Distortions in the investment goods sector and productivity decline

We study the impact of distortions in the investment goods sector on aggregate total factor productivity (TFP). We develop a two-sector neo-classical growth model in which TFP in the capital goods sector relative to TFP in the consumption sector is inversely related to the price of investment relative to consumption, so that we use relative prices to measure TFP in the investment goods sector. The model is calibrated to Brazil and we nd that distortions in the investment goods sector may explain most of the decline in Brazilian TFP relative to the United States since the mid-1970s.

Convergence in Brazil: recent trends and long run prospects

This paper applies to the analysis of the interstate income distribution in BraziI a set of techniques that have been widely used in the current empirical literature on growth and convergence. Usual measures of dispersion in the interstate income distribution (the coefficient of variation and Theil' s index) suggest that cr-convergence was an unequivoca1 feature of the regional growth experience in BraziI, between 1970 and 1986. After 1986, the process of convergence seems, however, to have sIowed down almost to a halt. A standard growth modeI is shown to fit the regional data well and to expIain a substantial amount of the variation in growth rates, providing estimates of the speed of (conditional) J3-convergence of approximateIy 3% p.a .. Different estimates of the long run distribution implied by the recent growth trends point towards further reductions in the interstate income inequality, but also suggest that the relative per capita incomes of a significant number of states and the number of ''very poor" and "poor" states were, in 1995, already quite c10se to their steady-state values.

The evolution of international output differences (1960-2000) : from factor to productivity

This article presents a group of exercises of leveI and growth decomposition of output per worker using cross-collntry data from 1960 to :2000. It is shown that at least llntil 197.5 factors of production (capital anel education) ",ere the main source of output dispersion across ecoIlomies and that productivity variance was considerably srnaller than in late years. Qnly after this date the prominence of productivity started to sho\\' up in the data. as the majority of the litcrature has found. The gro\\'th decomposition exercises showecl that t he reversal of relative irnportance of proeluctivity vis-a-\'is factors is explainecl by the very good (bad) performance of procluctivity of fast (slow) growing cconomies. Although growth in the pcriod, on avcragc. is mostly clue to factors accumulation. its variance is explained by productivity.

Can unobserved heterogeneity in farmer ability explain the inverse relationship between farm size and productivity?

The well-known inverse relationship between farm-size and productivity is usually explained in terms of diminishing returns with respect to land and other inputs coupled with various types of market frictions that prevent the efficient allocation of land across farms. We show that even if in the absence of diminishing returns one can provide an alternative explanation for this phenomenon using endogenous occupational choice and heterogeneity with respect to farming skills.

Toward convergence? The brazilian stock market concentration and the role of private equity in its diversification

Using quantitative data obtained from public available database, this paper discusses the difference between of the Brazilian GDP and the Brazilian Stock Exchange industry breakdown. I examined if, and to what extent, the industry breakdowns are similar. First, I found out that the Stock Exchange industry breakdown is overwhelming different from the GDP, which may present a potential problem to asset allocation and portfolio diversification in Brazil. Second, I identified an important evidence of a convergence between the GDP and the Stock Exchange in the last 9 years. Third, it became clear that the Privatizations in the late 90’s and IPO market from 2004 to 2008 change the dynamics of the Brazilian Stock Exchange. And fourth, I identified that Private Equity and Venture Capital industry may play an important role on the portfolio diversification in Brazil.

Convergence analysis of sampling-based decomposition methods for risk-averse multistage stochastic convex programs

We consider a class of sampling-based decomposition methods to solve risk-averse multistage stochastic convex programs. We prove a formula for the computation of the cuts necessary to build the outer linearizations of the recourse functions. This formula can be used to obtain an efficient implementation of Stochastic Dual Dynamic Programming applied to convex nonlinear problems. We prove the almost sure convergence of these decomposition methods when the relatively complete recourse assumption holds. We also prove the almost sure convergence of these algorithms when applied to risk-averse multistage stochastic linear programs that do not satisfy the relatively complete recourse assumption. The analysis is first done assuming the underlying stochastic process is interstage independent and discrete, with a finite set of possible realizations at each stage. We then indicate two ways of extending the methods and convergence analysis to the case when the process is interstage dependent.

Why has productivity growth stagnated in most Latin American countries since the neo-liberal reforms?

