Especulative (sic) attack on exchange rate target zone regime : the uncertainty case

We present a continuous time target zone model of speculative attacks. Contrary to most of the literature that considers the certainty case, i.e., agents know for sure the Central Bank behavior in the future, we build uncertainty into the madel in two different ways. First, we consider the case in whicb the leveI of reserves at which the central bank lets the regime collapse is uncertain. Alternatively, we ana1ize the case in which, with some probability, the government may cbange its policy reducing the initially positive trend in domestic credito In both cases, contrary to the case of a fixed exchange rate regime, speculators face a cost of launching a tentative attack that may not succeed. Such cost induces a delay and may even prevent its occurrence. At the time of the tentative attack, the exchange rate moves either discretely up, if the attack succeeds, or down, if it fails. The remlts are consistent with the fact that, typically, an attack involves substantial profits and losses for the speculators. In particular, if agents believed that the government will control fiscal imbalances in the future, or alternatively, if they believe the trend in domestic credit to be temporary, the attack is postponed even in the presence of a signal of an imminent collapse. Finally, we aIso show that the timing of a speculative attack increases with the width of the target zone.

Educação executiva e carreira: a contribuição do MBA brasileiro sob a ótica dos egressos

A década de 90 foi um período de transformações, especialmente, no desenrolar de dois temas: a discussão sobre carreiras e a expansão dos MBAs no Brasil. Os estudos de carreira passaram por uma profunda transformação ao longo das últimas décadas e a responsabilidade pela gestão de carreira que, inicialmente, era da empresa, assumiu novos contornos passando para o profissional, agora denominado “proteano”, por sua capacidade de se adaptar às mudanças e aos ambientes, o leme de sua carreira. Esta mudança lhe conferiu mais liberdade na definição de seus rumos e de suas prioridades pessoais, mas lhe imputou mais incertezas e responsabilidades dotando-o da necessidade de manter sua empregabilidade. No nível gerencial profissionais buscam cursos de educação executiva, como o Master in Business Administration (MBA), como instrumento para a gestão de carreira, se capacitando para se manter empregável ou para fazer movimentos de carreira. No entanto, as críticas sobre a contribuição real destes cursos para a carreira de seus egressos levantam a necessidade de se avaliar qual a real contribuição de cursar um MBA para a carreira, sob a ótica daqueles que fizeram tal curso e observaram os reflexos que o título gerou em suas carreiras. Para tanto, foi realizada uma pesquisa quantitativa com uma amostra de 2.027 egressos, dos últimos 10 anos, de cursos de MBA da FGV. Os resultados revelam que os profissionais respondentes da amostra relatam ter observado resultados positivos na carreira e que foram bem sucedidos, além disto, apresentam características proteanas e demonstram necessidades de gerenciar e desenvolver sua carreira.

