O project finance no financiamento de empreendimentos em saneamento básico no Brasil

A situação atual dos sistemas de saneamento básico no Brasil, bem como o quadro regulatório e institucional do setor, são o resultado de conturbados antecedentes e de políticas descontínuas, determinadas por aspectos conjunturais e pela alternância entre momentos de maior e menor disponibilidade de recursos. A privatização e a concessão de serviços oferece perspectivas concretas de redefinição da trajetória de evolução do setor, com o estabelecimento de um padrão mais constante e regular de crescimento dos índices de cobertura e de modernização dos sistemas e das técnicas de gestão. A lógica do investimento privado implica na orientação pelo lucro e na configuração de estruturas de menor risco para os recursos comprometidos com o empreendimento. O project finance é uma técnica de financiamento que permite a repartição de riscos entre os participantes, reduzindo parcelas individuais e, conseqüentemente, agregando maior atratividade ao negócio. O presente estudo terá por objetivo analisar o setor de saneamento básico e o project finance, buscando identificar as possibilidades e os impactos presumíveis da introdução e difusão da técnica como alternativa de financiamento para o setor no Brasil.

Asset pricing when risk sharing is limited by default: a theoretical framework

We study the asset pricing implications of an endowment economy when agents can default on contracts that would leave them otherwise worse off. We specialize and extend the environment studied by Kocherlakota (1995) and Kehoe and Levine (1993) to make it comparable to standard studies of asset pricillg. We completely charactize efficient allocations for several special cases. We illtroduce a competitive equilibrium with complete markets alld with elldogellous solvency constraints. These solvellcy constraints are such as to prevent default -at the cost of reduced risk sharing. We show a version of the classical welfare theorems for this equilibrium definition. We characterize the pricing kernel, alld compare it with the one for economies without participation constraints : interest rates are lower and risk premia can be bigger depending on the covariance of the idiosyncratic and aggregate shocks. Quantitative examples show that for reasonable parameter values the relevant marginal rates of substitution fali within the Hansen-Jagannathan bounds.

A restatement of the welafare costs of inflation. The wast of scarce resources in the manufacturing , banking and household sectors

Lucas (2000) estimates that the US welfare costs of inflation are around 1% of GDP. This measurement is consistent with a speci…c distorting channel in terms of the Bailey triangle under the demand for monetary base schedule (outside money): the displacement of resources from the production of consumption goods to the household transaction time à la Baumol. Here, we consider also several new types of distortions in the manufacturing and banking industries. Our new evidences show that both banks and firms demand special occupational employments to avoid the inflation tax. We de…ne the concept of ”the foat labor”: The occupational employments that are aflected by the in‡ation rates. More administrative workers are hired relatively to the bluecollar workers for producing consumption goods. This new phenomenon makes the manufacturing industry more roundabout. To take into account this new stylized fact and others, we redo at same time both ”The model 5: A Banking Sector -2” formulated by Lucas (1993) and ”The Competitive Banking System” proposed by Yoshino (1993). This modelling allows us to characterize better the new types of misallocations. We …nd that the maximum value of the resources wasted by the US economy happened in the years 1980-81, after the 2nd oil shock. In these years, we estimate the excess resources that are allocated for every speci…c distorting channel: i) The US commercial banks spent additional resources of around 2% of GDP; ii) For the purpose of the firm foating time were used between 2.4% and 4.1% of GDP); and iii) For the household transaction time were allocated between 3.1% and 4.5 % of GDP. The Bailey triangle under the demand for the monetary base schedule represented around 1% of GDP, which is consistent with Lucas (2000). We estimate that the US total welfare costs of in‡ation were around 10% of GDP in terms of the consumption goods foregone. The big di¤erence between our results and Lucas (2000) are mainly due to the Harberger triangle in the market for loans (inside money) which makes part of the household transaction time, of the …rm ‡oat labor and of the distortion in the banking industry. This triangle arises due to the widening interest rates spread in the presence of a distorting inflation tax and under a fractionally reserve system. The Harberger triangle can represent 80% of the total welfare costs of inflation while the remaining percentage is split almost equally between the Bailey triangle and the resources used for the bank services. Finally, we formulate several theorems in terms of the optimal nonneutral monetary policy so as to compare with the classical monetary theory.

