Non-Quasi-Competitiveness and Stability in Cournot's Model

This paper retakes previous work of the authors, about the relationship between non-quasi-competitiveness (the increase in price caused by an increase in the number of oligopolists) and stability of the equilibrium in the classical Cournot oligopoly model. Though it has been widely accepted in the literature that the loss of quasi-competitiveness is linked, in the long run as new firms entered the market, to instability of the model, the authors in their previous work put forward a model in which a situation of monopoly changed to duopoly losing quasi-competitiveness but maintaining the stability of the equilibrium. That model could not, at the time, be extended to any number of oligopolists. The present paper exhibits such an extension. An oligopoly model is shown in which the loss of quasi-competitiveness resists the presence in the market of as many firms as one wishes and where the successive Cournot's equilibrium points are unique and asymptotically stable. In this way, for the first time, the conjecture that non-quasi- competitiveness and instability were equivalent in the long run, is proved false.

Financial Markets and Real Ecinomy: Four Essays in International Trade

Financial markets play an important role in an economy performing various functions like mobilizing and pooling savings, producing information about investment opportunities, screening and monitoring investments, implementation of corporate governance, diversification and management of risk. These functions influence saving rates, investment decisions, technological innovation and, therefore, have important implications for welfare. In my PhD dissertation I examine the interplay of financial and product markets by looking at different channels through which financial markets may influence an economy.My dissertation consists of four chapters. The first chapter is a co-authored work with Martin Strieborny, a PhD student from the University of Lausanne. The second chapter is a co-authored work with Melise Jaud, a PhD student from the Paris School of Economics. The third chapter is co-authored with both Melise Jaud and Martin Strieborny. The last chapter of my PhD dissertation is a single author paper.Chapter 1 of my PhD thesis analyzes the effect of financial development on growth of contract intensive industries. These industries intensively use intermediate inputs that neither can be sold on organized exchange, nor are reference-priced (Levchenko, 2007; Nunn, 2007). A typical example of a contract intensive industry would be an industry where an upstream supplier has to make investments in order to customize a product for needs of a downstream buyer. After the investment is made and the product is adjusted, the buyer may refuse to meet a commitment and trigger ex post renegotiation. Since the product is customized to the buyer's needs, the supplier cannot sell the product to a different buyer at the original price. This is referred in the literature as the holdup problem. As a consequence, the individually rational suppliers will underinvest into relationship-specific assets, hurting the downstream firms with negative consequences for aggregate growth. The standard way to mitigate the hold up problem is to write a binding contract and to rely on the legal enforcement by the state. However, even the most effective contract enforcement might fail to protect the supplier in tough times when the buyer lacks a reliable source of external financing. This suggests the potential role of financial intermediaries, banks in particular, in mitigating the incomplete contract problem. First, financial products like letters of credit and letters of guarantee can substantially decrease a risk and transaction costs of parties. Second, a bank loan can serve as a signal about a buyer's true financial situation, an upstream firm will be more willing undertake relationship-specific investment knowing that the business partner is creditworthy and will abstain from myopic behavior (Fama, 1985; von Thadden, 1995). Therefore, a well-developed financial (especially banking) system should disproportionately benefit contract intensive industries.The empirical test confirms this hypothesis. Indeed, contract intensive industries seem to grow faster in countries with a well developed financial system. Furthermore, this effect comes from a more developed banking sector rather than from a deeper stock market. These results are reaffirmed examining the effect of US bank deregulation on the growth of contract intensive industries in different states. Beyond an overall pro-growth effect, the bank deregulation seems to disproportionately benefit the industries requiring relationship-specific investments from their suppliers.Chapter 2 of my PhD focuses on the role of the financial sector in promoting exports of developing countries. In particular, it investigates how credit constraints affect the ability of firms operating in agri-food sectors of developing countries to keep exporting to foreign markets.Trade in high-value agri-food products from developing countries has expanded enormously over the last two decades offering opportunities for development. However, trade in agri-food is governed by a growing array of standards. Sanitary and Phytosanitary standards (SPS) and technical regulations impose additional sunk, fixed and operating costs along the firms' export life. Such costs may be detrimental to firms' survival, "pricing out" producers that cannot comply. The existence of these costs suggests a potential role of credit constraints in shaping the duration of trade relationships on foreign markets. A well-developed financial system provides the funds to exporters necessary to adjust production processes in order to meet quality and quantity requirements in foreign markets and to maintain long-standing trade relationships. The products with higher needs for financing should benefit the most from a well functioning financial system. This differential effect calls for a difference-in-difference approach initially proposed by Rajan and Zingales (1998). As a proxy for demand for financing of agri-food