Responsabilidade social corporativa em períodos de desaquecimento econômico: o comprometimento das empresas com seus funcionários

o estudo objetivou verificar se empresas comprometidas com questões sociais, ambientais e trabalhistas, e que adotam instrumentos de gestão baseados na valorização da diversidade e de princípios éticos, sustentam esses valores mesmo em períodos recessivos de nossa economia. Para responder essa questão, analisamos o comportamento de empresas socialmente responsáveis com os seus empregados durante o período compreendido entre 1988 e 2000. As empresas selecionadas foram avaliadas como socialmente responsáveis pelo Instituto Ethos de Responsabilidade Social e compõem o fundo de investimento Ethical do Banco Real Os resultados da pesquisa demonstram a existência de uma falta de coerência entre o discurso e a prática da responsabilidade social corporativa pelas empresas.

A educação na Baixada Maranhense: 1822/1889

o presente trabalho visou acompanhar o processo educacional da Baixada Maranhense, na época imp~ rial, ressaltando as relações existentes entre a educaçã~ tanto sistematizada quanto assistematizada e os sistemas político e econômico vigorantes. o estudo procurou compreender a influência da educação no crescimento e posterior declínio da re gião. Os dados econômicos foram analisados,co~ siderada a função exportadora da região que, como conseqUência do próprio sistema, dividiu a atividade rural em grande lavoura e lavoura de subsistência, ambas dependentes dos interesses maiores do mercado externo. Os fatos históricos demonstraram a relaçao existente entre o enriquecimento dos fazendeiros e as lideranças políticas, locais e provinciais. Mostraram ta~ bém que essas lideranças atuaram especialmente na conservação do status social daquela nobreza rural e não no di- - recionamento da política econômica a ponto de alterarem o curso do processo, uma vez que o mesmo foi determinado de fora para dentro. Foi demonstrada como a influência externa, principalmente nas relações econômicas, se estendeu à educação, tornando-a um ensino estático e sem criatividade. Observou-se que as soluções emanadas pelo Governo se localizaram a nível dos fenômenos,sem nunca terem atingido as raízes dos problemas educacionais e,por isso, não permitiram que a educação tivesse maior influên cia no destino da sociedade estudada.

Credit shocks and monetary policy in Brazil: a structural FAVAR approach

This paper investigates the implications of the credit channel of the monetary policy transmission mechanism in the case of Brazil, using a structural FAVAR (SFAVAR) approach. The term structural comes from the estimation strategy, which generates factors that have a clear economic interpretation. The results show that unexpected shocks in the proxies for the external nance premium and the bank balance sheet channel produce large and persistent uctuations in in ation and economic activity accounting for more than 30% of the error forecast variance of the latter in a three-year horizon. The central bank seems to incorporate developments in credit markets especially variations in credit spreads into its reaction function, as impulse-response exercises show the Selic rate is declining in response to wider credit spreads and a contraction in the volume of new loans. Counterfactual simulations also demonstrate that the credit channel ampli ed the economic contraction in Brazil during the acute phase of the global nancial crisis in the last quarter of 2008, thus gave an important impulse to the recovery period that followed.

Essays on the credit channel of monetary policy: a case study for Brazil

The onset of the financial crisis in 2008 and the European sovereign crisis in 2010 renewed the interest of macroeconomists on the role played by credit in business cycle fluctuations. The purpose of the present work is to present empirical evidence on the monetary policy transmission mechanism in Brazil with a special eye on the role played by the credit channel, using different econometric techniques. It is comprised by three articles. The first one presents a review of the literature of financial frictions, with a focus on the overlaps between credit activity and the monetary policy. It highlights how the sharp disruptions in the financial markets spurred central banks in developed and emerging nations to deploy of a broad set of non conventional tools to overcome the damage on financial intermediation. A chapter is dedicated to the challenge face by the policymaking in emerging markets and Brazil in particular in the highly integrated global capital market. This second article investigates the implications of the credit channel of the monetary policy transmission mechanism in the case of Brazil, using a structural FAVAR (SFAVAR) approach. The term “structural” comes from the estimation strategy, which generates factors that have a clear economic interpretation. The results show that unexpected shocks in the proxies for the external finance premium and the credit volume produce large and persistent fluctuations in inflation and economic activity – accounting for more than 30% of the error forecast variance of the latter in a three-year horizon. Counterfactual simulations demonstrate that the credit channel amplified the economic contraction in Brazil during the acute phase of the global financial crisis in the last quarter of 2008, thus gave an important impulse to the recovery period that followed. In the third articles, I make use of Bayesian estimation of a classical neo-Keynesian DSGE model, incorporating the financial accelerator channel developed by Bernanke, Gertler and Gilchrist (1999). The results present evidences in line to those already seen in the previous article: disturbances on the external finance premium – represented here by credit spreads – trigger significant responses on the aggregate demand and inflation and monetary policy shocks are amplified by the financial accelerator mechanism. Keywords: Macroeconomics, Monetary Policy, Credit Channel, Financial Accelerator, FAVAR, DSGE, Bayesian Econometrics

