As políticas anticíclicas brasileiras da crise financeira de 2008 : uma análise setorial

A crise financeira internacional de 2008 afetou tanto a economia dos Estados Unidos quanto a economia mundial. Assim, discutiu-se as origens da crise do “subprime”, em uma contextualização histórica e entendeu-se a repercussão dessa crise, com foco nas medidas anticíclicas brasileiras adotadas em nível setorial. Através de estudos econométricos que visavam avaliar a eficácia dessas medidas de políticas fiscal, monetária e creditícia, direcionadas aos setores automotivo, de construção civil e de móveis e eletrodomésticos, buscou-se entender a eficácia das medidas anticíclicas tanto como incentivo econômico, quanto na manutenção do nível de emprego, dois dos principais focos das políticas anticíclicas brasileiras. A análise empírica revelou, no lado do incentivo dos setores, que a política monetária expansionista não teve o efeito esperado em nenhum dos três setores testados, enquanto que as políticas creditícia e fiscal, também expansionistas, tiveram efeitos positivos sobre os setores em estudo. Pelo lado da eficácia na manutenção do emprego, as políticas fiscal e monetária foram eficazes para os três setores analisados, o que nos permite concluir que as medidas do governo tiveram alguma forma de eficácia. É importante ressaltar que se assumiu a premissa para as séries de IPI sobre o setor de móveis e eletrodomésticos e a série de desemprego, que não estavam disponíveis de forma específica, constituindo uma limitação ao trabalho.

Home bias no mercado de capitais brasileiro : um estudo sobre a custódia de investidores em ações

A presente dissertação apresenta uma análise da concentração do portfólio de a-ções de investidores brasileiros nas próprias empresas onde trabalham com o intuito de observar se o Home Bias se aplica à amostra analisada. Nosso estudo foi reali-zado com uma amostra extraída da custódia de 86 clientes de uma corretora de va-lores mobiliários, sendo estes dados reais de mercado. Restringimos a seleção da amostra de forma que metade fosse de clientes que trabalham em empresas de ca-pital aberto e a outra metade não. Foi feita análise cross section de quanto os inves-tidores alocam em ações das empresas para a qual trabalham e verificou-se qual o percentual desta participação em seus portfólios, em comparação a uma amostra de controle de investidores que não trabalham nesta mesma empresa. Além destas a-nálises, separamos a amostra pelo valor total do portfólio e realizamos os mesmos estudos com estes dois grupos diferentes da amostra. Como uma análise de robus-tez, identificamos empresas listadas que não adotam a remuneração com ações como uma sub-amostra do estudo. Como resultado, encontramos evidências de que os funcionários investem significativamente mais (seja em proporção do portfólio ou em valores) em ações das empresas onde trabalham em relação aos demais inves-tidores, evidenciando um viés de familiaridade na tomada de decisão de investimen-tos.

Fundo de investimento imobiliário: metodologia para subsidiar o investidor a formar uma carteira eficiente

O presente trabalho tem por objetivo subsidiar o investidor de Fundos de Investimento Imobiliário na escolha de uma carteira de aplicação de FIIs, visando obter performance igual ou superior ao índice de referência do setor (IFIX). Tal subsídio é constituído, inicialmente, por uma metodologia que considera que o conceito de Carteira Eficiente (Risco/Retorno) preconizada por Markowitz pode trabalhar em conjunto com a dimensão do conceito das Finanças Comportamentais, liderada por Daniel Kahneman, constituindo as bases de orientação do investidor. Acrescentamos o caminho metodológico com as indicações, sugeridas por Bazerman e Moore, no processo de tomada de decisão, que reduza os efeitos de heurísticas e vieses.

