Effects of the real plan of the Brazilian banking system

The aim of this paper is to assess the progress of the banking sector before and shortly after the Real Plan. We began by assessing the drop in the inflation revenues (negative real interest rates paid by the excess of demand deposits over total reserve requirements) as a result of the change in inflation from 40% a month for the pre-Real Plan period to a monthly average of 3.65% (IGP-DI), between July 1994 and May 1995. Then, using the financial statement data of a group of 90 banks, we attempt to estimate the net losses due to the inflation drop analyzing the profitability and other parameters of the banking industry. The calculations are made separately for private, state and federal banks. A later analysis on performance using information given to CVM (Securities Exchange Commission) by the six major private banks in the country is also discussed herein.

Debt management in Brazil: evaluation of the Real Plan and challenges ahead

The Brazilian domestic debt has posed two challenges to policy-makers: it has grown very fast and its maturity is extremely short. This has prompted fears that a default or a compulsory lengthening scheme would be imposed. Here, we analyse the domestic public debt management experience in Brazil, searching for policy prescriptions for the next few years. After briefiy reviewing the recent domestic public debt history, we decompose the large rise in federal bonded debt during 1995-2000, searching for its macroeconomic causes. The main culprits are the extremely high interest payments-which, unti11998, were caused by the weak fiscal stance and the quasi-fixed exchange-rate regime; and since 1999, by the impact ofthe currency depreciation On the dollar-indexed and the externai debt-, and the accumulation of assets of doubtful value, much of which may have to be written off in the future. Simulation exercises of the net debt path for the near future underscore the importance of a tighter fiscal stance to prevent the debt-GDP ratio from growing further. Given the need to quickly lengthen the debt maturity, our main policy advice is to foster, and rely more on, infiation-linked bonds.

Notes on cyclical tendency to the overvaluation of the real

This note addresses the question “To what extent financial regulation in Brazil was effective in neutralizing the tendency to the overvaluation of the exchange rate in Brazil since the 1994 Real Plan?” Aiming at answering this question, this note is organized as follows: after this short introduction, we briefly describe the Brazilian exchange rate behavior after the Real Plan, emphasizing its key role in keeping prices stable. In section 3, the recent measures adopted by the Brazilian Central Bank (BCB) aiming at avoiding the overvaluation of real will be summarized. In section 4, we argue in favor of a new policy mix that could avoid overvaluation of the currency. Finally, some issues will be raised in order to effectively neutralize the overvaluation of real.

Quartz Crystal Microbalance monitoring the real-time binding of lectin with carbohydrate with high and low molecular mass

Quartz Crystal Microbalance (QCM) was used to monitor the mass changes on a quartz crystal surface containing immobilized lectins that interacted with carbohydrates. The strategy for lectin immobilization was developed on the basis of a multilayer system composed of Au-cystamine-glutaraldehyde-lectin. Each step of the immobilization procedure was confirmed by FTIR analysis. The system was used to study the interactions of Concanavalin A (ConA) with maltose and Jacalin with Fetuin. The real-time binding of different concentrations of carbohydrate to the immobilized lectin was monitored by means of QCM measurements and the data obtained allowed for the construction of Langmuir isotherm curves. The association constants determined for the specific interactions analyzed here were (6.4 +/- 0.2) X 10(4) M-1 for Jacalin-Fetuin and (4.5 +/- 0.1) x 10(2) M-1 for ConA-maltose. These results indicate that the QCM constitutes a suitable method for the analysis of lectin-carbohydrate interactions, even when assaying low molecular mass ligands such as disaccharides. Published by Elsevier B.V.

SZEGO and PARA-ORTHOGONAL POLYNOMIALS on THE REAL LINE: ZEROS and CANONICAL SPECTRAL TRANSFORMATIONS

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

The Real Plan: Stabilization and destabilization

The paper analyzes Brazil's Real Plan, an exchange-rate based stabilization program, implemented in 1994, which mixed a spectacular price stabilization with some serious macroeconomic destabilization. The paper focuses on two of these imbalances: the consumption boom and the financial destabilization; showing that the former represented nothing the reverse side of a collapsed investment boom, which, in turn, led to the financial (banking) crisis. We hold that these instabilities were produced by a policy arrangement in which monetary and fiscal policies alone had to compensate for a largely appreciated, almost fixed, exchange rate anchor. (C) 2000 Elsevier Science Ltd. All rights reserved.

On the injectivity of C1 maps of the real plane

Let X : ℝ2 → ℝ2 be a C1 map. Denote by Spec(X) the set of (complex) eigenvalues of DXp when p varies in ℝ2. If there exists ε > 0 such that Spec(X) ∩ (-ε, ε) = ∅, then X is injective. Some applications of this result to the real Keller Jacobian conjecture are discussed.

The real cost of the external debt for the creditor and for the debtor

Includes bibliography

Szego{double acute} and para-orthogonal polynomials on the real line: Zeros and canonical spectral transformations

We study polynomials which satisfy the same recurrence relation as the Szego{double acute} polynomials, however, with the restriction that the (reflection) coefficients in the recurrence are larger than one in modulus. Para-orthogonal polynomials that follow from these Szego{double acute} polynomials are also considered. With positive values for the reflection coefficients, zeros of the Szego{double acute} polynomials, para-orthogonal polynomials and associated quadrature rules are also studied. Finally, again with positive values for the reflection coefficients, interlacing properties of the Szego{double acute} polynomials and polynomials arising from canonical spectral transformations are obtained. © 2012 American Mathematical Society.

Reinventing development: utopias devised by committees and seeds of change in the real world

Includes bibliography

The real cost of the external debt for the creditor and for the debtor

Includes bibliography

Determination of the Real Influence of the Addition of Four Thickening Agents in Creams Using Rheological Measurements

This study aimed to characterize different emulsions obtained by the addition of four thickening agents, using rheological measurements, beyond analyzing the emulsions by polarized light microscopy looking for liquid crystals on them. The addition of these four thickening agents did not modify the base emulsion rheology, only an improvement in the sensory of the formulation was verified. The polarized light microscopy showed the formation of liquid crystalline structures in all the formulations, thus, the thickening agents did not influence in this parameter too. However, the emulsions could be considered appropriated for cosmetic purposes, probably being highly physically stable. © 2013 Copyright Taylor and Francis Group, LLC.