The impact of public investment on private investment in Brazil, 1947-1990

Includes bibliography

Marchas e contramarchas na luta pela moradia na Terra Firme (1979-1994)

A dissertação historiou a luta pela moradia desenvolvida na Bacia Hidrográfica do Igarapé Tucunduba, especificamente no bairro da Terra Firme entre os anos de 1979 a 1994. A pesquisa teve como propósito analisar as contribuições produzidas nesse processo, que projetaram elementos de resistência e organização social por parte dos moradores daquele lugar. Utilizamos prioritariamente fontes jornalísticas e entrevistas com lideranças. Durante a década de oitenta, acontecimentos políticos agitaram o país, promovidos pelo retorno das multidões às praças e colocaram na ordem do dia um conjunto de demandas sociais, dentre as quais a reforma urbana. Em Belém, o Movimento de Titulação e Urbanização da Área do Tucunduba – MOTUAT, tornou-se uma das referências sociais ao tornar-se representante das reivindicações populares na luta pelo direito de morar em terras consideradas da Universidade Federal do Pará - UFPA.

Ação política e aparência em Hannah Arendt

A ação política e a aparência como espaço de protagonismo e de fidedignidade da realidade são temas que perpassam o pensamento de Hannah Arendt. Seu pensamento é marcado pela ruptura provocada pelo totalitarismo e por sua busca incessante da percepção da realidade e de sua reconstrução. Procuro neste trabalho abordar essa ruptura e com ela as problemáticas em torno da ação política e da aparência em um espaço de comparticipação de atos e palavras. Começo pela ação política, sua definição e características que a tornam um conceito central não só para a política mas para a existência de um espaço que garanta a realidade do nosso mundo: a aparência. Este espaço é abordado num segundo momento, suas problemáticas também são abordadas pela visão de alguns comentadores. O totalitarismo, abordado no terceiro capítulo, representa exatamente a ameaça a este espaço e ação, pois pretende destituir o homem de seu lugar no mundo. O totalitarismo é um projeto de construção de um mundo fictício que não aceita rivalizar com a realidade do nosso mundo. A relação entre as obras Origens do Totalitarismo (2006) e A Condição Humana (2005a) torna-se clara quando notamos que os elementos principais que constituem a condição humana são negados pelos elementos que formam o domínio totalitário. Para atingir o objetivo deste trabalho recorri às seguintes obras de Hannah Arendt: A Condição Humana (2005a), Entre o Passado e o Futuro (2005b), ¿Qué es política? (1997), A Vida do Espírito (2000) e Origens do Totalitarismo (2006). Procuro realizar uma exposição da temática da ação e da aparência por estas obras, além de lançar mão de comentadores e críticos de Arendt. O presente trabalho procura explorar os conceitos de aparência e ação, desenvolvendo suas problemáticas e situando-as diante do quadro apresentado pelo totalitarismo de aniquilação da espontaneidade e uniformização das massas.

Cinema e Walter Benjamin: para uma vivência da descontinuidade

Este artigo é uma iniciativa de destacar alguns elementos a respeito das reflexões de Walter Benjamin sobre o cinema, uma arte que, segundo o próprio autor, responde aos anseios perceptivos do homem moderno, àquele para o qual foi negada qualquer experiência. O cinema, “a obra de arte na era de sua reprodutibilidade técnica”, por excelência, é, para o autor, o marco de uma nova percepção, de uma nova relação entre público e obra de arte: a percepção coletiva. O que a multidão busca não é a contemplação ou o recolhimento diante da obra de arte, mas a sua distração. Fato que o cinema, ao reproduzir em sua forma o conceito benjaminiano de “experiência do choque”, por meio das sucessivas exposições de seus fragmentos, interrompendo constantemente a associação de idéias dos espectadores, insiste em colocar em pauta, (re)afirmando o caráter de diversão da arte moderna. Entretanto, para o autor, o cinema dialeticamente responde à diversão como o instrumento adequado para uma pedagogia das multidões — por meio de uma arte emancipada, as massas também se emancipariam.