Fundos de investimento imobiliário no Brasil: as características que explicam o desempenho

O objetivo deste trabalho é ajudar o investidor que optou por investir seus recursos no mercado imobiliário a tomar sua decisão de investimento com base nas características endógenas facilmente identificáveis no prospecto dos Fundos de Investimento Imobiliários (FIIs). Foram selecionadas aquelas consideradas importantes pela literatura e foram construídos alguns modelos para testar sua influência na rentabilidade. Inicialmente, foi construído um modelo completo, com todas as variáveis, que apresentou resultados pouco relevantes, já que a maioria das variáveis não apresentou significância. Em seguida, um modelo reduzido foi montado com as variáveis que mais contribuíam para a rentabilidade, obtendo-se resultados relevantes. Através desse modelo, observou-se que FIIs que investem em desenvolvimento imobiliário, com foco no mercado residencial e com baixas taxas de administração, geraram maiores rentabilidades ao investidor.

O Litoral e a metrópole dinâmica imobiliária, turismo e expansão urbana na região metropolitana de Natal-RN

The metropolitan regions of Northeast Brazil are being gradually included in a scenario of international investments, which are motivated by the restructuring of both touristic and real-estate sectors. The new capital, real-estate developers and space configurations that result from this process indicate the need for the creation and implementation of public tools which should, at least, allow the mitigation of the urban impacts and environmental losses resulting from this situation. The effects on landscape and on the socio-spatial configuration result from the intensification caused by the dynamism of the "real estate-tourism" sector. There is a regional integration as an expression of the urban expansion of the metropolitan area of Natal. This study investigates the uniqueness of the restructuring and territorial integration of coastal areas and the strategies of the circuit of capital accumulation formed by linking the real estate to tourism. It is intended to increase the understanding about the strategies of tourism, real estate and public policy agents involved in this territorial reconfiguration and in the fund-raising needed for the investments, to understand the existing social and environmental effects and their future trends and also to understand the forms of spatial production as results from the practices of approaching the land transformation and the tourism valorization of the landscape, in a synchronous manner, first in the Northeast region and, as a focal study, in the Metropolitan Area of Natal. Likewise, it is intended to apprehend the current processes of metropolization of the eastern coast of Rio Grande do Norte, in addition to indicate its physical-territorial transformation and the types of projects/developments promoted by the market in the recent period. Based upon analysis undertaken for the Metropolitan Region of Natal RN, this piece of work presents some considerations on possible legal instruments that can be adjusted to the municipalities which are experiencing the impact of this peculiar and recent phenomenon in the region, caused by the arrival of the real estate-touristic capital. It is also intended to point out basic proposals to the forms of public intervention, in a speculative way, starting from a Metropolitan Planning project within a medium and long term

Espaços especiais em Natal (moradia e meio ambiente): um necessário diálogo entre direitos e espaços na perspectiva de proteção aos direitos fundamentais na cidade contemporânea

Some protected special spaces on behalf of fundamental rights to the environment and the housing at the city of Natal are fragile by facing actions and attempts to suppress and changing (or omission in the implementation) of standards in furtherance of those rights at the local level, which seems to reflect a situation that goes beyond the context of the city. Based on integrated approach of the housing rights and the environment and its protection of special spaces on the field of fundamental rights, the thesis seeks to understand the weaknesses that affect the legal state duty under the realization/implementation of fundamental rights to the environment and housing in cities, focusing on the issues of flexibility of the founding legislation of special spaces to the detriment of the attributes they protected and the lack of implementation of the legal system that allows their effectiveness. So, it looks initially to understand the environment and housing rights and their special protected areas in the brazilian legal system, looking forward the evolution of its legal protection, as well as the weaknesses that emerge in the field of their effectiveness. Analyzing the trajectory of the environment and housing rights and their special protected areas in Natal, considering its standards, attributes, protection indicators, weaknesses and negative evidence within its legal protections and their enforcement by state entity, this thesis proposes to verify the existence of forms to confronting the weaknesses founded in the maintenance of legal protection and its implementation. At this point it discusses the legal basis and safeguard instruments of protection, especially within the juridical field, as part of a (re)discussion about issues of legislative and administrative discretion in the face of objective legal state duty to realization/implementation of fundamental rights in the urban space. With all these issues together the thesis does not ignore the scenario where the dividing line between public and private (economic) are becoming ever more tenuous in the field of state action and where the city stands as a special commodity to the reproduction of real estate, according to the interests of capitalist logic

