Growth-Indexed Bonds in Emerging Markets: a Quantitative Approach

In the aftermath of sovereign defaults and financial crises in the 1990s, there have been calls for the widespread use by sovereigns of equity-like financial instruments, in particular, of GDP-indexed bonds. This paper calibrates a general equilibrium model with endogenous default to a typical emerging market economy and evaluates whether the existence of a (partially) GDP-indexed bond, as proposed in the literature, is quantitatively important in what concerns spreads, debt to GDP ratios, and the likelihood of defaultSovereign debt, GDP-indexed bonds, Spreads, Emerging markets, Default

Capital and Labor Mobility and their Impacts on Mexico’s Regional Labor Markets

This paper studies the effects of capital and labor mobility on real wages across Mexican states for the period 1997–2006. Employing dynamic panel data methods, we find: (1) strong positive effects on real wages from foreign direct investment (FDI) and from migration; (2) domestic and foreign migration provide similar wage effects; and (3) alternative partitions indicate that real wages are more sensitive to FDI-related fluctuations across states with relatively lower wages and migration levels. Overall, these results provide support that real wages respond positively to fluctuations in capital flows and labour movements as predicted from the theory

Surgical stoma recurrence after total laringectomy

SummaryStoma recurrence after total laryngectomy is one of the most severe developments of squamous cell carcinoma of the larynx. Risk factors most strongly implicated in stoma recurrence have been subglottic invasion by the laryngeal tumor and tracheotomy prior to laryngectomy.AimStudy the clinical findings of patients who underwent total laryngectomy and evaluate the probable risk factors to the development of stoma recurrence.Study designDescriptive and retrospective studyMaterials and MethodsWe studied data from 47 patients who underwent total laryngectomy for the treatment of laryngeal cancer between 1995 and 2004 and evaluated recurrences and risk factors.ResultsStoma recurrence developed in 10.6 per cent of them(5 cases). There was no significant correlation between stoma recurrence and subglottic invasion or prior tracheotomy.ConclusionStoma recurrence still is one of the most lethal developments associated to laryngeal cancer. In the present study it was not possible to identify factors related to this recurrence. Further studies with a larger sample and a longer follow-up period are necessary to better understand this condition

Effec of activation mode of dual-cured resin cements on polymerization kinetics, mechanical properties, bond strength and stress generation

Orientador: Luis Roberto Marcondes MartinsTese (doutorado) - Universidade Estadual de Campinas, Faculdade de Odontologia de PiracicabaResumo: Durante os procedimentos de cimentação de restaurações indiretas e pinos intra-radiculares usando cimentos resinosos, a polimerização apropriada do cimento é essencial para o sucesso clínico da restauração. Entretanto, o potencial de polimerização dos componentes de ativação química e por luz de cimentos resinosos duais demonstra ser muito variável. Em adição, o rápido aumento da viscosidade causado pela fotoativação pode inibir a polimerização ativada quimicamente e reduzir o grau de conversão (GC) final. Assim, os objetivos deste estudo foram avaliar o efeito da fotoativação (ausência, imediata ou tardia) de três cimentos resinosos duais (Enforce, RelyX ARC e Panavia F) sobre: 1 ¿ cinética de taxa de polimerização (Tp); 2 ¿ resistência à tração diametral (RTD) e rigidez relativa (RR); 3 ¿ tensão de contração de polimerização (TC); 4 ¿ resistência máxima à tração (RMT) e 5 ¿ resistência de união ao cisalhamento (RU). Para este último, o tempo do teste (10 minutos ou 24 horas) também foi avaliado. A fotoativação aumentou o GC para todos os cimentos resinosos. A ativação tardia melhorou o GC para o Enforce, reduziu para o RelyX ARC e para o Panavia F. Entretanto, este modo de ativação reduziu a Tp para todos os cimentos. O Panavia F apresentou a mais lenta reação de polimerização e os menores GC quando usado na ausência de fotoativação. O uso do ED Primer com este cimento aumentou o GC para todos os modos de ativação. A ausência de fotoativação reduziu a RTD apenas para o Panavia F. Para a fotoativação tardia, o RelyX ARC mostrou maior RTD que os outros cimentos. Para RR, não houve diferença entre os modos de ativação, mas o RelyX ARC mostrou maiores valores que o Panavia F para fotoativação imediata. A ausência de fotoativação gerou as menores TC e a fotoativação imediata levou aos maiores valores. Para os cimentos, o RelyX ARC mostrou maior TC que o Panavia F. Não houve efeito do modos de ativação na RMT. Os menores valores de RMT foram encontrados para o Panavia F. O RelyX ARC apresentou os maiores valores de RU e o Panavia F os menores. A fotoativação dos cimentos aumentou a RU, independentemente do momento em que foi realizada. Os corpos-de-prova testados após 24 horas apresentaram maiores valores que aqueles avaliados após 10 minutosAbstract: During the cementation procedures of indirect restorations and intraradicular posts using resin cements, proper polymerization of the luting material is essential for the clinical success of restorations. However, the polymerization potential of chemically cured and light-cured components of commercially available dual-cured cements was found to vary greatly. In addition, the rapid increase in viscosity caused by light-activation may inhibit the chemically induced polymerization and reduce the ultimate degree of conversion (DC). Therefore, the aims of this study were to evaluate the effect of the light-activation (absence, immediate or delayed) of three dual-cured resin cement (Enforce, RelyX ARC and Panavia F) on: 1 ¿ kinetics and rate of polymerization (Rp); 2 ¿ diametral tensile strength (DTS) and relative rigidity (RR); 3 ¿ polymerization shrinkage stress (SS); 4 ¿ ultimate tensile strength (UTS) and 5 ¿ shear bond strength (BS). For latter, the testing times (10 minutes or 24 hours) were also evaluated. Light-activation improved the DC for all resin cements. Delayed light-activation improved the DC for Enforce, reduced it for RelyX ARC and Panavia F. However, this activation mode reduced the maximum Rp for all cements. Panavia F presented slower polymerization reaction and the lowest DC when used in the absence of lightactivation. The use of ED Primer with this cement increases the DC for all activation modes. The absence of light-activation reduced the DTS only in Panavia F. For delayed light-activation, RelyX ARC showed higher DTS than the other cements. For RR, there was no difference between the activation modes, but RelyX ARC presented higher values than Panavia F for immediate light-activation. The absence of light-activation generated the lowest SS and the immediate lightactivation led to the highest values. For the cements, RelyX ARC showed higher SS than Panavia F. The activation mode had no effect on UTS. The lowest UTS values were found for Panavia F. RelyX ARC presented the highest BS values and Panavia F the lowest. Light-activation of the cements improved the BS, independently of the time that this was done. The specimens tested at 24 hours presented higher values than those evaluated at 10 minutesDoutoradoDentísticaDoutor em Clínica Odontológic

