Financial Markets and Real Ecinomy: Four Essays in International Trade

Financial markets play an important role in an economy performing various functions like mobilizing and pooling savings, producing information about investment opportunities, screening and monitoring investments, implementation of corporate governance, diversification and management of risk. These functions influence saving rates, investment decisions, technological innovation and, therefore, have important implications for welfare. In my PhD dissertation I examine the interplay of financial and product markets by looking at different channels through which financial markets may influence an economy.My dissertation consists of four chapters. The first chapter is a co-authored work with Martin Strieborny, a PhD student from the University of Lausanne. The second chapter is a co-authored work with Melise Jaud, a PhD student from the Paris School of Economics. The third chapter is co-authored with both Melise Jaud and Martin Strieborny. The last chapter of my PhD dissertation is a single author paper.Chapter 1 of my PhD thesis analyzes the effect of financial development on growth of contract intensive industries. These industries intensively use intermediate inputs that neither can be sold on organized exchange, nor are reference-priced (Levchenko, 2007; Nunn, 2007). A typical example of a contract intensive industry would be an industry where an upstream supplier has to make investments in order to customize a product for needs of a downstream buyer. After the investment is made and the product is adjusted, the buyer may refuse to meet a commitment and trigger ex post renegotiation. Since the product is customized to the buyer's needs, the supplier cannot sell the product to a different buyer at the original price. This is referred in the literature as the holdup problem. As a consequence, the individually rational suppliers will underinvest into relationship-specific assets, hurting the downstream firms with negative consequences for aggregate growth. The standard way to mitigate the hold up problem is to write a binding contract and to rely on the legal enforcement by the state. However, even the most effective contract enforcement might fail to protect the supplier in tough times when the buyer lacks a reliable source of external financing. This suggests the potential role of financial intermediaries, banks in particular, in mitigating the incomplete contract problem. First, financial products like letters of credit and letters of guarantee can substantially decrease a risk and transaction costs of parties. Second, a bank loan can serve as a signal about a buyer's true financial situation, an upstream firm will be more willing undertake relationship-specific investment knowing that the business partner is creditworthy and will abstain from myopic behavior (Fama, 1985; von Thadden, 1995). Therefore, a well-developed financial (especially banking) system should disproportionately benefit contract intensive industries.The empirical test confirms this hypothesis. Indeed, contract intensive industries seem to grow faster in countries with a well developed financial system. Furthermore, this effect comes from a more developed banking sector rather than from a deeper stock market. These results are reaffirmed examining the effect of US bank deregulation on the growth of contract intensive industries in different states. Beyond an overall pro-growth effect, the bank deregulation seems to disproportionately benefit the industries requiring relationship-specific investments from their suppliers.Chapter 2 of my PhD focuses on the role of the financial sector in promoting exports of developing countries. In particular, it investigates how credit constraints affect the ability of firms operating in agri-food sectors of developing countries to keep exporting to foreign markets.Trade in high-value agri-food products from developing countries has expanded enormously over the last two decades offering opportunities for development. However, trade in agri-food is governed by a growing array of standards. Sanitary and Phytosanitary standards (SPS) and technical regulations impose additional sunk, fixed and operating costs along the firms' export life. Such costs may be detrimental to firms' survival, "pricing out" producers that cannot comply. The existence of these costs suggests a potential role of credit constraints in shaping the duration of trade relationships on foreign markets. A well-developed financial system provides the funds to exporters necessary to adjust production processes in order to meet quality and quantity requirements in foreign markets and to maintain long-standing trade relationships. The products with higher needs for financing should benefit the most from a well functioning financial system. This differential effect calls for a difference-in-difference approach initially proposed by Rajan and Zingales (1998). As a proxy for demand for financing of agri-food products, the sanitary risk index developed by Jaud et al. (2009) is used. The empirical literature on standards and norms show high costs of compliance, both variable and fixed, for high-value food products (Garcia-Martinez and Poole, 2004; Maskus et al., 2005). The sanitary risk index reflects the propensity of products to fail health and safety controls on the European Union (EU) market. Given the high costs of compliance, the sanitary risk index captures the demand for external financing to comply with such regulations.The prediction is empirically tested examining the export