Macroeconomia da composição do comércio exterior

A crise financeira mundial, ocorrida em 2008, é amplamente discutida no âmbito das idiossincrasias causadas por choques externos, dentre eles os choques de liquidez e dos termos de troca. No presente trabalho, analisamos as particularidades da composição do comércio exterior brasileiro e seus efeitos sobre a macroeconomia doméstica, através de um modelo DSGE para o Brasil. Para tanto, buscou-se calibrar este modelo e analisar os impactos dos choques de liquidez e dos termos de troca nas principais variáveis macroeconômicas. Os resultados do modelo sugerem que crises financeiras podem gerar efeitos substanciais em economias emergentes, como no caso brasileiro, e a dinâmica desses efeitos dependerá também da composição da balança comercial do país.

O ritual de desmaterialização dos objetos singularizados e a transformação da relação pessoa-objeto

A transformação da sociedade nos últimos anos faz contraponto ao desejo de posse e acumulação física dos consumidores. A realidade digital abre inúmeras possibilidades de consumo e tem modificado a relação dos indivíduos com os objetos físicos e as posses materializadas. Consequentemente, vários pesquisadores de consumo (BELK, 2013; BARDHI et al., 2012; MAGAUDDA, 2011, 2012) têm se dedicado ao estudo ​​da desmaterialização (o desaparecimento físico dos objetos). Embora estudos anteriores avancem na pesquisa sobre a singularização do objeto e sua re-commoditização (EPP; PRICE, 2010), contextos e processos em que indivíduos desmaterializam suas posses singularizadas carecem de mais pesquisas. A desmaterialização até aqui foi observada como sinônimo de digitalização (BELK, 2013) ou a transformação de objetos físicos em virtuais (MAGAUDDA, 2011). Em contraste, o presente trabalho analisa a desmaterialização como transcendendo o mundo digital. A desmaterialização é vista como o processo de ver as posses desaparecendo fisicamente da vida dos consumidores por meio de doação, venda, descarte ou digitalização. A desmaterialização pode ser uma forma de distanciamento físico, mantendo o valor imaterial, garantindo o acesso, salvaguardando a singularidade do objeto, e protegendo-o da comoditização. A contradição entre a materialização física e a liquidez na sociedade nos abre um promissor campo de estudo por elucidar como o processo de afastamento das posses influencia as transformações dos indivíduos (ROSTER, 2014; CHERRIER, 2010; MAGAUDDA, 2011, 2012; MOLESWORTH; DENEGRIT-KNOTT, 2012). Para compreensão do fenômeno, foram realizadas 11 entrevistas existencial-fenomenológicas com colecionadores de livros em diferentes fases do processo de desmaterialização. A Abordagem hermenêutica foi usada para compreender como as pressões da sociedade contemporânea modificam a forma como as pessoas interagem com os objetos singularizados. A análise revelou que a relação pessoa-objeto entre colecionadores e seus livros é permeada por sonhos e desejos. Ela existe em um espaço liminar entre o real e o imaginário. Este espaço liminar que o livro físico ocupa na mente dos proprietários é o elo que permite a desmaterialização. O valor do livro vem da sua capacidade de possuir e transferir o conhecimento imaterial. A relação que colecionadores tem com seus livros é essencialmente emocional, principalmente devido ao valor imaterial. Mas, por outro lado, a ligação física é o que torna difícil o ritual de desmaterialização. Quando colecionadores desmaterializam uma coleção de livros, eles enfrentam seus valores relativos à materialidade, ao apego e ao passado, e vivenciam a possibilidade de compartilhamento e transformação da relação com os objetos e outros seres humanos. Assim, a desmaterialização pode ser considerada como uma continuação do processo de autoconhecimento que começou com os rituais de materialização. Esta descoberta tem implicações significativas para a compreensão da natureza experiencial do consumo para os indivíduos. O presente trabalho aprofunda a compreensão da relação pessoa-objeto e a transformação das relações que os indivíduos estabelecem com outros objetos e o mundo ao seu redor.

