Human Capital, the Structure of Production, and Growth

Recent decisions by the Spanish national competition authority (TDC) mandate payment systems to include only two costs when setting their domestic multilateral interchange fees (MIF): a fixed processing cost and a variable cost for the risk of fraud. This artificial lowering of MIFs will not lower consumer prices, because of uncompetitive retailing; but it will however lead to higher cardholders fees and, likely, new prices for point of sale terminals, delaying the development of the immature Spanish card market. Also, to the extent that increased cardholders fees do not offset the fall in MIFs revenue, the task of issuing new cards will be underpaid relatively to the task of acquiring new merchants, causing an imbalance between the two sides of the networks. Moreover, the pricing scheme arising from the decisions will cause unbundling and underprovision of those services whose costs are excluded. Indeed, the payment guarantee and the free funding period will tend to be removed from the package of services currently provided, to be either provided by third parties, by issuers for a separate fee, or not provided at all, especially to smaller and medium-sized merchants. Transaction services will also suffer the consequences that the TDC precludes pricing them in variable terms.

Main Street Messenger, Winter 2006

News from the Iowa Downtown Resource Center, Main Street Iowa, and the Iowa Department of Economic Development Community Development Division.

Adjustment to Target Capital, Finance, and Growth

Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity shifts. Testing this cross-industry cross-country growth implication requires proxies for (latent) global industry investment opportunities. We show that tests relying only on data from specific (benchmark) countries may yield spurious evidence for or against the hypothesis. We therefore develop an alternative approach that combines benchmark-country proxies with a proxy that does not reflect opportunities specific to a country or level of financial development. Our empirical results yield clear support for the capital reallocation hypothesis.

Capital Social e Expectativas de Carreira de Estudantes de Ascendência Africana

Segundo a literatura, as condições sociais e culturais exercem grandes influências no processo de escolha de carreira. Por outro lado, o capital social pode ser um excelente recurso para conseguir boas oportunidades de emprego no mercado de trabalho. A presente investigação procura estudar o impacto dos antecedentes sociais e do capital social sob as expectativas de carreira de jovens universitários de ascendência africana. A recolha dos dados foi feita através da aplicação de um questionário a vários alunos do ensino superior de várias universidades portuguesas (públicas e privadas), a fim de medir as seguintes variáveis: a auto-eficácia escolar, a instrumentalidade escolar, o locus de controlo, a instrumentalidade no trabalho, a expectativa face ao trabalho, e o capital social. A amostra é constituída por 150 estudantes, 82 do sexo feminino e 66 do sexo masculino, com idades compreendidas entre os 19 e os 44 anos, e 102 estudantes com pais de nacionalidade portuguesa e 45 com pais de nacionalidade africana. Mostram os resultados do presente estudo que a pertença a uma rede social com bons recursos e prestadora de apoio faz desenvolver menos expectativas de dimensões extrínsecas nos estudantes no início de carreira. Ainda, de acordo com os resultados, sabe-se que os estudantes universitários de ascendência africana desenvolvem atitudes mais positivas face à escola e desenvolvem mais expectativas de dimensões extrínsecas face ao trabalho.

Iowa Budget Report Capital Projects, January 2005

This report is of the projects for the capital.

A política de formação de quadros e o capital cultural dos altos funcionários públicos cabo-verdianos

A estratégia de desenvolvimento de Cabo Verde tem passado por um acentuado investimento na formação dos seus recursos humanos, desde a expansão e democratização do ensino básico até à recente criação da Universidade estatal. A aposta numa política de formação de quadros teve de contar com a cooperação com outros países, dada a inexistência de ensino superior nas ilhas e à incapacidade financeira para a sua implementação. Nesta apresentação, pretende-se demonstrar que uma das consequências do investimento na educação foi a constituição de uma elite cujo traço comum é a sua formação académica adquirida fora das ilhas e a capacidade técnica desenvolvida na chefia dos serviços públicos. Desse capital cultural faz parte toda a experiência que conseguiram amealhar no estrangeiro durante o seu período de estudos universitários, debatendo-se com obstáculos linguísticos, culturais, financeiros e, até, identitários, os quais representam uma riqueza adicional ao seu perfil enquanto dirigentes da administração pública cabo-verdiana.

