Trade effects of exchange rate fluctuations: Evidence from Sweden

An overview of the theoretical literature for the last two decades suggests that there is no clear-cut relationship one can pin down between exchange rate volatility and trade flows. Analytical results are based on specific assumptions and only hold in certain cases. Especially, the impact of exchange rate volatility on export and import activity investigated separately leads also to dissimilar conclusions among countries studied. The general presumption is that an increase in exchange rate volatility will have an adverse effect on trade flows and consequently, the overall heath of the world economy. However, neither theoretical models nor empirical studies provide us with a definitive answer, leaving obtained results highly ambiguous and inconsistent (Baum and Caglayan, 2006). We purposed to empirically investigate trade effects of exchange rate fluctuations in Sweden from the perspective of export and import in this research. The data comprises period from January 1993 to December 2006, where export and import volumes are considered from the point of their determinants, including exchange rate volatility, which has been measured through EGARCH model. The results for the case of Sweden show that short run dynamics of volatility negatively associated with both export and import, whereas considered from the case of previous period volatility it exhibits positive relationship. These results are consistent with the most findings of prior studies, where the relationship remained ambiguous.

Biased managers, organizational design, and incentive provision

We model the tradeoff between the balance and the strength of incentives implicit in the choice between hierarchical and matrix organizational structures. We show that managerial biases determine which structure is optimal: hierarchical forms are preferred when biases are low, while matrix structures are preferred when biases are high.

Ajustamento da taxa de câmbio após a crise cambial

O trabalho investiga o ajustamento da taxa de câmbio na transição de um regime de câmbio fixo com taxa de câmbio real apreciada para um regime flutuante. Pretendemos argumentar, teórica e empiricamente, que a depreciação da taxa de câmbio, bem acima da apreciação acumulada no período, que se observou nos diversos países que passaram por esta mudança de regime, é esperada e não se confunde com a análise de overshooting de Dornbusch. Em linhas bastante gerais nosso argumento é que esta depreciação excessiva pode ser o mecanismo de correção do crescimento da dívida externa, que durante o período de apreciação cambial esteve acima de sua taxa de estado estacionário. A intensidade e duração deste ajuste depende, entre outras coisas, da possibilidade de novos empréstimos, da taxa de juros paga sobre os mesmos e da resposta da balança comercial à taxa de câmbio.

Barriers faced by the Brazilian business community to access the United States market system

Trade history between Brazil and the United States is long and complicated but it is only in recent years that the trade balance has become more equal in terms of both imports and exports. As Brazil continues to establish its position in the world economy and expand its export market it is only natural that it seeks to increase exports to its single largest trading partner, the United States, and maintain the market share already established. In order to achieve success in these regards Brazil must have a deep understanding of the American political economy system. Part of this entails understanding barriers that must be overcome by Brazilian businesses to access United States markets, particularly the access of certain products at the industry level.

Crescimento econômico secular no Brasil, modelo de thirlwall e termos de troca

Explaining the Brazilian economic growth performance during the 20th is a challenging task to academics. As shown, Brazil had already experienced faster growth and recently it is far from such belle époque. Most explanation lies on conventional frameworks. This paper assesses the Thirlwall’s balance-of-payments constraint model to Brazilian economic growth in the period 1900-2005, highlighting the importance of the terms of trade. The results show, first, that the terms of trade are significant in the estimation of import demand function and change the income elasticity, especially in the first period of the sample (1900-1970), and, second, when the simplest Thirlwall’s model is controlled by terms of trade, it seems that such variable is important through export growth, which cause changes in economic performance.

Relações comerciais entre Brasil e China : uma análise de bem-estar a partir de um modelo de equilíbrio geral computável

O propósito deste trabalho é examinar possíveis ganhos de bem-estar provenientes de arranjos comerciais entre Brasil e China sob a ótica de um modelo de equilíbrio geral computável, o chamado “modelo GTAP” (sigla para Global Trade Analysis Project). Com base em uma descrição extensiva das estruturas econômicas e comerciais dos países e das Vantagens Comparativas de cada um deles, é possível simular acordos preferenciais de comércio e analisar os resultados de bem-estar por meio da medida de Variação Equivalente. Outro aspecto referente ao comércio sino-brasileiro que pode ser avaliado pela medida de bem-estar é o desalinhamento cambial dos dois países e as consequências deste para as transações comerciais entre ambos. Utilizando o mesmo ferramental anteriormente citado, o trabalho busca avaliar o impacto de tal desalinhamento no bem-estar dos países, uma vez que o câmbio seja corrigido via ajuste tarifário.