A new insight about pharmaceutical dosage forms for benzathine penicillin G

In this work, a micellar system of benzathine penicillin G (BPG) in sodium deoxycholate (NaDC) was developed and evaluated physicochemically. The solubility profile of the drug in water and buffer solutions at various pH was determined, as well as its n-octanol/water partition coefficient. The Critical Micellar Concentration of NaDC and its ability to incorporate BPG were also assessed. The study was carried out at low and high ionic strength which was adjusted by the addition of sodium chloride. The results demonstrated the ability of the micellar system to incorporate BPG, as well as to increase its apparent solubility in water. The enhancement of the solubility of BPG by the presence of NaDC micelles could be analyzed quantitatively within the framework of the pseudo-phase model. Concentration analysis showed that the micellar system could attain up to 90% incorporation of BPG. The incorporated drug is expected to exhibit improved stability, since the antibiotic enclosed in the hydrophobic core of micelles is rather shielded from the aqueous external environment

Regulação da mobilização de lipídios e proteinas por hormônios, fontes de carbono e nitrogênio durante o crescimento pos-germinativo em girassol

The mobilization of food reserves in storage tissues and allocation of their hydrolysis products in the growing axis are critical processes for the establishment of seedlings after germination. Therefore, it is crucial for mobilization of reserves to be synchronized with the growing axis, so that photosynthetic activity can be started before depletion of reserves. For this, integrative approaches involving different reserves, different hydrolysis products and interaction between storage and growing axis tissues, either through hormones or metabolites with signaling role, can contribute greatly to the elucidation of the regulation mechanisms for reserve mobilization. In this study, was hypothesized that hormones and metabolites have different actions on reserve mobilization, and there must be a crossed effect of sugars on the mobilization of proteins and amino acids on lipids and starch mobilization in sunflower seedlings. This study was conducted with seeds of sunflower (Helianthus annuus L.) hybrid Helio 253 using in vitro culture system. Seeds were germinated on Germitest® paper and grown on agar-water 4 g/L without addition of nutrients during 9 days after imbibition (DAI) for growth curve. To verify the effect of metabolites and hormones, seedlings were transferred in the 2nd DAI to agar-water 4 g/L supplemented with increasing concentrations of sucrose or L-glutamine, abscisic acid, gibberellic acid or indolebutyric acid. The results of this study confirm that the mobilization of lipids and storage proteins occurs in a coordinated manner during post-germination growth in sunflower, corroborating the hypothesis that the application of external carbon (sucrose) and nitrogen (L-glutamine) sources can delay the mobilization of these reserves in a crossed way. Moreover, considering the changes in the patterns of reserve mobilization and partition of their products in seedlings treated with different growth regulators, it is evident that the effects of metabolites and hormones must involve, at least in part, distinct mechanisms of action

Investigação e gerenciamento de áreas contaminadas por postos revendedores de combustíveis em Natal

Activities that have fuel subterranean storage system are considered potentially polluting fuels by CONAMA Resolution 273, due to the possibility of leak, outpouring and overflow of fuel into the ground. Being even more worrying when contaminate groundwater for public supply, as the case of Natal City. For this reason, the Public Ministry/RN, in partnership with UFRN, developed the project environmental suitability of Gas stations in Natal, of which 36% showed evidence of contamination. This paper describes the four stages of the management of contaminated areas: preliminary assessment of environmental liabilities, detailed confirmatory investigation of the contamination, risk analysis to human health (RBCA), as well as the remediation plan of degraded areas. Therefore it is presented a case study. For the area investigated has been proposed a mathematical method to estimate the volume of LNAPL by a free CAD software (ScketchUp) and compare it with the partition method for grid area. Were also performed 3D graphics designs of feathers contamination. Research results showed that passive benzene contamination in groundwater was 2791.77 μg/L, when the maximum allowed by CONAMA Resolution 420 is 5 μg/L which is the potability standards. The individual and cumulative risks were calculated from 4.4 x10-3, both above the limits of 1.0 x10-5 or by RBCA 1.0 x10-6 by the Public Ministry/RN. Corrective action points that remediation of dissolved phase benzene is expected to reach a concentration of 25 μg/L, based on carcinogenic risk for ingestion of groundwater by residents residential, diverging legislation. According to the proposed model, the volume of LNAPL using the ScketchUp was 17.59 m3, while by the grid partitioning method was 14.02 m3. Because of the low recovery, the expected removal of LNAPL is 11 years, if the multiphase extraction system installed in the enterprise is not optimized

Distribution of neutral prilocaine in a phospholipid bilayer: Insights from molecular dynamics simulations

In this work, we report a 20-ns constant pressure molecular dynamics simulation of prilocaine (PLC), in amine-amide local anesthetic, in a hydrated liquid crystal bilayer of 1-palmitoyl-2-oleoyl-sn-glycero-3-phosphatidylcholine. The partition of PLC induces the lateral expansion of the bilayer and a concomitant contraction in its thickness. PLC molecules are preferentially found in the hydrophobic acyl chains region, with a maximum probability at similar to 12 angstrom from the center of the bilayer (between the C(4) and C(5) methylene groups). A decrease in the acyl chain segmental order parameter, vertical bar S-CD vertical bar, compared to neat bilayers, is found, in good agreement with experimental H-2-NMR studies. The decrease in vertical bar S-CD vertical bar induced by PLC is attributed to a larger accessible volume per lipid in the acyl chain region. (C) 2008 Wiley Periodicals, Inc.