Outorga onerosa do direito de construir e dinâmica do mercado imobiliário formal: planejamento e descaminhos na expansão urbana de Parnamirim RN (2008-2010)

The `Outorga Onerosa do Direito de Construir - OODC` (Public Concession of Building Rights), instrument instituted by The City Statute in 2001, has as main objective the recovery of urban property, seeking for a fair distribution the urbanization benefits. The possibility of usage of the OODC instrument is linked to the maximum utilization coefficient, determined to specific areas in accordance to existing infrastructure conditions, further taking into account the formal real estate market, expansion axis and crowding. Being an instrument which establishes values to be paid for a better use of land, it maintains a narrow relation to the real estate, incentivizing or discouraging the crowding in specific areas. The present study investigates the relationship between the criteria for the making of the Public Concession of Building Rights instrument and the dynamics of the formal real estate market. It takes as empiric universe Parnamirim (RN), part of the Natal Metropolitan Area (RN), focusing on the application of the OODC in the period of 2008-2010. It seeks to better understand the necessary basis for the formulation of the instrument, about how it works and its relation to the formal real estate market. It aims to depict the formal real estate market by presenting the production of urban space in Parnamirim in terms of intensity and nature of the real estate, furthermore identifying the licensed properties through the application of the municipality instrument. For the conclusion, it is discussed the criteria for the formation of OODC, its relationship to the dynamics of the formal real estate market and its influencing possibilities in the processes of usage and occupation of land in the context of urban planning

Configurando a cidade contemporânea em Natal : os processos espaciais em Ponta Negra

This dissertation is about the spatial configuration in Natal and processes in the Ponta Negra neighborhood today. Ponta Negra has undergone a number of critical social and spatial changes due to tourism development after the 1990s. It is of special interest to consider the intensification of real estate investment after 2000, when the new airport terminal, located in the neighboring municipality of Parnamirim, was in use. Ponta Negra is the place where most tourists go to, so attracting considerable public investments. New agents of transformation have produced change in the neighborhood as well. The present study aims at analysing the spatial processes in this part of the city. Here, the spatial configuration that resulted from extended real estate investments, both public and private, in recent years, is analysed in detail. The study identifies the multually differentiated, however internally homogenous areas. The concepts of production of space, contemporanean urban development and spatial dynamics are discussed. The research is based on document analysis and field work. Results were plotted to maps and tables. A detailed analysis of the spatial processes in the Ponta Negra neighborhood is undertaken as a conclusion, considering the contemporanean global scenario

De gata borralheira a Cinderela :nova espacialidade decorrente do desenvolvimento turístico, diferenciada pelo estilo de vida em Ponta Negra, Natal, RN

The transformations economical, social and politics in you finish them decades of the century XX brought changes that didn't just limit to the production system. The flexible accumulation took many workers lost her/it their workstations and they look for her/it new survival forms, migrating for administrative activities, of services rendered and for the tourist activity of small and medium load. The State has been investing in the implantation of plans of tourist development in order to create favorable conditions for the reproduction of the tourist activity in Brazil, mainly in the Northeast. A space when it starts to present a predominant economical activity suffers a restructuring in their social and economical relationships. The restructuring of these relationships takes to the construction of a new espacialidade. In the city of Christmas, in Rio Grande do Norte, the neighborhood of Black Tip is the most representative of the public investments for the tourist development. After intense process of tourist urbanization, Black Tip passed interfering in the global context consolidating as the tourist locus in the city. The tourist urbanization of the neighborhood took to the transformation of the space in merchandise that is sold and consumed as such. The recreation of fragments of other cultures brought by social actors, resulting from migratory processes stimulated by the tourist development, it has been presenting ruled social relationships in the informational technology, consumption of global goods and in the fragmentation of the urban space characterized by the internationalization and cosmopolitização. That process has been masking the inequalities partners and cultural as well as the territorial appropriation for an economical elite. The spaces are being appropriate for investors of the tourist section, private investors, agents and real estate producers, where the inequality is not just economical, but also cultural. The local population, mainly of the urban fraction of the Town of Black Tip, it doesn't participate of the productive process in function of the little or any professional qualification and he/she doesn't also have access to the consumption process. To the native ones it remains the fight for the preservation of his/her cultural identity and for the survival

