Why banks want to be complex

We investigate whether and how bank complexity affects performance and systemic risk. We base the analysis on a complexity measure that captures diversification and diversity, controlling for size and other bank characteristics. We find that more complex banks exhibit a higher profitability, lower risk, and higher market share. Moreover, we show an inversely U-shaped relation between bank complexity and banks’ sensitivity to systemic shocks. The evidence challenges the view that higher bank complexity is per se bad and is consistent with theoretical models that show that diversity in the banking system is critical for financial stability.

Financial governance: the Brazilian experience on prudential regulation and its impacts on the effects of the 2008 financial crisis

The Brazilian economy was severely hit by the 2008 crisis. In the beginning of the crisis, the vast majorities of the economic agents and authorities thought that Brazil could face some sort of decoupling since some macroeconomic fundamentals were very good. What we saw, however, was that the Brazilian economy was not decoupled, and expectations faced a huge deterioration soon after the bankruptcy of Lehman Brothers in September 15th. Two aspects regarding the impact of crisis in Brazil, however, deserve a great deal of attention: (a) although deep, the impact did not last for a long time. Actually, the GDP growth experienced a good recovery in the second quarter of 2009, showing that the health of the Brazilian economy was good; (b) the Brazilian banking system performed very well during the crisis, although we cannot say the system was not in danger in the worst time of the crisis. In spite of the confidence crisis faced by the banking system 1, it showed a great deal of resilience. In this aspect, we argue that the restructure faced by the banking system in the aftermath of the Real Plan, as well as the development of a solid supervision regulation helped a lot the system to avoid the systemic crisis that was an open possibility to the Brazilian banking system in the end of 2008. These notes, thus, discusse why the Brazilian banking system performed pretty well in the 2008 financial crisis and how the Brazilian banking (and prudential) regulation can be taken as responsible for this good performance. More specifically, the paper back to the middle of the 1990s, when the Real Plan was implemented, in order to understand the role played by the restructuring of the Brazilian financial system in helping to pave the way to the great resilience experienced by the Brazilian banking system during the 2008 crisis. More specifically, the prudential regulation that was implemented in Brazil in the aftermath of the Real Plan seems to play a decisive role in the resilience of the system nowadays.

Estruturas cerâmicas a base de zircônia e alumina utilizadas na confecção de infra - estruturas para coroas e pontes fixas

The continuous advances in ceramic systems for crowns and bridges infrastructure getting researchers and manufacturers looking for a material that has good mechanical properties and aesthetic. The purpose of this study was to verify in which composition and sintering temperature the ceramic system for infrastructure composed of alumina and zirconia would have the best mechanical properties. With this objective we made in UFRN laboratories 45 test bodies in the form of rectangular bars with the following dimensions: 30mm x 8mm x 3mm, where we separated by the sintering temperature: 1200°C, 1300ºC and 1400ºC, and by comp osition: 33% Zirconia + 67% Alumina; 50% Zirconia + 50% Alumina and 25% Zirconia + 75% Alumina, these test bodies were not infiltrated with glass. Also, were made nine test bodies by a technical from a laboratory with a commercial ceramic system: in the Ceram Zircônia (Vita - Zahnfabrik) with the following dimensions: 20mm x 10mm x 0.5mm, these test bodies following all recommendations of the manufacturer and were infiltrated with glass. Were realized optical and electronic microscopy analyses, hardness testing, resistance to bending in three points, porosity and bulk density. After analysis of the results we verified that with the increasing of sintering temperature, increased the value of resistance to bending, but with the same temperature there was no significant difference between the different compositions, samples made with the commercial ceramic that were infiltrated, presented a resistance to bending six times greater than the samples sintered to 1400°C and which have not been infiltra ted. There was no significant difference between the values of apparent porosity for the samples made in UFRN laboratories, but the samples of commercial ceramic obtained 0% in porosity apparent value. In tests of Rockwell Hardness there is an increase in the value of Hardness, with the increase of sintering temperature for the samples not infiltrated. Samples infiltrated showed similar values as the samples sintered in 1400°C. There was no significant difference between the values of apparent density among samples manufactured in UFRN laboratories and samples made with a commercial ceramic

Níveis de proteína bruta em dietas comerciais para suínos em crescimento e terminação