Antitruste: sanção de desinvestimentos em ativos: um estudo de caso no processo administrativo no 08012.11142/2006-79

O presente trabalho é um estudo de caso, tendo como objetivo principal avaliar a sanção de desinvestimentos de ativos, isto é, a pena de cisão de sociedade, transferência de controle societário e/ou venda de ativos, conforme disposto no art. 38, inciso V, da Lei no 12.529/2011 (Lei de Defesa da Concorrência). Para tanto, parte-se da exposição da decisão proferida pelo Tribunal do Conselho Administrativo de Defesa Econômica (Cade) no Processo Administrativo no 08012.011142/2006-79, denominado Cartel de Cimento e Concreto. Tal decisão condenou as empresas fabricantes de cimento e prestadoras de serviços de concretagem a desinvestirem ativos próprios, frutos de aquisição ou de crescimento orgânico. É importante destacar que essa decisão sofreu relevante modificação ao longo do julgamento, decorrente da alteração de entendimento pelos conselheiros do Cade. Em um segundo momento, o trabalho procura propiciar ao leitor uma visão ampla (prós e contras) dos tipos de remédios ou sanções existentes e aplicáveis aos casos em que se determina a medida de desinvestimento, por meio da seleção de alguns casos internacionais e nacionais, escolhidos a partir de casos amplamente tratados pela doutrina, e também citados no julgamento do Processo Administrativo no 08012.011142/2006-79. A seguir, aborda-se a questão do desinvestimento específico ocorrido no Processo Administrativo no 08012.011142/2006-79, buscando-se evidenciar, a partir da análise do aparente choque dos votos do conselheiro-relator e do conselheiro-revisor, que as bases utilizadas para determinação dos desinvestimentos carecem de parâmetros concretos para sua aplicação. Ao final do estudo acerca do desinvestimento, delineia-se uma proposição para solução jurídica. Ao final, conclui-se que a aplicação de medidas de desinvestimentos como penalização por participação em cartel não é escolha fácil, e sua utilização tampouco é pacífica, devendo-se levar em conta alguns aspectos relevantes para que possa ser utilizada de maneira legítima e garantir a sua melhor eficácia.

Flexible information acquisition and optimal Tobin tax in tractable dynamic global games

My dissertation focuses on dynamic aspects of coordination processes such as reversibility of early actions, option to delay decisions, and learning of the environment from the observation of other people’s actions. This study proposes the use of tractable dynamic global games where players privately and passively learn about their actions’ true payoffs and are able to adjust early investment decisions to the arrival of new information to investigate the consequences of the presence of liquidity shocks to the performance of a Tobin tax as a policy intended to foster coordination success (chapter 1), and the adequacy of the use of a Tobin tax in order to reduce an economy’s vulnerability to sudden stops (chapter 2). Then, it analyzes players’ incentive to acquire costly information in a sequential decision setting (chapter 3). In chapter 1, a continuum of foreign agents decide whether to enter or not in an investment project. A fraction λ of them are hit by liquidity restrictions in a second period and are forced to withdraw early investment or precluded from investing in the interim period, depending on the actions they chose in the first period. Players not affected by the liquidity shock are able to revise early decisions. Coordination success is increasing in the aggregate investment and decreasing in the aggregate volume of capital exit. Without liquidity shocks, aggregate investment is (in a pivotal contingency) invariant to frictions like a tax on short term capitals. In this case, a Tobin tax always increases success incidence. In the presence of liquidity shocks, this invariance result no longer holds in equilibrium. A Tobin tax becomes harmful to aggregate investment, which may reduces success incidence if the economy does not benefit enough from avoiding capital reversals. It is shown that the Tobin tax that maximizes the ex-ante probability of successfully coordinated investment is decreasing in the liquidity shock. Chapter 2 studies the effects of a Tobin tax in the same setting of the global game model proposed in chapter 1, with the exception that the liquidity shock is considered stochastic, i.e, there is also aggregate uncertainty about the extension of the liquidity restrictions. It identifies conditions under which, in the unique equilibrium of the model with low probability of liquidity shocks but large dry-ups, a Tobin tax is welfare improving, helping agents to coordinate on the good outcome. The model provides a rationale for a Tobin tax on economies that are prone to sudden stops. The optimal Tobin tax tends to be larger when capital reversals are more harmful and when the fraction of agents hit by liquidity shocks is smaller. Chapter 3 focuses on information acquisition in a sequential decision game with payoff complementar- ity and information externality. When information is cheap relatively to players’ incentive to coordinate actions, only the first player chooses to process information; the second player learns about the true payoff distribution from the observation of the first player’s decision and follows her action. Miscoordination requires that both players privately precess information, which tends to happen when it is expensive and the prior knowledge about the distribution of the payoffs has a large variance.