Método dinâmico aplicado para antenas cilíndricas

Nowadays there has been a major breakthrough in the aerospace area, with regard to rocket launches to research, experiments, telemetry system, remote sensing, radar system (tracking and monitoring), satellite communications system and insertion of satellites in orbit. This work aims at the application of a circular cylindrical microstrip antenna, ring type, and other cylindrical rectangular in structure of a rocket or missile to obtain telemetry data, operating in the range of 2 to 4 GHz, in S-band. Throughout this was developed just the theoretical analysis of the Transverse transmission line method which is a method of rigorous analysis in spectral domain, for use in rockets and missiles. This analyzes the spread in the direction "ρ" , transverse to dielectric interfaces "z" and "φ", for cylindrical coordinates, thus taking the general equations of electromagnetic fields in function of e [1]. It is worth mentioning that in order to obtain results, simulations and analysis of the structure under study was used HFSS program (High Frequency Structural Simulator) that uses the finite element method. With the theory developed computational resources were used to obtain the numerical calculations, using Fortran Power Station, Scilab and Wolfram Mathematica ®. The prototype was built using, as a substrate, the ULTRALAM ® 3850, of Rogers Corporation, and an aluminum plate as a cylindrical structure used to support. The agreement between the measured and simulated results validate the established processes. Conclusions and suggestions are presented for continuing this work

Estudo da circulação hidrodinâmica e da dispersão de óleo na zona costeira entre Macau e Galinhos RN

This paper presents a study on coastal hydrodynamics and the spread of an oil spill in waters off Macau and Galinhos, on the east coast of the state of Rio Grande do Norte in Northeast Brazil. This area has a very marked coastal dynamic owing to the complexity of its geomorphological features, developed in a regime of semidiurnal mesotides involving reefs, spits, estuaries, mangroves, lakes and dunes. The region also plays an important role in the socioeconomic development of the state, given that the production of oil, natural gas, salt and shrimp is concentrated there. The series of oil platforms is interconnected by a pipeline system that carries oil to the local terminal. This pipeline could leak at any moment, causing immense ecological damage. To gauge the risks of an oil leak and resulting contamination of the coastal region, two hydrodynamic scenarios were simulated. The results obtained were used to implement a contaminant transport model with the creation of various oil leak scenarios modeled at different volumes (from small to large) and intensities (sporadic and continuous), at points considered critical for the model (on two platforms and at two pipeline intersections), under different wind (summer and winter) and tidal (high and low at new, full and quarter moon phases) conditions. The use of hydrodynamic circulation computer models as a tool for representing a real project design has been increasingly frequent in recent years, given that they enable the realistic simulation of the hydrodynamic circulation pattern in bodies of water and an analysis of the impacts caused by contaminants released into the water. This study used the computer models contained in SisBAHIA®, in continuous development in the area of Coastal Engineering and Oceanography at COPPE/UFRJ