products, the sanitary risk index developed by Jaud et al. (2009) is used. The empirical literature on standards and norms show high costs of compliance, both variable and fixed, for high-value food products (Garcia-Martinez and Poole, 2004; Maskus et al., 2005). The sanitary risk index reflects the propensity of products to fail health and safety controls on the European Union (EU) market. Given the high costs of compliance, the sanitary risk index captures the demand for external financing to comply with such regulations.The prediction is empirically tested examining the export survival of different agri-food products from firms operating in Ghana, Mali, Malawi, Senegal and Tanzania. The results suggest that agri-food products that require more financing to keep up with food safety regulation of the destination market, indeed sustain longer in foreign market, when they are exported from countries with better developed financial markets.Chapter 3 analyzes the link between financial markets and efficiency of resource allocation in an economy. Producing and exporting products inconsistent with a country's factor endowments constitutes a serious misallocation of funds, which undermines competitiveness of the economy and inhibits its long term growth. In this chapter, inefficient exporting patterns are analyzed through the lens of the agency theories from the corporate finance literature. Managers may pursue projects with negative net present values because their perquisites or even their job might depend on them. Exporting activities are particularly prone to this problem. Business related to foreign markets involves both high levels of additional spending and strong incentives for managers to overinvest. Rational managers might have incentives to push for exports that use country's scarce factors which is suboptimal from a social point of view. Export subsidies might further skew the incentives towards inefficient exporting. Management can divert the export subsidies into investments promoting inefficient exporting.Corporate finance literature stresses the disciplining role of outside debt in counteracting the internal pressures to divert such "free cash flow" into unprofitable investments. Managers can lose both their reputation and the control of "their" firm if the unpaid external debt triggers a bankruptcy procedure. The threat of possible failure to satisfy debt service payments pushes the managers toward an efficient use of available resources (Jensen, 1986; Stulz, 1990; Hart and Moore, 1995). The main sources of debt financing in the most countries are banks. The disciplining role of banks might be especially important in the countries suffering from insufficient judicial quality. Banks, in pursuing their rights, rely on comparatively simple legal interventions that can be implemented even by mediocre courts. In addition to their disciplining role, banks can promote efficient exporting patterns in a more direct way by relaxing credit constraints of producers, through screening, identifying and investing in the most profitable investment projects. Therefore, a well-developed domestic financial system, and particular banking system, would help to push a country's exports towards products congruent with its comparative advantage.This prediction is tested looking at the survival of different product categories exported to US market. Products are identified according to the Euclidian distance between their revealed factor intensity and the country's factor endowments. The results suggest that products suffering from a comparative disadvantage (labour-intensive products from capital-abundant countries) survive less on the competitive US market. This pattern is stronger if the exporting country has a well-developed banking system. Thus, a strong banking sector promotes exports consistent with a country comparative advantage.Chapter 4 of my PhD thesis further examines the role of financial markets in fostering efficient resource allocation in an economy. In particular, the allocative efficiency hypothesis is investigated in the context of equity market liberalization.Many empirical studies document a positive and significant effect of financial liberalization on growth (Levchenko et al. 2009; Quinn and Toyoda 2009; Bekaert et al., 2005). However, the decrease in the cost of capital and the associated growth in investment appears rather modest in comparison to the large GDP growth effect (Bekaert and Harvey, 2005; Henry, 2000, 2003). Therefore, financial liberalization may have a positive impact on growth through its effect on the allocation of funds across firms and sectors.Free access to international capital markets allows the largest and most profitable domestic firms to borrow funds in foreign markets (Rajan and Zingales, 2003). As domestic banks loose some of their best clients, they reoptimize their lending practices seeking new clients among small and younger industrial firms. These firms are likely to be more risky than large and established companies. Screening of customers becomes prevalent as the return to screening rises. Banks, ceteris paribus, tend to focus on firms operating in comparative-advantage sectors because they are better risks. Firms in comparative-disadvantage sectors finding it harder to finance their entry into or survival in export markets either exit or refrain from entering export markets. On aggregate, one should therefore expect to see less entry, more exit, and shorter survival on export markets in those sectors after financial liberalization.The paper investigates the effect of financial liberalization on a country's export pattern by comparing the dynamics of entry and exit of different products in a country export portfolio before and after financial liberalization.The results suggest that products that lie far from the country's comparative advantage set tend to disappear relatively faster from the country's export portfolio following the liberalization of financial markets. In other words, financial liberalization tends to rebalance the composition of a country's export portfolio towards the products that intensively use the economy's abundant factors.