Tornar-se educador: o impacto com a realidade docente

A presente investigação pretendeu estudar o processo de “tornar-se educador” e o impacto com a realidade da prática docente. Ao debruçar-se sobre o período de iniciação à prática docente, procura conhecer as vivências da primeira experiência profissional de um grupo de educadores, formados pela Universidade da Madeira, através da identificação das principais dificuldades/problemas sentidos nos vários contextos de intervenção do educador, no início da sua prática docente. Além de permitir situar os contributos da formação inicial na aquisição/desenvolvimento de competências profissionais, permite também perceber as relações entre a preparação veiculada pela formação inicial e o aparecimento das dificuldades no início da prática docente. O estudo foi desenvolvido no sentido de apurar uma resposta às seguintes questões que acabaram por conduzir a nossa investigação.Que dificuldades/problemas sentem os educadores em início de carreira? Que contributos proporciona a formação inicial para a aquisição/desenvolvimento de competências profissionais? Que relação existe entre as dificuldades inventariadas e a formação inicial veiculada pela Universidade? A presente investigação insere-se numa abordagem qualitativa dos fenómenos educativos, justificada pela natureza do estudo e do desenho escolhido, destacando-se a importância da construção de um conhecimento compreensivo e interpretativo desses fenómenos sociais e educativos, que emerge da relação com os actores concretos nos contextos em que desenvolvem a sua acção. Apresenta uma metodologia de trabalho empírico que integrou entrevistas de carácter exploratório e um questionário tipo Likert, construído com base na informação obtida nas entrevistas, bem como do estudo da literatura sobre a temática em análise. O inventário dos sentimentos experienciados e veiculados evidenciam características das fases profusamente difundidas na literatura, da sobrevivência e de descoberta, nomeadamente os constrangimentos do choque do real e da confrontação inicial com a complexidade da situação profissional, contrastando com o entusiasmo e exaltação de estar finalmente em situação de responsabilidade. Os resultados obtidos apontam para um claro choque com a realidade, consequência da confrontação entre a imagem da escola interiorizada, no período de formação inicial e a realidade da prática. Não procurando avaliar a Formação inicial de Educadores de Infância, nem tendo como objectivo a generalização, pensámos que o presente trabalho poderá se constituir como instrumento de reflexão, a todos quantos se interessam por esta temática e estão envolvidos na Formação dos Educadores.

A inovação pedagógica e a formação de professores no curso de pedagogia: implicações e perspectivas no processo educativo a partir da concepção de prática inovadora e de práxis pedagógica

Esta pesquisa tem como tema a inovação pedagógica e formação de professores no curso de pedagogia: implicações e perspectiva no processo educativo a partir da concepção de prática inovadora e práxis pedagógica, numa Faculdade do Estado da Bahia. O objetivo é Aprendizagem – Tendência - Metodologias - Reflexão identificar e analisar as práticas dos professores que formam professores sob o ponto de vista da inovação pedagógica. Partiu-se da premissa de que há uma dissociação entre a teoria e prática. Buscou-se também compreender o conceito de práxis pedagógica; Identificar a concepção de prática e o conhecimento para sua realização; Identificar as implicações e as perspectivas do processo educativo; Identificar as diferentes referências e abordagens teórico-metodológicas que fundamentam as práticas dos professores investigados. A metodologia utilizada foi a pesquisa etnográfica. No contexto a inovação pedagógica encontra-se voltada para uma prática que estimule a participação dos alunos, incentivando uma formação autônoma e crítica, para atender a sociedade que vive um choque entre suas culturas, economia e política, pois a globalização conseguiu ultrapassar barreiras que jamais foram rompidas. Observaram-se situações de acomodação, falta de compromisso e de preparo para ministrar a própria disciplina que o professor se propõe. No entanto, foi possível constatar que a prática dos professores de um modo geral refere-se ao fazer do cotidiano na sala de aula, estando dissociada do discurso. Através desse trabalho entende-se que os professores precisam compreender como ocorre a aprendizagem e que a cada situação nova ela vai se modificando, além da busca de alternativas metodológicas que valorizem a aprendizagem significativa, de todos envolvidos no processo. Mas, para que isto ocorra, existe um imperativo de estar aberto para cada ato pedagógico, contribuindo para a aprendizagem sempre acompanhada de uma reflexão crítica da ação.