survival of different agri-food products from firms operating in Ghana, Mali, Malawi, Senegal and Tanzania. The results suggest that agri-food products that require more financing to keep up with food safety regulation of the destination market, indeed sustain longer in foreign market, when they are exported from countries with better developed financial markets.Chapter 3 analyzes the link between financial markets and efficiency of resource allocation in an economy. Producing and exporting products inconsistent with a country's factor endowments constitutes a serious misallocation of funds, which undermines competitiveness of the economy and inhibits its long term growth. In this chapter, inefficient exporting patterns are analyzed through the lens of the agency theories from the corporate finance literature. Managers may pursue projects with negative net present values because their perquisites or even their job might depend on them. Exporting activities are particularly prone to this problem. Business related to foreign markets involves both high levels of additional spending and strong incentives for managers to overinvest. Rational managers might have incentives to push for exports that use country's scarce factors which is suboptimal from a social point of view. Export subsidies might further skew the incentives towards inefficient exporting. Management can divert the export subsidies into investments promoting inefficient exporting.Corporate finance literature stresses the disciplining role of outside debt in counteracting the internal pressures to divert such "free cash flow" into unprofitable investments. Managers can lose both their reputation and the control of "their" firm if the unpaid external debt triggers a bankruptcy procedure. The threat of possible failure to satisfy debt service payments pushes the managers toward an efficient use of available resources (Jensen, 1986; Stulz, 1990; Hart and Moore, 1995). The main sources of debt financing in the most countries are banks. The disciplining role of banks might be especially important in the countries suffering from insufficient judicial quality. Banks, in pursuing their rights, rely on comparatively simple legal interventions that can be implemented even by mediocre courts. In addition to their disciplining role, banks can promote efficient exporting patterns in a more direct way by relaxing credit constraints of producers, through screening, identifying and investing in the most profitable investment projects. Therefore, a well-developed domestic financial system, and particular banking system, would help to push a country's exports towards products congruent with its comparative advantage.This prediction is tested looking at the survival of different product categories exported to US market. Products are identified according to the Euclidian distance between their revealed factor intensity and the country's factor endowments. The results suggest that products suffering from a comparative disadvantage (labour-intensive products from capital-abundant countries) survive less on the competitive US market. This pattern is stronger if the exporting country has a well-developed banking system. Thus, a strong banking sector promotes exports consistent with a country comparative advantage.Chapter 4 of my PhD thesis further examines the role of financial markets in fostering efficient resource allocation in an economy. In particular, the allocative efficiency hypothesis is investigated in the context of equity market liberalization.Many empirical studies document a positive and significant effect of financial liberalization on growth (Levchenko et al. 2009; Quinn and Toyoda 2009; Bekaert et al., 2005). However, the decrease in the cost of capital and the associated growth in investment appears rather modest in comparison to the large GDP growth effect (Bekaert and Harvey, 2005; Henry, 2000, 2003). Therefore, financial liberalization may have a positive impact on growth through its effect on the allocation of funds across firms and sectors.Free access to international capital markets allows the largest and most profitable domestic firms to borrow funds in foreign markets (Rajan and Zingales, 2003). As domestic banks loose some of their best clients, they reoptimize their lending practices seeking new clients among small and younger industrial firms. These firms are likely to be more risky than large and established companies. Screening of customers becomes prevalent as the return to screening rises. Banks, ceteris paribus, tend to focus on firms operating in comparative-advantage sectors because they are better risks. Firms in comparative-disadvantage sectors finding it harder to finance their entry into or survival in export markets either exit or refrain from entering export markets. On aggregate, one should therefore expect to see less entry, more exit, and shorter survival on export markets in those sectors after financial liberalization.The paper investigates the effect of financial liberalization on a country's export pattern by comparing the dynamics of entry and exit of different products in a country export portfolio before and after financial liberalization.The results suggest that products that lie far from the country's comparative advantage set tend to disappear relatively faster from the country's export portfolio following the liberalization of financial markets. In other words, financial liberalization tends to rebalance the composition of a country's export portfolio towards the products that intensively use the economy's abundant factors.

