Property rights as a public policy tool: an empirical analysis of the social and economic effects

Secure property rights are considered a key determinant of economic development. However, the evaluation of the causal effects of land titling is a difficult task. The Brazilian government through a program called "Papel Passado" has issued titles, since 2004, to over 85,000 families and has the goal to reach 750,000. Furthermore, another topic in Public Policy that is crucial to developing economies is income generation and child labor force participation. Particularly, in Brazil, about 5.4 million children and teenagers between 5 and 17 years old are still working. This thesis examines the direct impact of securing a property title on income and child labor force participation. In order to isolate the causal role of ownership security, this study uses a comparison between two close and very similar communities in the City of Osasco case (a town with 650,000 people in the São Paulo metropolitan area). One of them, Jardim Canaã, was fortunated to receive the titles in 2007, the other, Jardim DR, given fiscal constraints, only will be part of the program schedule in 2012, and for that reason became the control group. Also, this thesis also aims to test if there is any relationship between land title and happiness. The estimates suggest that titling results in a substantial decrease of child labor force participation, increase of income and happiness for the families that received the title compared to the others.

Essays on the general equilibrium effects of barriers to trade on economic growth, foreign trade and the location of economic activity in Brazil

This work presents a fully operational interstate CGE model implemented for the Brazilian economy that tries to quantify both the role of barriers to trade on economic growth and foreign trade performance and how the distribution of the economic activity may change as the country opens up to foreign trade. Among the distinctive features embedded in the model, modeling of external scale economies, port efficiency and land-maritime transport costs provides an innovative way of dealing explicitly with theoretical issues related to integrated regional systems. In order to illustrate the role played by the quality of infrastructure and geography on the country‟s foreign and interregional trade performance, a set of simulations is presented where barriers to trade are significantly reduced. The relative importance of trade policy, port efficiency and land-maritime transport costs for the country trade relations and regional growth is then detailed and quantified, considering both short run as well as long run scenarios. A final set of simulations shed some light on the effects of liberal trade policies on regional inequality, where the manufacturing sector in the state of São Paulo, taken as the core of industrial activity in the country, is subjected to different levels of external economies of scale. Short-run core-periphery effects are then traced out suggesting the prevalence of agglomeration forces over diversion forces could rather exacerbate regional inequality as import barriers are removed up to a certain level. Further removals can reverse this balance in favor of diversion forces, implying de-concentration of economic activity. In the long run, factor mobility allows a better characterization of the balance between agglomeration and diversion forces among regions. Regional dispersion effects are then clearly traced-out, suggesting horizontal liberal trade policies to benefit both the poorest regions in the country as well as the state of São Paulo. This long run dispersion pattern, on one hand seems to unravel the fragility of simple theoretical results from recent New Economic Geography models, once they get confronted with more complex spatially heterogeneous (real) systems. On the other hand, it seems to capture the literature‟s main insight: the possible role of horizontal liberal trade policies as diversion forces leading to a more homogeneous pattern of interregional economic growth.

Assessing Dodd Frank Effects on banking capital structure and Banker´s Pay structure

The systemic financial crisis that started in 2008 in the United States had some severe effects in the economic activity and required the bailout of financial institutions with the use of taxpayer’s money. It also originated claims for stronger regulatory framework in order to avoid another threat in the financial market. The Dodd Frank Act was proposed and approved in the United States in the aftermath of the crisis and brought, among many other features, the creation of the Financial Stability Oversight Council and the tougher inspection of financial institutions with asset above 50 billion dollars. The objective of this work is to study the causal effect of the Dodd Frank Act on the behavior of the treatment group subject to monitoring by the Financial Stability Oversight Council (financial institutions with assets above 50 billion dollars) regarding capital and compensation structure in comparison to the group that was not treated. We use data from Compustat and our empirical strategy is the Regression Discontinuity Design, not usually applied to the banking literature, but very useful for the present work since it allows us to compare the treatment group and the non-treatment group in the year of the enactment of the law (2010). No change of behavior was observed for the Capital Structure. In the Compensation Schemes, however, a decrease was found in the item other compensation for CEOs and CFOs. We also performed a robustness check by running a placebo test on the variables in the year before the law was enacted. No significance was found, which supports the conclusion that our main results were caused by the enactment of the DFA.

