Financial frictions, informality and income inequality

We studied the effects of changes in banking spreads on distributions of income, wealth and consumption as well as the welfare of the economy. This analysis was based on a model of heterogeneous agents with incomplete markets and occupational choice, in which the informality of firms and workers is a relevant transmission channel. The main finding is that reductions in spreads for firms increase the proportion of entrepreneurs and formal workers in the economy, thereby decreasing the size of the informal sector. The effects on inequality, however, are ambiguous and depend on wage dynamics and government transfers. Reductions in spreads for individuals lead to a reduction in inequality indicators at the expense of consumption and aggregate welfare. By calibrating the model to Brazil for the 2003-2012 period, it is possible to find results in line with the recent drop in informality and the wage gap between formal and informal workers

Assessing interdependence among countries' fundamentals and its implications for exchange rate misalignment estimates: An empirical exercise based on GVAR

Exchange rates are important macroeconomic prices and changes in these rates a ect economic activity, prices, interest rates, and trade ows. Methodologies have been developed in empirical exchange rate misalignment studies to evaluate whether a real e ective exchange is overvalued or undervalued. There is a vast body of literature on the determinants of long-term real exchange rates and on empirical strategies to implement the equilibrium norms obtained from theoretical models. This study seeks to contribute to this literature by showing that the global vector autoregressions model (GVAR) proposed by Pesaran and co-authors can add relevant information to the literature on measuring exchange rate misalignment. Our empirical exercise suggests that the estimate exchange rate misalignment obtained from GVAR can be quite di erent to that using the traditional cointegrated time series techniques, which treat countries as detached entities. The di erences between the two approaches are more pronounced for small and developing countries. Our results also suggest a strong interdependence among eurozone countries, as expected

Does mixed frequency vector error correction model add relevant information to exchange misalignment calculus? Evidence for United States

Real exchange rate is an important macroeconomic price in the economy and a ects economic activity, interest rates, domestic prices, trade and investiments ows among other variables. Methodologies have been developed in empirical exchange rate misalignment studies to evaluate whether a real e ective exchange is overvalued or undervalued. There is a vast body of literature on the determinants of long-term real exchange rates and on empirical strategies to implement the equilibrium norms obtained from theoretical models. This study seeks to contribute to this literature by showing that it is possible to calculate the misalignment from a mixed ointegrated vector error correction framework. An empirical exercise using United States' real exchange rate data is performed. The results suggest that the model with mixed frequency data is preferred to the models with same frequency variables

A cláusula cruzada de não indenizar nos contratos de infraestrutura

Os contratos de infraestrutura, atualmente, são cada vez mais complexos, seja pelas estruturas de financiamentos, complexidade das obras ou ainda pela participação de inúmeros agentes na relação contratual. Para disciplinar essas relações, especialmente no tocante à alocação eficiente de riscos, foi trazida para nosso sistema contratual a cláusula cruzada de não indenizar. Essa ferramenta surgiu em relações de cooperação entre nações, enquanto que, no contexto de aplicação dos contratos complexos, essa ferramenta passou a ser utilizada em relações sinalagmáticas. Nesse estudo, serão avaliadas as características da cláusula cruzada de não indenizar frente a esse novo cenário de aplicação, especialmente considerando os efeitos de coligação contratual e a necessidade de preservação dos princípios gerais garantidos pelo Código Civil, bem como serão avaliados alguns modelos contratuais que comportariam essa cláusula e as possíveis consequências (positivas e negativas) de sua utilização.

Addressing important econometric issues on how to construct theoretical based exchange rate misalignment estimates

Exchange rate misalignment assessment is becoming more relevant in recent period particularly after the nancial crisis of 2008. There are di erent methodologies to address real exchange rate misalignment. The real exchange misalignment is de ned as the di erence between actual real e ective exchange rate and some equilibrium norm. Di erent norms are available in the literature. Our paper aims to contribute to the literature by showing that Behavioral Equilibrium Exchange Rate approach (BEER) adopted by Clark & MacDonald (1999), Ubide et al. (1999), Faruqee (1994), Aguirre & Calderón (2005) and Kubota (2009) among others can be improved in two following manners. The rst one consists of jointly modeling real e ective exchange rate, trade balance and net foreign asset position. The second one has to do with the possibility of explicitly testing over identifying restrictions implied by economic theory and allowing the analyst to show that these restrictions are not falsi ed by the empirical evidence. If the economic based identifying restrictions are not rejected it is also possible to decompose exchange rate misalignment in two pieces, one related to long run fundamentals of exchange rate and the other related to external account imbalances. We also discuss some necessary conditions that should be satis ed for disrcarding trade balance information without compromising exchange rate misalignment assessment. A statistical (but not a theoretical) identifying strategy for calculating exchange rate misalignment is also discussed. We illustrate the advantages of our approach by analyzing the Brazilian case. We show that the traditional approach disregard important information of external accounts equilibrium for this economy.

Assessing global economic activity linkages: an empirical exercise based on global autoregressive regression

Economic performance increasingly relies on global economic environment due to the growing importance of trade and nancial links among countries. Literature on growth spillovers shows various gains obtained by this interaction. This work aims at analyzing the possible e ects of a potential economic growth downturn in China, Germany and United States on the growth of other economies. We use global autoregressive regression approach to assess interdependence among countries. Two types of phenomena are simulated. The rst one is a one time shock that hit these economies. Our simulations use a large shock of -2.5 standard deviations, a gure very similar to what we saw back in the 2008 crises. The second experiment simulate the e ect of a hypothetical downturn of the aforementioned economies. Our results suggest that the United States play the role of a global economy a ecting countries across the globe whereas Germany and China play a regional role.