Rules of origin : from analysis to reform

General Introduction This thesis can be divided into two main parts :the first one, corresponding to the first three chapters, studies Rules of Origin (RoOs) in Preferential Trade Agreements (PTAs); the second part -the fourth chapter- is concerned with Anti-Dumping (AD) measures. Despite wide-ranging preferential access granted to developing countries by industrial ones under North-South Trade Agreements -whether reciprocal, like the Europe Agreements (EAs) or NAFTA, or not, such as the GSP, AGOA, or EBA-, it has been claimed that the benefits from improved market access keep falling short of the full potential benefits. RoOs are largely regarded as a primary cause of the under-utilization of improved market access of PTAs. RoOs are the rules that determine the eligibility of goods to preferential treatment. Their economic justification is to prevent trade deflection, i.e. to prevent non-preferred exporters from using the tariff preferences. However, they are complex, cost raising and cumbersome, and can be manipulated by organised special interest groups. As a result, RoOs can restrain trade beyond what it is needed to prevent trade deflection and hence restrict market access in a statistically significant and quantitatively large proportion. Part l In order to further our understanding of the effects of RoOs in PTAs, the first chapter, written with Pr. Olivier Cadot, Celine Carrère and Pr. Jaime de Melo, describes and evaluates the RoOs governing EU and US PTAs. It draws on utilization-rate data for Mexican exports to the US in 2001 and on similar data for ACP exports to the EU in 2002. The paper makes two contributions. First, we construct an R-index of restrictiveness of RoOs along the lines first proposed by Estevadeordal (2000) for NAFTA, modifying it and extending it for the EU's single-list (SL). This synthetic R-index is then used to compare Roos under NAFTA and PANEURO. The two main findings of the chapter are as follows. First, it shows, in the case of PANEURO, that the R-index is useful to summarize how countries are differently affected by the same set of RoOs because of their different export baskets to the EU. Second, it is shown that the Rindex is a relatively reliable statistic in the sense that, subject to caveats, after controlling for the extent of tariff preference at the tariff-line level, it accounts for differences in utilization rates at the tariff line level. Finally, together with utilization rates, the index can be used to estimate total compliance costs of RoOs. The second chapter proposes a reform of preferential Roos with the aim of making them more transparent and less discriminatory. Such a reform would make preferential blocs more "cross-compatible" and would therefore facilitate cumulation. It would also contribute to move regionalism toward more openness and hence to make it more compatible with the multilateral trading system. It focuses on NAFTA, one of the most restrictive FTAs (see Estevadeordal and Suominen 2006), and proposes a way forward that is close in spirit to what the EU Commission is considering for the PANEURO system. In a nutshell, the idea is to replace the current array of RoOs by a single instrument- Maximum Foreign Content (MFC). An MFC is a conceptually clear and transparent instrument, like a tariff. Therefore changing all instruments into an MFC would bring improved transparency pretty much like the "tariffication" of NTBs. The methodology for this exercise is as follows: In step 1, I estimate the relationship between utilization rates, tariff preferences and RoOs. In step 2, I retrieve the estimates and invert the relationship to get a simulated MFC that gives, line by line, the same utilization rate as the old array of Roos. In step 3, I calculate the trade-weighted average of the simulated MFC across all lines to get an overall equivalent of the current system and explore the possibility of setting this unique instrument at a uniform rate across lines. This would have two advantages. First, like a uniform tariff, a uniform MFC would make it difficult for lobbies to manipulate the instrument at the margin. This argument