4% e 21,9%, respectivamente), e também promoveram ativação mais uniforme (aproximadamente 90% de formação de um pronúcleo). Estes resultados demonstram que os CDKIs potencializam o efeito da ionomicina na ativação e desenvolvimento embrionário inicial e podem auxiliar na obtenção de protocolos de ativação mais eficientes, aumentando a capacidade de desenvolvimento de embriões produzidos por meio de biotécnicas reprodutivas.

The effects of macromolecular and serum supplements and oxygen tension during bovine in vitro procedures on kinetics of oocyte maturation and embryo development

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

Morphometry of megakaryocytes in the liver of New Zealand White rabbits during intrauterine and postnatal development

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