Uso urbano não potável de água de lagoas do sistema de drenagem de Natal

The detention and infiltration ponds of urban drainage system has function to protect the population from undesirable effects of floods. In general these ponds are not completly used and it potential is wasted. As it are disseminated at different places at cities it can reduce costs with water transport and permit water preservation of best quality. Some it utilities includes use in green areas irrigation, industrial among than cooling towers and boiler, soil compaction, cleaning urban road, pisciculture and fire fighting system. The quality these water is influenced by anauthorized sewage in the drainage system. This study was performed in six detention and infiltration ponds at drainage system of Natal, which aim was to verify the non-portable use these ponds on urban environment. As indirect aim would to incentive the water utilization these ponds as a water source to another uses in urban environment. These ponds represents the characteristics of detention and infiltration of Natal city and consequently of Brazil. As the water quality, the ponds presents following characteristics: three has apparently good quality, other showed intermediate condition and two had water polluted. Were performed twenty sample in each ponds and the following parameters assessed: pH, temperature, dissolved oxygen, turbidity, electrical conductivity, coliform thermotolerant, ammonia, organic nitrogen, TKN, nitrate, total phosphorus and alkalinity, bicarbonate, chloride, total hardness, calcium and magnesium hardness, total solids, TSS, TDS, COD and SAR°. To utilization on pisciculture we recommend use in ponds which presents the best quality. Only one pond presented higher pollutants and it not being appropriated for use in cooling tower. The content of solids suspension restricted the water use in all ponds in boilers. As water use in soil compaction, cleaning urban road and fire fighting system the water from these ponds are not appropriated. However, the recommended limits from literature are to domestic sewage, due to this, the parameters are restrictive to diminish the sanitary risk that could be offered with it utilization. The infiltration velocity of water these assessed ponds restrict a moderato use, however the effects are potentiated only in soil less sandy, which not occur in Natal. It is recommend the unrestricted irrigation utilization in ponds with best quality of water, and a restricted irrigation to ponds with worst quality of water. As load of pollutants, it is recommended a complementary treatment in those ponds whit higher load to diminish sanitary risks. In only one pond was found one helminth eggs and due to the convention formula of results, it was found for all ponds less than 1 helminth/liter eggs.

Diagnóstico operacional de lagoas de estabilização

This work intends to develop an approach based through scientific criteria in the operational diagnosis of ponds of stabilization, starting from analyses accomplished in loco and in laboratory of 78 systems of sewer treatment through ponds of stabilization in the State of Rio Grande do Norte. The objectives of the research are: to map, to evaluate and to diagnose the operational acting of the ponds of stabilization of the state of Rio Grande do Norte, through visits in loco and analyses laboratory; to build a SIG, through the map rain, locate the points of releases of sewages of the systems of existent ponds in Rio Grande do Norte, as well as operational data and his/her respective efficiency diagnosis in the removal of BOD and Coliforms Termotolerantes; to evaluate, in real scale, three systems of ponds of stabilization of RN in the operational efficiency for the parameters BOD5, COD, pH, Temperature, OD and Coliforms Termotolerantes. Of 78 ETEs of appraised RN just, 9% or 7 had maximum concepts in what concerns the removal of BOD and Coliforms Termotolerantes and 41% or 32, they had the worst concepts in term of operational efficiency. The flowing concentrations ETEs of RN of BOD and Coliforms were of 410mg/L and 2,50x107UFC/100ml, the predominant configuration is of the type F1+M1+M2, the relationship BOD/COD revealed for the sewer tributary characteristic biodegradable high. For the study of case of 3 ETEs, the best operational efficiencies in decreasing order were: Cidade (Municipal district), it Roça (State) and São Miguel (SAAE). The removals of final BOD were 51,6mg/L; 108,27mg/L and 62,6mg/L, tends efficiency of 82%; 74% and 81%. In term of coliforms removal in the final effluentes were 1,90x103UFC/100ml; 1,50x104UFC/100ml and 3,10x104UFC/100ml, tends efficiencies of 99,99%; 99,95% and 99,90%. In what it concerns the practice of agricultural reúso of cultures consumed raw, none of 3 ETEs assisted the parameters of the Resolution CONAMA 357/05, for other reúso practices, all assisted the categories B and C of OMS. For release in body receiving ETE Cidade just, they assist the demands of the resolution of CONAMA 357/05, by study of purification solemnity of the receiving body. The maintenance lack and operation; exclusive operator in ETEs and operation knowledge was the contributory factors for the operational fall in appraised ETEs of RN