is standard in the political-economy literature and has been used time and again in support of reductions in the variance of tariffs (together with standard welfare considerations). Second, uniformity across lines is the only way to eliminate the indirect source of discrimination alluded to earlier. Only if two countries face uniform RoOs and tariff preference will they face uniform incentives irrespective of their initial export structure. The result of this exercise is striking: the average simulated MFC is 25% of good value, a very low (i.e. restrictive) level, confirming Estevadeordal and Suominen's critical assessment of NAFTA's RoOs. Adopting a uniform MFC would imply a relaxation from the benchmark level for sectors like chemicals or textiles & apparel, and a stiffening for wood products, papers and base metals. Overall, however, the changes are not drastic, suggesting perhaps only moderate resistance to change from special interests. The third chapter of the thesis considers whether Europe Agreements of the EU, with the current sets of RoOs, could be the potential model for future EU-centered PTAs. First, I have studied and coded at the six-digit level of the Harmonised System (HS) .both the old RoOs -used before 1997- and the "Single list" Roos -used since 1997. Second, using a Constant Elasticity Transformation function where CEEC exporters smoothly mix sales between the EU and the rest of the world by comparing producer prices on each market, I have estimated the trade effects of the EU RoOs. The estimates suggest that much of the market access conferred by the EAs -outside sensitive sectors- was undone by the cost-raising effects of RoOs. The chapter also contains an analysis of the evolution of the CEECs' trade with the EU from post-communism to accession. Part II The last chapter of the thesis is concerned with anti-dumping, another trade-policy instrument having the effect of reducing market access. In 1995, the Uruguay Round introduced in the Anti-Dumping Agreement (ADA) a mandatory "sunset-review" clause (Article 11.3 ADA) under which anti-dumping measures should be reviewed no later than five years from their imposition and terminated unless there was a serious risk of resumption of injurious dumping. The last chapter, written with Pr. Olivier Cadot and Pr. Jaime de Melo, uses a new database on Anti-Dumping (AD) measures worldwide to assess whether the sunset-review agreement had any effect. The question we address is whether the WTO Agreement succeeded in imposing the discipline of a five-year cycle on AD measures and, ultimately, in curbing their length. Two methods are used; count data analysis and survival analysis. First, using Poisson and Negative Binomial regressions, the count of AD measures' revocations is regressed on (inter alia) the count of "initiations" lagged five years. The analysis yields a coefficient on measures' initiations lagged five years that is larger and more precisely estimated after the agreement than before, suggesting some effect. However the coefficient estimate is nowhere near the value that would give a one-for-one relationship between initiations and revocations after five years. We also find that (i) if the agreement affected EU AD practices, the effect went the wrong way, the five-year cycle being quantitatively weaker after the agreement than before; (ii) the agreement had no visible effect on the United States except for aone-time peak in 2000, suggesting a mopping-up of old cases. Second, the survival analysis of AD measures around the world suggests a shortening of their expected lifetime after the agreement, and this shortening effect (a downward shift in the survival function postagreement) was larger and more significant for measures targeted at WTO members than for those targeted at non-members (for which WTO disciplines do not bind), suggesting that compliance was de jure. A difference-in-differences Cox regression confirms this diagnosis: controlling for the countries imposing the measures, for the investigated countries and for the products' sector, we find a larger increase in the hazard rate of AD measures covered by the Agreement than for other measures.

