Using a panel structure to discuss the Feldstein-Horioka puzzle in developing countries

The purpose of this paper is to test the implications of current account solvency for the savinginvestment correlation in developing countries. Since solvency is a long-run phenomenon, and given that the power of the standard unit root and cointegration tests is low, we exploit the panel structure of the sample of 29 developing countries. We find evidence that saving and investment are cointegrated and that the current account is stationary. Therefore, the Feldstein-Horioka correlations are not a puzzle in the sense they reflect the intertemporal budget constraint. The same results are obtained for different subsamples (Africa, Asia, and Latin America) and for different periods of time (1960-74 and 1975-96). We, then, suggest that an error correction model should distinguish between the long-run correlation, which reflects the solvency condition, and the short-run correlation, which could measure capital mobility.

O princípio da precaução e a regulação sanitária no Brasil: defesa do interesse público ou mera arbitrariedade?

O presente trabalho tem como objetivo a análise da aplicação do princípio da precaução no setor de vigilância sanitária. Primeiramente, expõem-se diversas definições dadas ao instituto, de modo a compreendê-lo com mais clareza e precisão. Posteriormente, questionam-se eventuais excessos ou arbitrariedades na invocação desse princípio. Considera-se, em seguida, a competência normativa das agências reguladoras e a possibilidade da revisão de seus atos por parte do Poder Judiciário. Por fim, de modo a compreender como o princípio da precaução tem sido tratado pelo Poder Judiciário na seara da vigilância sanitária, realiza-se uma análise jurisprudencial nos Tribunais Regionais Federais (TRFs) do país, no Supremo Tribunal Federal (STF) e no Superior Tribunal de Justiça (STJ). Após uma minuciosa análise sustenta-se que o referido instituto não possui “densidade jurídica” para sua aplicação, visto que ainda se encontra extremamente indefinido e ilimitado.

The Limits of political compromise: debt ceilings and political competition

We study the desirability of limits on the public debt and of political competition in an economy where political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimal level. Parties cannot commit to future policies, but they can forge a political compromise where each party curbs excessive spending when in office if it expects future governments to do the same. In contrast to the received literature, we find that strict limits on government borrowing can exacerbate political-economy distortions by rendering a political compromise unsustainable. This tends to happen when political competition is limited. Conversely, a tight limit on the public debt fosters a compromise that yields the efficient outcome when political competition is vigorous, saving the economy from immiseration. Our analysis thus suggests a legislative tradeoff between restricting political competition and constraining the ability of governments to issue debt.

Citizens and the future of multilateralism in a polycentric world at 2030: the perspectives of emerging countries for the trading system: the impasse of WTO, the trends of mega agreements, the logic of value chains and the advent of consumers concerns on international trade

A new paradigm is modeling the World: evolutionary innovations in all fronts, new information technologies, huge mobility of capital, use of risky financial tools, globalization of production, new emerging powers and the impact of consumer concerns on governmental policies. These phenomena are shaping the World and forcing the advent of a new World Order in the Multilateral Monetary, Financial, and Trading System. The effects of this new paradigm are also transforming global governance. The political and economic orders established after the World War and centered on the multilateral model of UN, IMF, World Bank, and the GATT, leaded by the developed countries, are facing significant challenges. The rise of China and emerging countries shifted the old model to a polycentric World, where the governance of these organizations are threatened by emerging countries demanding a bigger participation in the role and decision boards of these international bodies. As a consequence, multilateralism is being confronted by polycentrism. Negotiations for a more representative voting process and the pressure for new rules to cope with the new demands are paralyzing important decisions. This scenario is affecting seriously not only the Monetary and Financial Systems but also the Multilateral Trading System. International trade is facing some significant challenges: a serious deadlock to conclude the last round of the multilateral negotiation at the WTO, the fragmentation of trade rules by the multiplication of preferential and mega agreements, the arrival of a new model of global production and trade leaded by global value chains that is threatening the old trade order, and the imposition of new sets of regulations by private bodies commanded by transnationals to support global value chains and non-governmental organizations to reflect the concerns of consumers in the North based on their precautionary attitude about sustainability of products made in the World. The lack of any multilateral order in this new regulation is creating a big cacophony of rules and developing a new regulatory war of the Global North against the Global South. The objective of this paper is to explore how these challenges are affecting the Tradinge System and how it can evolve to manage these new trends.

