Sale of credit portfolio and risk : the case of financial institutions in Brazil

Este estudo analisa se as vendas de carteiras de crédito são utilizadas por instituições financeiras para gestão de risco, de acordo com Stanton(1998) e Murray(2001) ou para captação recursos, como apontado em Cebenoyan e Strahan(2001) e Dionne e Harchaoui(2003). Duas hipóteses foram testadas quanto às vendas de carteira de crédito: 1) implicam em melhor rating na carteira remanescente; ou 2) promovem alavancagem financeira - com piora na carteira remanescente -, controlando para a existência de coobrigação e para quem esses ativos foram transferidos. A amostra inclui informações trimestrais de 145 instituições financeiras do primeiro trimestre de 2001 ao segundo trimestre de 2008. Os resultados oferecem evidências empíricas de que as instituições financeiras utilizam estas vendas para melhora do rating da carteira de crédito remanescente, ou seja, elas transferem, em sua maioria, ativos de baixa qualidade, garantindo bons ratings e melhorando a liquidez. Adicionalmente, seguindo a proposta Dionne e Harchaoui(2003) - que além de testar, evidenciam que exigências regulatórias promovem alavancagem em ativos de alto risco - foi observada a relação entre o Índice de Basiléia e rating da carteira de crédito. As conclusões foram semelhantes às encontradas por Dionne e Harchaoui(2003): quanto mais adequada – maior Índice de Basiléia - uma instituição financeira for, maiores as chances de ela possuir uma carteira de crédito com qualidade ruim.

Hybrid political institutions and governability: the budgetary process in Brazil

In this paper we take a close look at some of the particular pathways by which majoritarian and consensual institutions affect governability. We demonstrate that the mix of majoritarian and consensual institutions found within a country can influence these pathways quite dramatically, such that they produce rather different consequences for governability, even when these pathways are relatively similar in nature. Particularly, we focus on the rules governing the relationship between the President and the Legislature, especially the appropriation of amendments proposed by legislators. In some presidential countries, the president possesses a partial veto (or a line-item veto) which allows him/her to approve or strike appropriations, which legislators introduce in amendments. Concentrating on the case of Brazil, we argue and demonstrate that whether or not the president can use this tool to sustain governing majorities (i.e., to increase governability) depends on the kind of amendment introduced by legislators. One kind, individual amendment, is linked to the majoritarian institution of a powerful presidency and therefore helps to increase governability. A second kind, collective amendment, is linked to consensual institutions and actually does not enhance legislative support for the Executive.

Rising Brazil: implications for world order and international institutions

Palestra promovida pelo Centro de Relações Internacionais da FGV.

Pompidou & Pompeia: a parallel between the management strategies of two cultural institutions in the French and Brazilian contexts

A presente pesquisa foi conduzida na forma de um estudo de caso de duas instituições culturais no contexto francês e brasileiro. O Centro Pompidou é um projeto presidencial de museu financiado pelo Estado, com a missão de tornar a arte moderna em todas as suas expressões acessíveis ao público em geral. O Sesc Pompeia é um centro multidisciplinar de cultura e esporte - financiado pelo dinheiro dos impostos e administrado pela Federação do Comércio . O Sesc Pompéia é dedicado à oferta de educação informal através do cultivo da mente e do corpo. O estudo examina se as teorias de dependência de recursos e de poder podem ser utilizadas para conceituar a relação que o Centro Pompidou e do Sesc Pompéia tem com seus stakeholders financeiros. Mais especificamente, será discutido em que medida o grau de dependência influencia a estratégia de gestão das instituições. O objetivo é de responder a pergunta seguinte: quais são as estratégias que as instituições adotam para reduzir sua dependência com relação a seus principais stakeholders financeiros? Finalmente algumas implicações práticas de gestão serão elaboradas a partir do paralelo entre as estratégias das duas instituições.

Theorizing Latin America : transactions, resources and institutions

Nos anos 80, a América Latina, uma das regiões menos desenvolvidas do mundo, enfrentou um período de mudanças econômicas e políticas significativas que levaram essa região a um lugar de destaque no mercado mundial. Por conseguinte, a América Latina foi objeto de diversos estudos, que, por sua vez, foram compilados nesta revisão de literatura, a fim de que se possam identificar quais os avanços foram feitos no âmbito da Gestão e Negócios Internacionais. Como base, tomou-se a metodologia aplicada por Meyer e Peng (2005), fazendo um paralelo entre três importantes teorias da área (Teoria de Baseada em Recursos, Teoria Baseada no Custo das Transações e Teoria Institucional) e alguns assuntos-chave de extrema relevância ao entendimento do tema (Construindo Vantagens Competitivas, Liberalização Econômica versus Regulação Governamental e Internacionalização) Ao final, delimitamos as contribuições da América Latina ao estudo da Gestão e Negócios Internacionais, fazendo algumas sugestões para futuros pesquisas nesse âmbito.