Presence of antibodies against Leishmania chagasi in haemodialysed patients

SOUZA,Roberto Mascarenhas et al.Presence of antibodies against Leishmania chagasi in haemodialysed patients.Transactions of the Royal Society of Tropical Medicine and Hygiene,v. 103, p.749-751, 2009.

Presence of antibodies against Leishmania chagasi in haemodialysed patients

SOUZA, R. M. et al. Presence of antibodies against Leishmania chagasi in haemodialysed patients. Transactions of the Royal Society of Tropical Medicine and Hygiene, v. 103, n.7, p. 749—751. ISSN 0035-9203.

Experimental Ehrlichia canis infection changes acute-phase proteins

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

Apelação no código de processo civil: uma análise sob o prisma do princípio da efetividade

The present dissertation, elaborated is based on the deductive method, through the use of the General Theory of Resources concepts, by the main types of judgments existing in the Code of Civil Procedure, the interlocutory judgment and sentence, as well as the features and effects that challenge these decisions, we sought to identify on this theme one of the greatest evils facing the justice system in the world, which is the processing delays. This slowness in adjudication affects seriously the principle of effectiveness, one of the postulates of procedural law and society as a whole. Thus, the use of tort serves to fight the interlocutory decision and appeal which challenges the judge`s ruling. It is a resource for excellence in appellate system as it meets with the most awaited decision of the process. In weighing the importance of the appeal that seeks to oppose the court decision today by the numerous reforms that the procedural system has been through, it has ended up to transform the process ineffective or inconsistent, for it is much easier to have efficacy in a interlocutory decision for preliminary injunction than by judgment on the merits of the judge. This is due to the prevision of the resources and their effect to those decisions. That is, the interlocutory decision involves interlocutory appeal only in the devolved effect, allowing its provisional execution, and the sentence has as recourse to appeal the double effect, remanding and suspension, which necessarily prevents its provisional execution. But it undeniably shows a paradox, because as to give effect to a measure that is based on a mere probability by a summary cognition, partial and superficial, and stop it on a decision by a court that is closer to the truth and sure, for a full and depleting cognition? It is seriously affect the principle of effectiveness. Therefore, starting from this ineffectiveness, sought to defend the solution of this problem with the approval of the bill n. º 3.605/2004 or the new Code of Civil Procedure project that modifies the general rule the effects of appeal. That is, remanding and suspensive, as to merely remanding effect to and thereby enable the provisional execution of the judgment of the court of the first degree of jurisdiction, giving effectiveness and enhancing the decision of the magistrate, making a fair distribution of time in the process and better guaranteed principle of access to justice

Lógica Fuzzy para Controle de pH em um Processo Petrolífero

This work proposes the design, the performance evaluation and a methodology for tuning the initial MFs parameters of output of a function based Takagi-Sugeno-Kang Fuzzy-PI controller to neutralize the pH in a stirred-tank reactor. The controller is designed to perform pH neutralization of industrial plants, mainly in units found in oil refineries where it is strongly required to mitigate uncertainties and nonlinearities. In addition, it adjusts the changes in pH regulating process, avoiding or reducing the need for retuning to maintain the desired performance. Based on the Hammerstein model, the system emulates a real plant that fits the changes in pH neutralization process of avoiding or reducing the need to retune. The controller performance is evaluated by overshoots, stabilization times, indices Integral of the Absolute Error (IAE) and Integral of the Absolute Value of the Error-weighted Time (ITAE), and using a metric developed by that takes into account both the error information and the control signal. The Fuzzy-PI controller is compared with PI and gain schedule PI controllers previously used in the testing plant, whose results can be found in the literature.

Desenvolvimento de um ambiente para projeto de controladores fuzzy para dispositivos móveis

Fuzzy intelligent systems are present in a variety of equipment ranging from household appliances to Fuzzy intelligent systems are present in a variety of equipment ranging from household appliances to small devices such as digital cameras and cell phones being used primarily for dealing with the uncertainties in the modeling of real systems. However, commercial implementations of Fuzzy systems are not general purpose and do not have portability to different hardware platforms. Thinking about these issues this work presents the implementation of an open source development environment that consists of a desktop system capable of generate Graphically a general purpose Fuzzy controller and export these parameters for an embedded system with a Fuzzy controller written in Java Platform Micro Edition To (J2ME), whose modular design makes it portable to any mobile device that supports J2ME. Thus, the proposed development platform is capable of generating all the parameters of a Fuzzy controller and export it in XML file, and the code responsible for the control logic that is embedded in the mobile device is able to read this file and start the controller. All the parameters of a Fuzzy controller are configurable using the desktop system, since the membership functions and rule base, even the universe of discourse of the linguistic terms of output variables. This system generates Fuzzy controllers for the interpolation model of Takagi-Sugeno. As the validation process and testing of the proposed solution the Fuzzy controller was embedded on the mobile device Sun SPOT ® and used to control a plant-level Quanser®, and to compare the Fuzzy controller generated by the system with other types of controllers was implemented and embedded in sun spot a PID controller to control the same level plant of Quanser®

Razão: origem, crise e respostas contemporâneas

The philosophical discussion has been present throughout the whole history of reason, for philosophy and reason have been always closely linked. In the following work, Reason, origin, crises and contemporary answers I go into the history of the rational and demonstrative thought, focusing on how rationality can be thought about in contemporary philosophy. To answer this question I discuss the principle of philosophy, the mythical period and the thoughts of Heraclito , Parmenides , Plato and Aristotle in relation to reason and rationality. Also discussed is the medieval period and the philosophical use of logic and the criticism of Aristotle s thoughts, especially focusing on the criticism of Hegel and Luckasiewicz of the non contradiction principle. Lastly I discuss the development of reason in present day philosophy, mainly how modern logics could be putting at stake Aristotle s model of reason