The BRICS: some historical experiences, growth challenges and opportunities

The acronym BRICS was a fad among the media and global investors. Now, the acronym sounds passé. However, the group of countries remains important, from both political and economic reasons. They have a large aggregate size, 28% of the global GDP and 42% of the world’s population, high growth potential due to the current significant misallocation of resources and relatively low stock of human capital, structural transformation is in progress and one of them, China, is taking steps to become a global power and a challenger to the US dominance. This paper provides a brief overview of the five economies, Brazil, Russia, India, China and South Africa. We focus on some aspects of their history, the Chinese initiatives in international finance and geopolitical strategic moves, their growth experience and structural transformation over the last 35 years, trade and investment integration into the global economy and among themselves, the growth challenges faced by their economies and the potential gains to the Brazilian economy from a stronger integration with the other BRICS. In association with its efforts to be a global power, China aims to become a major player in global finance and to achieve the status of global currency for the renminbi, which would be the first currency of an emerging economy to attain such position. Despite the similarities, the BRICS encompass very diverse economies. In the recent decades, China and India showed stellar growth rates. On the other hand, Brazil, Russia and South Africa have expanded just in line with global output growth with the Russian economy exhibiting high volatility. China is by far the largest economy, and South Africa the smallest, the only BRICS economy with a GDP lower than US$ 1 trillion. Russia abandoned communism almost 25 years ago, but reversed many of the privatizations of 90’s. China is still ruled by communism, but has a vibrant private sector and recently has officially declared market forces to play a dominant role in its economy. Brazil, Russia and South Africa are global natural resources powerhouses and commodity exporters while China and India are large commodity importers. Brazil is relatively closed to international trade of goods and services, in marked contrast to the other four economies. Brazil, India and South Africa are dependent on external capital flows whereas China and Russia are capital exporters. India and South Africa have younger populations and a large portion living below the poverty line. Despite its extraordinary growth experience that lifted many millions from poverty, China still has 28% of its population classified as poor. Russia and China have much older populations and one of their challenges is to deal with the effects of a declining labor force in the near future. India, China and South Africa face a long way to urbanization, while Brazil and Russia are already urbanized countries. China is an industrial economy but its primary sector still absorbs a large pool of workers. India is not, but the primary sector employs also a large share of the labor force. China’s aggregate demand structure is biased towards investment that has been driving its expansion. Brazil and South Africa have an aggregate demand structure similar to the developed economies, with private consumption accounting for approximately 70%. The same similarity applies to the supply side, as in both economies the share of services nears 70%. The development problem is a productivity problem, so microeconomic reforms are badly needed to foster long-term growth of the BRICS economies since they have lost steam due a variety of factors, but fundamentally due to slower total factor productivity growth. China and India are implementing ambitious reform programs, while Brazil is dealing with macroeconomic disequilibria. Russia and South Africa remain mute about structural reforms. There are some potential benefits to Brazil to be extracted from a greater economic integration with the BRICS, particularly in natural resources intensive industries and services. Necessary conditions to the materialization of those gains are the removal of the several sources of resource misallocation and strong investment in human capital.

A defesa comercial dos BICs: Brasil, Índia e China: algumas lições para a política brasileira: pesquisa do comercio global apoiado pelo IPEA

O objetivo do presente artigo é de analisar a Política de Defesa Comercial dos BICs nos últimos 15 anos, destacando semelhanças e contrastes. Após exame dos principais elementos da regulação dos instrumentos de defesa, como apresentados no GATT e na OMC, é avaliada a evolução das investigações iniciadas e das medidas aplicadas para cada um dos parceiros dos BICs. Tendo em vista a importância das decisões do mecanismo de solução de controvérsias na área, são também examinados os principais painéis abertos pelos BICs, bem como os painéis em que foram acionados. O artigo é concluído com algumas implicações da análise da defesa comercial dos BICs para a Política de Defesa Comercial do Brasil, no momento em que a indústria brasileira enfrenta sérios desafios.

Circuito regional de performance BodeArte: encontros, coletividade e porítica na performance do Rio Grande do Norte

This dissertation aims to look into the structure of the event Circuito Regional de Performance BodeArte1 to think how it collaborate with its proposal providing theoretical points to relevant questions to the comprehension of Brazilian performance art in contemporaneity, since its conceptual format until its occurrence and practical limitations. From this proposition the dissertation is organized into three chapters guided for the following aspects: the resumption of the events encompassed on the occurrence of Circuit BodeArte as well as a tabulation of the data reunited in its history, the presentation of its conceptual choices, and the metaphors conducted by the use of the term performance and how they can lead us to the idea of a performance-as-BodeArte. The methodological structures moved for this organization are qualitative, and have been formed from printed materials, texts, festival programs, blog, videos, photos, interviews, lectures and forums, plus our own memory as a producer and performer of the event, looking through these set points of the epistemological organization contained on the proposal of the Circuito, expanding and discussing them. This way this research moves between the propositions of this event in its three editions, promoting discussions that dialogue with concepts such as the emergence of Steve Johnson (2004), the metaphors of thought proposed by Christine Greiner (2005), the idea of performance hacker of Maria Beatriz de Medeiros (AQUINO, et al., 2012), as well as other propositions presented by Jan Swidzinski (2005) and Eleonora Fabião (2012)