A produção capitalista do espaço: os loteamentos, os condomínios fechados e o seu papel na formação do Bairro de Nova Parnamirim/Parnamirim-RN

This work exposed desired to investigate the function of evolution of closed allotment, of market of the earth and of forms of extraction of the lace of earth, in the processes capitalist production of urban space in Nova Parnamirim, community of Parnamirim/RN. This tendentious urbanization were marked for an expressive increase of number of horizontal and vertical closed residences joint ownership concerning at social groups more privileged financial position. Go after, set off, a temporal investigation, based in the forms of appropriation of space in the middle intermediate by action of the several producers agent of capitalist capital. This way, make necessary understand the past of local structure earth, in order that to make possible analyze the beginning of the process. Not enough, appealed the publics institutions as immobile notary s office and secretary municipal for to collect the more important information, and in the field through of application of formulary together the population of ward, in order that of examine the motivation of residential establishment inside. Make this, confirmed that the actual spatial organization of ward of Nova Parnamirim started of two allotments: the Vale do Pitimbú Park and Eucaliptos Park, both divided in several little allotments. Before of begin the ward, allotments reproduced set off from that native has been consigned during the 80, 90 decade s and begin the actual century, resigning a complicated urban structure earth, dynamized by exploration of a promising residential area. Leashed of this, confirmed the installation of logic of segregation and auto-segregation conducted by an immobile market which exclude the poor class and absorb rich class, motivate by perspective of obtaining of urban lace of earth by immobile promoter. However, perceived that the growth this market was promoted by migration of groups of capital, interior of state and others regions of country. Not distant, horizontal and vertical closed residences represent production forms of a new form of residence, corresponding the pattern architectonic as socioeconomics, strengthened by ideal of security, quality of life, necessity of reclusion and of proximity of Natal. Is in the capital which this individual found possibilities of attend satisfactory minimum of yours necessity in relation a consumption of bens and specialized and specifics services. Before this qualitative perceive that the social and spacial differential of Nova Parnamirim was the responsible by soil and habitation valorization of ward, that reinforce the promotion of segregation and of auto-segregation, and consequently, of capitalist reproduction of urban space

Produção do espaço e transformações urbanas no litoral sul de João Pessoa - PB

This present work has as its objective the analysis of transformations relating to the production processes in the Southern littoral urban space of the city of João Pessoa PB. The research estimated that the urban space is the product, means and condition of the society which produces it. The object-area of this inquiry is constituted of five districts: Altiplano Cabo Branco, Portal do Sol, Ponta do Seixas, Penha and Costa do Sol. The urban expansion which occurs in this area is characterized by the appearance of sufficient contradictory space phenomenona. On the other hand, the launching of real estate products such as the horizontal closed condominiums, directed towards the upper class, and the occurrence of areas of irregular occupation, inhabited by lower socioeconomic class and with a great lack of infrastructure and basic urban services, revealing the social contradictions. Due to this, processes such as auto-segregation and segregation imposed beyond the precarious and delinquent inclusion, has become the determining characteristic of this part of the city in analysis. The study also takes into account the appreciation of the new urban environmental zoning of Altiplano do Cabo Branco and from this moment on, start the discussion about the tendencies of urban expansion in this area, due to the interests and strategies of the real estate sector and the prominent role of the government in the current valorization process of urban soil of the area. The presence of residuals of agricultural businesses indicates a typical picture of the peri-urban areas configuring what we observe today at the Southern littoral of João Pessoa