Avaliaram-se quatro níveis de proteína bruta (PB) em dietas consideradas comerciais fornecidas a suínos machos castrados nas fases de crescimento e terminação. Foram utilizados 48 machos castrados de mesma linhagem genética, com pesos iniciais de 30,8 ± 0,12 kg (fase de crescimento) e 61,2 ± 0,89 kg (fase de terminação), segregados no sistema de produção. Os animais foram distribuídos em delineamento experimental de blocos ao acaso, compostos de quatro tratamentos (níveis de PB) e seis repetições e dois animais por unidade experimental. Os níveis de PB testados foram 19,5; 18,0; 16,5 e 15,0% na fase crescimento e 18,0; 16,5; 15,0 e 13,5% na fase terminação. Na fase crescimento, não foram constatadas diferenças no desempenho dos machos castrados. Independentemente do nível de PB na dieta, as exigências nutricionais foram atendidas, não obstante, a dieta com 16,5% PB indicou maior viabilidade econômica, calculada como margem bruta decorrente da alimentação. Semelhante à fase de crescimento, na fase de terminação os níveis de PB da dieta não promoveram diferenças no desempenho e nas características de carcaça dos animais ao abate. Ao considerar a margem bruta atribuída à alimentação, a dieta com 15,0% PB permitiria maior retorno econômico no período correspondente ao intervalo dos 60 aos 100 kg. A variação da proteína dietética com a suplementação dos principais aminoácidos não prejudicou o desempenho de suínos machos castrados nas fases de crescimento e terminação criados em condições desejáveis de saúde, segregados, em sistema de criação comercial. Pequenas variações entre aminoácidos não prejudicam o desempenho de suínos machos castrados nas fases de crescimento e terminação, desde que as exigências de lisina digestível e dos demais aminoácidos limitantes sejam mantidas próximas às relações mínimas atualmente indicadas.

Sincronismo de dispositivos para o georreferenciamento de imagens digitais

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Comparative ablation rate from a Er : YAG laser on enamel and dentin of primary and permanent teeth

This study was conducted to analyze the ablation rate and micromorphological aspects of microcavities in enamel and dentin of primary and permanent teeth using a Er:YAG laser system. Micromorphological evaluation has been performed in terms of permanent teeth; however, little information about Er: YAG laser interaction with primary teeth can be found in the literature. Because children have been the most beneficiary patients with laser therapy in our offices, it is extremely necessary to compare the effects of this kind of laser system on the enamel and dentin of permanent and primary teeth. In this study, we used eleven intact primary anterior exfoliated teeth and six extracted permanent molar teeth. We used a commercial laser system: a Er: YAG Twin Light laser system (Fotona Medical Lasers, Slovenia) at 2940 nm, changing average energy levels per pulse ( 100, 200, 300, and 400 mJ) producing 48 microcavities in enamel and dentin of primary and permanent teeth. Primary teeth are more easily ablated than are permanent teeth, when related to enamel or dentin. However, while this laser system is capable of slowly revealing the enamel's microstructure, in dentin only the lowest laser energies permit this kind of observation, more easily decomposing the original tissue aspect, when related to primary or permanent teeth. Statistically, the only different factor at the 5% level was an energy per pulse of 400 mJ, confirming the results found in SEM. Our results showed that dentin in both primary and permanent teeth is less resistant to Er: YAG laser ablation; this fact is easily observed under SEM observation and through the ablation rate evaluation.

Argentine convertibility: is it a relevant precedent for the dollarization process in Ecuador?

Includes bibliography

Competencia bancaria en México

Incluye Bibliografía

International finance and Caribbean development

Includes bibliography

From hard-peg to hard landing?: recent experiences of Argentina and Ecuador

Includes bibliography

The modernization of bank supervision

Includes bibliography

Neoliberal reforms and macroeconomic policy in Peru

Includes bibliography

Strengthening regional financial cooperation

Includes bibliography

Reflections on development financing

This article sets forth some reflections on the position of the region's countries and the different segments of their domestic financial structures in the international financial system. In the light of the financial globalization taking place in Latin America, it considers the circumstances of the largest countries in the region, looking beyond the stylized arguments of conventional wisdom to analyse different factors influencing the financial situation: sovereignty risk, financial globalization, the degree of financial integration, the cost of capital and the burden of country risk premiums, the link between sovereign risk and fiscal solvency and the consequences of segmented integration. Consideration is then given to courses of action that could reduce country risk. In addition, the role of the different institutional sectors in generating savings is analysed, and the main trends of financial intermediation in the region are considered: banking concentration, the increased involvement of foreign organizations and the role of the public-sector banking system in the circumstances that now prevail.

The determinants of recent foreign bank penetration in Brazil

Includes bibliography