The street and children’s informal economy in Cape Verde

Since the 1990s Cape Verde has undergone dramatic economic and political transformations that have brought about growing social class distinction. The two main towns (Praia and Mindelo) have grown rapidly in the last decades and their urban structure today reflects the increasing polarisation of the population. Middle and upper class families occupy the older parts of town and the recently built planned areas, while spontaneous neighbourhoods spread without planning on the less valuable land. It is in these latter areas that most social issues associated with childhood and youth have become highly visible in the last decade. In this article I will focus on children’s reasons for going to live on the streets of Mindelo, arguing that it is in terms of autonomous mobility within a non-heterogeneous and profoundly divided urban and social space that we can better understand what is commonly defined as the phenomenon of street children.

Contributos da Bolsa de Valores de Cabo Verde para o Crescimento da Economia do País

O trabalho monográfico ora apresentado, pretende evidenciar as potencialidades da Bolsa de Valores de Cabo Verde, no que tange a sua criação, desempenho, evolução, funcionamento e contribuição para a economia do país. O presente trabalho tem também como propósito, estudar de que forma como o mercado de capitais contribui para a economia de um país, o porque das empresas recorrerem a esse mercado, quais os benéficos ao estar cotada numa Bolsa e ainda qual a razão de algumas não estarem inseridas nele. Esse mercado que hoje conquista vários investidores a nível mundial, é considerado como sendo uma opção infalível e de grande relevância para a economia de qualquer país, sendo também uma escolha para poupar e financiar investimentos. Entendemos que, a existência de um Mercado de Capitais num país como o nosso, sendo este um PDM, onde existe forte dependência do estrangeiro e há necessidade de criar atributos capazes de garantir o apoio à sua economia, é um privilégio, pois apesar dos riscos e dificuldades enfrentados encontra-se em activa e sempre com rumo a uma melhoria. Em forma de conclusão, afirmamos que o nosso mercado de capitais além de ser rudimentar, apresenta baixos níveis de liquidez em relação a frequência de transacção de títulos. Pelo que ficamos com alguma reserva quanto aos benefícios que terão os potenciais investidores. The monograph presented here, aims to highlight the potential of the Stock Exchange of Cape Verde, with respect to its creation, performance, development, operation and contribution to the economy. This work also has the purpose to study that how the capital market contributes to the economy of a country, why companies resort to this market, which benefits by being listed on a stock exchange and also the reason some do not being inserted in it. This market that many investors now conquering the world, is considered to be infallible and a choice of great importance to the economy of any country, is also a choice to save and fund investments. We understand that the existence of a capital market in a country like ours, this being a developed country average, where there is heavy reliance on overseas and need to create features that would guarantee support for its economy, it is a privilege, because despite the risks and difficulties faced is in active and always towards an improvement. By way of conclusion, we note that our capital market as well as being rough, has low levels of liquidity in relation to frequency of trading of securities. Therefore we are left with some reservations about the benefits that have the potential investors.