Determinantes da apreciação da taxa de câmbio real brasileira nos anos 2000

A forte apreciação cambial que o Brasil sofreu na última década se traduziu em um novo debate acerca da hipótese de Doença Holandesa no país. Como a queda da taxa de câmbio real ocorreu em um período de alta de preços de commodities e nos últimos anos, especialmente após a crise de 2008, vimos uma maior concentração da pauta exportadora em produtos primários, muitos economistas argumentam que a apreciação foi consequência do boom de commodities e que, em razão disso, o Brasil poderia estar sofrendo da Doença Holandesa. Este trabalho mostra que o boom de commodities não foi a principal causa da apreciação da taxa de câmbio real e não representou uma maior dependência destas mercadorias. A mudança do perfil de risco da economia brasileira foi um dos fatores mais importante para a queda da taxa de câmbio. Concluímos, portanto, que a recente perda de competitividade dos demais setores exportadores não pode ser atribuída exclusivamente à valorização das commodities.

Brazil & Lusphone Africa: a study of history, international relations, & international trade

This report was inspired by a personal motivation to acquire more in depth knowledge about Brazil and Lusophone (Portuguese speaking) African nations and how they interact with each other in relation to their common colonial histories, cultures, and on matters of international relations, international development, and international trade. The countries selected for purpose and focus of this report are Brazil, Angola, and Mozambique; reference will also be made with respect to other Lusophone African countries such as Cabo Verde, Guinea-Bissau, and São Tomé e Príncipe. Some of the research methodologies used to gather information about Brazil, Angola, Mozambique, and other Lusophone African nations in relation to their respective histories, international relations, international trade relations, and roles in the global economy as emerging market nations.

Brazilian competitiveness on international trade

In recent years, Brazil benefited from foreign trade expansion and its exports of goods grew by 16.5%. If this strong growth trend keeps up for the next years, today’s bottlenecks may have a negative impact on the competitiveness of the country’s products in the global market. This is especially critical for one of the main “green fuels” producers in a scenario where the demand for this energy source grows due to rising oil prices and environmental concerns. Based on a survey that collected data from 250 Brazilian exporters, this study focuses on the constraints that reduce the competitiveness of exports. This study differs from previous ones in that it considers the professionals directly involved with export activities and evaluates different aspects, including logistics, operations, taxes, legal, bureaucratic and informational ones. Results show that the most important constraints strongly affect costs and delivery reliability

Health in Madeira: a comprehensive study of aging, body composition, physical activity and functional fitness

Physical Activity (PA) and functional fitness (FF) are predictors of a healthy and independent lifestyle in older adults. The purpose of this study was: (1) to construct reference values for FF; (2) to describe sex- and age-related changes in FF, balance, gait, PA, body composition, and bone health/strength; and (3) to determine their variation and co-variation with respect to PA. This cross-sectional study included 401 males and 401 females aged 60-79 years old. FF was assessed using the Senior Fitness test and balance by the Fullerton Advance Balance scale (FAB). Gait parameters: gait velocity (GV), stride length (SL), cadence and gait stability ratio (GSR) were measured. Femoral strength index (FSI) and bone mineral density (BMD) of the total body, lumbar spine, hip region and total lean tissue mass (TLTM) and total fat mass (TFM) were determined by dual-energy x-ray absorptiometry-DXA. PA was assessed during face-to-face interviews using the Baecke questionnaire. Demographic and health history information were obtained by structured telephone interview. In both sexes, a significant main effect for age-group was found for FF parameters, balance scores, gait performances, TLTM and hip, LS and total BMD and FSI. Likewise there were significant main effects for age-group for total PA in women and sports related PA in men. Men scored significantly better than women in FF (except in upper- and lower-body flexibility), balance, GV, SL, GSR and had higher BMD and TLTM compared with women. Active subjects scored better in FF, balance, and gait than their average and non-active peers. PA and FF exerted only a minor influence in the differentiation of BMD and FSI among the elderly while constitutive factors like age, height, body mass, TLTM and TFM entered as the most significant contributors. This study gives scientific support to public policies at the community level, targeted to increase PA, FF and TLTM, thereby contributing to improved quality of life in older adults.