Subsídios financeiros à infraestrutura e dinâmica do produto

O presente trabalho tem como objetivo representar através de um modelo dinâmico de equilíbrio geral, uma característica do mercado brasileiro de subsidiar o setor de infraestrutura através do sistema financeiro. Além disso, objetiva-se simular o efeito do aumento de impostos - destinando recursos tributários, tanto para um agente público quanto privado - para subsidiar o investimento em infraestrutura. Alternativamente, simula-se o efeito da redução do compulsório bancário, destinando esses recursos também à infraestrutura. As simulações apresentam resultados semelhantes, de tal modo que no curto prazo, há uma contração do produto e da infraestrutura, mas no longo prazo, há uma expansão do produto, infraestrutura e bem-estar. Os resultados podem apresentar comportamentos diferentes para o bem-estar dependendo do parâmetro de elasticidade da infraestrutura em relação à renda.

Firm financial constraints and the impact of monetary policy: evidence from financial conglomerates

Building on recent evidence on the functioning of internal capital markets in financial conglomerates, this paper conducts a novel test of the balance sheet channel of monetary policy. It does so by comparing monetary policy responses of small banks that are affiliated with the same bank holding company, and this arguably face similar constraints in accessing internal/external sources of funds, but that operate in different geographical regions, and thus face different pools of borrowers. Because these subsidiaries typically concentrate their lending with small local businesses, we can use cross-sectional differences in state-level economic indicators at the time of changes of monetary policy to study whether or not the strength of borrowers' balance sheets influences the response of bank lending. We find evidence that the negative response of bank loan growth to a monetary contraction is significantly stronger when borrowers have 'weak balance sheets. Our evidence suggests that the monetary authority should consider the amplification effects that financial constraints play following changes in basic interest rates and the role of financial conglomerates in the transmission of monetary policy.

Avaliação do impacto da lei de aviso recebimento sobre o mercado de crédito

No Brasil, diversos bureaux de crédito têm o papel de proporcionar a troca de informações de inadimplência dos consumidores para o mercado financeiro. Tal troca beneficia o mercado no sentido de reduzir a assimetria de informação entre tomadores de empréstimo e instituições financeiras. Recentemente as leis 15.659/15 e 10.272/15 de dois estados brasileiros passaram a proteger o consumidor no sentido de impedir inclusão de informação negativa dos mesmos em bureaux caso desconhecessem suas dívidas. O consumidor poderia apropriar-se de seus benefícios para deixar de honrar suas dívidas e consequentemente o mercado poderia sofrer uma retração no crédito. Diante disso, este trabalho propõe desenvolver uma estratégia empírica para verificar se há aumento de seleção adversa e risco moral para os estados em que a lei foi aplicada. Concluímos que o efeito tem sinal consistente com o esperado no sentido de aumento de inadimplência, mas não apresentou significância estatística.

Distribution of neutral prilocaine in a phospholipid bilayer: Insights from molecular dynamics simulations

In this work, we report a 20-ns constant pressure molecular dynamics simulation of prilocaine (PLC), in amine-amide local anesthetic, in a hydrated liquid crystal bilayer of 1-palmitoyl-2-oleoyl-sn-glycero-3-phosphatidylcholine. The partition of PLC induces the lateral expansion of the bilayer and a concomitant contraction in its thickness. PLC molecules are preferentially found in the hydrophobic acyl chains region, with a maximum probability at similar to 12 angstrom from the center of the bilayer (between the C(4) and C(5) methylene groups). A decrease in the acyl chain segmental order parameter, vertical bar S-CD vertical bar, compared to neat bilayers, is found, in good agreement with experimental H-2-NMR studies. The decrease in vertical bar S-CD vertical bar induced by PLC is attributed to a larger accessible volume per lipid in the acyl chain region. (C) 2008 Wiley Periodicals, Inc.

Preferential location of prilocaine and etidocaine in phospholipid bilayers: A molecular dynamics study

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

Renal and cardiovascular effects of Bothrops marajoensis venom and phospholipase A(2)

Bothrops marajoensis is found in the savannah of Marajo Island in the State of Par S and regions of Amapa State, Brazil. The aim of the work was to study the renal and cardiovascular effects of the B. marajoensis venom and phospholipase A(2) (PLA(2)). The venom was fractionated by Protein Pack 5PW. N-terminal amino acid sequencing of sPLA(2) showed amino acid identity with other lysine K49sPLA(2)s of snake venom. B. marajoensis venom (30 mu g/mL) decreased the perfusion pressure, renal vascular resistance, urinary flow, glomerular filtration rate and sodium tubular transport. PLA(2) did not change the renal parameters. The perfusion pressure of the mesenteric bed did not change after infusion of venom. In isolated heart, the venom decreased the force of contraction and increased PP but did not change coronary flow. In the arterial pressure, the venom and PLA(2) decreased mean arterial pressure and cardiac frequency. The presence of atrial flutter and late hyperpolarisation reversed, indicating QRS complex arrhythmia and dysfunction in atrial conduction. In conclusion, B. marajoensis venom and PLA(2) induce hypotension and bradycardia while simultaneously blocking electrical conduction in the heart. Moreover, the decrease in glomerular filtration rate, urinary flow and electrolyte transport demonstrates physiological changes to the renal system. (C) 2009 Elsevier Ltd. All rights reserved.