Frame-driven Extraction of Linked Data and Ontologies from Text

Ontology design and population -core aspects of semantic technologies- re- cently have become fields of great interest due to the increasing need of domain-specific knowledge bases that can boost the use of Semantic Web. For building such knowledge resources, the state of the art tools for ontology design require a lot of human work. Producing meaningful schemas and populating them with domain-specific data is in fact a very difficult and time-consuming task. Even more if the task consists in modelling knowledge at a web scale. The primary aim of this work is to investigate a novel and flexible method- ology for automatically learning ontology from textual data, lightening the human workload required for conceptualizing domain-specific knowledge and populating an extracted schema with real data, speeding up the whole ontology production process. Here computational linguistics plays a fundamental role, from automati- cally identifying facts from natural language and extracting frame of relations among recognized entities, to producing linked data with which extending existing knowledge bases or creating new ones. In the state of the art, automatic ontology learning systems are mainly based on plain-pipelined linguistics classifiers performing tasks such as Named Entity recognition, Entity resolution, Taxonomy and Relation extraction [11]. These approaches present some weaknesses, specially in capturing struc- tures through which the meaning of complex concepts is expressed [24]. Humans, in fact, tend to organize knowledge in well-defined patterns, which include participant entities and meaningful relations linking entities with each other. In literature, these structures have been called Semantic Frames by Fill- 6 Introduction more [20], or more recently as Knowledge Patterns [23]. Some NLP studies has recently shown the possibility of performing more accurate deep parsing with the ability of logically understanding the structure of discourse [7]. In this work, some of these technologies have been investigated and em- ployed to produce accurate ontology schemas. The long-term goal is to collect large amounts of semantically structured information from the web of crowds, through an automated process, in order to identify and investigate the cognitive patterns used by human to organize their knowledge.

Law, Informal Institutions and Trust: an Experimental Perspective

This dissertation has studied how legal and non-legal mechanisms affect the levels of trust and trustworthiness in an economy, and whether and when subtle psychological factors are crucial for establishing trust and even for recovering trust from a breach of contract. The first Chapter has addressed the question of whether formal legal enforcement crowds out or crowds in the amount of trust in a society. We find that formal legal mechanisms, especially formal contracts backed by a powerful authority, normally undermine trust except when they are perceived as legitimate, or when there are no strong social norms of fairness (i.e. the population in a society is considerably heterogeneous), or when the environment in which repeated commercial relationships take place becomes highly uncertain. The second Chapter has examined whether the endogenous adoption of a collective punishment institution can help a society coordinate on an efficient outcome, characterized by high levels of trust and trustworthiness. The experimental results show that the endogenous introduction of collective punishment by means of a majority-voting rule does not significantly improve coordination on the efficient equilibrium. Not all subjects seem to be able to anticipate the change in behavior induced by the introduction of the mechanism, and a majority of them vote against it. The third Chapter has explored whether high-trustors adapt their behavior in response to others’ trustworthiness or untrustworthiness more quickly, which in turn supports them to maintain higher default expectations of others’ trustworthiness relative to low-trustors. Our experimental results reveal that high-trustors are better than low-trustors at predicting others’ trustworthiness because they are less susceptible to the anticipated aversive emotions aroused by the potential betrayal and thereby have a higher willingness to acquire the valuable information about their partner’s actions.

Computer Simulation of Crowd Dynamics and Destructive Crowd Behavior

The social processes that lead to destructive behavior in celebratory crowds can be studied through an agent-based computer simulation. Riots are an increasingly common outcome of sports celebrations, and pose the potential for harm to participants, bystanders, property, and the reputation of the groups with whom participants are associated. Rioting cannot necessarily be attributed to the negative emotions of individuals, such as anger, rage, frustration and despair. For instance, the celebratory behavior (e.g., chanting, cheering, singing) during UConn’s “Spring Weekend” and after the 2004 NCAA Championships resulted in several small fires and overturned cars. Further, not every individual in the area of a riot engages in violence, and those who do, do not do so continuously. Instead, small groups carry out the majority of violent acts in relatively short-lived episodes. Agent-based computer simulations are an ideal method for modeling complex group-level social phenomena, such as celebratory gatherings and riots, which emerge from the interaction of relatively “simple” individuals. By making simple assumptions about individuals’ decision-making and behaviors and allowing actors to affect one another, behavioral patterns emerge that cannot be predicted by the characteristics of individuals. The computer simulation developed here models celebratory riot behavior by repeatedly evaluating a single algorithm for each individual, the inputs of which are affected by the characteristics of nearby actors. Specifically, the simulation assumes that (a) actors possess 1 of 5 distinct social identities (group memberships), (b) actors will congregate with actors who possess the same identity, (c) the degree of social cohesion generated in the social context determines the stability of relationships within groups, and (d) actors’ level of aggression is affected by the aggression of other group members. Not only does this simulation provide a systematic investigation of the effects of the initial distribution of aggression, social identification, and cohesiveness on riot outcomes, but also an analytic tool others may use to investigate, visualize and predict how various individual characteristics affect emergent crowd behavior.