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.

A importância dos mecanismos comportamentais de resistência para a dinâmica populacional de abelhas Apis mellifera e o parasita Varroa destructor

Os ácaros ectoparasitas Varroa destructor, que parasitam as abelhas tornaram-se um problema global. Embora seja pouco provável que estes ácaros, por si só, provoquem a mortalidade das colmeias, eles desempenham um importante papel como vetor de muitas doenças virais. E estas doenças são identificados como algumas das mais importantes razões para a Desordem do Colapso das Colônias. Os efeitos da infestação do V.destructor são distintas em diferentes partes do mundo. Maiores mortalidades de colônias têm sido relatadas em colônias de abelhas européias (AE) em países da Europa, Ásia e América do Norte. No entanto, este ácaro está presente no Brasil já por muitos anos e não existem relatos de perdas em colônias das abelhas africanizadas (AA). Estudos realizados no México mostraram que alguns comportamentos de resistência ao ácaro Varroa - especialmente o grooming e o comportamento higiênico - são diferentes em cada uma das subespécie. Poderiam então esses mecanismos explicar por que as abelhas africanizadas são menos suscetíveis à Desordem do Colapso das Colônias? A fim de responder a esta pergunta, propomos um modelo matemático baseado em equações diferenciais, com o objetivo de analisar o papel desses mecanismos de resistência na saúde geral da colônia e na capacidade da colônia para enfrentar desafios ambientais.

The effects of government deficit on equilibrium real exchange rates and stock prices

This paper studies the effect of government deficits on equilibrium real exchange rates and stock prices. The theoretical part modifies a two-country cash-in-advance model like used in Lucas(1982) and Sargent(1987) in order to accommodate an exchange rate market and a government that pursues fiscal and monetary policy targets. The implied result is that unanticipated shocks in government deficits raise expectations of both taxes and inflation and, therefore, are associated with real exchange rate devaluations and lower stock prices. This finding is strongly supported by empirical evidence for a group of 19 countries, representing 76% of world production

The long term effects of Bolsa Família on child labour and school enrolment

In this paper we study the e ects of conditional cash transfers in school enrolment and tackling child labour. We develop a dynamic heterogeneous agent general equilibrium model, where households face a set of tradeo s while allocating their children's time in leisure activities, schooling and working. We calibrate the model using data from the Brazilian survey PNAD, before the policy was implemented, in order to quantify the e ects of a conditional transfer. We then evaluate the results of a policy experiment that implements a conditional cash transfer scheme similar to the Brazilian Bolsa Fam lia. Our results suggest that the program, in the long term, is able to substantially increase school registration and reduce child labour and poverty. In addition, we nd out that a progressive conditional cash transfer results is even more e ective in tackling child labour and increasing school enrolment.

The long term effects of Bolsa Família on child labour and school enrollment

Neste trabalho, estudamos os impactos de transfer^encias condicionais de renda sobre o trabalho e a educa c~ao infantis. Para tanto, desenvolvemos modelo din^amico de equil brio geral com agentes heterog^eneos, onde as fam lias enfrentam tradeo s com rela c~ao a aloca c~ao de tempo das crian cas em atividades de lazer, em escolaridade e em trabalhar. O modelo e calibrado usando dados da Pesquisa Nacional por Amostra em Domic lios, de modo que podemos quanti car os efeitos de uma pol tica de transfer^encia de renda. Finalmente, avaliamos o impacto de um pol tica semelhante ao atual Bolsa Fam lia. Nossos resultados sugerem que o programa, no longo prazo, e capaz de induzir um aumento substancial na escolaridade, al em de ser efetivo na redu c~ao do trabalho infantil e da pobreza. Al em disso, mostramos que um programa progressivo de transfer^encia condicional de renda resulta em benef cios ainda maiores.