Efetividade da terapia fisica descongestiva na cicatrização de úlceras venosas

A venous ulcer is the most serious clinical manifestation of chronic venous failure, and the most frequent in lower limbs, accounting for 70% of all ulcers. Patients may suffer from this infirmity for several years without healing of the lesion if treatment is inadequate. The aim of this investigation was to verify the effectiveness of decongestive physical therapy in the healing of venous ulcers. This is a quasi-experimental, interventionist study, with paired, non-probabilistic sampling, composed of 50 patients divided into two groups: control and intervention, each composed of 25 patients. Both groups were identically treated for six months with daily dressings and the latter also underwent complex physical therapy consisting of a combination of the following techniques: manual lymphatic drainage, compression bandaging, lower limb elevation, myolymphokinetic exercises and skin care. The study was approved (Protocol no. 59/2007) by the Ethics Committee of the State University of Southeast Bahia. The Mann-Whitney and Chi-square tests were applied for data analysis. After statistical analysis the patients who underwent therapy showed a statistically significant difference with respect to wound contraction starting in the second month of treatment. Compared to the control, the intervention group showed a greater reduction in both pain and edema starting in the third and fourth month of therapy, respectively. To reinforce these findings, the mean percentage of tissue present at the base of the ulcer (granulation/fibrin ratio) was calculated. The intervention group showed greater granulation at the base of the ulcer compared to the control, significant from the second month of treatment on. It was observed in this study that lymphotherapy, when compared between the intervention and control groups, accelerated the healing process, and reduced pain and edema in the affected limbs. It is expected, therefore, that these results widen scientific knowledge and we suggest that this therapy be used 78 not only to reduce lymphedema, but also as a treatment option for venous ulcers, given its easy application and low cost. The data, therefore, demonstrated the importance of basic care on the part of a multiprofessional and transdisciplinary health team involved in the healing process of these infirmities, thereby contributing to better quality of life in these individuals

Estimulação transcraniana por corrente contínua e a flutuação de força em idosas durante exercício isométrico

The fluctuacion force has been increasingly used in studies with elderly as a good predictor of performance and functionality of the motor. However, most analyzes the fluctuation of force in one session. Thus, identifying the minimum amount of sessions needed for familiarization with the fluctuation strength in isometric exercise become relevant. Furthermore, to investigate the effects of applying transcranial direct current stimulation (tDCS) associated with regular exercise on rates fluctuation task force is extremely important. In the first experiment, volunteers were subjected to a protocol marked by a familiarization session to establish the parameters of VCM and eight sessions with intensity of 30% MVC in office. It was observed that two familiarization sessions are required so there is a fluctuation stabilizing force. In experiment II, subjects performed an isometric contraction before and after applying tDCS (cathode, anode and sham) applied to M1. ETCC anodic effectively contributed to reducing the fluctuation of force during isometric exercise in the elderly, while the cathodic caused the increased levels of strength fluctuation. It was concluded that there is a need to implement a familiarization protocol with at least two sessions to avoid possible misunderstandings of measurements in tests of fluctuacion force. Besides that tDCS interfered with the behavior of the oscillations of force, with cathodic promoting increased fluctuation strength and anodic contributed to greater stability, demonstrating the potential of this technique neuromodulation associated with exercise as rehabilitation tools

Análise da Conformidade e Caracterização da Matéria- Prima Empregada na Fabricação de Blocos Cerâmicos na Região Metropolitana de Salvador

The potential market of the metropolitan area of Salvador accounts for the estimated consumption of roughly 800 million horizontally perforated extruded clay bricks a year. The growing demand of consumers along with the competitiveness of the structural ceramic sector has driven forward a number of recent efforts and investments towards improving the quality of structural ceramics. In this scenario, the present study focused on sampling and evaluating the conformity of 8-hole horizontally perforated extruded clay bricks manufactured by different plants (A, B and C) in the metropolitan area of Salvador. In addition, representative clay and sandy-clay materials were collected from each plant and characterized by conventional physical, chemical and mineralogical techniques. Finally, experimental compositions designated as A, B and C, according to the source, were prepared by mixing different contents of the raw materials collected in the plants, fired at different temperatures and characterized. The results revealed a series of non conformities regarding ABNT guidelines. The characterization of raw materials revealed the presence of kaolinite and ilite in concentrations ranging from 64 to 90 wt.% along with free quartz (10 - 25%). The sandy-clay samples consisted basically of kaolinite. All raw materials depicted low contents of organics, amorphous constituents, alkaline oxides and feldspar. An analysis of the firing behavior of all different ceramic compositions revealed that the linear contraction of composition A was rather significant considering the temperature range evaluated, and it justifies the significant dimensional non conformity that was shown by bricks made with the ceramic A