A intervenção estatal sobre o mercado bancário no Brasil por meio dos bancos públicos: a tentativa de redução dos spreads em 2012

As taxas de juros cobradas pelos bancos têm sido alvo constante de críticas por parte da opinião pública e de preocupação por parte do governo. Uma das razões para essas altas taxas, além do nível elevado da taxa básica de juros SELIC, são os altos spreads cobrados pelos bancos. Uma das formas para tentar diminuir esse nível é aumentar a competitividade entre os bancos. Entretanto, uma suposta dificuldade para se atingir um maior nível de competição é o grau de concentração bancária existente hoje no Brasil. Nesse sentido, o governo brasileiro pressionou o mercado bancário para reduzir seus spreads e taxas durante o primeiro semestre de 2012, um período de aparente estabilidade macroeconômica e de forte queda da taxa SELIC. A pressão exercida pelo governo surtiu efeito, inicialmente sobre os bancos públicos, e, posteriormente, sobre os bancos privados, que anunciaram publicamente a redução de taxas para diversas operações. Este trabalho buscou entender as dimensões e origens dos efeitos desse posicionamento do governo sobre os spreads e a rentabilidade dos maiores bancos brasileiros. Como resultado, observou-se a efetividade da atuação governamental na redução do spread ex post, da rentabilidade das operações de crédito (proxy da taxa) e da rentabilidade geral dos bancos públicos e privados. Apesar disso, houve recuo por parte dos bancos privados na concessão de crédito apontando para o poder de mercado dessas instituições e levantando dúvidas sobre a real capacidade da utilização dos bancos públicos para fomentar maior competitividade em um ambiente de incerteza econômica.

The bacterial chromosome segregation protein Spo0J spreads along DNA from parS nucleation sites

Regulation of chromosome inheritance is essential to ensure proper transmission of genetic information. To accomplish accurate genome segregation, cells organize their chromosomes and actively separate them prior to cytokinesis. In Bacillus subtilis the Spo0J protein is required for accurate chromosome segregation and it regulates the developmental switch from vegetative growth to sporulation. Spo0J is a DNA-binding protein that recognizes at least eight identified parS sites located near the origin of replication. As judged by fluorescence microscopy, Spo0J forms discrete foci associated with the oriC region of the chromosome throughout the cell cycle. In an attempt to determine the mechanisms utilized by Spo0J to facilitate productive chromosome segregation, we have investigated the DNA binding activity of Spo0J. In vivo we find Spo0J associates with several kilobases of DNA flanking its specific binding sites (parS) through a parS-dependent nucleation event that promotes lateral spreading of Spo0J along the chromosome. Using purified components we find that Spo0J has the ability to coat non-specific DNA substrates. These 'Spo0J domains' provide large structures near oriC that could potentially demark, organize or localize the origin region of the chromosome.

Bond markets for Latin American debt in the 1990s

Includes bibliography

Capital flows to Latin America: third quarter 2002

Includes bibliography

Capital flows to Latin America: third quarter 2003

Includes bibliography

Capital flows to Latin America: third quarter 2004

Includes bibliography

Capital flows to Latin America: 2005 highlights

Includes bibliography

Capital flows to Latin America: quarterly developments

Includes bibliography

Os altos spreads bancários no Brasil e seus determinantes

O presente trabalho tem por objetivo compreender os motivos que podem explicar as altas taxas de juros de empréstimos no Brasil no período de 1999 a 2009. O estudo pretende identificar e caracterizar a evolução, a estrutura e determinantes do spread bancário. Na evolução, mostra-se o comportamento do spread no período. Na estrutura, demonstra-se a decomposição contábil efetuada pelo Bacen. Já os determinantes são a taxa Selic, a concorrência e a concentração bancária e o ambiente legal

Effect of the Type of Emulsifying Salt on Microstructure and Rheological Properties of "Requeijao Cremoso" Processed Cheese Spreads

The role of different types of emulsifying saltssodium citrate (TSC), sodium hexametaphosphate (SHMP), sodium tripolyphosphate (STPP) and tetrasodium pyrophosphate (TSPP)on microstructure and rheology of requeijao cremoso processed cheese was determined. The cheeses manufactured with TSC, TSPP, and STPP behaved like concentrated solutions, while the cheese manufactured with SHMP exhibited weak gel behavior and the lowest values for the phase angle (G/G). This means that SHMP cheese had the protein network with the largest amount of molecular interactions, which can be explained by its highest degree of fat emulsification. Rotational viscometry indicated that all the spreadable cheeses behaved like pseudoplastic fluids. The cheeses made with SHMP and TSPP presented low values for the flow behavior index, meaning that viscosity was more dependent on shear rate. Regarding the consistency index, TSPP cheese showed the highest value, which could be attributed to the combined effect of its high pH and homogeneous fat particle size distribution.

Essays on credit rating agencies and the assessment of sovereign risk

Sovereign ratings have only recently regained attention in the academic debate. This seems to be somewhat surprising against the background that their influence is well-known and that rating decisions have often been criticized in the past (as for example during the Asian crisis in the 90s). Sovereign ratings do not only assess the creditworthiness of governments: They are also included in the calculation of ratings for sub-sovereign issuers whereby their rating is usually restricted to the upper bound of the sovereign rating (sovereign ceiling). Earlier studies have also shown that the downgrade of a sovereign often leads to contagion effects on neighbor countries. This study focuses first on misleading incentives in the rating industry before chapter three summarizes the literature on the influence and determinants of sovereign ratings. The fourth chapter explores empirically how ratings respond to changes in sovereign debt across specific country groups. The fifth part focuses on single rating decisions of four selected rating agencies and investigates whether the timing of decisions gives reason for herding behavior. The final chapter presents a reform proposal for the future regulation of the rating industry in light of the aforementioned flaws.rn