Latin America’s economic performance since the beginning of neo-liberal reforms has been poor; this not only contrasts with its own performance pre-1980, but also with what has happened in Asia since 1980. I shall argue that the weakness of the region’s new paradigm is rooted as much in its intrinsic flaws as in the particular way it has been implemented. Latin America’s economic reforms were undertaken primarily as a result of the perceived economic weaknesses of the region — i.e., there was an attitude of ‘throwing in the towel’ vis-à-vis the previous state-led import substituting industrialisation strategy, because most politicians and economists interpreted the 1982 debt crisis as conclusive evidence that it had led the region into a cul-de-sac. As Hirschman has argued, policymaking has a strong component of ‘path-dependency’; as a result, people often stick with policies after they have achieved their aims, and those policies have become counterproductive. This leads to such frustration and disappointment with existing policies and institutions that is not uncommon to experience a ‘rebound effect’. An extreme example of this phenomenon is post-1982 Latin America, where the core of the discourse of the economic reforms that followed ended up simply emphasising the need to reverse as many aspects of the previous development (and political) strategies as possible. This helps to explain the peculiar set of priorities, the rigidity and the messianic attitude with which the reforms were implemented in Latin America, as well as their poor outcome. Something very different happened in Asia, where economic reforms were often intended (rightly or wrongly) as a more targeted and pragmatic mechanism to overcome specific economic and financial constraints. Instead of implementing reforms as a mechanism to reverse existing industrialisation strategies, in Asia they were put into practice in order to continue and strengthen ambitious processes of industrialisation.

An essay on economic growth: classical determinants, convergence and financial development

This dissertation surveys the literature on economic growth. I review a substantial number of articles published by some of the most renowned researchers engaged in the study of economic growth. The literature is so vast that before undertaking new studies it is very important to know what has been done in the field. The dissertation has six chapters. In Chapter 1, I introduce the reader to the topic of economic growth. In Chapter 2, I present the Solow model and other contributions to the exogenous growth theory proposed in the literature. I also briefly discuss the endogenous approach to growth. In Chapter 3, I summarize the variety of econometric problems that affect the cross-country regressions. The factors that contribute to economic growth are highlighted and the validity of the empirical results is discussed. In Chapter 4, the existence of convergence, whether conditional or not, is analyzed. The literature using both cross-sectional and panel data is reviewed. An analysis on the topic of convergence using a quantile-regression framework is also provided. In Chapter 5, the controversial relationship between financial development and economic growth is analyzed. Particularly, I discuss the arguments in favour and against the Schumpeterian view that considers financial development as an important determinant of innovation and economic growth. Chapter 6 concludes the dissertation. Summing up, the literature appears to be not fully conclusive about the main determinants of economic growth, the existence of convergence and the impact of finance on growth.

Spatial analysis of the distribution of Spodoptera frugiperda (J.E. Smith) (Lepidoptera: Noctuidae) and losses in maize crop productivity using geostatistics

A lagarta-do-cartucho, Spodoptera frugiperda (J.E. Smith), é uma das principais pragas do milho nas Américas. O estudo de sua distribuição espacial é fundamental para a utilização de estratégias de controle, otimização de técnicas de amostragens, determinação de danos econômicos e incorporação de um programa de agricultura de precisão. em uma área cultivada com milho foram realizadas amostragens com intervalo semanal, correspondendo ao estádio vegetativo que compreende desde a germinação até o pendoamento. Foram amostradas 10 plantas ao acaso por parcela, no total de 2000 plantas em cada amostragem. A produtividade foi obtida através da colheita de todas as parcelas que eram pesadas separadamente no campo e em cada parcela foram coletadas 15 espigas aleatoriamente para estimar o comprimento e o diâmetro médio. As análises espaciais, utilizando geoestatística, mostraram que o modelo esférico apresentou o melhor ajuste às lagartas pequenas. À medida que as lagartas foram se desenvolvendo sua distribuição foi tornando aleatória, representada por um modelo ajustado por uma reta, não tendo sido detectado nenhum tipo de dependência espacial nos pontos de amostragem. A produtividade e o diâmetro e comprimento da espiga foram descritos por modelos esféricos, indicando uma variabilidade espacial nos parâmetros de produtividade na área cultivada. A geoestatística mostrou-se promissora para a aplicação de métodos precisos no controle integrado de pragas.

Genetic associations between accumulated productivity, and reproductive and growth traits in Nelore cattle

The total meat yield in a beef cattle production cycle is economically very important and depends on the number of calves born per year or birth season, being directly related to reproductive potential. Accumulated Productivity (ACP) is an index that expresses a cow's capacity to give birth regularly at a young age and to wean animals of greater body weight. Using data from cattle participating in the "Program for Genetic Improvement of the Nelore Breed" (PMGRN - Nelore Brasil), bi-trait analyses were performed using the Restricted Maximum Likelihood method based on an ACP animal model and the following traits: age at first calving (AFC), female body weight adjusted for 365 (BW365) and 450 (BW450) days of age, and male scrotal circumference adjusted for 365 (SC365), 450 (SC450), 550 (SC550) and 730 (SC730) days of age. Median estimated ACP heritability was 0.19 and the genetic correlations with AFC, BW365, BW450, SC365, SC450, SC550 and SC730 were 0.33, 0.70, 0.65, 0.08, 0.07, 0.12 and 0.16, respectively. ACP increased and AFC decreased over time, revealing that the selection criteria genetically improved these traits. Selection based on ACP appears to favor the heaviest females at 365 and 450 days of age who showed better reproductive performance as regards AFC. Scrotal circumference was not genetically associated with ACP. (C) 2007 Elsevier B.V. All rights reserved.

Soil compaction and fertilization in soybean productivity

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