Exchange rate management techniques

This briefing note addresses the question: What revisions of financial regulation and financial governance in Brazil are necessary to support Brazilian development? What’s in place and what’s missing? The focus here is a dimension of financial regulation and governance: the regulation of capital flows and of exchange rate operations. The arguments are organized in the following manner. In the next section, we summarize the impacts of th crisis on the emerging-market economies and on the regulation of the international monetary and financial system. The third section discusses the post-crisis dilemmas faced by these economies. Finally, the fourth section presents some policy recommendations for Brazil.

Monetary policy, default risk and the exchange rate

In a country with high probability of default, higher interest rates may render the currency less attractive if sovereign default is costly. This paper develops that intuition in a simple model and estimates the effect of changes in interest rates on the exchange rate in Brazil using data from the dates surrounding the monetary policy committee meetings and the methodology of identification through heteroskedasticity. Indeed, we find that unexpected increases in interest rates tend to lead the Brazilian currency to depreciate. It follows that granting more independence to a central bank that focus solely on inflation is not always a free-lunch.

Cooperativa habitacional autofinanciável :uma alternativa de mercado à escassez de financiamento

As an example of what happened in Brazil in the 90s, it s noticed in Natal a new system of cooperative housing production which is done by advancing the users resources selffinancing. This system comes as an alternative for the real state market performance since the end of the National Housing Bank (BNH), in 1986. Self-financed housing cooperatives play an important social role by contributing to own housing acquisition by low-income population, without, however, becoming a mechanism of social interest housing production. It is important to consider that Brazil registers a housing deficit of 6.6 million housing units (IBGE 2000/Census), which, compared to 1991, shows an increment of 21.7% to a growth rate of 2.2% a year. This deficit figure has been deepening, mainly with the end of the National Housing Bank (BNH). The self-financed cooperative housing production broadens around the Metropolitan Region of Natal (RMN) and remains as an alternative to the lack of financing in the housing / real state market. In general, the aim of this work is to analyze the role of self-financing housing cooperatives on the housing production in the RMN, in order to identify their role in the real state market, in the own housing promotion and in the housing policy. The Universe of this study is performance of four housing cooperatives - CHAF-RN, COOPHAB-RN, MULTHCOOP e CNH - that work through self-financing. It is considered here an amount of 38 undertakings launched between 1993 and 2002, including 8143 housing units. The methodology adopted consists of bibliographic, documental and field research. As a result, actions like brokerage, marketing, speculation, and the criteria to define places for undertakings and final products, show how close they are to the housing market production. As a matter of fact, this short distance explains why the self-financed cooperative production for social interest housing is still limited. This reinforces the theory that it is necessary to define and implement a subsidized housing policy to serve the low-income Brazilian population

Semiparametric modeling of the spatial distribution of occupational accident risk in the casual labor market, Piracicaba, southeast Brazil

The objective of this study was to estimate the spatial distribution of work accident risk in the informal work market in the urban zone of an industrialized city in southeast Brazil and to examine concomitant effects of age, gender, and type of occupation after controlling for spatial risk variation. The basic methodology adopted was that of a population-based case-control study with particular interest focused on the spatial location of work. Cases were all casual workers in the city suffering work accidents during a one-year period; controls were selected from the source population of casual laborers by systematic random sampling of urban homes. The spatial distribution of work accidents was estimated via a semiparametric generalized additive model with a nonparametric bidimensional spline of the geographical coordinates of cases and controls as the nonlinear spatial component, and including age, gender, and occupation as linear predictive variables in the parametric component. We analyzed 1,918 cases and 2,245 controls between 1/11/2003 and 31/10/2004 in Piracicaba, Brazil. Areas of significantly high and low accident risk were identified in relation to mean risk in the study region (p < 0.01). Work accident risk for informal workers varied significantly in the study area. Significant age, gender, and occupational group effects on accident risk were identified after correcting for this spatial variation. A good understanding of high-risk groups and high-risk regions underpins the formulation of hypotheses concerning accident causality and the development of effective public accident prevention policies.

Binary integer programming formulations for scheduling in market-driven foundries

This paper describes the development and solution of binary integer formulations for production scheduling problems in market-driven foundries. This industrial sector is comprised of small and mid-sized companies with little or no automation, working with diversified production, involving several different metal alloy specifications in small tailor-made product lots. The characteristics and constraints involved in a typical production environment at these industries challenge the formulation of mathematical programming models that can be computationally solved when considering real applications. However, despite the interest on the part of these industries in counting on effective methods for production scheduling, there are few studies available on the subject. The computational tests prove the robustness and feasibility of proposed models in situations analogous to those found in production scheduling at the analyzed industrial sector. (C) 2010 Elsevier Ltd. All rights reserved.

Low power laser radiation at 685 nm stimulates stem-cell proliferation rate in Dugesia tigrina during regeneration

Today's scientific interest in tissue engineering for organ transplantations and regeneration from stem cells, allied with recent observations on biostimulation of tissues and cells by laser radiation, stands as a strong motivation for the present work, in which we examine the effects of the low power laser radiation onto planarians under regenerative process. To investigate those effects, a number of 60 amputated worms were divided in three study groups: a control group and two other groups submitted to daily 1 and 3 min long laser treatment sections at similar to 910 W/m(2) power density. A 685 nm diode laser with 35 mW optical power was used. Samples were sent to histological analysis at the 4th, the 7th and the 15th (lays after amputation. A remarkable increase in stem cells counts for the fourth day of regeneration was observed when the regenerating worms was stimulated by the laser radiation. Our findings encourage further research works on the influence of optical radiation onto stem cells and tissue regeneration. (c) 2005 Elsevier B.V. All rights reserved.

The Geometric Birnbaum-Saunders regression model with cure rate

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Effect of benzylaminopurine (BAP) on clonal propagation rate of Curcuma longa L.

Curcuma longa L. is used in many countries for its flavor, and medicinal and cosmetic attributes, as well as for its peculiar starch characteristics. These factors have driven an interest in the in vitro propagation of this species, looking for germplasm bank maintenance, production of disease free plants, genetic variability induction from callus, and as a tool for starch research. However, there are few reports concerning the micropropagation of Curcuma longa. The in vitro propagation rate of this species, cultured under two benzylaminopurine (BAP) concentrations, was the aim of this research.

Preliminary Overview of the Economies of Latin America and the Caribbean 2006

Includes bibliography

Regional financial cooperation

Includes bibliography

Economic growth with equity: challenges for Latin America

Includes bibliography

The income distribution problem in Latin America and the Caribbean

Includes bibliography

Investment and economic reform in Latin America

Includes bibliography

Fostering economic policy coordination in Latin America: the REDIMA approach to escaping the prisoner's dilemma

Includes bibliography

Multilateral rules on competition policy: an overview of the debate

Includes bibliography