The impact of content marketing on attitudes and purchase intentions of online shoppers : the case videos & tutorials and user-generated content

This thesis was written as part of a Double-Degree Masters program in Management, with focus in Marketing. Aligned with the nature of the degree, this study aims to be a useful tool for managers and marketers, which conduct business online. This thesis is a study of Content Marketing in the content of online commercial product pages. Its aim is to understand how to use content marketing to drive conversion, by understanding consumer attitudes and purchase intention towards content. A in-depth study of existing theories and exploratory primary research was developed in other to attain these objectives. Business-to-consumer electronic commerce (B2C e-commerce) has provided consumers and online retailers with a more effective medium to perform online transactions through commercial websites. Although consumers have realized that the benefits of online shopping; such as time saving, minimizing effort, convenience, broader selection, and wider access to information, they are still greatly unwilling to shop online. Consumers shop essentially for two motives, to meet experiential (fun) or goal-oriented (efficiency) needs (Wolfinbarger & Gilly, 2001). The information provided by content marketing seeks to focus on consumers need for information and entertainment, instead of focusing on the brand. Thus, it is expected that the type of content format will have different effects on the attitudes and purchase intention on the online shopper, depending on the online shopping purpose. Concretely, a goal-oriented shopper should find user generated content (UGC) to be more valuable content formats, since they decrease the amount of search effort. While on the other hand, videos & tutorials (VT) might be perceived as more valuable for a consumer looking to spend time and being entertained through online shopping. The exploratory research was characterized by a survey experiment with online consumers. Participants were exposed to stimuli of content marketing tested according to their attitudes and purchase intention. The focus was to understand the impact of two different content marketing tactics—User-generated content and Videos & Tutorials—on attitudes and purchase intentions and how they interact with content complexity. The results indicate that content marketing in commercial product pages is relevant in driving consumer attitudes and purchase intentions. Consumers are not motivated by a specific content marketing tactic, unless that content has a certain level of complexity. In that case, Ur-Generated Content becomes a relevant tactic in product pages, however VT is not.

DEMO models based automatic workflow process generation

Nowadays, more than half of the computer development projects fail to meet the final users' expectations. One of the main causes is insufficient knowledge about the organization of the enterprise to be supported by the respective information system. The DEMO methodology (Design and Engineering Methodology for Organizations) has been proved as a well-defined method to specify, through models and diagrams, the essence of any organization at a high level of abstraction. However, this methodology is platform implementation independent, lacking the possibility of saving and propagating possible changes from the organization models to the implemented software, in a runtime environment. The Universal Enterprise Adaptive Object Model (UEAOM) is a conceptual schema being used as a basis for a wiki system, to allow the modeling of any organization, independent of its implementation, as well as the previously mentioned change propagation in a runtime environment. Based on DEMO and UEAOM, this project aims to develop efficient and standardized methods, to enable an automatic conversion of DEMO Ontological Models, based on UEAOM specification into BPMN (Business Process Model and Notation) models of processes, using clear semantics, without ambiguities, in order to facilitate the creation of processes, almost ready for being executed on workflow systems that support BPMN.

Planejamento tributário: Critérios e limites para a desconsideração dos atos e negócios jurídicos pela administração fiscal

Tax planning is a subject that has been increasing in relevance in Tax Law. This current dissertation s objective is to approach the criterion and limits for the disqualification of law acts and business through the Tax Administration. Law acts and business resulted from the conduct of contributors that seek to diminish the growing raise of the tax load, using some means to reduce their burden and increase the possibilities of success in an economical activity, without violating the law in the persecution of paying fewer burdens. On the other hand, the tax administration, through its organs, hoping the increase of burden collection to withstand some determined sectors of the State, with a clear purpose to stop the contributor organizing his activity and structuring it as efficiently as possible, came up with a preliminary draft which left Complementary Law 104, from 10.02.2001, enacted, that inserted the unique paragraph of the National Tax Code, article 116, authorizing the disregard, by the administrative fiscal authority, of Law acts and business practiced to dissimulate the occurrence of burden gain or the nature of obligated incorporating elements, observing the procedures to be established in common law . Our goal is to identify the criteria and limits to disregard law acts and business through the tax administration, pointing out some possible means of action by the tax administration that qualifies it to disregard the contributor s acts and business, just claiming that a saving in the tax costs was made by the contributor s act

Entre cristo e o diabo:o ideário do Colégio Americano Batista do Recife (1902-1942)

