Financial governance: the Brazilian experience on prudential regulation and its impacts on the effects of the 2008 financial crisis

The Brazilian economy was severely hit by the 2008 crisis. In the beginning of the crisis, the vast majorities of the economic agents and authorities thought that Brazil could face some sort of decoupling since some macroeconomic fundamentals were very good. What we saw, however, was that the Brazilian economy was not decoupled, and expectations faced a huge deterioration soon after the bankruptcy of Lehman Brothers in September 15th. Two aspects regarding the impact of crisis in Brazil, however, deserve a great deal of attention: (a) although deep, the impact did not last for a long time. Actually, the GDP growth experienced a good recovery in the second quarter of 2009, showing that the health of the Brazilian economy was good; (b) the Brazilian banking system performed very well during the crisis, although we cannot say the system was not in danger in the worst time of the crisis. In spite of the confidence crisis faced by the banking system 1, it showed a great deal of resilience. In this aspect, we argue that the restructure faced by the banking system in the aftermath of the Real Plan, as well as the development of a solid supervision regulation helped a lot the system to avoid the systemic crisis that was an open possibility to the Brazilian banking system in the end of 2008. These notes, thus, discusse why the Brazilian banking system performed pretty well in the 2008 financial crisis and how the Brazilian banking (and prudential) regulation can be taken as responsible for this good performance. More specifically, the paper back to the middle of the 1990s, when the Real Plan was implemented, in order to understand the role played by the restructuring of the Brazilian financial system in helping to pave the way to the great resilience experienced by the Brazilian banking system during the 2008 crisis. More specifically, the prudential regulation that was implemented in Brazil in the aftermath of the Real Plan seems to play a decisive role in the resilience of the system nowadays.

The revenge of the market on the rentiers why neo-liberal reports of the end of history turned out to be premature

Starting from the perspective of heterodox Keynesian-Minskyian-Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed to the current financial crisis. These include excess liquidity, income polarisation, conflicts between financial and productive capital, lack of intelligent regulation, asymmetric information, principal-agent dilemmas and bounded rationalities. However, the paper then proceeds to argue that perhaps more than ever the ‘macroeconomics’ that led to this crisis only makes analytical sense if examined within the framework of the political settlements and distributional outcomes in which it had operated. Taking the perspective of critical social theories the paper concludes that, ultimately, the current financial crisis is the outcome of something much more systemic, namely an attempt to use neo-liberalism (or, in US terms, neo-conservatism) as a new technology of power to help transform capitalism into a rentiers’ delight. And in particular, into a system without much ‘compulsion’ on big business; i.e., one that imposes only minimal pressures on big agents to engage in competitive struggles in the real economy (while inflicting exactly the opposite fate on workers and small firms). A key component in the effectiveness of this new technology of power was its ability to transform the state into a major facilitator of the ever-increasing rent-seeking practices of oligopolistic capital. The architects of this experiment include some capitalist groups (in particular rentiers from the financial sector as well as capitalists from the ‘mature’ and most polluting industries of the preceding techno-economic paradigm), some political groups, as well as intellectual networks with their allies – including most economists and the ‘new’ left. Although rentiers did succeed in their attempt to get rid of practically all fetters on their greed, in the end the crisis materialised when ‘markets’ took their inevitable revenge on the rentiers by calling their (blatant) bluff.

A prospective study on the dimensions of global brands, brand equity and brand value

This doctoral thesis is about global brands under several perspectives, starting this study with and overview on the matter, followed by a "step ahead" in the conceptualization of brand equity and brand value. As the global marketplace dynamically increases, there are theoretical and empirical challenges concerning the global brands that ask for more branding researches, trying to tune and to contextualize meanings and attributes. Thereafter, the thesis intends to provide a discussion about the industry and country-of-origin effects (and their interactions) on the brand value and the firm market value. Finally, the thesis offers an interesting comparison about the practitioners’ perspectives on the dimensions of global brands, the brand equity and the brand value, branding and marketing, including highlights on the brand internationalization process. The thesis offers a general approach on the extant literature in the first chapter, and a specific literature review for each other chapter.

Use of novel biomarkers (Homocysteine, vitamin B6, B9 and B12) on the assessing the progression of cardiovascular disease