Pharmacological and local toxicity studies of a liposomal formulation for the novel local anaesthetic ropivacaine

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

Caracterização analítica e geométrica da metodologia geral de determinação de distribuições de Weibull para o regime eólico e suas aplicações

O regime eólico de uma região pode ser descrito por distribuição de frequências que fornecem informações e características extremamente necessárias para uma possível implantação de sistemas eólicos de captação de energia na região e consequentes aplicações no meio rural em regiões afastadas. Estas características, tais como a velocidade média anual, a variância das velocidades registradas e a densidade da potência eólica média horária, podem ser obtidas pela frequência de ocorrências de determinada velocidade, que por sua vez deve ser estudada através de expressões analíticas. A função analítica mais adequada para distribuições eólicas é a função de densidade de Weibull, que pode ser determinada por métodos numéricos e regressões lineares. O objetivo deste trabalho é caracterizar analítica e geometricamente todos os procedimentos metodológicos necessários para a realização de uma caracterização completa do regime eólico de uma região e suas aplicações na região de Botucatu - SP, visando a determinar o potencial energético para implementação de turbinas eólicas. Assim, foi possível estabelecer teoremas relacionados com a forma de caracterização do regime eólico, estabelecendo a metodologia concisa analiticamente para a definição dos parâmetros eólicos de qualquer região a ser estudada. Para o desenvolvimento desta pesquisa, utilizou-se um anemômetro da CAMPBELL.

Evaluation of anti-inflammatory activity of derivatives from aerial parts of Baccharis uncinella

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

Caracterização e quantificação de marcadores químicos do extrato hidroetanólico das folhas de Kalanchoe brasiliensis Cambess

Kalanchoe brasiliensis Cambess (Crassulaceae), commonly known as saião , coirama branca , folha grossa , is originally from Brazil and commonly found in São Paulo to Bahia, mainly in the coastal zone. Regarding of biological activities, most preclinical studies were found in the literature, mainly about the anti-inflammatory activity of extracts obtained from leaves and / or aerial parts of K. brasiliensis. As regards the chemical constitution, it has been reported mainly the presence of flavonoids in the leaves of the species, but until this moment did not knows which are the active compounds. Although it is a species widely used in traditional medicine in Brazil, there is no monograph about the quality parameters of the plant drug. In this context, this study aims to characterize and quantify the chemical markers of hydroethanolic extract (HE) from the leaves of K. brasiliensis, which can be used in quality control of plant drug and derivatives obtained from this species. The methodology was divided into two parts: i. Phytochemical study: to fractionate, isolate and characterizate of the chemical (s) marker (s) of the HE from the leaves of K. brasiliensis; ii. To Developed validate of analytical method by High Performance Liquid Chromatography (HPLC)-diode array detector (DAD) to quantify the chemical (s) marker (s) of the EH. i. The EH 50% was prepared by turbo extraction method. It was then submitted to liquid-liquid partition, obtaining dichloromethane, n-butanol and ethyl acetate (AcOEt) fractions. The AcOEt fraction was selected to continue the fractionation process, because it has a chemical profile rich in flavonoids. The acOEt fraction was submitted to column chromatography using different systems for obtaining the compound Kb1. To identify this compound, it was submitted to UV analysis ii. For quantitative analysis, the EH was analyzed by HPLC, using different methods. After selecting the most appropriate method, which showed satisfactory resolution and symmetrical peaks, it was validated according to parameters in the RE 899/2003. As result, it was obtained from the AcOEt fraction the compound Kb1 (2.7 mg). Until this moment, the basic nucleus was characterized by UV analysis using shift reagents. The partial chemical structure of the compound Kb1 was identified as a flavonol, containing hydroxyls in 3 , 4 position (ring A), 5 and 7 free (ring B) and a replacement of the C3 hydroxyl by a sugar. As the analysis were performed in the HPLC coupled to a DAD, we observed that the UV spectrum of the major peaks of EH from K. brasiliensis shown similar UV spectrum. According to the literature, it has been reported the presence of patuletin glycosydes derivatives in the leaves of this species. Therefore, it is suggested that the compound Kb1 is glycosylated patuletin derivative. Probably the sugar (s) unit(s) are linked in the C3 in the C ring. . Regarding the development of HPLC analytical method, the system used consists of phase A: water: formic acid (99,7:0,3, v / v) and phase B: methanol: formic acid (99,7:0,3, v / v), elution gradient of 40% B - 58% B in 50 minutes, ccolumn (Hichrom ®) C18 (250x4, 0 mm, 5 μm), flow rate 0.8 mL / min, UV detection at 370 nm, temperature 25 ° C. In the analysis performed with the co-injection of thecompound Kb1 + HE of K. brasiliensis was observed that it is one of the major compounds with a retention time of 12.47 minutes and had a content of 15.3% in EH of leaves from K. brasiliensis. The method proved to be linear, precise, accurate and reproducible. According to these results, it was observed that compound Kb1 can be used as a chemical marker of EH from leaves of K. brasiliensis, to assist in quality control of drug plant and its derivatives