Péritonites infectieuses en dialyse péritonéale: Facteurs prédictifs et complications. Etude rétrospective au CHUV de 1995 à 2010

Contexte : La dialyse péritonéale (DP) est une méthode d'épuration extra-rénale qui utilise les propriétés physiologiques du péritoine comme membrane de dialyse. Cette technique requiert la présence d'un cathéter placé chirurgicalement dans le cul-de-sac de Douglas pour permettre l'instillation d'une solution de dialyse : le dialysat. Une des complications redoutée de cette technique est la survenue de péritonites infectieuses qui nécessitent l'administration rapide d'une antibiothérapie adéquate. Les péritonites peuvent parfois entrainer le retrait du cathéter de dialyse avec un échec définitif de la technique, ou plus rarement entrainer le décès du patient. Cette étude s'intéresse aux facteurs prédictifs de cette complication. Elle recense les germes impliqués et leur sensibilité aux différents antibiotiques. Cette étude analyse également les conséquences des péritonites, telles que la durée moyenne des hospitalisations, les échecs de la technique nécessitant un transfert définitif en hémodialyse et la survenue de décès. Méthode : Il s'agit d'une étude rétrospective monocentrique portant sur le dossier des patients inclus dans le programme de dialyse péritonéale du CHUV entre le 1er janvier 1995 et le 31 décembre 2010. Résultats : Cette étude inclus 108 patients, dont 65 hommes et 43 femmes. L'âge moyen est de 52.5 ans ± 17.84 (22-87). On répertorie 113 épisodes de péritonite pour une durée cumulative de 2932.24 mois x patients. L'incidence globale de péritonite s'élève à 1 épisode / 25.95 (mois x patient). La médiane de survie globale sans péritonite est de 23.56 mois. Une variabilité intergroupe statistiquement significative en matière de survie sans péritonite est démontrée entre les patients autonomes et non- autonomes [Log Rank (Mantel-Cox) :0.04], entre les patients diabétiques et non diabétiques [Log Rank (Mantel-Cox) : 0.002] et entre les patients cumulant un score de Charlson supérieur à 5 et ceux cumulant un score inférieur ou égal à 5 (Log Rank (Mantel-Cox) : 0.002). Une différence statistiquement significative en matière de survie de la technique a également pu être démontrée entre les patients autonomes et 2 non-autonome [Log Rank (Mantel-Cox) < 0.001], et entre les patients cumulant un score de Charlson supérieur ou inférieur ou égal à 5 [Log Rank (Mantel-Cox) : 0.047]. Le staphylococcus epidermidis est le pathogène le plus fréquemment isolé lors des péritonites (23.9%). Ce germe présente une sensibilité de 40.74% à l'oxacilline. Aucun cas de péritonite à MRSA n'a été enregistré dans ce collectif de patients. Une péritonite a causé la mort d'un patient (<1%). Conclusion : L'incidence de péritonite calculée satisfait les recommandations de la Société Internationale de Dialyse Péritonéale (ISPD). Une variabilité intergroupe statistiquement significative en terme de survie sans péritonite est mis en évidence pour : l'autonomie, le statut métabolique et le score de comorbidité de Charlson. Une variabilité intergroupe statistiquement significative en terme de survie de la technique est également démontrée pour : l'autonomie et le score de comorbidité de Charlson. Les statistiques de sensibilité mettent en évidence une excellente couverture antibiotique sur les germes isolés par le traitement empirique en vigueur (vancomycine + ceftazidime). La mortalité relative aux péritonites est extrêmement basse dans ce collectif de patients.

A formação de frases relativas de PP no português oral de Cabo Verde e de São Tomé