Electoral institutions,cleavage structures,and the number of parties

Theory: A classic question in political science concems ",hat deteImines the number of parties that compete in a given polity. Broadly speaking, there are two approaches to answering this question, one that emphasizes the role of electorallaws in structuring coalitional incentives, another that emphasizes the importance of pre-existing social cleavages. In tbis paper, we view the number of parties as a product of the interaction between these two forces, following Powell (1982) and Ordeshook and Shvetsova (1994). Hypotheses: The effective number of parties in a polity should be a multiplicative rather than an additive function ofthe peImissiveness ofthe electoral system and the heterogeneity ofthe society. Methods: Multiple regression on cross-sectional aggregate electoral statistics. Unlike previous studies, we (1) do not confine attention to developed democracies; (2) explicitly control for the influence of presidential elections, taking account of whether they are concurrent or nonconcurrent, and ofthe effective number ofpresidential candidates; and (3) also control for the presence and operation of upper tiers in legislative elections. Results: The hypothesis is confiImed, both as regards the number of legislative and the number of presidential parties .

Economic recovery from the Argentine great depression : institutions, expectations, and the change of macroeconomic regime

This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of convertibility in 1929. As elsewhere, fiscal policy in Argentina was conservative, and had little power to smooth output. Monetary policy became heterodox after 1929. The first and most important stage of institutional change took place with the switch from a metallic monetary regime to a fiduciary regime in 1931; the Caja de Conversión (Conversion Office, a currency board) began rediscounting as a means to sterilize gold outflows and avoid deflationary pressures, thus breaking from orthodox "mIes of the game." However, the actual injections of liquidity were small' and were not enough to fully offset the incipient monetary contractions: the "Keynes" effect was weak or negative. Rather, recovery derived from changes in beliefs and expectations surrounding the shift in the monetary and exchange-rate regime,and the delinking of gold flows and the money base. Agents perceivod a new regime, as shown by the path of consumption, investment, and estimated ex ante real interest rates: the "Mundell" effect was dominant. Notably, this change of regime predated a later, and supposedly more significant, stage of institutional reform, namely the creation of the central bank in 1935. Still, the extent of intervention was weak, and insufficient to fully offset externaI shocks to prices and money. Argentine macropolicy was heterodox in terms of the change of regime, but still conservative in terms of the tentative scope of the measures taken .

Public debt management, monetary policy and financial institutions

Despite the large size of the Brazilian debt market, as well the large diversity of its bonds, the picture that emerges is of a market that has not yet completed its transition from the role it performed during the megainflation years, namely that of providing a liquid asset that provided positive real returns. This unfinished transition is currently placing the market under severe stress, as fears of a possible default from the next administration grow larger. This paper analyzes several aspects pertaining to the management of the domestic public debt. The causes for the extremely large and fast growth ofthe domestic public debt during the seven-year period that President Cardoso are discussed in Section 2. Section 3 computes Value at Risk and Cash Flow at Risk measures for the domestic public debt. The rollover risk is introduced in a mean-variance framework in Section 4. Section 5 discusses a few issues pertaining to the overlap between debt management and monetary policy. Finally, Section 6 wraps up with policy discussion and policy recommendations.

The historic religious buildings of Ribeira Grande: implementation of christian models in the early colonies, 15th till 17th century, on the example of Cape Verde Islands

Rui Carita

A descentralização das políticas de desenvolvimento rural: uma análise da experiência do Rio Grande do Norte

MATOS FILHO, João. A descentralização das Políticas de desenvolvimento rural - uma análise da experiência do Rio Grande do Norte. 2002. 259f. Tese (Doutorado em Ciências Econômicas)– Instituto de Economia da Universidade Estadual de Campinas, Campinas, 2002.

Nego veio é um sofrer : uma etnografia da subalternidade e do subalterno numa irmandade do Rosário

The object of this work is a fellowship of São Sebastião e Nossa Senhora do Rosário in the city of Jardim do Seridó (RN), that is, a black catholic fellowship on the sertão potiguar. The devotion to Nossa Senhora do Rosário, in colonial Brazil, organizes itself through black catholic men as fellowships. They blossomed in Brazil until the abolition, getting support from the Catholic church, from owners of slaves and from the population in general − unlike others afro-Brazilian religious expression. Today, these fellowships remain active, against the sentimental pessimism of the folklore studies, and they also have a highlight position in the calendar of many cities in Brazil, and in particular in Seridó. The research s foothold is the apparent valorization of the fellowship by the local elite, attitude that hides asymmetric relationships between the group of negros do Rosário and the local authorities, having as its consequence that the members occupy a subaltern position inside their own fellowship. This subalternity take place, mainly, in the public area, where the negros do Rosário cannot represent themselves neither political nor discursively. To discuss this idea, it s done a brief historical of these catholic institutions as well as a description of the relationship between the negros do Rosário and the elites of the city. Then, the phenomenon is analyzed as folklore and/or religion , under the perspective of many agents that participate in this process. In other moment, it is going to be presented how the group formulates their own representation of the history, of the devotional forms and of their own political-religious experiences. In this sense, an ethnography of the subalternity is understood as an analysis of the process that leads the negros do Rosário to become a subaltern group. It s also outlined the perception that the group has of its own position, through an ethnography essay of the subaltern subject. The research, focused in the group of Rosário, was done between August 2010 and January 2012 and includes other agents (like treasurers, priests and intellectuals). Besides that, as a methodological complement, there are documental research, photography, as well as shoots of the party days and public presentation