Due to lack of work on the history of Baptist schools in the Northeast region of Brazil, it is important to understand through a historical reconstruction of the Baptist Protestant education. We embarked on this venture as a chance to understand the presence of Protestant schools, and his ideas on Brazilian soil. Our goal is to promote a reflection which has the axial dimension of the Baptists Protestant education, in time, we will place the debate between 1902-1942. The temporal boundaries of 1902-1942 was because 1902 was when he started the American Baptist College of Recife in 1942 and that ends the cycle of managing directors of Americans. Understand the functionality of time a school is justified when we realize that the history of education is the story of a work of self and formation within a framework that has the school as the main support that can enable a reading of reality. We also intend to examine the school culture brought to Brazil by American missionaries and their applicability in the Brazilian cultural-historical context. And just to demonstrate the hypothesis that the educational contribution of Baptists added to the participation of other Protestants promoted advances in Brazilian society. Possibly taking for granted that the Baptists were in possession of the democratic ideals of religious freedom, taken by many representatives and religious version of the republican regime. In addition to promoting a model in Brazil to make different methodological schools, based on the ideals of new school and ethics of the Bible. Our proposed research aims at understanding how North American missionaries settled in Brazil and what were the purposes of adding to the efforts of evangelization to formal education, binomial that justified the establishment of schools. A vision of saving men for evangelization and education of the Devil attack victims over the ethics of Christ

Otimizações da transmissão de imagens em redes de sensores visuais sem fio explorando a relevância de monitoramento dos nós fontes e codificação DWT

The development of wireless sensor networks for control and monitoring functions has created a vibrant investigation scenario, covering since communication aspects to issues related with energy efficiency. When source sensors are endowed with cameras for visual monitoring, a new scope of challenges is raised, as transmission and monitoring requirements are considerably changed. Particularly, visual sensors collect data following a directional sensing model, altering the meaning of concepts as vicinity and redundancy but allowing the differentiation of source nodes by their sensing relevancies for the application. In such context, we propose the combined use of two differentiation strategies as a novel QoS parameter, exploring the sensing relevancies of source nodes and DWT image coding. This innovative approach supports a new scope of optimizations to improve the performance of visual sensor networks at the cost of a small reduction on the overall monitoring quality of the application. Besides definition of a new concept of relevance and the proposition of mechanisms to support its practical exploitation, we propose five different optimizations in the way images are transmitted in wireless visual sensor networks, aiming at energy saving, transmission with low delay and error recovery. Putting all these together, the proposed innovative differentiation strategies and the related optimizations open a relevant research trend, where the application monitoring requirements are used to guide a more efficient operation of sensor networks

Demanda energética na subsolagem realizada antes e depois de diferentes sistemas de preparo periódico do solo

A subsolagem é uma das operações mecanizadas de elevado custo e demanda energética por área, tradicionalmente utilizada pelos agricultores antes do preparo do solo na descompactação de camadas adensadas. Este trabalho teve como objetivo avaliar a demanda energética na operação de subsolagem realizada antes e depois de diferentes sistemas de preparo periódico num solo classificado como Nitossolo Vermelho Distroférrico. Os sistemas de preparo periódico foram: aração com discos; aração com discos mais uma gradagem de nivelamento; grade aradora; grade aradora mais gradagem de nivelamento e escarificação. O trator utilizado como fonte de potência no experimento foi um Valmet 128 (4x2tda). A demanda energética por área foi menor na subsolagem realizada depois do preparo periódico do solo, proporcionando uma economia de 21,9%. A realização da subsolagem depois do preparo periódico do solo resultou numa diminuição da exigência de força de tração em 21,1% e da potência disponível na barra de tração em 15%.

Desenvolvimento de um Sistema de Visão Global para uma Frota de Mini-Robôs Móveis

Navigation based on visual feedback for robots, working in a closed environment, can be obtained settling a camera in each robot (local vision system). However, this solution requests a camera and capacity of local processing for each robot. When possible, a global vision system is a cheapest solution for this problem. In this case, one or a little amount of cameras, covering all the workspace, can be shared by the entire team of robots, saving the cost of a great amount of cameras and the associated processing hardware needed in a local vision system. This work presents the implementation and experimental results of a global vision system for mobile mini-robots, using robot soccer as test platform. The proposed vision system consists of a camera, a frame grabber and a computer (PC) for image processing. The PC is responsible for the team motion control, based on the visual feedback, sending commands to the robots through a radio link. In order for the system to be able to unequivocally recognize each robot, each one has a label on its top, consisting of two colored circles. Image processing algorithms were developed for the eficient computation, in real time, of all objects position (robot and ball) and orientation (robot). A great problem found was to label the color, in real time, of each colored point of the image, in time-varying illumination conditions. To overcome this problem, an automatic camera calibration, based on clustering K-means algorithm, was implemented. This method guarantees that similar pixels will be clustered around a unique color class. The obtained experimental results shown that the position and orientation of each robot can be obtained with a precision of few millimeters. The updating of the position and orientation was attained in real time, analyzing 30 frames per second