Programa de aquisição de alimentos (2003-2010): avaliação da implementação pela CONAB no Rio Grande do Norte

This thesis aimed to evaluate the implementation of the Food Acquisition Program(PAA) through CONAB RN in the period of 2003-2010 with the perception of all agents involved in the implementation of the government program.For the methodological trajectory it was adopted a descriptive bibliographical and documentary approach with triangular qualitative and quantitative, also called evaluative research.The theoretical model was supported by the authors Draibe (2001), Aguilar and Ander-Egg (1994) and Silva(2001), among others, that focused on family farming and evaluation of implementation of public policy having as a category of analysis the size implementation of policy and the latter divided into 10 theoretical dimensions.The universe consisted of three groups: the first were the managers and technicians from CONAB(RN and Brasilia), totaling 15 subjects. The second group was of associations/cooperatives that participated in the programin 2010, totaling a sample in each access of 15 representatives. The third group of subjects totaled with 309 representatives of governmental and non-governmental organizations that received donations of food for the same period. Semi-structured interviews and forms were adopted as instruments of data collection.The data were processed qualitatively by the analysis of content (interviews and documents) and quantitatively by means of statistical tests that allowed inferences and adoption of frequencies. Among the key find ingests that the program is not standing as a structure supported by planning. The interests of the performers do not necessarily converge with the objectives of the Food Acquisition Program (PAA). A shockof goals was identified (within the same program) when comparingthe financial agent (Ministry of Rural Development and of Social Development and Fight Against Hunger Ministry r) and the executor, CONAB/RN. Within the assessed dimensions, the most fragileis the sub-managerial decision-making and Organizational Environment and internal assessment, still deserves attention the sizeof logistical and operational Subsystem, as this also proved weak.The focusin the quest toexpand thequantificationof the resultsof theFood Acquisition Program (PAA)by CONAB/RN does forget a quality management focused on what really should be:the compliance with the institutional objectives of the government program.Finally, the perspective for the traded implementation should be re-examined because excessive discretion by managers along with technical staff has characterized there al role of the Food Acquisition Program (PAA) as public policy. We conclude that the implementation model, which apparently aggregates values to the benefitted citizens, has weakened the context of work on family farms having the management model of the implementation process be reviewed by the Federal Government and point too ther paths, which have as a guide line the emancipation and developmentof the field or in the field andat the same time enables the reduction of nutritional deficiency of beneficiaries in a balanced and coherent way

Empreendedorismo e Cultura: um estudo sobre empreendedores estrangeiros no RN

This present study analyses the relationship between national culture and entrepreneurship, in order to contribute in understanding the impact and the influence of Brazilian culture under the business practices of foreign entrepreneur on the tourism area of Rio Grande do Norte state. Researchers in entrepreneurship field, such as Schumpeter (2005), Weber (2006), McClelland (1972), Murphy, Liao, Welsch (2006), Peyrefitte (1999), Blanchflower (1988), Filion (2000), among others, and in the national culture, high-lighting Caldas and Woods (1999), Hofstede (1997) and Barros and Prates (1996), are put together to create a starting point to this present research, that reaches out for a differential approach, in order to create a correlation between Brazilian culture and the foreign entrepreneur, who chose Rio Grande do Norte state to live and invest. It was observed that in the case of the Switzerland entrepreneur, where the cultural difference is more strong, either in Hofstede's perspective than in Brazilian s authors, the management practices are more negatively affected. The rationalization adopted by the entrepreneur and the employee s logic are in battle in a day-to-day operation of the company. In the case of the Argentinean entrepreneur, the cultural difference exists, but it does not impact as much, because of her personal characteristics and the similarities of Latin culture than surfaces the differences. Finally, this study showed the necessity of analyzing the enterprising regarding the cultural issue, in a way to highlight the different rationalities in different atmospheres where it is practiced the enterprise

Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Eficiência e razão de hedge: uma análise dos mercados futuro brasileiros de boi, café, etanol, milho e soja