Estudo da adição de resíduo de scheelita em matriz cerâmica: formulação, propriedades físicas e microestrutura

Extractivism mineral is considered an activity highly degrading, due to the large volume of material that he moves in the form of ore and residues. The vast majority of mining companies do not show any technology or economically viable application that will allow the recycling of mineral residue, these being launched in areas receiving located the "open skies" degrade the environment. In Rio Grande do Norte to the production of ceramic red restricts their activities to the production of products such as: solid bricks, ceramic blocks, tiles, among others. Seeking to unite experiences and technical information that favor sustainable development, with important benefits to the construction sector and civil society in general, the present work studies the incorporation of the residue of scheelite in ceramic matrix kaolinitic, coming from the municipality of Boa Saúde - RN, in percentage of 5 %, 10 %, 20 %, 30% 40% and 50 %, by evaluating its microstructure, physical properties and formulation. The raw materials were characterized through the trials of X ray fluorescence, Diffraction of X rays, Differential Thermal Analysis and Termogravimetric Analysis. The samples were formed and fired at temperatures of 850o, 900o, 1000o, 1050o, 1100o, 1150o and 1200 oC, with isotherm of 1 hour and heating rate of 10 oC/min. Assays were performed technological of loss to fire, Water Absorption, Apparent Porosity, Apparent Density, Mass Loss in Fire and Bending Resistance; in addition to the Scanning Electron Microscopy, analyzing their physical and mechanical properties. The use of residue of scheelite in ceramic mass kaolinitic provided a final product with technological properties that meet the technical standards for the production of bricks and roofing tiles, with the percentage of 20% of waste that showed the best results

Perfis do controle jurisdicional de políticas publicas: parâmetros objetivos e tutela coletiva

This paper focuses on a study of public policy jurisdictional control as some effectiveness mechanism for cultural, economical, and social fundamental rights. It investigates the juridical profile of public policies based on premises of the current (Neo)Constitutional State model and the assertion of an essentially constitutionalist Law paradigm from its genesis to its most peculiar elements, and through tormenting issues, such as: its position between Law and Politics, the difference with reflective subjective rights, and the problem of high financial costs. Once its object is identified, it moves forward into the theme itself, which is that of jurisdictional control, investigating its legitimacy based on paradigmatic judicial precedents and the facing of themes such as: current role of the Judicial Power, the splitting of state functions, administrative discretion, financial affordability, illegal omissions, and budget control. Finally, it examines, as its study central object, objective parameters for definition control, execution, and transparency of public policies, as well as identifying the most appropriate collective jurisdictional tutoring to its purposes together with some of its law process means. Therefrom, it shows new perspectives for the recent study on jurisdictional control of public policies, building foundations for the fundamental rights effectiveness

Esporte como experiência estética e educativaEsporte educativa: uma abordagem fenomenológica

