What happens after the Central Bank of Brazil increases the target interbank rate by 1%?

In this paper I use Taylor's (2001) model and Vector Auto Regressions to shed some light on the evolution of some key macroeconomic variables after the Central Bank of Brazil, through the COPOM, increases the target interest rate by 1%. From a quantitative perspective, the best estimate from the empírical analysis, obtained with a 1994 : 2 - 2004 : 2 subsample of the data, is that GDP goes through an accumulated decline, over the next four years, around 0.08%. Innovations to interest rates explain around 9.2% of the forecast erro r of GDP.

Comments on public debt indexation and denomination, the case of Brazil

In this work I analyze the model proposed by Goldfajn (2000) to study the choice of the denomination of the public debt. Some potential shortcmomings of the mo dei in explaining the data are discussed. Measures of the overestimation of the welfare gains of reducing distortions from taxation, under the model's simplified time frame, are also provided. Assuming a time-preference parameter of 0.9, for instance, welfare gains associated with a hedge to the debt that reduces to half a once-for-all 20o/o-of-GDP shock to governemnt spending run around 1.43% of GDP under the no-tax-smoothing structure of the model. Under a Ramsey allocation, though, welfare gains amount to just around 0.05% of GDP.

Temporal causality between the exchange rate and the trade balance : the case of Brazil

The paper assesses the impact of intemational relative prices and domestic expenditure variables on Brazil' s foreign trade performance in the first half of the 1990s. It has been argued that the appreciation of the Real since 1994 has had a detrimental impact of the country's trade balance. However, using temporal precedence analysis, our results do not indicate that the trade balance is strongly affected by intemational rei ative prices, such as the exchange rate. Instead, domestic expenditure variables appear to be more powerful determinant of the country' s trade performance in recent years. Granger and error correction causality techniques are used to determine temporal precedence between the trade balance and the exchange rate in the period under examination. Our findings shed light on the debate over the sustainability of recent exchange rate-anchored macroeconomic stabilisation programmes, which is a topic that has encouraged a lot of debate among academics and practitioners.

Immigration as a strategic vector for the socio-economic and institutional development of Brazil

Brazil has demonstrated resilience in relation to the recent economic crises and has an auspicious development potential projected for the coming decades, which, linked to the globalization process, provides important opportunities for our people. Gradually we have established ourselves as one of the leading nations in the world and we have become a reference in questions linked to economic equilibrium, development, energy, agriculture and the environment. This international recognition favors the exchange of experiences with other cultures, governments and organizations, bringing with it the possibility of stimulating a dynamic process of development and innovation.

Exposing corrupt politicians : the effects of Brazil's publicly released audits on electoral

This paper examines whether access to information enhances political accountabil- ity. Based upon the results of Brazil's recent anti-corruption program that randomly audits municipal expenditures of federally-transferred funds, it estimates the e®ects of the disclosure of local government corruption practices upon the re-election success of incumbent mayors. Comparing municipalities audited before and after the elections, we show that the audit policy reduced the incumbent's likelihood of re-election by approximately 20 percent, and was more pronounced in municipalities with radio sta- tions. These ¯ndings highlight the value of information and the role of the media in reducing informational asymmetries in the political process.

Growth process in business and social entrepreneurship: the case of Brazil

The purpose of the dissertation is to investigate in depth the difference between the challenges social and business entrepreneurs face in the growth phase of their business in the particular environment of Brazil. This objective has been achieved through a two-steps methodology. The first step is a set of in-depth interviews carried out with industry experts such as professors, venture capitalists, consultants, fund managers or people involved in the support of growing startups (i.e. accelerators). These interviews allowed, first, to build a general perspective on the environment entrepreneurs operate into and to identify a list of challenges entrepreneurs face in the growth process of their business. This list was completed with the additional challenges identified in the previous literature. The second step of the methodology was to test the relevance of these challenges in the mind and experience of social and traditional entrepreneurs. A questionnaire was then submitted to 145 social and 286 traditional entrepreneurs. The results were statistically analyzed to test the relative relevance of these challenges for one group of entrepreneurs with respect to the other. The outcome of the analysis was significant. The most relevant challenges identified were, for both groups, taxation, bureaucracy, finding the right employees, creating effective teams, measuring firm performance and social value creation and obtaining funds. On the other side motivation, innovation, competition and lack of market space for growth represented the least relevant issues in the minds of entrepreneurs. This rank however did not differ significantly from social to traditional entrepreneurs. This testifies that in Brazil social and traditional entrepreneurs face the same set of challenges despite the widespread belief of the opposite.