Caracterização dos marcadores químicos e avaliação de atividades biológicas do extrato de Spondias mombim

Spondias mombin is a fruitful species dispersed in tropical regions of America, Africa and Asia. In Brazil, the species can be found mainly in the northern and northeastern regions. Scarce chemical and pharmacological studies have been reported for S. mombin and until this moment studies about chemical markers were not developed. In this context, the aims of this study were to characterize the chemical markers from S. mombin leaves and evaluate their anti-inflammatory, antioxidant and antiproliferative potentials. The chemical profile of the hydroethanolic extract from S. mombin leaves analyzed by HPLC-DAD, through a validated method, allowed the identification and quantification of ellagic acid and chlorogenic acid. This extract showed anti-inflammatory potential in acute peritonitis model induced by carrageenan. The hydroethanolic extract from S. mombin leaves was subjected to a liquid-liquid partition with the solvents: n-hexane, dichloromethane, ethyl acetate and n-butanol. Regarding the anti-inflammatory potential of the fractions obtained they were active; however, ethyl acetate fraction at 200 mg/kg showed highlighted results. The compounds ellagic acid and chlorogenic acid also inhibited the leukocyte migration to the site of inflammation at 2.5, 5 and 10 mg/kg. The hydroethanolic extract, fractions and the chemical markers showed significant antioxidant potential when evaluated in different assays: DPPH Free-Radical Scavenging, Superoxide Radical Scavenging, Hydroxyl Radicals Scavenging and Reducing Power. Taken together our results showed that hydroethanolic extract of S. mombin leaves has ellagic acid and chlorogenic acid as bioactive markers and it demonstrated antiinflammatory and antioxidant properties besides no cytotoxicity against 3T3 cells. It enables us to suggest S. mombin as an important species to develop herbal drugs

Crescimento inicial e morfologia foliar em plantas de Enterolobium contortisiliquum (Vell.) Morong. E Erythrina velutina Mart. ex Benth, sob estresse hídrico

The Caatinga is the predominant vegetation type in semi-arid region of Brazil, where many inhabitants depend on hunting and gathering for survival, obtaining resources for: food and feed, folk medicine, timber production, etc. It‟s the dry ecosystem with highest population density in the world. The early stages of development are the most critical during the life cycle of a flowering plant and they‟re primordial to its establishment in environments exposed to water stress. Information about adjustments to the growth of the species, correlated with their studies of distribution in Seridó oriental potiguar, are an important ecological and economic standpoint, because they provide subsidies for the development of cultivation techniques, to programs of sustainable use and recovery of degraded areas. This thesis aimed to study the initial growth and foliar morphology in plants like Enterolobium contortisiliquum (Vell.) Morong. (tamboril) and Erythrina velutina Mart. ex Benth (mulungu), species of occurrence in the Caatinga, under water stress. After sowing and emergency, the seedlings were exposed to three water regimes: 450 (control), 225 (moderate stress) and 112.5 (severe stress) mm of water slide for 40 days. Seeding occurred in bags of 5 kg and after the establishment of seedlings thinning was carried out leaving a plantlet per bag. At the beginning the waterings occurred daily with distilled water, passing to be on alternate days after thinning. Twenty and forty days after the thinning seedlings collections were held to be done analysis of growth and biomass partition. When compared to the control group, the treatments with water stress showed reduction in the growth of the aerial part, growth of the greater root, number of leaves and leaflets, dry leaf area and total phytomass in both species, but in general, this effect was most marked for E. velutina. Regarding the partition of biomass, there were few changes throughout the experiment. Morphological changes in the leaves as a function of stress were not significant, however, there was a trend, in both species, to produce narrower leaves, that facilitate heat loss to the environment. It has not been possible to establish a positive relationship between inhibition of growth and distribution of species, whereas E. velutina is a species of most common occurrence in Seridó oriental potiguar. In this way, other aspects should be taken into account when studying the adaptation of species the dry environments, such as salinity, presence of heavy metals, wind speed, etc