A CONTABILIDADE E O REAL VALOR DAS EMPRESAS: FOCO NO CAPITAL INTELECTUAL

Este trabalho mostra que a contabilidade pode não estar a evidenciar o real valor do património das empresas (um dos seus objectivos), constatamos nos últimos tempos, que os relatórios fornecidos pela contabilidade financeira não retratam certas realidades das empresas, visto que o valor contabilístico se distancia cada vez mais do valor de mercado, principalmente nas empresas de alta tecnologia e serviços, assim sendo as demonstrações financeiras podem estar experimentando uma perda de relevância para a tomada de decisões de investimentos, de crédito e de gestão. Dentro deste contexto, ressaltamos a necessidade de a contabilidade evidenciar naquelas demonstrações tais informações para que possa divulgar aos vários utentes da informação o real valor da empresa. Visto que o Capital Intelectual é importante para as empresas, torna-se necessário relatar não só informações financeiras como também não financeiras. Este trabalho apresenta um estudo descritivo/quantitativo da empresa CVTelecom, com o objectivo de avaliar o grau de divulgação do Capital Intelectual na empresa. A principal constatação foi o seguinte: uma participação activa da empresa em divulgar o Capital Intelectual, uma forma não normalizada através da divulgação voluntária do Capital Intelectual cujo veículo de divulgação, é o Relatório de Gestão e o Balanço Social. This work shows that the Accounting cannot be evidencing the Real value of the patrimony of the enterprises (one of their objectives), we verified in the last times, that the reports supplied by the Financial Accounting don't portray certain realities of the enterprises, because the value Accounting of the enterprises go away more and more of his market value, mainly in the companies of high technology and services, soon the financial demonstrations are trying a loss of relevance for socket of decisions of investments, of credit and of administration. Inside of this context, we emphasized the need of the Accounting to evidence in the demonstrations such financial information so that it can publish to the several users of the information the Real value of the company. Because the Intellectual Capital is important for the enterprises, it becomes necessary to tell not only financial information as well as any financial. This work presents a descriptive-quantitative study of the enterprise CVtelecom, with the objective of evaluating the degree of popularization of the Intellectual Capital in the enterprise and the impact in the performance of this enterprise. The main verification was the following: A participation active of the company in publishing the Intellectual Capital in spite of being in a way no normalized but a voluntary popularization of the Intellectual Capital, whose popularization vehicle is the Report of Administration and the Social Swinging.

Clients of sex workers in Switzerland: it makes sense to counsel and propose rapid test for HIV on the street, a preliminary report.

BACKGROUND: Clients of street sex workers may be at higher risk for HIV infection than the general population. Furthermore, there is a lack of knowledge regarding HIV testing of clients of sex workers in developed countries. METHOD: This pilot study assessed the feasibility and acceptance of rapid HIV testing by the clients of street-based sex workers in Lausanne, Switzerland. For 5 evenings, clients in cars were stopped by trained field staff for face-to-face interviews focusing on sex-related HIV risk behaviors and HIV testing history. The clients were then offered a free anonymous rapid HIV test in a bus parked nearby. Rapid HIV testing and counselling were performed by experienced nurse practitioners. Clients with reactive tests were offered confirmatory testing, medical evaluation, and care in our HIV clinic. RESULT: We intercepted 144 men, 112 (77.8%) agreed to be interviewed. Among them, 50 (46.6%) had never been tested for HIV. A total of 31 (27.7%) rapid HIV tests were performed, 16 (51.6%) in clients who had not previously been tested. None were reactive. Initially, 19 (16.9%) additional clients agreed to HIV testing but later declined due to the 40-minute queue for testing. CONCLUSION: This pilot study showed that rapid HIV testing in the red light district of Lausanne was feasible, and that the clients of sex workers accepted testing at an unexpectedly high rate. This setting seems particularly appropriate for targeted HIV screening, since more than 40% of the clients had not previously been tested for HIV even though they engaged in sex-related HIV risk behaviour.

Main Street Messenger, Spring 2007

News from Main Street Iowa and the Iowa Downtown Resource Center

Capital Social e Políticas Públicas: Análise da implementação do Programa de Luta Contra a Pobreza no Meio Rural nos municípios de São Miguel e Tarrafal