Human growth, biological maturation, motor performance and contextual factors in Madeira children

The central aims of this study were: (1) to construct age- and gender-specific percentiles for motor coordination (MC), (2) to analyze the change, stability, and prediction of MC, (3) to investigate the relationship between motor performance and body fatness, and (4) to evaluate the relationships between skeletal maturation and fundamental motor skills (FMS) and MC. The data collected was from the ‘Healthy Growth of Madeira Children Study’ and from the ‘Madeira Child Growth Study’. In these studies, MC, FMS, skeletal age, growth characteristics, motor performance, physical activity, socioeconomic status, and geographical area were assessed/measured. Generalized additive models for location, scale and shape, mixed between-within subjects ANOVA, multilevel models, and hierarchical regression (blocks) were some of the statistical procedures used in the analyses. Scores on walking backwards and moving sideways improved with age. It was also found that boys performed better than girls on moving sideways. Normal-weight children outperformed obese peers in almost all gross MC tests. Inter-age correlations were calculated to be between 0.15 and 0.60. Age was associated with a better performance in catching, scramble, speed run, standing long jump, balance, and tennis ball throwing. Body mass index was positively associated with scramble and speed run, and negatively related to the standing long jump. Physical activity was negatively associated with scramble. Semi-urban children displayed better catching skills relative to their urban peers. The standardized residual of skeletal age on chronological age (SAsr) and its interaction with stature and/or body mass accounted for the maximum of 7.0% of variance in FMS and MC over that attributed to body size per se. SAsr alone accounted for a maximum of 9.0% variance in FMS and MC over that attributed to body size per se and interactions between SAsr and body size. This study demonstrates the need to promote FMS, MC, motor performance, and physical activity in children.

Paradigma constitucional brasileiro da livre concorrência e da defesa do consumidor face às estruturas de poder no mercado

The Federal Constitution of 1988, when taking care of the economical order, denotes special concern in the abuses of the economical power and the disloyal competition. The mark to mediate of all this is, in fact, the defense and the consumer's protection, once this is final addressee of whatever if it puts at the consumption market. The coming of the Law 8.078/90, Code of Protection and Defense of the Consumer, inaugurates a time of effective concern with the homogeneous individual interests originating from of the consumption relationships. In this point, the focus of main to face of the present work lives, in other words, the protection of the right to the individual property, especially manifests in the exercise of the trade freedom that keeps direct relationship with the respective social function the one that is destined. The code of the consumer's defense doesn't just take care of this, but also of the other star of the relationships of the consumption. When affirming in the interruption VI of the art. 4th that the national politics of those relationships, finds ballast in the prohibition and repression efficient of all of the abuses committed in the consumption relationships, keeping inherent relationship-causality in the economical order, sculpted for the article 170 in the Constitution of 1988. In the generic plan, the mark of the present work is to question concerning the limits of the trade freedom and previsible collisions with protection norms and the consumer's defense, as well as factual convergences of those small systems, especially in what he/she refers to the innate interests to the suppliers. In the specific plan, we aspirated to identify the protection device-commands to the actors of the trade relationship, capable to guarantee the free competition in a global economy of market, seeking especially the Well-being, for soon afterwards, in an analytical perspective, to discover the possible applications that it holds the Federal Constitution, in headquarters of economical freedoms. It was observed that the consumer today doesn't need only of laws that their needs, fruit of the vulnerability that it is him/her meditate innate. He/she lacks, yes, of effective mechanisms that prevent lesions that can be them impinged by the suppliers at the time in that you/they are useful to repair the damages when happened, punishing the author of the damage

Participação das principais frutas brasileiras no comércio internacional: 1997 a 2008