Hollywood y Eisenstein filman multitudes : Representaciones cinematográficas de la conciencia social y la experiencia de clase

El artículo analiza las representaciones fílmicas de la conciencia social y la experiencia de clase, en relación a varias series de películas del cine clásico, tanto europeo como hollywoodense, que ponen en escena a sujetos sociales colectivos y conflictos sociales. Se intenta responder a la pregunta sobre la posibilidad y alcances de la representación visual y fílmica de las categorías teóricas de las ciencias sociales En esta dirección se examina la homogeneización de las masas en la epopeya de multitudes anónimas en la época del cine mudo, en el cine épico-histórico de la Italia fascista y en las superproducciones históricas estadounidenses de los años cincuenta, así como la aparición fílmica del sujeto histórico proletariado en el cine de la vanguardia rusa de la década de 1920 y su preocupación por filmar expresamente la conciencia revolucionaria y los conflictos de concientización.

Hollywood y Eisenstein filman multitudes : Representaciones cinematográficas de la conciencia social y la experiencia de clase

El artículo analiza las representaciones fílmicas de la conciencia social y la experiencia de clase, en relación a varias series de películas del cine clásico, tanto europeo como hollywoodense, que ponen en escena a sujetos sociales colectivos y conflictos sociales. Se intenta responder a la pregunta sobre la posibilidad y alcances de la representación visual y fílmica de las categorías teóricas de las ciencias sociales En esta dirección se examina la homogeneización de las masas en la epopeya de multitudes anónimas en la época del cine mudo, en el cine épico-histórico de la Italia fascista y en las superproducciones históricas estadounidenses de los años cincuenta, así como la aparición fílmica del sujeto histórico proletariado en el cine de la vanguardia rusa de la década de 1920 y su preocupación por filmar expresamente la conciencia revolucionaria y los conflictos de concientización.

Hollywood y Eisenstein filman multitudes : Representaciones cinematográficas de la conciencia social y la experiencia de clase

El artículo analiza las representaciones fílmicas de la conciencia social y la experiencia de clase, en relación a varias series de películas del cine clásico, tanto europeo como hollywoodense, que ponen en escena a sujetos sociales colectivos y conflictos sociales. Se intenta responder a la pregunta sobre la posibilidad y alcances de la representación visual y fílmica de las categorías teóricas de las ciencias sociales En esta dirección se examina la homogeneización de las masas en la epopeya de multitudes anónimas en la época del cine mudo, en el cine épico-histórico de la Italia fascista y en las superproducciones históricas estadounidenses de los años cincuenta, así como la aparición fílmica del sujeto histórico proletariado en el cine de la vanguardia rusa de la década de 1920 y su preocupación por filmar expresamente la conciencia revolucionaria y los conflictos de concientización.

Modelling Crowd Load for Floor Vibration Analysis

The dynamic floor loads induced by crowds in gymnasium or stadium structures are commonly modelled by superposition of the individual contributions using reduction factors for the different Fourier coefficients. These Fourier coefficients and the reduction factors are calculated using full scale measurements. Generally the testing is performed on platforms or structures that can be considered rigid, such that the natural frequencies are higher than the frequencies of the spectator movement. In this paper we shall present the testing done on a structure that used to be a gymnasium as well as the procedure used to identify its dynamic properties and a first evaluation of the socalled “group effect”.

Applications for wireless sensor networks : tracking with binary proximity sensors