This research aims to investigate the Hedge Efficiency and Optimal Hedge Ratio for the future market of cattle, coffee, ethanol, corn and soybean. This paper uses the Optimal Hedge Ratio and Hedge Effectiveness through multivariate GARCH models with error correction, attempting to the possible phenomenon of Optimal Hedge Ratio differential during the crop and intercrop period. The Optimal Hedge Ratio must be bigger in the intercrop period due to the uncertainty related to a possible supply shock (LAZZARINI, 2010). Among the future contracts studied in this research, the coffee, ethanol and soybean contracts were not object of this phenomenon investigation, yet. Furthermore, the corn and ethanol contracts were not object of researches which deal with Dynamic Hedging Strategy. This paper distinguishes itself for including the GARCH model with error correction, which it was never considered when the possible Optimal Hedge Ratio differential during the crop and intercrop period were investigated. The commodities quotation were used as future price in the market future of BM&FBOVESPA and as spot market, the CEPEA index, in the period from May 2010 to June 2013 to cattle, coffee, ethanol and corn, and to August 2012 to soybean, with daily frequency. Similar results were achieved for all the commodities. There is a long term relationship among the spot market and future market, bicausality and the spot market and future market of cattle, coffee, ethanol and corn, and unicausality of the future price of soybean on spot price. The Optimal Hedge Ratio was estimated from three different strategies: linear regression by MQO, BEKK-GARCH diagonal model, and BEKK-GARCH diagonal with intercrop dummy. The MQO regression model, pointed out the Hedge inefficiency, taking into consideration that the Optimal Hedge presented was too low. The second model represents the strategy of dynamic hedge, which collected time variations in the Optimal Hedge. The last Hedge strategy did not detect Optimal Hedge Ratio differential between the crop and intercrop period, therefore, unlikely what they expected, the investor do not need increase his/her investment in the future market during the intercrop

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Variação no conteúdo protéico e pigmentar em variantes cromáticas de Gracilaria domingensis nas populações naturais de Rio do Fogo-RN, BRASIL

The seaweed Gracilaria domingensis is a common species in the coast of Rio Grande do Norte. This species lives in the intertidal zone, where colour strains (red, green and brown) co-occur during the whole year. Seaweeds that live in this region are exposed to daily changes and to the rhythm of the tide. During the low tide they are exposed to dissection, hiper-or hipo-osmotic shock, high temperatures and high irradiance. The aim of this study was to analyze whether the pigment and protein content of the colour strains of G. domingensis is affected by some environmental parameters in a temporal scale. The seaweeds were collected during 10 months in the seashore of Rio do Fogo (RN). The total soluble proteins and the phycobiliprotein were extracted in phosphate buffer and the carotenoids were analyzed by a standardized method through HPLC-UV. The pigments analysis showed that phycoerithrin is the most abundant pigment in the three strains. This pigment was strongly correlated with nitrogen and the photosynthetically active radiation. Chlorophyll presented higher concentrations than carotenoids during the whole, but the ratio carotenoid/chlorophyll-a was modified by incident radiation. The most abundant carotenoid was ß-carotene and zeaxanthin, which had higher concentrations in the higher radiation months. The concentration increase of zeaxanthin in this period indicated a photoprotective response of the seaweed. The three strains presented a pigment profile that indicates different radiation tolerance profile. Our results pointed that the green strain is better adapted to high irradiance levels than the red and brown strains

Análise proteômica de Chromobacterium violaceum: acúmulo estacionário e diferencial após exposição à luz UVC

Chromobacterium violaceum is a free-living bacillus, Gram-negative commonly found in water and sand of tropical and subtropical regions. One of its main characteristic it's the ability to produce the purple pigment named violacein, that shows countless biological activities. In 2003, the genome of this organism was totally sequenced and revealed important informations about the physiology of this bacteria. However, few post-genomics studies had been accomplished. This work evaluated the protein profile of C. violaceum cultivated in LB medium at 28ºC that allowed the identification and characterization of proteins related to a possible secretion system that wasn't identified and characterized yet in C. violaceum, to the quorum sensing system, to regulatory process of transcription and translation, stress adaptation and biotechnological potential. Moreover, the response of the bacteria to UVC radiation was evaluated. The comparison of the protein profile, analyzed through 2-D electrophoresis, of the control group versus the treatment group allowed the identification of 52 proteins that arose after stress induction. The obtained results enable the elaboration of a stress response pathway in C. violaceum generated by the UVC light. This pathway, that seems to be a general stress response, involves the expression of proteins related to cellular division, purine and pirimidine metabolism, heat chock or chaperones, energy supply, regulation of biofilm formation, transport, regulation of lytic cycle of bacteriophages, besides proteins that show undefined function. Despite the response present similarities with the classic SOS response of E. coli, we still cannot assert that C. violaceum shows a SOS-like response, mainly due to the absence of characterization of a LexA-like protein in this organism