This paper deals with sport as a possibility of disclosing the sensible, and defends the idea that being a sportsperson equals living an aesthetic and educative experience in which one can interacts with the sensible by the athletic body s reverberation of sensations in the dimension of the experienced. We try to answer, in our work, basically three questions: what moves the athlete when practicing a sport? Which are the meanings and motivations for the practice of sports? At what measure the athlete s experience gains an educational character? Sport is debated in this work as an extension of the living, as long as it tries to understand the meanings inherent to sport itself as well as to the sportive experience as a kind of education. In support of our argument, we give a theoretic and philosophical approach to our thesis, based on thinkers like Maurice Merleau-Ponty, Walter Benjamin, Marcel Mauss and Friedrich Schiller. For this purpose, we get support on the phenomenology of the French philosopher Maurice Merleau-Ponty. Our reference is the living world of the athlete and his experience as a field of the sensible. Our point of departure is the analysis of the narratives of sport experiences, including five aesthetic elements; time and space of the body in the sports courts; the look on the sportive context; the contact with the adversary; victory and defeat; the technical gesture. Besides it, we worked out an aesthetic evaluation of the movies Olympia and Invictus , what let us discuss three thematic categories: sensibility, emotions and the play paradox. Subsequently, we point sport as an optimizer of the sensible education, present on the body s processes, like the body in movement. It was also made clear along this paper that we tried to accomplish an analysis on sports centered in the athlete s body as an outfit of the senses to things related to the sensible, whose aesthetic experience overpasses any deterministic conception that should sum up the sportive world to mercantilization, discipline practices and mechanicism. This approach franchises gateways to a Physical Education which, containing sports as one of its support, let pupils enjoy the pleasure of constructing common objectives, incorporating the capacity of replicating, re-making and playing as a field of possibilities offered by an education characterized as being moving, sensible and fitful to a body in movement

Cutaneous Basophilia in the Resistance of Goats to Amblyomma cajennense Nymphs after Repeated Infestations

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Guinea Pigs Develop Cutaneous Basophilia after Repeated Infestations by Nymphs of the Tick Amblyomma triste

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

O trabalho do enfermeiro de um hospital pediátrico de ensino e o SUS: desafios a enfrentar

This study analyzes the point of view of nurses working at a pediatric teaching hospital on their work process within the scope of the Brazilian unified healthcare system SUS, in order to identify factors that interfere with its development and find out how work relations are taking place between nurses, other nursing professionals and the multidisciplinary staff. It is a descriptive and analytical study, qualitative in nature, which starts with a consideration of a nurse s current practices and moves on to reflect on a perspective of transformation aiming at rethinking their work process pursuant to the principles of SUS. In order to attain these objectives, we decided on using the focal group as a data-collecting technique, which took place from November to December 2005, by using as instruments a questionnaire for the characterization of the persons being researched and a discussion outline. Theoretical support has approached transformations in the world of work, placing it in the context of healthcare and nursing and has tried, specifically, to understand the work process of a nurse engaged in the production of health services. Therefore, the discourse analysis of participants, in the light of theoretical support, has evinced an ambiguity inasmuch as though identified as such in their work process, nurses are also fulfilling multiple functions in health services. Through this study it has also been possible to identify several factors that interfere with the work of these professionals, including poor working conditions and excessive hiring of high school graduate interns as an attempt to make up for a meager nursing workforce, as well as reveal the possibilities brought about by the SUS in retargeting its professional practice to interdisciplinarity and integrality