Estudo do efeito do óxido de bário no comportamento de massas para porcelanato

In this work, it is proposed the study of the effect of barium oxide acting as synthetic flow in the behavior of masses for stoneware from the use of raw materials found in the deposits of minerals of the Rio Grande do Norte that it makes use of a great natural potential for the industrialization of the product. The porcelanato is a sophisticated product with excellent final properties being applied as ceramic coating in buildings of high standard of engineering. The raw materials selected for the development of the study had been two types of argilas, two types of feldspatos, dolomita, talco, barium carbonate and silica, being characterized by X-ray fluorescence, X-ray diffraction, granulometric analysis, dilatometric analysis and thermal analysis. Thus, it is intended to define four formulations using the cited raw materials that will be processed, conformed and sintered in the temperatures of 1150 °C, 1175 °C, 1200 °C, 1225 °C e 1250 °C. From the physical characterizations, chemical and morphologic of the formed formulations, the effect of barium oxide is determined in the physical and mechanical properties of the studied system carrying water absorption tests, linear retraction, apparent porosity, apparent specific mass, compacting curve, flexural strength and microstructural analysis by XRD and SEM. After analyzing the results, indicated that barium oxide acts as a flux of high temperature and as the ordering of structure, where the embedded glass phase has the nucleating effect phase potassium silico-aluminum reacting with free silica which together with the high content of potassium concentrated form a new crystalline phase called microcline. The masses studied with the addition of barium oxide present physical-mechanical properties highly satisfactory in reduced firing temperatures, which implies a saving in energy given off in the production and increased productivity

Comparação da precisão dos resultados do teste de tetrazolio usando a metodologia alternativa e a tradicional em sementes de soja

The use of tetrazolium testing is recognized in the soybean seed quality control due to the large amount of data which it provides. Although it is considered a quick test, in 1998 an alternative methodology was proposed for the seed preconditioning, which allows 10 hours of time saving in seeds preparation. The objective of this research is to compare the accuracy of the new and the traditional tetrazolium testing. Three soybean seed genotypes were used, Conquista, Garantia and M-soy 8400, all 2000/2001 crop. The seeds were evaluated in relation to germination, evaluated with the traditional (TZt) and the alternative (Tza) tetrazolium test as well as with the accelerated aging performed in two different conditions (45 degrees C 24h(-1) and 45 degrees C 72h(-1)). After aging, the seeds too were submitted to TZt and Tza testing. The experimental design was a randomized blocks, with four replicates the 50 seeds per genotype in every evaluation, with exception only for tetrazolium test, with two replicates. The averages were compared in the Tukey test level of 5% probability. The comparison between the two methodologies in relation to level of vigor (class 1 to 3) and germination potential (class 1 to 5) indicated no statistical discrepancies, for aged non-aged seeds. This, the use of the alternative tetrazolium test is recommend in case a reduced seed preparation time is needed.

Non-destructive determination of photosynthetic pigments in the leaves of castor oil plants

Objetivou-se com o presente trabalho, estabelecer a relação entre os pigmentos fotossintéticos extraídos em DMSO e as leituras obtidas no clorofilômetro portátil ClorofiLOG® 1030, gerando modelos matemáticos capazes de predizer os teores de clorofila e de carotenóides em folhas de mamoneira. O trabalho foi conduzido na Empresa Brasileira de Pesquisa Agropecuária (EMBRAPA) Algodão, situada em Campina Grande, Estado da Paraíba, em outubro de 2010. Para a análise indireta, foi utilizado um equipamento portátil, sendo realizada a leitura em discos foliares com diferentes tonalidades de verde, sendo feita, nesses mesmos discos, a determinação da clorofila pelo método clássico. Para a extração da clorofila, utilizaram-se 5 mL de dimetilsulfóxido (DMSO), a qual foi mantida em banho-maria a 70ºC, por 30 minutos, e retirou-se 3 mL da alíquota para leitura em espectrofotômetro nos comprimentos de onda de 470, 646 e 663 nm. Os dados foram submetidos à análise da variância e regressão polinomial. A leitura obtida no clorofilômetro portátil foi a variável dependente, e os pigmentos fotossintéticos determinados pelo método clássico foi a variável independente. Os resultados indicaram que o clorofilômetro portátil ClorofiLOG® 1030, associado a modelos matemáticos, permitiu estimar a concentração dos pigmentos fotossintéticos, exceto a clorofila b, com alta precisão, com economia de tempo e com reagentes normalmente utilizados nos procedimentos convencionais.