Liderança Organizacional – Os Atributos do perfil dos Líder Cabo - Verdiano

A liderança tem sido um tema central na literatura organizacional sendo definida e operacionalizada de variadíssimas formas, tendo por base funções desempenhadas e/ou comportamentos apresentados, agrupados em diversos conceitos, surgindo muitas vezes sob formas de categorias bipolares apresentadas como contraditórias. Decorrendo da complexidade do ambiente, do desempenho de competências inovadores, do desenvolvimento das sociedades, do desenvolvimento das novas tecnologias, no quadro da globalização que conquista o mundo actual, novas competências são requeridas para conduta das organizações ao contorno da crise e da condução ao sucesso. Surge a necessidade em conceptualizar a liderança tendo por base este novo paradigma. Torna-se necessário utilizar instrumentos fiáveis e adaptados ao contexto cultural e organizacional de cada país. O objectivo deste trabalho é identificar os perfis de liderança existentes em Cabo Verde, identificando ainda os atributos/valores culturais que influenciam as práticas organizacionais e os tipos de comportamentos dos líderes de Cabo Verde. Leadership has been a strong core subject on the organizational literature being defined and operationalized in several ways, and based on functions performed and/or on presented behaviours, gathered according to numerous concepts, and often emerging as bipolar categories presented as contradictory. Due to the environmental complexities, to the innovating skills performance, to the society’s development and the new technologies evolution, in the context of globalization sweeping today’s world, new competencies are required for the organizations to overcome the present crisis situation and consequently achieve success. There’s a need to create a leadership concept based on this new paradigm. It becomes necessary to use trustworthy and adapted tools to each country’s cultural and organizational context. This paper goal is to identify the Capeverdian existing leadership profile, recognizing the cultural attributes/values that may influence the organizational practices and the behaviour types found amongst the Capeverdian leaders.

Mouse alarm pheromone shares structural similarity with predator scents.

Sensing the chemical warnings present in the environment is essential for species survival. In mammals, this form of danger communication occurs via the release of natural predator scents that can involuntarily warn the prey or by the production of alarm pheromones by the stressed prey alerting its conspecifics. Although we previously identified the olfactory Grueneberg ganglion as the sensory organ through which mammalian alarm pheromones signal a threatening situation, the chemical nature of these cues remains elusive. We here identify, through chemical analysis in combination with a series of physiological and behavioral tests, the chemical structure of a mouse alarm pheromone. To successfully recognize the volatile cues that signal danger, we based our selection on their activation of the mouse olfactory Grueneberg ganglion and the concomitant display of innate fear reactions. Interestingly, we found that the chemical structure of the identified mouse alarm pheromone has similar features as the sulfur-containing volatiles that are released by predating carnivores. Our findings thus not only reveal a chemical Leitmotiv that underlies signaling of fear, but also point to a double role for the olfactory Grueneberg ganglion in intraspecies as well as interspecies communication of danger.

VOLUMES RELIES du Cabinet des titres : recherches de noblesse, armoriaux, preuves, histoires généalogiques. « Estat des lettres d'anoblissement obtenues par les particuliers cy-après nommez dans la province de Normandie, veriffiez en la Chambre des comptes de ladite province et registrez en la Cour des aydes, depuis 1520 jusques à present. » (1661).

Il y a une table alphabétique des noms de personnes à la fin du volume.