Este trabalho foi desenvolvido no quadro da realização do Mestrado em Ciências Sociais pela Universidade de Cabo Verde. Tem como objectivo analisar as possibilidades e os limites de concretização da estratégia de redução da pobreza adoptada pelo Programa de Luta Contra a Pobreza no Meio Rural que considera o capital social como recurso para o desenvolvimento das comunidades. Em específico, procura analisar como essa estratégia é apropriada e implementada pelas associações comunitárias de desenvolvimento e o impacto das actividades desenvolvidas por essas associações no capital social e na redução da pobreza nos municípios de São Miguel e Tarrafal na ilha de Santiago. A recolha de dados foi feita, basicamente, junto de líderes de associações comunitárias de desenvolvimento e de chefes de agregados familiares, com base num guião de entrevista e num questionário previamente elaborados. Em termos teóricos, a concepção de capital social formulada por Robert Putnam constitui o eixo analítico do presente trabalho. Os dados recolhidos apontam que para além dos inquiridos não assumirem a ideia de comunidade preconizada pelo Programa de Luta Contra a Pobreza no Meio Rural, que as actividades desenvolvidas pelas associações comunitárias de desenvolvimento não contribuíram para um reforço significativo do capital social das comunidades abrangidas pelo estudo, não obstante reconhecerem que essas actividades tiveram um impacto positivo na redução da pobreza.

Physical activity modulates heat shock protein-72 expression and limits oxidative damage accumulation in a healthy elderly population aged 60 90 years

BACKGROUND: Reactive oxygen species production increases during aging, whereas protective mechanisms such as heat shock proteins (HSPs) or antioxidant capacity are depressed. Physical activity has been hypothesized to provide protection against oxidative damage during aging, but results remain controversial. This study aimed to investigate the effect of different levels of physical activity during aging on Hsp72 expression and systemic oxidative stress at rest and in response to maximal exercise. METHODS: Plasma antioxidant capacity (Trolox equivalent antioxidant capacity, TEAC), thiobarbituric acid-reactive species (TBARS), advanced oxidized proteins products (AOPP), and Hsp72 expression in leukocytes were measured before and after maximal exercise testing in 32 elderly persons (aged 73.2 years), who were assigned to two different groups depending on their level of physical activity during the past 12 months (OLow = moderate to low level; OHigh = higher level). RESULTS: The OHigh group showed higher aerobic fitness and TEAC (both representing 120% of OLow values) as well as lower oxidative damage (50% of OLow values) and Hsp72 expression. Exercise led to a lower increase in oxidative damage in the OHigh group. Aerobic fitness was positively correlated with TEAC and negatively with lipid peroxidation (TBARS). Hsp72 expression was negatively correlated with TEAC but positively correlated with TBARS levels. CONCLUSIONS: The key finding of this study is that, in people aged 60 to 90 years, long-term high level of physical activity preserved antioxidant capacity and limited oxidative damage accumulation. It also downregulated Hsp72 expression, an adaptation potentially resulting from lower levels of oxidative damage.

Velocity estimates for signal propagation leading to systemic jasmonic acid accumulation in wounded Arabidopsis.

The wound response prohormone jasmonic acid (JA) accumulates rapidly in tissues both proximal and distal to injury sites in plants. Using quantitative liquid chromatography-mass spectrometry after flash freezing of tissues, we found that JA accumulated within 30 s of injury in wounded Arabidopsis leaves (p = 3.5 e(-7)). JA augmentation distal to wounds was strongest in unwounded leaves with direct vascular connections to wounded leaves wherein JA levels increased significantly within 120 s of wounding (p = 0.00027). This gave conservative and statistically robust temporal boundaries for the average velocity of the long distance signal leading to distal JA accumulation in unwounded leaves of 3.4-4.5 cm min(-1). Like JA, transcripts of the JA synthesis gene LIPOXYGENASE2 (LOX2) and the jasmonate response gene JAZ10.3 also accumulated to higher levels in directly interconnected leaves than in indirectly connected leaves. JA accumulation in a lox2-1 mutant plant was initiated rapidly after wounding then slowed progressively compared with the wild type (WT). Despite this, JAZ10.3 expression in the two genotypes was similar. Free cyclopentenone jasmonate levels were similar in both resting WT and lox2-1. In contrast, bound cyclopentenone jasmonates (arabidopsides) were far lower in lox2-1 than in the WT. The major roles of LOX2 are to generate arabidopsides and the large levels of JA that accumulate proximal to the wound. LOX2 is not essential for some of the most rapid events elicited by wounding.