Os mecanismos de formação de frases relativas restritivas têm sido amplamente analisados na literatura sobre o português europeu (PE) e o português brasileiro (PB) (e.g. Tarallo 1985; Brito 1991; Kato 1993; Peres & Móia 1995; Kato et al. 1996; Alexandre 2000, Kenedy 2007), focando em particular se há ou não aplicação da operação Move. No entanto, os estudos sobre construções-Q, concretamente sobre relativas restritivas, em variedades (emergentes) do português em África são ainda escassos e restringem-se essencialmente ao português de Moçambique (PM), onde se observa um processo de mudança linguística que parece privilegiar a estratégia resumptiva (Chimbutane 1996; Gonçalves 1996; Gonçalves & Stroud 1998; Brito 2001), como em Nesta comunicação, alargaremos o estudo das frases relativas ao português falado em Cabo Verde e em S. Tomé e Príncipe, baseando-nos em corpora do Centro de Linguística da Universidade de Lisboa (CLUL) descritos na secção 3. O nosso objetivo é mostrar que, nestas variedades, a estratégia canónica de piedpiping (2) convive com diversas estratégias consideradas agramaticais à luz da norma, designadamente a estratégia cortadora (3), que é particularmente comum, e as estratégias resumptiva (4) e de cópia defetiva (5), que ocorrem com menor frequência. Esta última estratégia foi apenas encontrada nos dados do POST.4 (2) Não, houve uma ocasião em que havia muita cólera, ... (POST) (3) a. Esse jornalista Ø que estamos aqui a falar, isento, objectivo... (POCV) b. Depois cheguei um momento Ø que eu vi que era vazio... (POST) (4) Meu filho foi baptizado no católico e a mulher que eu vivo com ela também é católica. (POST) (5) A própria escola que eu estudei nele. (POST) Defenderemos que a preferência pela estratégia cortadora poderá estar relacionada com a reestruturação das grelhas argumentais dos verbos no POST (R. Gonçalves 2010) e que tal facto constitui um contraste com o POCV (assim como com o PE e o PB), variedade em que a presença de relativas cortadoras não está, tipicamente, relacionada com a alteração dessas propriedades nos verbos.

Long-term follow-up of European APL 2000 trial, evaluating the role of cytarabine combined with ATRA and Daunorubicin in the treatment of nonelderly APL patients.

All-trans retinoic acid (ATRA) combined to anthracycline-based chemotherapy is the reference treatment of acute promyelocytic leukemia (APL). Whereas, in high-risk patients, cytarabine (AraC) is often considered useful in combination with anthracycline to prevent relapse, its usefulness in standard-risk APL is uncertain. In APL 2000 trial, patients with standard-risk APL [i.e., with baseline white blood cell (WBC) count <10,000/mm(3) ] were randomized between treatment with ATRA with Daunorubicin (DNR) and AraC (AraC group) and ATRA with DNR but without AraC (no AraC group). All patients subsequently received combined maintenance treatment. The trial had been prematurely terminated due to significantly more relapses in the no AraC group (J Clin Oncol, (24) 2006, 5703-10), but follow-up was still relatively short. With long-term follow-up (median 103 months), the 7-year cumulative incidence of relapses was 28.6% in the no AraC group, compared to 12.9% in the AraC group (P = 0.0065). In standard-risk APL, at least when the anthracycline used is DNR, avoiding AraC may lead to an increased risk of relapse suggesting that the need for AraC is regimen-dependent.

Projection Par La Microsimulation de La Population Active Cap-Vert (2000-2025)

À l‟aide des microdonnées du recensement de 2000 et des données administratives sur l‟éducation et en s‟appuyant sur : 1) les scénarios concernant l‟évolution démographique, d‟éducation et d‟activité économique et 2) un modèle de microsimulation, on a projeté pour la période 2000 à 2025, certaines caractéristiques et comportements démographiques et socio-économiques de la population du Cap-Vert, notamment ceux liés à l‟évolution du statut d‟activité. Selon le scénario le plus plausible, à l‟horizon 2025, le pays se trouvera à l‟étape avancée de la seconde phase de sa transition démographique. Sa population continuerait de croître en raison de sa structure par âge relativement jeune. Bien que le solde migratoire tende à être nul et que la mortalité tende à se stabiliser (près de 5 à 7 décès pour 1 000 habitants par an), cette croissance sera à un rythme moins rapide (d‟environ 1,8 % par an) que celui de la décennie 1990-2000, et ce, malgré le déclin de la fécondité. De 2000 à 2025, le pays pourrait connaître également une augmentation des personnes âgées de 15 à 24 ans, variant de 26 % à 29 % selon les scénarios envisagés, soit ceux et celles qui entreront sur le marché du travail au cours de la période. Le nombre de ces jeunes n‟ayant pas obtenu un diplôme d‟études secondaire, en 2025, pourrait augmenter, selon les scénarios envisagés, variant de 30 % à 44 % de plus qu‟en 2000. Le nombre de personnes de ce groupe d‟âge ayant obtenu un diplôme d‟études secondaires ou plus, le pays pourrait voir leur nombre à décupler de 11 fois à 13 fois à la à l‟horizon 2025.