El interés cada vez mayor por las redes de sensores inalámbricos pueden ser entendido simplemente pensando en lo que esencialmente son: un gran número de pequeños nodos sensores autoalimentados que recogen información o detectan eventos especiales y se comunican de manera inalámbrica, con el objetivo final de entregar sus datos procesados a una estación base. Los nodos sensores están densamente desplegados dentro del área de interés, se pueden desplegar al azar y tienen capacidad de cooperación. Por lo general, estos dispositivos son pequeños y de bajo costo, de modo que pueden ser producidos y desplegados en gran numero aunque sus recursos en términos de energía, memoria, velocidad de cálculo y ancho de banda están enormemente limitados. Detección, tratamiento y comunicación son tres elementos clave cuya combinación en un pequeño dispositivo permite lograr un gran número de aplicaciones. Las redes de sensores proporcionan oportunidades sin fin, pero al mismo tiempo plantean retos formidables, tales como lograr el máximo rendimiento de una energía que es escasa y por lo general un recurso no renovable. Sin embargo, los recientes avances en la integración a gran escala, integrado de hardware de computación, comunicaciones, y en general, la convergencia de la informática y las comunicaciones, están haciendo de esta tecnología emergente una realidad. Del mismo modo, los avances en la nanotecnología están empezando a hacer que todo gire entorno a las redes de pequeños sensores y actuadores distribuidos. Hay diferentes tipos de sensores tales como sensores de presión, acelerómetros, cámaras, sensores térmicos o un simple micrófono. Supervisan las condiciones presentes en diferentes lugares tales como la temperatura, humedad, el movimiento, la luminosidad, presión, composición del suelo, los niveles de ruido, la presencia o ausencia de ciertos tipos de objetos, los niveles de tensión mecánica sobre objetos adheridos y las características momentáneas tales como la velocidad , la dirección y el tamaño de un objeto, etc. Se comprobara el estado de las Redes Inalámbricas de Sensores y se revisaran los protocolos más famosos. Así mismo, se examinara la identificación por radiofrecuencia (RFID) ya que se está convirtiendo en algo actual y su presencia importante. La RFID tiene un papel crucial que desempeñar en el futuro en el mundo de los negocios y los individuos por igual. El impacto mundial que ha tenido la identificación sin cables está ejerciendo fuertes presiones en la tecnología RFID, los servicios de investigación y desarrollo, desarrollo de normas, el cumplimiento de la seguridad y la privacidad y muchos más. Su potencial económico se ha demostrado en algunos países mientras que otros están simplemente en etapas de planificación o en etapas piloto, pero aun tiene que afianzarse o desarrollarse a través de la modernización de los modelos de negocio y aplicaciones para poder tener un mayor impacto en la sociedad. Las posibles aplicaciones de redes de sensores son de interés para la mayoría de campos. La monitorización ambiental, la guerra, la educación infantil, la vigilancia, la micro-cirugía y la agricultura son solo unos pocos ejemplos de los muchísimos campos en los que tienen cabida las redes mencionadas anteriormente. Estados Unidos de América es probablemente el país que más ha investigado en esta área por lo que veremos muchas soluciones propuestas provenientes de ese país. Universidades como Berkeley, UCLA (Universidad de California, Los Ángeles) Harvard y empresas como Intel lideran dichas investigaciones. Pero no solo EE.UU. usa e investiga las redes de sensores inalámbricos. La Universidad de Southampton, por ejemplo, está desarrollando una tecnología para monitorear el comportamiento de los glaciares mediante redes de sensores que contribuyen a la investigación fundamental en glaciología y de las redes de sensores inalámbricos. Así mismo, Coalesenses GmbH (Alemania) y Zurich ETH están trabajando en diversas aplicaciones para redes de sensores inalámbricos en numerosas áreas. Una solución española será la elegida para ser examinada más a fondo por ser innovadora, adaptable y polivalente. Este estudio del sensor se ha centrado principalmente en aplicaciones de tráfico, pero no se puede olvidar la lista de más de 50 aplicaciones diferentes que ha sido publicada por la firma creadora de este sensor específico. En la actualidad hay muchas tecnologías de vigilancia de vehículos, incluidos los sensores de bucle, cámaras de video, sensores de imagen, sensores infrarrojos, radares de microondas, GPS, etc. El rendimiento es aceptable, pero no suficiente, debido a su limitada cobertura y caros costos de implementación y mantenimiento, especialmente este ultimo. Tienen defectos tales como: línea de visión, baja exactitud, dependen mucho del ambiente y del clima, no se puede realizar trabajos de mantenimiento sin interrumpir las mediciones, la noche puede condicionar muchos de ellos, tienen altos costos de instalación y mantenimiento, etc. Por consiguiente, en las aplicaciones reales de circulación, los datos recibidos son insuficientes o malos en términos de tiempo real debido al escaso número de detectores y su costo. Con el aumento de vehículos en las redes viales urbanas las tecnologías de detección de vehículos se enfrentan a nuevas exigencias. Las redes de sensores inalámbricos son actualmente una de las tecnologías más avanzadas y una revolución en la detección de información remota y en las aplicaciones de recogida. Las perspectivas de aplicación en el sistema inteligente de transporte son muy amplias. Con este fin se ha desarrollado un programa de localización de objetivos y recuento utilizando una red de sensores binarios. Esto permite que el sensor necesite mucha menos energía durante la transmisión de información y que los dispositivos sean más independientes con el fin de tener un mejor control de tráfico. La aplicación se centra en la eficacia de la colaboración de los sensores en el seguimiento más que en los protocolos de comunicación utilizados por los nodos sensores. Las operaciones de salida y retorno en las vacaciones son un buen ejemplo de por qué es necesario llevar la cuenta de los coches en las carreteras. Para ello se ha desarrollado una simulación en Matlab con el objetivo localizar objetivos y contarlos con una red de sensores binarios. Dicho programa se podría implementar en el sensor que Libelium, la empresa creadora del sensor que se examinara concienzudamente, ha desarrollado. Esto permitiría que el aparato necesitase mucha menos energía durante la transmisión de información y los dispositivos sean más independientes. Los prometedores resultados obtenidos indican que los sensores de proximidad binarios pueden formar la base de una arquitectura robusta para la vigilancia de áreas amplias y para el seguimiento de objetivos. Cuando el movimiento de dichos objetivos es suficientemente suave, no tiene cambios bruscos de