The corporate financial effects of corporate social responsibility, as executed by, and impacted upon, Prime Bank Limited, Bangladesh

Corporate Social Responsibility (CSR) is being implemented in the corporate world at an ever increasing rate, benefitting societies around the world. Several theories have been proposed that contend that the corporations who are implementing CSR programs also benefit financially, making the relationship a symbiotic one. This paper analyzes the financial health of Prime Bank Limited, Bangladesh, (PBL) over a period of a decade in order to determine if PBL has indeed benefited financially from implementing its CSR program. The analysis focuses on examining PBL’s internal and external financial indicators over an extended period of time to determine what the net effect, if any, that the CSR program has had on them. This analysis concludes that the evidence does not support the claim of a causal relationship between CSR spending and positive effects upon PBL, as measured by PBL’s financial indicators.

Financial governance: the Brazilian experience on prudential regulation and its impacts on the effects of the 2008 financial crisis

The Brazilian economy was severely hit by the 2008 crisis. In the beginning of the crisis, the vast majorities of the economic agents and authorities thought that Brazil could face some sort of decoupling since some macroeconomic fundamentals were very good. What we saw, however, was that the Brazilian economy was not decoupled, and expectations faced a huge deterioration soon after the bankruptcy of Lehman Brothers in September 15th. Two aspects regarding the impact of crisis in Brazil, however, deserve a great deal of attention: (a) although deep, the impact did not last for a long time. Actually, the GDP growth experienced a good recovery in the second quarter of 2009, showing that the health of the Brazilian economy was good; (b) the Brazilian banking system performed very well during the crisis, although we cannot say the system was not in danger in the worst time of the crisis. In spite of the confidence crisis faced by the banking system 1, it showed a great deal of resilience. In this aspect, we argue that the restructure faced by the banking system in the aftermath of the Real Plan, as well as the development of a solid supervision regulation helped a lot the system to avoid the systemic crisis that was an open possibility to the Brazilian banking system in the end of 2008. These notes, thus, discusse why the Brazilian banking system performed pretty well in the 2008 financial crisis and how the Brazilian banking (and prudential) regulation can be taken as responsible for this good performance. More specifically, the paper back to the middle of the 1990s, when the Real Plan was implemented, in order to understand the role played by the restructuring of the Brazilian financial system in helping to pave the way to the great resilience experienced by the Brazilian banking system during the 2008 crisis. More specifically, the prudential regulation that was implemented in Brazil in the aftermath of the Real Plan seems to play a decisive role in the resilience of the system nowadays.

Significados e percepções de puérperas sobre as síndromes hipertensivas da gravidez e parto prematuro

Hypertensive syndromes in pregnancy (HSP) are configured as one of the major complications in the pregnancy and postpartum period and can lead premature newborn and subsequent hospitalization of the newborn to the Neonatal Intensive Care Unit (NICU). This study aimed to analyze the perceptions, meanings and feelings of mothers on the hypertensive syndromes in pregnancy and premature obstetric labor. The research was qualitative and has a theoretical methodological the Social Representations Theory(SRT) in the approach to the Central Nucleus Theory. The study included 70 women, mean age 29 years, predominantly school to high school, most of them married or in consensual union, primiparous and prevalence of cesarean delivery occurred between 32 and 37 weeks of pregnancy.The data were collected from may to december 2008 in the Maternity School Januário Cicco in Natal , and obtained through the following instruments for data collection: questionnaire including questions about socio-demographic status; the Free Words Association Test (FWAT) and and verbalized mental image construction used three stimuli: such as pregnancy with high blood pressure, preterm birth and NICU, and interview with the following guiding question: what it meant for you to have a pregnancy with high blood pressure and consequently the birth of a premature baby? Data analysis was performed using multi-method obtained from the data processing by EVOC (Ensemble Programmes Permettant L 'Analyze des Évocations) and ALCESTE (Analyse Lexicale par Contexte d'un Ensemble de Segment de Texte) and thematic analysis in categories. The results will be presented in four thematic units under the following representative universes: HSP, prematurity as a result of HSP, NICU and the social representations of mothers on the hypertensive disorder of pregnancy sequenced premature birth and hospitalization of the child in the NICU. The results obtained by multimethod analyses showed similar constructions and point to death as the central nucleus and negative aspects, coping strategies, need of care, knowledge about the disease, fragility and meanings of the NICU as peripheral elements. It is considered that the perceptions, meanings and feelings of puerperal women in relation to HSPs and to premature delivery are a negative social representation, with representational elements that may have influenced the adverse effects on the disease and its consequences. We suggest action on the peripheral elements of this representation, with adequate orientation, early diagnosis, effective conduct, receptive attitude on the part of the team, health promotion measures and effective public policies, in order to improve the care provided to puerperal women, making them feel welcome and minimizing their suffering