A large number of evidences correlate elevated levels of homocysteine (Hcys) with a higher cardiovascular diseases (CVDs) risk, especially, atherosclerosis. Similarly, abnormal low levels of the vitamins B6, B9 and B12 are associated to an instability in the methionine cycle with an over production of Hcys. Thus, biomedical sciences are looking forward for a cheaper, faster, precise and accurate analytical methodology to quantify these compounds in a suitable format for the clinical environment. Therefore the objective of this study was the development of a simple, inexpensive and appropriate methodology to use at the clinical level. To achieve this goal, a procedure integrating a digitally controlled (eVol®) microextraction by packed sorbent (MEPS) and an ultra performance liquid chromatography (UPLC) coupled to a photodiode array detector (PDA) was developed to identify and quantify Hcys vitamins B6, B9 and B12. Although different conditions were assayed, we were not able to combine Hcys with the vitamins in the same analytical procedure, and so we proceeded to the optimization of two methods differing only in the composition of the gradient of the mobile phase and the injected volume. It was found that MEPS did not bring any benefit to the quantification of the Hcys in the plasma. Therefore, we developed and validate an alternative method that uses the direct injection of treated plasma (reduced and precipitated). This same method was evaluated in terms of selectivity, linearity, limit of detection (LOD), limit of quantification (LOQ), matrix effect and precision (intra-and inter-day) and applied to the determination of Hcys in a group composed by patients presenting augmented CVD risk. Good results in terms of selectivity and linearity (R2> 0.9968) were obtained, being the values of LOD and LOQ 0.007 and 0.21 mol / L, respectively. The intra-day precision (1.23-3.32%), inter-day precision (5.43-6.99%) and the recovery rate (82.5 to 93.1%) of this method were satisfactory. The matrix effect (>120%) was, however, higher than we were waiting for. Using this methodology it was possible to determine the amount of Hcys in real plasma samples from individuals presenting augmented CVD risk. Regarding the methodology developed for vitamins, despite the optimization of the extraction technique and the chromatographic conditions, it was found that the levels usually present in plasma are far below the sensitivity we obtained. Therefore, further optimizations of the methodology developed are needed. As conclusion, part of the objectives of this study was achieved with the development of a quick, simple and cheaper method for the quantification of Hcys.

Infestation rates of the pedunculated barnacle Octolasmis lowei (Cirripedia: Poecilasmatidae) on the spider crab Libinia spinosa (Decapoda: Majoidea)

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

Effects of weight loss on the cardiac parameters of obese dogs

A obesidade é uma das doenças nutricionais mais frequentemente observada em cães e pode provocar sérios problemas de saúde, como os distúrbios cardiovasculares. Realizou-se este estudo visando avaliar algumas das possíveis alterações estruturais e funcionais cardíacas decorrentes da correção da obesidade canina. Para isso foram utilizados 18 cães obesos divididos pelo peso corporal em Grupo I (até 15kg), Grupo II (entre 15,1 e 30 kg) e Grupo III (acima de 30 kg). Os animais foram submetidos à restrição calórica de forma a perderem 15% do peso vivo. Foram realizados os exames ecocardiográfico em modo-M, eletrocardiográfico e mensuração da pressão arterial dos animais antes do início do tratamento da obesidade e após atingirem o peso meta. Os resultados revelaram que após a redução de peso ocorreram diminuições significativas da espessura da parede livre do ventrículo esquerdo durante a sístole e diástole no Grupo III, diminuição da pressão arterial sistólica no Grupo III e também da pressão arterial média no Grupo II. Assim, concluiu-se que a perda de peso pode reverter as alterações estruturais cardíacas, como a hipertrofia excêntrica do ventrículo esquerdo em cães obesos acima de 30 kg, como também reduzir a pressão arterial sistêmica em cães obesos submetidos à restrição calórica mediante administração de dieta hipocalórica.

Soil-liming effects on the development and nutritional status of the carambola tree and its fruit-yielding capacity

Soil acidity is one of the most important factors limiting agricultural production in the tropics. For this reason, the objective of this research work was to evaluate the effects of soil liming on the performance of carambola (Averrhoa carambola) trees. The experiment took place at the Citrus Experimental Station in Bebedouro, state of São Paulo, Brazil. The soil was a Typic Haplustox (V = 26% at the 0- to 20-cm layer) between August 1999 and July 2003. The following doses of limestone were employed: 0, 1.85, 3.71, 5.56, and 7.41 t ha(-1). During 40 months after the experiment was set up, soil chemical attributes were periodically examined. For a period of 2 years, the trees had their leaves analyzed for micro-and macronutrients; their trunk diameter, height, and crown volume measured; and the production of fruits determined. Liming improved in evaluated chemical attributes of the soil: pH, calcium (Ca), magnesium (Mg), BS, V, and hydrogen and aluminium (H + At) from the upper 60 cm of soil when the samples were taken from both the line and between the lines of plants. In the leaves, the levels of Ca and Mg also increased. The highest fruit yields were observed when soil base saturations reached 45% on the lines and 50% between the lines, as well as when foliar levels of 8.0 g of Ca and 4.7 a of Mg per kilogram of leaves were attained.

Effect of liming on the mineral nutrition and yield of growing guava trees in a typic hapludox soil

High soil acidity influences the availability of mineral nutrients and increases that of toxic aluminium (Al), which has a jeopardizing effect on plant growth. The objective of this research was to evaluate the effects of soil liming on the development of guava (Psidium guajava L.) plants, on soil chemical characteristics, and on fruit yield. The experiment was carried out at the Bebedouro Citrus Experimental Station, state of São Paulo, Brazil, in a Typic Hapludox soil, from August 1999 to March 2003. The treatments consisted of limestone dose: D0 = zero; D1 = half dose; D2 = total dose; D3 = 1.5 times the dose, and D4 = 2 times the dose to raise the V value to 70%. The doses corresponded to zero, 1.85, 3.71, 5.56, and 7.41tha(-1) applied to the upper soil layer (0-30cm deep) before planting. The results showed that liming caused an improvement in the evaluated soil chemical characteristics up to a depth of 60cm in soil samples both in the line and between lines. The highest fruit yields were obtained when the base saturation reached a value of 55% in the line and 62% between the lines. Foliar levels of calcium (Ca) and magnesium (Mg) were 8.8 and 2.5gkg-1, respectively. The highest limestone dose maintained the soil base saturation (at the layer of 0-20cm) in the line close to 55% during at least 40 months after the incorporation of limestone.