Acúmulo de massa seca e macronutrientes por plantas de Glycine max e Richardia brasiliensis

Foram realizados dois experimentos, em condições de casa de vegetação, no Departamento de Biologia Aplicada à Agropecuária da FCAV-UNESP de Jaboticabal, objetivando-se determinar o acúmulo de massa seca, assim como a distribuição e o acúmulo de macronutrientes durante os ciclos de vida de plantas de soja cultivar BR16, no período de outubro de 2000 a fevereiro de 2001, e de Richardia brasiliensis (poaia-branca), uma planta daninha de elevada importância para esta cultura no Brasil, especialmente em áreas de plantio direto, no período de outubro de 1998 a fevereiro de 1999. Os estudos foram realizados em delineamento experimental inteiramente casualizado, com quatro repetições. Quatro plantas cresceram em vasos com capacidade de sete litros, preenchidos com areia de rio lavada, peneirada e irrigada diariamente com solução nutritiva. Os tratamentos foram representados pelas épocas de amostragem, realizadas a intervalos de 14 dias, a saber: 22, 36, 50, 64, 78, 92, 106, 120, 134, 148, 162 e 176 dias após a emergência (DAE) das plantas de R. brasiliensis; e 21, 35, 49, 63, 77, 91, 105 e 119 DAE das plantas de soja cv. BR-16 (precoce). em ambas as plantas, as folhas tiveram a maior partição de biomassa durante sete semanas. Para este dado, a partição foi maior para as estruturas reprodutivas em soja e nos caules para a poaia-branca. O ponto de máximo acúmulo teórico de massa seca deu-se aos 104 DAE para a soja (36,6 g por planta) e aos 146 DAE para a poaia-branca (16,4 g por planta). da emergência até aos 50 DAE as folhas apresentaram maior participação no acúmulo de massa seca, nas duas espécies. Após 50 DAE notou-se, em ambas as espécies, uma inversão na representatividade das folhas por caules, para a espécie daninha, e por caules e posteriormente por estruturas reprodutivas, para a cultura. A taxa de absorção diária dos macronutrientes atingiu maiores valores entre 69 e 87 DAE para a soja e entre 106 a 111 DAE para a planta daninha. Levando em conta a média dos valores de pontos de inflexão observados para a cultura da soja, aos 78 DAE uma planta de soja acumula teoricamente 25,9 g de massa seca; 615,5 mg de N; 77,2 mg de P; 538,6 mg de K; 535,0 mg de Ca; 171,5 mg de Mg; e 39,5 mg de S. Para o mesmo período, uma planta de R. brasiliensis acumula teoricamente 3,7 g de massa seca; 50,8 mg de N; 3,2 mg de P; 104,4 mg de K; 127,8 mg de Ca; 18,8 mg de Mg; e 3,7 mg de S.

A obra de triangulis omnimodis libri quinque de Johann Müller Regiomontanus (1436 1476): uma contribuição para o desenvolvimento da trigonometria

Trigonometry, branch of mathematics related to the study of triangles, developed from practical needs, especially relating to astronomy, Surveying and Navigation. Johann Müller, the Regiomontanus (1436-1476) mathematician and astronomer of the fifteenth century played an important role in the development of this science. His work titled De Triangulis Omnimodis Libri Quinque written around 1464, and published posthumously in 1533, presents the first systematic exposure of European plane and spherical trigonometry, a treatment independent of astronomy. In this study we present a description, translation and analysis of some aspects of this important work in the history of trigonometry. Therefore, the translation was performed using a version of the book Regiomontanus on Triangles of Barnabas Hughes, 1967. In it you will find the original work in Latin and an English translation. For this study, we use for most of our translation in Portuguese, the English version, but some doubt utterance, statement and figures were made by the original Latin. In this work, we can see that trigonometry is considered as a branch of mathematics which is subordinated to geometry, that is, toward the study of triangles. Regiomontanus provides a large number of theorems as the original trigonometric formula for the area of a triangle. Use algebra to solve geometric problems and mainly shows the first practical theorem for the law of cosines in spherical trigonometry. Thus, this study shows some of the development of the trigonometry in the fifteenth century, especially with regard to concepts such as sine and cosine (sine reverse), the work discussed above, is of paramount importance for the research in the history of mathematics more specifically in the area of historical analysis and critique of literary sources or studying the work of a particular mathematician