As tendências do mercado mundial de alimentos apontam para alto crescimento no consumo de produtos naturais, como as frutas e verduras. O mercado mundial de frutas frescas registrou, em 2005, cifra superior a US$ 31,5 bilhões e cresce US$ 1 bilhão ao ano, em média. Tal fato se reproduz no Brasil, onde se observa elevação do consumo de frutas. em termos monetários, o valor bruto da produção de frutas no Brasil atingiu, em 2006, cerca de R$ 16,3 bilhões, 16,5% do valor da produção agrícola brasileira. O presente trabalho buscou analisar características econômicas da participação brasileira no comércio mundial de frutas, entre 1997 e 2008. Ademais, foi analisada a evolução da balança comercial das principais frutas brasileiras, discriminação das exportações em frescas ou processadas, representatividade do comércio externo no valor da produção nacional e participação da exportação de frutas selecionadas na exportação total do agronegócio. Foram utilizados dados da Pesquisa de Orçamento Familiar (POF) do Instituto Brasileiro de Geografia e Estatística; o Sistema de Análise e Levantamento do Comércio Exterior - AliceWeb do Ministério do Desenvolvimento, Indústria e Comércio Exterior e o banco de dados do Ministério da Agricultura, Pecuária e Abastecimento. Após levantamento das frutas que seriam estudadas, constatou-se que o crescimento das exportações foi maior que o crescimento das importações brasileiras de 1997 a 2008. Isso contribuiu para que o seu saldo comercial aumentasse em 112% no período. As exportações de frutas frescas cresceram relativamente mais que as exportações de frutas processadas. Porém houve queda da participação das exportações de frutas nas exportações do agronegócio brasileiro, de 5,8%, em 1997, para 3,9%, em 2008.

Water balance in goats subjected to feed restriction

The effect of feed restriction on water balance and nutrient utilization was investigated in individually penned Boer x Saanen kids. Twenty-two male Boer x Saanen kids with an initial average live weight (LW) of 15 kg were used. Seven kids were slaughtered at the beginning of the experiment (reference animals) and the remainders were allocated to one of the three treatments (0, 30 and 60% restriction) and therefore there were five kids per treatment. The feed intake for the 0% restriction treatment animals determined the intake for the animals in the 30 and 60% restriction treatment. When the animals in the 0% restriction treatment group reached 25 kg LW, the animals in the 30 and 60% restriction treatment groups were also slaughtered. There was a negative relationship between DMI and water intake. The digestibility coefficients for DM, OM, carbohydrates, ash, ether extract, energy, NDF, ADF and lignin did not differ between treatments, whereas the digestibility coefficient for CP was different between treatment groups. The highest metabolic water production was in animals in the 0% restriction treatment group. No significant differences were observed in the composition of gastro-intestinal tract contents of the goats in the different treatments. Lower water retention was found in the animals in the 60% restriction treatment group. The study showed that feed restriction affected water intake, CP digestibility and water retention in the body of the kid goats. This experiment demonstrated that DM:water intake ratio changed when severe feed restriction was applied (60% restriction) and water was freely available. It shows a different pattern of behaviour of penned goats, particularly if feed intake is restricted and perhaps caution is needed to extrapolate results from nutritional and physiological trials in pens to goats at pasture. (c) 2005 Elsevier BX All rights reserved.

Energy balance for biodiesel production by the castor bean crop (Ricinus communis L.)

The castor bean crop (Ricinus communis L.) has acquired prestige due to industries interest in the oil quality and recently for new sources of energy demand. The experiment that served as basis for the data used in this study was conducted at the Lageado Experimental Farm, in Botucatu - SP, 2008. This study aimed to avaluate the crop viability through energy balance and energy efficiency since the implantation until biodiesel production using parameters of consumption in operational management for installation and maintenance of culture harvest and oil production. The soil management operations, sow and harvest consumed the total of 266.20 MJ ha(-1), gathering with the fertilizers, pesticides, fuels, lubricants, labor, seed and industrial processing totaled 56,808 MJ ha(-1) of energy inputs. The energy production was 72,814.00 MJ ha(-1). The industry still lacks studies thal would contribution data collection and more specific energy coefficients. The castor beans cultivation was considered efficient allowing again of 15983.44 MJ ha(-1) equivalent to about 415 liters of diesel oil.