Banco Nacional: jogo de Ponzi, PROER e FCVS

Banco Nacional: Ponzi game, PROER and FCVS. This paper analyses the causes of the failure of Banco Nacional and the resolution method adopted by the Brazilian central bank. The program (PROER) designed by the central bank and its legal framework allowed the failed bank to buy " defaulted securities" , financed by the central bank, and to use them as borrowing collateral. The paper also analyses the private and social costs of this bank failure.

Modelo para avaliação do custo burocrático do FCVS (Fundo de Compensação de Variações Salariais) : um estudo de caso

In 1964, year of the military coup, the Brazilian government established a housing finance system with the intention of reducing the housing shortage that had been going on for decades. In order to reach this goal, the government created the Housing Finance System (acronym in Portuguese ¿ SFH), a set of rules which intended to set up a regulated market through standardized contracts and compulsory sources of funds. The system survived for some time, due to the state control of prices and salaries in the authoritarian regime. However, the increasing inflationary pressure obliged the government to adopt a populist subsidy policy, which left as a consequence outstanding balances at the end of the contracts that very often exceeded the value of the financed units. The solution adopted was to create a fund to settle these residual balances. Such fund should be capitalized by the government and by compulsory contributions from borrowers and financial institutions. Since the government did not make such contributions, the debt of this fund increased on a yearly basis, reaching around 3,5 % of Brazil¿s GDP in December 31, 2006. Due to the decline of private investments in the housing finance system, this debt concentrated mostly on public and state-owned companies, government agencies and public funds. The outcome of this policy was the Salary Variations Compensation Fund (acronym in Portuguese ¿ FCVS), which has a negative net equity of 76 billion reais and costs 100 million reais per year to be managed, and whose main creditor is the Federal Government itself.

Excitability and recruitment patterns of spinal motoneurons in human sleep as assessed by F-wave recordings

This study examines the excitability and recruitment of spinal motoneurons in human sleep. The main objective was to assess whether supraspinal inhibition affects the different subpopulations of the compound spinal motoneuron pool in the same way or rather in a selective fashion in the various sleep stages. To this end, we studied F-conduction velocities (FCV) and F-tacheodispersion alongside F-amplitudes and F-persistence in 22 healthy subjects in sleep stages N2, N3 (slow-wave sleep), REM and in wakefulness. Stimuli were delivered on the ulnar nerve, and F-waves were recorded from the first dorsal interosseus muscle. Repeated sets of stimuli were stored to obtain at least 15 F-waves for each state of vigilance. F-tacheodispersion was calculated based on FCVs using the modified Kimura formula. Confirming the only previous study, excitability of spinal motoneurons was generally decreased in all sleep stages compared with wakefulness as indicated by significantly reduced F-persistence and F-amplitudes. More importantly, F-tacheodispersion showed a narrowed range of FCV in all sleep stages, most prominently in REM. In non-REM, this narrowed range was associated with a shift towards significantly decreased maximal FCV and mean FCV as well as with a trend towards lower minimal FCV. In REM, the lowering of mean FCV was even more pronounced, but contrary to non-REM sleep without a shift of minimal and maximal FCV. Variations in F-tacheodispersion between sleep stages suggest that different supraspinal inhibitory neuronal circuits acting on the spinal motoneuron pool may contribute to muscle hypotonia in human non-REM sleep and to atonia in REM sleep.