trayectoria, el algoritmo ClusterTrack proporciona un rendimiento excelente en términos de identificación y seguimiento de trayectorias los objetos designados como blancos. Este algoritmo podría, por supuesto, ser utilizado para numerosas aplicaciones y se podría seguir esta línea de trabajo para futuras investigaciones. No es sorprendente que las redes de sensores de binarios de proximidad hayan atraído mucha atención últimamente ya que, a pesar de la información mínima de un sensor de proximidad binario proporciona, las redes de este tipo pueden realizar un seguimiento de todo tipo de objetivos con la precisión suficiente. Abstract The increasing interest in wireless sensor networks can be promptly understood simply by thinking about what they essentially are: a large number of small sensing self-powered nodes which gather information or detect special events and communicate in a wireless fashion, with the end goal of handing their processed data to a base station. The sensor nodes are densely deployed inside the phenomenon, they deploy random and have cooperative capabilities. Usually these devices are small and inexpensive, so that they can be produced and deployed in large numbers, and so their resources in terms of energy, memory, computational speed and bandwidth are severely constrained. Sensing, processing and communication are three key elements whose combination in one tiny device gives rise to a vast number of applications. Sensor networks provide endless opportunities, but at the same time pose formidable challenges, such as the fact that energy is a scarce and usually non-renewable resource. However, recent advances in low power Very Large Scale Integration, embedded computing, communication hardware, and in general, the convergence of computing and communications, are making this emerging technology a reality. Likewise, advances in nanotechnology and Micro Electro-Mechanical Systems are pushing toward networks of tiny distributed sensors and actuators. There are different sensors such as pressure, accelerometer, camera, thermal, and microphone. They monitor conditions at different locations, such as temperature, humidity, vehicular movement, lightning condition, pressure, soil makeup, noise levels, the presence or absence of certain kinds of objects, mechanical stress levels on attached objects, the current characteristics such as speed, direction and size of an object, etc. The state of Wireless Sensor Networks will be checked and the most famous protocols reviewed. As Radio Frequency Identification (RFID) is becoming extremely present and important nowadays, it will be examined as well. RFID has a crucial role to play in business and for individuals alike going forward. The impact of ‘wireless’ identification is exerting strong pressures in RFID technology and services research and development, standards development, security compliance and privacy, and many more. The economic value is proven in some countries while others are just on the verge of planning or in pilot stages, but the wider spread of usage has yet to take hold or unfold through the modernisation of business models and applications. Possible applications of sensor networks are of interest to the most diverse fields. Environmental monitoring, warfare, child education, surveillance, micro-surgery, and agriculture are only a few examples. Some real hardware applications in the United States of America will be checked as it is probably the country that has investigated most in this area. Universities like Berkeley, UCLA (University of California, Los Angeles) Harvard and enterprises such as Intel are leading those investigations. But not just USA has been using and investigating wireless sensor networks. University of Southampton e.g. is to develop technology to monitor glacier behaviour using sensor networks contributing to fundamental research in glaciology and wireless sensor networks. Coalesenses GmbH (Germany) and ETH Zurich are working in applying wireless sensor networks in many different areas too. A Spanish solution will be the one examined more thoroughly for being innovative, adaptable and multipurpose. This study of the sensor has been focused mainly to traffic applications but it cannot be forgotten the more than 50 different application compilation that has been published by this specific sensor’s firm. Currently there are many vehicle surveillance technologies including loop sensors, video cameras, image sensors, infrared sensors, microwave radar, GPS, etc. The performance is acceptable but not sufficient because of their limited coverage and expensive costs of implementation and maintenance, specially the last one. They have defects such as: line-ofsight, low exactness, depending on environment and weather, cannot perform no-stop work whether daytime or night, high costs for installation and maintenance, etc. Consequently, in actual traffic applications the received data is insufficient or bad in terms of real-time owed to detector quantity and cost. With the increase of vehicle in urban road networks, the vehicle detection technologies are confronted with new requirements. Wireless sensor network is the state of the art technology and a revolution in remote information sensing and collection applications. It has broad prospect of application in intelligent transportation system. An application for target tracking and counting using a network of binary sensors has been developed. This would allow the appliance to spend much less energy when transmitting information and to make more independent devices in order to have a better traffic control. The application is focused on the efficacy of collaborative tracking rather than on the communication protocols used by the sensor nodes. Holiday crowds are a good case in which it is necessary to keep count of the cars on the roads. To this end a Matlab simulation has been produced for target tracking and counting using a network of binary sensors that e.g. could be implemented in Libelium’s solution. Libelium is the enterprise that has developed the sensor that will be deeply examined. This would allow the appliance to spend much less energy when transmitting information and to make more independent devices. The promising results obtained indicate that binary proximity sensors can form the basis for a robust architecture for wide area surveillance and tracking. When the target paths are smooth enough ClusterTrack particle filter algorithm gives excellent performance in terms of identifying and tracking different target trajectories. This algorithm could, of course, be used for different applications and that could be done in future researches. It is not surprising that binary proximity sensor networks have attracted a lot of attention lately. Despite the minimal information a binary proximity sensor provides, networks of these sensing modalities can track all kinds of different targets classes accurate enough.