Os filhos evangélicos do novo caldeirão do diabo: a conversão religiosa na penitenciária de alcaçuz

The theme of the research is inserted at a field of intersection between the Sociology of Religion and Sociology of Violence, having as the general objective study the sociological meaning of the conversion of prisoners that lives at the biggest prison (Prison of Alcaçuz) of Rio Grande do Norte to the evangelical churches. The research is justified, because Brazil shelter the fourth greater arrested population arrested of the world, with projections indicating that it can turn the greatest in 2034. Besides, this study about religious conversion of prisoners to the Social Sciences is too important, because is a theme little developed in Brazil and deserves attention, one time that as the arrested people as the evangelicals are in expansion in our country. Starting from the precedent observations, we guide ourselves by the following problematic of research: the religious practice in Alcaçuz presents a mere instrumental perspective, where the actions of prisoners converted was on purpose oriented to conquest material or symbolic privileges; or purely religious, where seek a moral renovation? To develop the work, the scientific methodology adopted was exploratory and explanatory, using the Goffman´s theory about total institutions and presentation of self, and Blumer´s doctrine relating to Symbolic Interacionism and the Story life method, besides considerations about evangelical religion. Having this theoretical basis, was accomplished the Field research, when were made interviews and applied questionnaires to 11 Jailer Agents, 31 prisoners, Director and Vice-Dictor (in November, 2011), the coordinator of social projects of the prison and the coordinator of evangelization at the prisons in Rio Grande do Norte. As results, it was seeing in Alcaçuz that the prisoners can be separated in two groups: the one of Pavilions and other one of the Medical Section. The Pavilions are branded for managerial and structural problems, where are found idle prisoners in collective cells and with a historical of escaping attempts, mutinies and murders. The Medical Section has some individual cells or destined for two people, besides few collective also, and the prisoners work and have a more disciplined behavior, there isn t escapes or rebellions and that, for these reasons end for have more confidence from the Administration. About the presence of evangelical prisoners, most are at Medical Section, where exist a specific place to the cults (what doesn t at Pavilions). At the end, the conclusion is that the prisoner that says himself evangelical in Alcaçuz, although can be seeing with distrust about your real conversion, he gets win a trust vote and until the opposite being demonstrated in other words, that he is not hiding himself behind the bible to divert the vigilance of Direction and practice disciplinary faults without make any suspicions, is treated with more respect and has more opportunities live at Medical Section; have work, that most of times is paid and guarantee the homologation of your payment of penalty with work, besides other benefits, diminishing his time in jail

Em nome da república: escolas e tradições modernas

Our research aims to analyze some institutions of primary education in so-called First Republic in Natal/RN, when they were considered high standard institutions on training, dissemination and creation of national identity and republican traditions. Thus, we investigated to try to understand the creation of the new man and the invention of new traditions to confirm the status of republican modernity in two schools in Natal, the Colegio Americano, a private one, and a standard model of school, Augusto Severo, which is a public one. As a basis we have the history of institutions to analyze, paying close attention to consider the use of imitation in cultural patrimony as well as the use of strategies to distinguish. The concept of ownership follows, for present purposes, their focus of study on observation of diverse and contrasting use of these cultural objects, texts, readings and ideas from research institutions. For analysis of the link which occurs within the school environment, in every period of its history, we used the concept of school culture as a set of rules and practices which define knowledge to teach and conduct the introject. A culture that incorporates the school to keep a set with other religious cultures, political and popular of its time and space. In this sense, the educational institutions which we studied while showing what kind of in this work by preparing cultures, codes, different practices, and specific individuals they have, they were in important locations to provide modern cultural appropriation as a strategy for educational innovation and a factor of rationality and efficiency which could be observed and controlled, so gradually the modern school education was organized to produce its own society. As a challenge of affirmation and incorporating diverse social experiences to produce the modern, civilized man of the Republican time, the school, as part of the social life, which is singular in its practices, not only the set of reforms, decrees, laws and projects, but also as expressions of concept about life and society in terms of material, symbolic and cultural symbols in the social context in modernization. We focused on these two schools, because inside the wide cultural and material status of the city, they were the first republic schools which had the goal of having men and woman together culturally , with a view to adapting them to the modern movement to make them civilized / educated / rational . On this view, we would emphasize that this statement needs a reinvention as a new way through what is made at the schools which production of new spaces, practices, rites and what represents school, making and expressing a new identity, modern, different of the old symbols of the Empire. For this, nothing better than the organization of schooling, emphasizing on educating the individual and his/her responsibilities with the order and progress. We need to understand the past as a result of conflicts, including strengths and limitations within the historical and social context, and the invention of tradition as a process of formalization and ritualization of acts which want to perpetuate, as a reference to a group identity. These are practices and social educative representations which support the understanding of pedagogical and educational ideas at this historical moment, making a new way of being and doing in the Republican universe