Numerical simulation of drop impact and jet buckling problems using the eXtended Pom-Pom model

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

On the incorporation of the non-steroidal anti-inflammatory naproxen into cationic O/W microemulsions

Microemulsions (ME) containing hexadecyltrimethylammonium bromide (HTAB)/ethanol as surfactant, isopropylmyristate (IM) or butylstearate (BS) as oil phase and aqueous buffer were studied. Pseudo-ternary phase diagrams of the investigated systems were obtained at constant surfactant/cosurfactant molar ratio (1:5) by titration in order to characterize the proportions between the components to obtain clear systems. Oil in water microemulsions were prepared in a wide range of phase volume (phi). UV-vis absorption spectra of naproxen at pH 5.5 showed that the solubility of Np increases significantly in the presence of O/W ME in high phase volumes. For both, IM and BS microemulsions, the dynamic light scattering experiments showed that the size of the oil droplets remains constant in low values of phi, increasing abruptly in high phi values. Phase solubility study revealed that for both IM and BS microemulsions, the drug incorporation followed a straight-line profile in all range of phi. The data could be analyzed through the phase-separation model and the association constants (K) calculated varied from 27 to 90 M-1, depending on the pH and on the microemulsion oil phase. (c) 2005 Elsevier B.V. All rights reserved.

Transducer Loading Effect on the Performance of PZT-Based SHM Systems

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Influence of the grinding wheel's dive speed on the damage of rectified hardened steels

The world tendency is the increase of the productivity and the production of pieces more and more sophisticated, with high degree of geometric and dimensional tolerances, with good surface finish and low cost. Rectification is responsible for the final finish in the machining process of a material. However, damages generated in this production phase affect all the resources used in the previous processes. Great part of the problems happennig in the rectification process is due to the enormous temperature generated in this activity because of the machining conditions. The dive speed, which is directly related to the productivity, is considered responsible for the damages that occur during rectification, limiting its values to those that do not cause such damages. In this work, through the variation of the dive speed in the process of cylindrical grinding of type ABNT D6 steel, rationalizing the application of two cutting fluids and using a CBN (cubic boron nitrate) abrasive wheel with vitrified blond, the influence of the dive speed on the surface damages of hardened steels was evaluated. The results allowed to say that the dive speed, associated to an efficient cooling and lubrication, didn't provoke thermal damages (including heated zones, cracks and tension stresses) to the material. Residual stresses and the roughness of rectified materials presented a correlation with the machining conditions. The work concluded that it is possible to increase the productivity without provoking damages in the rectified components.

On the evection resonance and its connection to the stability of outer satellites

In terms of stability around the primary, it is widely known that the semimajor axis of the retrograde satellites is much larger than the corresponding semimajor axis of the prograde satellites. Usually this conclusion is obtained numerically, since precise analytical derivation is far from being easy, especially, in the case of two or more disturbers. Following the seminal idea that what is unstable in the restricted three-body problem is also unstable in the general N-body problem, we present a simplified model which allows us to derive interesting resonant configurations. These configurations are responsible for cumulative perturbations which can give birth to strong instability that may cause the ejection of the satellite. Then we obtain, analytically, approximate bounds of the stability of prograde and retrograde satellites. Although we recover quite well previous results of other authors, we comment very briefly some weakness of these bounds. Copyright (c) 2008 Tadashi Yokoyama et al.

Effect of measurement error and autocorrelation on the (X)over-bar chart

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

On the dynamic behaviour of a mass supported by a parallel combination of a spring and an elastically connected damper

This paper presents a consistent and concise analysis of the free and forced vibration of a mass supported by a parallel combination of a spring and an elastically supported damper (a Zener model). The results are presented in a compact form and the physical behaviour of the system is emphasised. This system is very similar to the conventional single-degree-of freedom system (sdof)-(Voigt model), but the dynamics can be quite different depending on the system parameters. The usefulness of the additional spring in series with the damper is investigated, and optimum damping values for the system subject to different types of excitation are determined and compared.There are three roots to the characteristic equation for the Zener model; two are complex conjugates and the third is purely real. It is shown that it is not possible to achieve critical damping of the complex roots unless the additional stiffness is at least eight times that of the main spring. For a harmonically excited system, there are some possible advantages in using the additional spring when the transmitted force to the base is of interest, but when the displacement response of the system is of interest then the benefits are marginal. It is shown that the additional spring affords no advantages when the system is excited by white noise. (c) 2007 Elsevier Ltd. All rights reserved.