Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence

We investigate the impact of the introduction of the Euro on exchange rate exposures for French corporations and examine the corporate use of foreign currency derivatives to hedge exchange rate exposure post-Euro. Our findings indicate that the introduction of the Euro is associated with both a reduction in the number of firms that have significant exchange rate exposure and the absolute size of exposure. Consistent with these reduced exposures, French firms use foreign currency derivatives less intensively. Furthermore, the use of foreign currency derivatives is found to be associated with lower exchange rate exposure but there is insufficient evidence that these instruments are more effective in the post-Euro environment.

The credit spread dynamics of Latin American euro issues in international bond markets

This paper investigates two important relationships using the sovereign issues made by major Latin American economies in the international bond market: the determinants of credit spread changes using variables derived from structural and macroeconomic theory and the impact of a default episode on the underlying equilibrium dynamics. We find four significant determinants of credit spread changes: an asset and interest rate factor—consistent with structural models of credit spread pricing; the exchange rate—consistent with macroeconomic determinants and the slope of the yield curve—consistent with a business cycle effect. Also, an intra-regional analysis of sovereign yields reveals a shift in the long-run equilibrium dynamics around the Argentine default on the 23 December 2001.

Unificação monetária e sistema financeiro: o Euro e a América Latina

O processo de unificação monetária europeu é estudado a partir da apresentação da teoria das áreas monetárias ótimas e da estrutura institucional que lhe deu origem. Com base no processo de criação do euro e de seus efeitos na evolução do sistema financeiro, são formuladas questões acerca da propriedade da apliação desta experiência a países emergentes e, em especial, à América Latina.

Sovereignty, exchange rate and the Euro crisis

This paper presents an interpretation of the European crisis based on the balance of payments imbalances within the Eurozone and highlighting the role of the “internal” real exchange rates as a primary cause of the crisis. It explores the structural contradictions that turn the Euro into a “foreign currency” for each individual Eurozone country. These contradictions imply the inability of national central banks to monetize the public and private debts, which makes the Euro crisis a sovereign crisis similar to those typical of emerging countries, but whose solution presents additional obstacles.

História, filosofia e espaços: a idéia de ocidente em Oswald Spengler

This article claim to estabilish a epistemologic discourse from the science history´s point of view in a moment where its statute,methods , approachs and possibility conditions, in history´s crisis period, depares itself in risk, as universitary institutions as european´s social imagination about knowing for excellence. Our spotlight though is the concept of space, a strong question to a timeless snip, once philosophy and History renounced this concept due to the time question, so commum used until nowdays in both discourses. From this perspective, we search to elucidate Spengler´s history and space point of view, attempting to the occidental idea produced by the author, tapping to the symbolical and discursive dynamics and its dialogic relation with westerner´s political and cultural in the end of XIX century toward second great war. Thereby Spengler´s effort was always crucial to define concepts of history, science, art, space,civilizations, culture, city, country and mainly discussing spenglerian relation to social-political facts that sorrounded him. And finally, his project of cientific revolution, which was displayed by Spengler as a challenge to History of science´s paradigm

As estruturas sociais e econômicas do Império Romano do Ocidente e o estabelecimento do reino dos visigodos nas Galliae Aquitania e Narbonensis

In the year 376 of the Common Era, a tribe of Germanic warriors known as Tervingi , of Gothic extraction, crossed the Hister (Danube) river due south, entering the Roman Empire. They fled the Huns, a nomadic group that came plundering their way from the East. It did not take long for a conflict between the Roman imperial authorities and the refugees to begin. Peace was reached in 382 and, henceforth, the Tervingi would be officially foederati (allies) of the Romans, gaining the right to remain an autonomous tribe inside the borders of the Empire. For the next thirteen years the Tervingi warriors fought beside the Roman imperial armies in every major conflict. Nevertheless, after the death of the emperor Theodosius I in 395, their relations deteriorated severely. In theory, the Tervingi remained Roman allies; in practice, they begun to extort monies and other assets from the emperors Honorius and Arcadius. The sack of Rome by the Tervingi king Alaric in 410 was both the culmination and the point of inflection of this state of affairs. During the 410s the Tervingi warriors would fought again beside the Roman Imperial armies and be rewarded with a piece of land in the southwestern portion of the Gallic diocese. Dubbed Visigoths , they would remain trusted Roman allies throughout the next decades, consolidating their own kingdom in the process. This dissertation deals not only with the institution of the Visigothic kingdom in the southwestern portion of the Galliae but also with the social and economic conditions that hindered the Roman ability to defend their territory by themselves, hence opening opportunities for foederati like the Tervingi to carve out a piece of it for themselves.

Tooth replantation after use of euro-coffins solution or bovine milk as storage medium: a histomorphometric analysis in dogs

Purpose: Euro-Collins solution was developed for the preservation of organs for transplantation, whose characteristics have raised interest for its use as a storage medium for avulsed teeth before replantation. This study evaluated histologically and morphometrically the healing process of dog teeth replanted after storage in Euro-Collins solution or bovine milk.Materials and Methods: Eighty roots of 4 young adult mongrel clogs were randomly assigned to 4 groups (n = 20) and the root canals were instrumented and obturated with gutta-percha and a calcium hydroxide-based sealer. After 2 weeks, the teeth were extracted and subjected to the following protocols: GI (negative control), replantation immediately after extraction; GII (positive control), bench-drying for 2 hours before replantation; GIII and GIV, immersion in 10 mL of whole bovine milk and Euro-Collins solution at 4 C, respectively, for 8 hours before replantation. The animals were sacrificed 90 days postoperatively. The pieces containing the replanted teeth were subjected to routine processing for histologic and histometric analyses under light microscopy and polarized light microscopy.Results: Root resorption was observed in all groups. GII exhibited the greatest loss of dental structure (P < .01), and inflammatory resorption was predominant in this group. Storage in milk showed poorer results than immediate replantation and storage in Euro-Collins solution (P < .01). The teeth stored in Euro-Collins solution presented similar extension of root resorption and periodontal ligament reorganization to those of immediately replanted teeth.Conclusions: The findings of this study suggest that the Euro-Collins solution is an adequate storage medium for keeping avulsed teeth for up to 8 hours before replantation.

A teoria educacional no Ocidente: entre modernidade e pós-modernidade

O artigo trata das principais forças em filosofia da educação no Ocidente Moderno e Contemporâneo. Particularmente, destaca a posição do Brasil nos últimos anos, dado que localiza na contribuição de Paulo Freire, junto com o alemão Herbart e com o norte-americano Dewey, a formulação das linhas mestras da pedagogia moderna. O texto também faz menção ao trabalho atual do neopragmatismo, sob o qual nasce a filosofia da educação inspirada nos filósofos norte americanos Richard Rorty e Donald Davidson, que revolucionam atualmente não só a filosofia mas seus campos aplicados, como o direito, a religião, a política e, como não poderia deixar de ser, a educação.

Emergence de l'euro: implications pour l'Amérique latine et les Caraïbes

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