How to evaluate financial regulation of Brazil

The purpose of this paper is to evaluate the current financial regulation of Brazil, with emphasis on the changes that have occurred after the 2008 global crisis. Before that, this introduction presents the analytical perspective that will be used to think over the financial regulation of an emerging country, such as Brazil.

Metabolic syndrome in postmenopausal women: higher prevalence in the Northeastern Region of Brazil than in other Latin American countries and the influence of obesity and socioeconomic factors

SILVEIRA, Inavan Lopes da; MARANHÃO, T. M. O.; AZEVEDO, George Dantas. Metabolic syndrome in postmenopausal women: higher prevalence in the Northeastern Region of Brazil than in other Latin American countries and the influence of obesity and socioeconomic factors. Climacteric (Carnforth), v.10, p.438-439, 2007.

Ecological distribution of the shrimp Nematopalaemon schmitti (Crustacea: Decapoda: Caridea) in three bays on the south-eastern coast of Brazil

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Feeding habits of the blue shark (Prionace glauca) off the coast of Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Size-related shifts in dietary composition of Centropomus parallelus (Perciformes: Centropomidae) in an estuarine ecosystem of the southeastern coast of Brazil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Microscopic features of tick-bite lesions in anteaters and armadillos - Emas National Park and the Pantanal region of Brazil

The naturally occurring wildlife host associations between ticks and tick-borne pathogens found in the neotropics are poorly described. Understanding tick-bite lesions is important as these are the site of host reaction to and pathogen delivery by ticks. As part of a comprehensive study concerning established and emerging tick-host relationships. The present work describes some aspects of tick-bite lesions in anteaters and armadillos captured at the Emas National Park and the Pantanal region of Brazil. Biopsies were of skin were taken and examine. Tick feeding sites of all animals displayed an eosinophilic homogeneous mass, the cement cone, and, occasionally, a feeding cavity underneath the tick attachment site. At these locations the epidermis was usually thickened due to keratinocyte hyperplasia. The main dermal changes included tissue infiltration with a varying number of inflammatory cells, edema, hemorrhage. and vascular dilatation. Cellular infiltration of the dermis was predominantly composed of mononuclear cells, neutrophils. and eosinophils. Mast cells were also seen in both non-parasitized and parasitized skin but were found in higher numbers at perivascular sites and in parasitized skin. Basophils were not seen at tick attachment sites of anteaters or armadillos.

Postharvest quality of twelve onion cultivars grown in the Southeast of Brazil

Onions (Allium cepa L.) are grown in different parts of the Brazilian territory and are considered the third most important vegetable crop cultivated in the country, only behind potatoes and tomatoes. The present work was carried out aiming to evaluate the postharvest quality of twelve different onion cultivars grown in the Southeast of Brazil. Onions of the cultivars; 'Adocicada', 'Branca', 'Picante' and 'Roxa' were harvested in commercial fields and the cultivars 'Princesa', 'Serrana', 'Bulbo duplo', 'Granex 33', 'XP 6803', 'XP 8418', 'RP 6010' and 'Superex' were obtained in experimental fields. After harvest, bulbs were taken to the postharvest laboratory and evaluated for total soluble solids, titratable acidity, and pungency (aliinase activity). For total soluble solids 'Superex' had the lowest sugar content (5.4 degrees Brix) whereas the cultivar named 'Picante' showed the highest Brix (11.0 degrees Brix) among the studied materials. For titratable acidity, it was verified that 'Serrana' had the lowest acid content (0.094 g piruvic acid.100 g(-1) FW) whereas 'Branca' showed the highest content of organic acids. When pungency was evaluated it was verified that aliinase activity varied from 1.37 pg piruvic acid.100 g(-1) FW for 'Adocicada' to 12.18 mu g piruvic acid.100 g(-1) FW for 'Roxa', which was considered to have hot pungency (high alliinase activity and low TSS/TA), whereas 'Bulbo duplo' was evaluated as pungent (high alliinase activity and TSS/TA). The combination of the studied characteristics indicated that an onion with high pungency must have high aliinase activity and titratable acidity, whereas sweet onions shall have high soluble solids contents and low aliinase activity. Based on this information, 'Branca' bulbs were considered acids (weak pungency and high acidity), whereas 'Adocicada', 'Princesa', and 'Serrana' bulbs are sweet, due to low alliinase activity and titratable acidity. 'Superex', 'XP 6803', 'Granex 33' and 'Picante' had a moderately pungent flavor (alliinase activity intermediate and low TSS/TA), but 'XP 8418' and 'RP 6010' flavor was evaluated as lightly pungent (low alliinase activity TSS/TA).