Effects of intravenous administration of caffeine on physiologic variables in exercising horses

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

The effects of inter-crop cultivation Between rows of citrus crop on spreading of Guignardia citricarpa Ascospores and in the citrus black spot occurrence

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

Effects of environmental conditions, human activity, reproduction, antler cycle and grouping on fecal glucocorticoids of free-ranging Pampas deer stags (Ozotoceros bezoarticus bezoarticus)

In this study, a commercial enzyme immunoassay (EIA) was validated in detecting glucocorticoids in Pampas deer feces, in order to investigate the influence of several factors on the adrenocortical function. Fecal samples, behavioral data and information concerning male grouping and antlers status were collected at a monthly basis during a 1 year period from free-ranging stags living at Emas National Park, Brazil (18 degrees S/52 degrees W). The results revealed that concentrations of fecal glucocorticoids in winter were significantly higher than those corresponding to spring and summer. In addition, dry season data presented higher levels than during the wet season. Significant difference was found between fecal levels of breeding stags in summer and nonbreeding stags, whereas no difference was observed between breeding stags in winter and nonbreeding stags. on the other hand, males from areas with frequent human disturbance exhibited higher glucocorticoid concentrations and flight distances than individuals from areas of lower human activity. Males with antlers in velvet had elevated levels compared with animals in hard antler or antler casting. Also, we found that glucocorticoid levels were higher in groups with three or more males than in groups with only one male. The flight distances showed positive correlation with fecal glucocorticoid. These data indicate that fecal glucocorticoid provides a useful approach in the evaluation of physiological effects of environment, inter-individuals relationship and human-induced stressors on free-ranging Pampas deer stags. (c) 2005 Elsevier B.V. All rights reserved.

Substrate and Temperature Effects on the Germination of Dypsis leptocheilos (Hodel) Beentje & J. Dransf. (Arecaceae) Seeds

Dypsis leptocheilos is highly valued as an ornamental palm. Its propagation is done by seeds; however, there is little information about this process. The objective of this work was to study the substrate and temperature effects on the germination of D. leptocheilos seeds. The experiments were carried out at FCAV/UNESP, Campus of Jaboticabal, São Paulo State, Brazil. In order to study the substrate effects, four treatments were arranged (coconut fiber, sand, vermiculite and Plantmax (R)) at 30 degrees C. For the temperature effects, six treatments were performed (temperature at laboratory conditions (21.5 degrees C and 72% RU), 25 degrees C, 30 degrees C, 35 degrees C, 20-30 degrees C and 25-35 degrees C), having the coconut fiber as the substrate. The experimental design was completely randomized, with four replicates of 25 disseminules per plot (seeds with attached endocarp). Water replacement was managed to maintain 100% of the retention capacity of the substrates. The germination tests were observed every two days, and conducted over 148 days for the substrate effects, and over 152 days for the temperature effects, when no more seed germination was noted. In order to determine the germination percentage (% G) and the Germination Speed Index (GSI), the seed was considered germinated when the germinative button appeared. At the end of the experiments, leaf area (cm(2)), root and shoot length (cm), root and shoot dry mass (g) were also obtained. Statistical analysis was performed and means were compared by the Tukey test. Germination rate and speed in coconut fiber was higher at 25 and 30 degrees C. However, when other substrates were tested at 30 degrees C, the highest germination percentage was observed in vermiculite, which also sustained better results for the seed germination and for the characteristics related to shoots and roots.