Instrumentos financeiros derivados: uma abordagem ao nível da auditoria externa, do controlo interno e da fiscalidade: os swaps, taxa de juro e os futuros taxa de câmbio

Mestrado em Auditoria

Umidade de equilíbrio da madeira de angelim vermelho (Dinizia excelsa Ducke ), guariúba (Clarisia racemosa Ruiz & Pav.) e tauarí vermelho (Cariniana micrantha Ducke) em diferentes condições de temperatura e umidade relativa

A umidade de equilíbrio deve ser determinada para o local onde a madeira será empregada. Isto pode ser feito através da determinação da umidade das amostras de madeira expostas às condições ambientais de temperatura e umidade relativa em ensaios de campo, de laboratório equipado com câmara de climatização ou estimativas por meio de modelos matemáticos. Neste trabalho foi determinada a umidade de equilíbrio da madeira - UEM do angelim vermelho (Dinizia excelsa Ducke), guariúba (Clarisia racemosa Ruiz & Pav.) e tauarí vermelho (Cariniana micrantha Ducke ), em duas condições de temperatura e três de umidade relativa em câmara de climatização. Encontrou-se diferenças entre a umidade de equilíbrio estimada pela equação de Simpson (1971) e o valor real determinado em câmara climática. Na simulação de ensaio a 25º C de temperatura e umidade relativa de 40% a UEM ficou em média 26,6% superior ao valor estimado pela equação de Simpson (1971), constituindo-se na maior variação. A menor variação foi de 2,1% registrada na espécie angelim vermelho na condição de 35º C e 80% de umidade relativa. A equação de Simpson, no geral, tendeu a superestimar os valores de UEM nas três espécies.

Relationship between estimation and real motor performance in school-age children

The relationship between estimated and real motor competences was analyzed for several tasks. Participants were 303 children (160 boys and 143 girls), which had between 6 and 10 years of age (M=8.63, SD=1.16). None of the children presented developmental difficulties or learning disabilities, and all attended age-appropriate classes. Children were divided into three groups according to their age: group 1 (N= 102; age range: 6.48-8.01 years); group 2 (N= 101; age range: 8.02-9.22 years); and group 3 (N=100; age range: 9.24-10.93 years). Children were asked to predict their maximum distance for a locomotor, a manipulative, and a balance task, prior to performing those tasks. Children’s estimations were compared with their real performance to determine their accuracy. Children had, in general, a tendency to overestimate their performance (standing long jump: 56.11%, kicking: 63.37%, throwing: 73.60%, and Walking Backwards (WB) on a balance beam: 45.21%), and older children tended to be more accurate, except for the manipulative tasks. Furthermore, the relationship between estimation and real performance in children with different levels of motor coordination (Köperkoordinationstest für Kinder, KTK) was analyzed. The 75 children with the highest score comprised the Highest Motor Coordination (HMC) group, and the 78 children with the lowest score were placed in the Lowest Motor Coordination (LMC) group. There was a tendency for LMC and HMC children to overestimate their skills at all tasks, except for the HMC group at the WB task. Children with the HMC level tended to be more accurate when predicting their motor performance; however, differences in absolute percent error were only significant for the throwing and WB tasks. In conclusion, children display a tendency to overestimate their performance independently of their motor coordination level and task. This fact may be determinant to the development of their motor competences, since they are more likely to engage and persist in motor tasks, but it might also increase the occurrence of unintended injuries.

Independência do banco central e equilíbrio fiscal: algumas observações para o caso brasileiro

The objective of this paper is to analyze the main theoretical arguments for the analysis of the conduction of monetary policy on the fiscal side. Besides this, an analysis is made of the possible effects on the fiscal balance from the conduction of the monetary policy in the search for price stability after the Real Plan and due to an increase in the central bank independence (CBI) in the Brazilian case. The findings denote that the strategy for the conduction of the adopted monetary policy and the increase in the degree of CBI did not contribute to an imrovement in the fiscal balance.

Juros, câmbio e o sistema de metas de inflação no Brasil

Interest rate, exchange rate and the system of inflation target in Brazil. In the consensus view of the Brazilian system of inflation targeting, the core of inflation is due to demand shocks; the rate of interest is set to control demand; and some variation in the exchange rate happens as "collateral damage". In this note we argue that in reality core inflation comes from cost push; the interest rate affects the exchange rate; changes in the exchange rate affect costs and prices; it is the effect of interest rates on demand that is the "collateral damage" and that the long run anchor of the system is low average real wage rigidity.

Taxa de câmbio, exportações e crescimento: uma investigação sobre a hipótese de doença holandesa no Brasil

This paper investigates the hypothesis of Dutch disease in Brazil by the existence of a negative relationship between commodity exports and the real exchange rate, and the effects of export specialization in commodities on the Brazilian economic growth from 1999 to 2010 based on VAR model. The evidences suggested an expressive importance of commodities exports in explaining the real exchange rate changes. Moreover, commodities exports shocks were relevant to explain Brazilian economic growth rate changes, which supports the "curse" of natural resources literature.