STONE: a stream-based DDoS defense framework

An effective Distributed Denial of Service (DDoS) defense mechanism must guarantee legitimate users access to an Internet service masking the effects of possible attacks. That is, it must be able to detect threats and discard malicious packets in a online fashion. Given that emerging data streaming technology can enable such mitigation in an effective manner, in this paper we present STONE, a stream-based DDoS defense framework, which integrates anomaly-based DDoS detection and mitigation with scalable data streaming technology. With STONE, the traffic of potential targets is analyzed via continuous data streaming queries maintaining information used for both attack detection and mitigation. STONE provides minimal degradation of legitimate users traffic during DDoS attacks and it also faces effectively flash crowds. Our preliminary evaluation based on an implemented prototype and conducted with real legitimate and malicious traffic traces shows that STONE is able to provide fast detection and precise mitigation of DDoS attacks leveraging scalable data streaming technology.

A linked data approach to sentiment and emotion analysis of twitter in the financial domain

Sentiment analysis has recently gained popularity in the financial domain thanks to its capability to predict the stock market based on the wisdom of the crowds. Nevertheless, current sentiment indicators are still silos that cannot be combined to get better insight about the mood of different communities. In this article we propose a Linked Data approach for modelling sentiment and emotions about financial entities. We aim at integrating sentiment information from different communities or providers, and complements existing initiatives such as FIBO. The ap- proach has been validated in the semantic annotation of tweets of several stocks in the Spanish stock market, including its sentiment information.

Determinants of Financial Development across the Mediterranean. MEDPRO Technical Report No. 29/February 2013

Casual observation shows that that the financial systems in the southern and eastern Mediterranean are unable (or unwilling) to divert the financial resources that are available to them as funding opportunities to private enterprises. Using a sample of both northern and southern Mediterranean countries for the years 1985 to 2009, this study empirically assesses the reasons underlying such conditions. The results show that strong legal institutions, good democratic governance and adequate implementation of financial reforms can have a substantial positive impact on financial development only when they are present collectively. Moreover, inflation appears to undermine banking development, but less so when the capital account is open. Government debt growth appears to weaken credit growth, which confirms that public debt ‘crowds out’ private debt. Lastly, capital inflows appear to primarily have an income effect, increasing income and thereby national savings, and thus increasing the availability of credit.