Message from the Ombudsman, Annual Report 2000

Annual report for the Iowa Citizens’ Aide/Ombudsman Office.

Team Diversity Newsletter, Vol 5, no.1, May, 2000

Newsletter produced by Iowa Civil Right Commission for the community about the community.

The Swiss Business Elite (1980-2000): How the Changing Composition of the Elite Explains the Decline of the Swiss Company Network

In this paper we analyse the decline of the Swiss corporate network between 1980 and 2000. We address the theoretical and methodological challenge of this transformation by the use of a combination of network analysis and multiple correspondence analysis (MCA). Based on a sample of top managers of the 110 largest Swiss companies in 1980 and 2000 we show that, beyond an adjustment to structural pressure, an explanation of the decline of the network has to include the strategies of the fractions of the business elites. We reveal that three factors contribute crucially to the decline of the Swiss corporate network: the managerialization of industrial leaders, the marginalization of law degree holders and the influx of hardly connected foreign managers.

Community Action in Iowa, 2000

The Division of Community Action Agencies is located within the Iowa Department of Human Rights and is the focal point for Community Action Agency activities within Iowa government. The Division of Community Action Agencies exists to develop and expand the capacity at the community level to assist families and individuals to achieve economic and social self-sufficiency, and to ensure that the basic energy needs of Iowa’s low-income population are met. The Division is comprised of the Bureau of Community Services, the Bureau of Energy Assistance and the Bureau of Weatherization.

ESTRATÉGIA NACIONAL DE COMUNICAÇÃO PARA A MUDANÇA DE COMPORTAMENTO EM SAÚDE REPRODUTIVA

A mortalidade infantil, apesar de diminuição progressiva (130/1000 em 1970 e 23,1/1000 em 2000), necessita de atenção constante. • A mortalidade perinatal, que também tem diminuído de forma significativa, (38,4/1000 em 1995 e 29,2/1000 em 2000) necessita ainda de mais investimentos, dado que as afecções perinatais foram a primeira causa de morte dos menores de um ano em 1999 e em 2000. • A taxa de menores de um ano completamente vacinados verificados nos inquéritos nacionais de cobertura vacinal de 1999 e de 2002 realçam uma tendência para aumento (59,1% e 74,9%) respectivamente, sendo as taxas menores nos concelhos rurais está ainda aquém da meta preconizada de 90% de cobertura, no mínimo. • A taxa de mortalidade materna tem oscilado nos últimos anos (55,4 /100.000 em 1995, 27,5/100.000 em 1997 e 76/100.000 em 2000), mostrando igualmente a necessidade de priorizar acções tendentes ao reforço dos cuidados de saúde materna. • Verifica-se uma tendência para diminuição da procura da consulta pré-natal (83% de cobertura pela primeira consulta de grávidas em 2000 e 78,7% em 2001), sendo também mais evidente a discrepância entre o meio urbano e o rural. • Os partos domiciliários foram 45 % do total de partos em 1998, segundo o IDSR, sendo 63,1% dos mesmos nos concelhos rurais, sobretudo de Santiago, Santo Antão e Fogo e só 16,7% nos concelhos urbanos.

Annual Report of the Iowa Racing and Gaming Commission, 1995

Annual report for the Iowa Racing and Gaming Commission of Iowa.

Annual Report of the Iowa Racing and Gaming Commission, 2000

Annual report for the Iowa Racing and Gaming Commission of Iowa.