STRATEGIES TO SURPASS THE VULNERABILITY OF THE SMALL ISLAND STATES WITH FEW RESOURCES: THE CASE OF CAPE VERDE

The problem of small Island Developing States (SIDS) is quite recent, end of the 80s and 90s, still looking for a theoretical consolidation. SIDS, as small states in development, formed by one or several islands geographically dispersed, present reduced population, market, territory, natural resources, including drinkable water, and, in great number of the cases, low level of economic activity, factors that together, hinder the gathering of scale economies. To these diseconomies they come to join the more elevated costs in transports and communications which, allies to lower productivities, to a smaller quality and diversification of its productions, which difficult its integration in the world economy. In some SIDS these factors are not dissociating of the few investments in infrastructures, in the formation of human resources and in productive investments, just as it happens in most of the developing countries. In ecological terms, many of them with shortage of natural resources, but integrating important ecosystems in national and world terms, but with great fragility relatively to the pollution action, of excessive fishing, of uncontrolled development of tourism, factors that, conjugated and associated to the stove effect, condition the climate and the slope of the medium level of the sea water and therefore could put in cause the own survival of some of them. The drive to the awareness of the international community towards its problems summed up with the accomplishment by the United Nations in the Barbados’s Conference, 1994 where the right to the development was emphasized, through the going up the appropriate strategies and the Programme of Action for the Sustainable Development of the SIDS. The orientation of the regional and international cooperation in that sense, sharing technology (namely clean technology and control and administration environmental technology), information and creation of capacity-building, supplying means, including financial resources, creating non discriminatory and just trade rules, it would drive to the establishment of a world system economically more equal, in which the production, the consumption, the pollution levels, the demographic politics were guided towards the sustainability. It constituted an important step for the recognition for the international community on the specificities of those states and it allowed the definition of a group of norms and politics to implement at the national, regional and international level and it was important that they continued in the sense of the sustainable development. But this Conference had in its origin previous summits: the Summit of Rio de Janeiro about Environment and Development, accomplished in 1992, which left an important document - the Agenda 21, in the Conference of Stockholm at 1972 and even in the Conference of Ramsar, 1971 about “Wetlands.” CENTRO DE ESTUDOS AFRICANOS Occasional Papers © CEA - Centro de Estudos Africanos 4 Later, the Valletta Declaration, Malta, 1998, the Forum of Small States, 2002, get the international community's attention for the problems of SIDS again, in the sense that they act to increase its resilience. If the definition of “vulnerability” was the inability of the countries to resist economical, ecological and socially to the external shocks and “resilience” as the potential for them to absorb and minimize the impact of those shocks, presenting a structure that allows them to be little affected by them, a part of the available studies, dated of the 90s, indicate that the SIDS are more vulnerable than the other developing countries. The vulnerability of SIDS results from the fact the they present an assemblage of characteristics that turns them less capable of resisting or they advance strategies that allow a larger resilience to the external shocks, either anthropogenic (economical, financial, environmental) or even natural, connected with the vicissitudes of the nature. If these vulnerability factors were grouped with the expansion of the economic capitalist system at world level, the economic and financial globalisation, the incessant search of growing profits on the part of the multinational enterprises, the technological accelerated evolution drives to a situation of disfavour of the more poor. The creation of the resilience to the external shocks, to the process of globalisation, demands from SIDS and of many other developing countries the endogen definition of strategies and solid but flexible programs of integrated development. These must be assumed by the instituted power, but also by the other stakeholders, including companies and organizations of the civil society and for the population in general. But that demands strong investment in the formation of human resources, in infrastructures, in investigation centres; it demands the creation capacity not only to produce, but also to produce differently and do international marketing. It demands institutional capacity. Cape Verde is on its way to this stage.

Prévention du VIH/sida, Suisse 2007: situation satisfaisante chez les jeunes, situation problématique chez les personnes plus âgées.

Depuis 1987, la Suisse dispose d'études répétées sur les comportements sexuels dans plusieurs populations, ce qui permet de suivre l'évolution de paramètres importants concernant la santé sexuelle et l'exposition au risque de transmission du VIH/sida et d'autres IST. Cet article, tiré du dernier rapport de suivi de la stratégie du VIH/sida en Suisse, présente la situation relative à l'activité sexuelle et aux comportements préventifs chez les jeunes de 17 à 20 ans et compare ces paramètres à divers âges de la vie.