Acidez do solo e calagem em pomares de frutíferas tropicais

A produtividade agrícola nos trópicos é afetada, principalmente, pelos fatores ligados à acidez do solo (pH, saturação por bases, acidez potencial, disponibilidade de nutrientes). A calagem é uma prática bem conhecida para corrigir a acidez do solo em culturas anuais, ainda que não seja praticada com a regularidade necessária. Entretanto, em culturas perenes, a incorporação de corretivos é mais complexa, devido às características desse grupo de plantas e à carência de informações científicas sobre o assunto. em condições de acidez, a calagem promove a neutralização do Al3+, a elevação do pH e o fornecimento de Ca e Mg, possibilitando a proliferação de raízes, com reflexos positivos no crescimento da parte aérea das plantas. Contudo, devido à baixa solubilidade e à lenta movimentação do calcário ao longo do perfil do solo, há obrigatoriedade de se fazer distribuição uniforme e incorporação profunda, antecedendo a implantação do pomar, a fim de garantir o eficiente aproveitamento de água e de nutrientes contidos nessas camadas. A calagem deve ser considerada um investimento, pois seus benefícios perduram além de um ano ou de uma safra agrícola. Isso se deve ao efeito residual dos corretivos de acidez do solo, sendo o tempo de duração desse efeito dependente de vários fatores, entre os quais: condições edafoclimáticas, cultura, manejo da área e tipo de corretivo empregado. em geral, partículas maiores de calcário têm efeito residual mais prolongado, sendo empregadas na implantação dos pomares. No entanto, a relação entre o tamanho da partícula e o efeito residual tem sido pouco pesquisada, devido à necessidade de estudos de longa duração. em função das elevadas doses de adubos nitrogenados utilizadas nos pomares de altos rendimentos, a acidez do solo aumenta, como resultado do processo de nitrificação. em pomares já implantados, o procedimento atualmente utilizado pelos produtores é a incorporação superficial do calcário na área. As recomendações talvez fossem outras, caso houvesse maior subsídio da pesquisa, tendo em vista os diversos problemas fitossanitários que podem ocorrer, direta ou indiretamente da prática da incorporação do corretivo, tais como redução do sistema radicular, ferimento das raízes e consequente risco de infecções, com disseminação de pragas e doenças no pomar. O objetivo desta revisão é apresentar os principais resultados de pesquisas sobre o assunto, mostrando os efeitos da calagem sobre a fertilidade do solo, a nutrição e a produtividade de frutíferas de grande importância econômica para o Brasil, bem como discutir a duração do efeito residual dos corretivos e a dose mais ecônomica a ser aplicada nos pomares de frutas em implantação e em produção.

Construção e controle inteligente de um manipulador robótico com dois graus de liberdade

The present work shows the development and construction of a robot manipulator with two rotary joints and two degrees of freedom, driven by three-phase induction motors. The positions of the arm and base are made, for comparison, by a fuzzy controller and a PID controller implemented in LabVIEW® programming environment. The robot manipulator moves in an area equivalent to a quarter of a sphere. Experimental results have shown that the fuzzy controller has superior performance to PID controller when tracking single and multiple step trajectories, for the cases of load and no load

Controle de posição com restrição à orientação de um Veículo Aéreo Não-Tripulado tipo Quadrirrotor

Quadrotors aircraft are composed by four propellers mounted on four engines on a cross or x disposition, and, in this structure, the engines on the same arm spin in the same direction and the other arm in the opposite direction. By rotating each helix generates vertical upward thrust. The control is done by varying the rotational speed of each motor. Among the advantages of this type of vehicle can cite the mechanical simplicity of construction, the high degree of maneuverability and the ability to have vertical takeoffs and landings. The modeling and control of quadrirrotores have been a challenge due to problems such as nonlinearity and coupling between variables. Several strategies have been developed to control this type of vehicle, from the classical control to modern. There are air surveillance applications where a camera is fixed on the vehicle to point forward, where it is desired that the quadrotor moves at a fixed altitude toward the target also pointing forward, which imposes an artificial constraint motion, because it is not desired that it moves laterally, but only forwards or backwards and around its axes . This restriction is similar to the naturally existing on robots powered by wheels with differential drive, which also can not move laterally, due to the friction of the wheels. Therefore, a position control strategy similar to that used in this type of robot could be adapted for aerial robots like quadrotor. This dissertation presents and discusses some strategies for the control of position and orientation of quadrotors found in the literature and proposes a strategy based on dynamic control of mobile robots with differential drive, called the variable reference control. The validity of the proposed strategy is demonstrated through computer simulations

Os espaços poéticos de um cronista contador

This study discusses chronicler Rubem Braga and his chronicles published in O Estado de São Paulo newspaper (supplement Caderno 2), from 1988 to 1990. The analysis of the 84 chronicles focuses on the study of poetic spaces, mainly based on Gaston Bachelard s book The Poetics of Space. Narrator s characteristics are also shown in the analyzed chronicles, as he resembles a traditional storyteller, even though participates in a genre that belongs to a modern vehicle: the newspaper. The storyteller-chronicler moves in time and space, reporting his experiences to the readers, and also travels inside of himself, discovering places which were kept in his memory