Intervention précoce en Guidance Interactive et modification de la réactivité neuroendocrinienne chez l'ancien grand prématuré âgé de 12 mois et sa mère

L'étude a pour objectif de mettre en évidence les effets d'une intervention précoce inspirée des thérapies en Guidance Interactive sur la qualité de l'attachement ainsi que sur la réactivité neuroendocrinienne de stress chez des grands prématurés âgés de 12 mois ainsi que chez leurs mères. La population étudiée comprend 48 grands prématurés (<33 semaines de gestation) et leurs mères. Un programme d'intervention précoce a été proposé aléatoirement à la moitié des dyades incluses dans l'étude. Des mesures de cortisol salivaire ont été effectuées à 12 mois lors d'un épisode de stress modéré (la Situation Étrange) tant chez la mère que chez l'enfant. Les mères ayant bénéficié de l'intervention précoce montrent des taux de cortisol plus élevés que celles n'ayant pas bénéficié de l'intervention. Les auteurs font l'hypothèse que ces mères ont pu développer leur sensibilité envers leur enfant et se montrent, par conséquent, plus concernées lors de l'épisode de stress modéré. The present project aims to assess the effects of an early intervention inspired from Interactive Guidance therapy, on later attachment quality and stress reactivity of prematurely born infants and their mothers. The studied population contends 48 preterm born infants (< 33 weeks og gestational age). Half of the dyads receive an intervention program aiming at promoting the parents' responsivity-sensitivity to infant's cues. Infant's and mother's stress reactivity (salivary cortisol) to mild stressors (Strange Situation) will be assessed at 12 months. Mothers with intervention program show higher cortisol levels than the others. The authors postulate that these mothers enhance their caregiving quality and, subsequently, are more prone to be sensitive to infant's cues and to be concerned during the mild stress episode.

Análise da performance organizacional: Proposta de um modelo do balanced scorecard para a avaliação do desempenho do comando da 1ª região militar

Esta pesquisa gira à volta da avaliação do desempenho organizacional com enfoque no sistema denominado Balanced Scorecard. Esta ferramenta, criada no início da década de noventa, por David Norton e Robert Kaplan, tem vindo a contagiar os gestores, e nos dias de hoje várias são as organizações que beneficiam dela para obter excelência. A primeira metodologia foi apresentada em mil novecentos e noventa e três (1993), constituída por oito etapas. No ano de mil novecentos e noventa e seis (1996), os autores desenvolveram uma nova metodologia, melhorada, composta por dez etapas. Começámos por fazer um levantamento teórico dos conceitos ligados a esta ferramenta, as suas vantagens e desvantagens, as fases da sua execução, os possíveis obstáculos ao seu sucesso e os frutos que poderão ser colhidos com a sua implementação. Através de uma proposta de implementação, escolhemos o Comando da 1ª Região Militar, para verificar quais serão os impactos na gestão desta organização. Do diagnóstico situacional efectuado com base em entrevistas, análise documental e observação, verificámos que a organização possui algumas insuficiências ao nível do desempenho de gestão, derivadas sobretudo da situação logística e financeira. Na construção do mapa estratégico, principal componente do Balanced scorecard, vimo-nos na necessidade de deslocar a perspectiva do cliente ou de mercado para o topo de configuração, devido à natureza do objecto negocial da organização em estudo. O modelo de avaliação de desempenho desenvolvido evidenciou a importância que a utilização deste sistema poderá ter na melhoria das actividades castrenses, sobretudo pelo aumento do nível de comunicação entre os subgrupos e a gestão de topo, neste caso, o Pessoal de Comando e as Pequenas Unidades, devido à natureza e qualidade das informações fornecidas pelo mapa estratégico. The aim of this study is to look at the organizational performance measurement system, with a special emphasis upon the so called Balanced Scorecard System. This tool, created at the beginning of the 1990’s by David Norton and Robert Kaplan, has been gaining the enthusiasm of administrator, and at the present time, several organizations are using it in the search for excellence. The first methodology was presented in 1993 and was formed by eight steps. In 1996, however, its creators developed an improved version of this methodology, now composed by ten steps. We start by doing a research of the theoretical concepts related to this tool, its advantages and disadvantages, the stages of its implementation, possible obstacles to its success, and the benefits that can come from its use. Based on an implementation proposal, we chose the First Military Command Region of Cape Verde to study the possible impacts of this system on the management of that Institution. From an investigation on the existent situation, based on interviews, analysis of documents and “in locus” observation, we realised that the institution shows some administrative insufficiencies, mainly due to its logistics and financial situation. In the building of the strategic map, the main component of the Balanced Scorecard System, we were obliged to move the perspective of the client or the market to the top of the configuration, because of the nature of the trading object of the institution being studied. The performance measurement model developed, clearly showed the importance that the implementation of this system might have on the improvement of the Military activities, mainly because of the improvement on the type of communication that can be established between the subgroups and the higher hierarchical levels, in this case, the Commander Staff and the lower Units, due to the type and quality of the information provided by the strategic map.