Influence of cement degree of conversion and adhesive procedure on retention of root canal posts

Orientador: Luis Roberto Marcondes MartinsDissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Odontologia de PiracicabaResumo: Sistemas de união convencionais de dois passos e autocondicionantes de passo único podem ser incompatíveis com cimentos resinosos duais quando estes não são fotoativados. Os objetivos deste trabalho foram avaliar em três diferentes profundidades (terços cervical, médio e apical): (1) o grau de conversão do cimento resinoso RelyX ARC fotoativado através de dois pinos intra-radiculares com diferentes graus de translucidez, o pino de fibra de quartzo translúcido Light-Post (LP) e o pino de fibra de carbono envolto por fibra de quartzo Aestheti-Post (AP); (2) a resistência de união a push-out destes dois pinos e a influência do procedimento adesivo, utilizando um ativador químico ou a aplicação adicional de uma resina adesiva mais hidrófoba, sobre a retenção destes ao canal radicular. Para a mensuração do grau de conversão, foram confeccionadas matrizes de silicone de adição simulando canais radiculares. Os pinos, cinco de cada, foram ¿cimentados¿ nestas matrizes e, após a fotoativação, estes foram removidos para a leitura do espectro do cimento resinoso através do espectrômetro FT-Raman. O cálculo do grau de conversão foi realizado através da análise da mudança na proporção entre as alturas dos picos das ligações duplas de carbono alifática e aromática. Os dados foram submetidos a ANOVA um fator com parcela sub-dividida e teste de Tukey (a=0,05). Apenas no terço médio o cimento resinoso apresentou maior grau de conversão quando fotoativado através do pino LP em relação ao AP. Para LP, o grau de conversão do cimento nos terços cervical e médio não diferiu estatisticamente, sendo inferior no terço apical. Já para AP, não houve diferença estatisticamente significante entre os terços apical e médio, que apresentaram graus de conversão inferiores ao terço cervical. Para a segunda proposição, foram utilizadas sesseenta raízes de incisivos bovinos para avaliar a retenção dos pinos, sendo alocadas dez para cada procedimento adesivo: PB (Prime&Bond 2.1), PB + SC (Self-cure activator), PB + SBM (adesivo do sistema Scotchbond Multi-purpose), BB (Brush&Bond), BB + CAT (catalisador químico) e BB + SBM. Para cada procedimento adesivo, foram utilizados os pinos LP e AP (n=5). Após tratamento endodôntico e cimentação dos pinos com cimento resinoso RelyX ARC, as raízes foram seccionadas no sentido mesio-distal de forma a obter duas secções terço, uma para o ensaio de push-out e outra para análise das interfaces de união em MEV. O teste push-out foi realizado em máquina de ensaio EMIC a uma velocidade de 0,5 mm/min. O padrão de fratura das amostras foi avaliado em estereomicrocópio e classificado em: tipo 1- interface cimento/pino, tipo 2 - mista e tipo 3 - interface cimento/dentina. A análise estatística dos dados foi feita através de ANOVA dois fatores com parcela sub-dividida e teste de Tukey (a=0,05). Não houve diferença estatisticamente significante entre as médias dos dois pinos. O terço apical apresentou os menores valores de retenção e não houve diferença estatisticamente significante entre os terços médio e cervical. Para os dois sistemas adesivos, PB e BB, a utilização da resina adesiva hidrófoba SBM aumentou a retenção dos pinos. Já a utilização dos catalisadores SC e CAT não alterou os valores de resistência de união por push-out. Entretanto, não houve diferença estatística entre a utilização dos catalisadores e a aplicação da resina adesiva SBMAbstract: Two-step etch-and-rinse and one-step self-etching bonding systems may be incompatible with dual-cured resin cements when these are not photo activated. The aims of this study were to assess the following, at three different depths (cervical, middle and apical thirds): (1) the degree of conversion of the resin cement RelyX ARC, photo activated through two intra-radicular posts with different degrees of translucence, the translucent quartz fiber-post Light-Post (LP) and and the quartz-coated-carbon-fiber post Aestheti-Post (AP); (2) the push-out bond strength of these posts and the influence of the adhesive procedurea, using a chemical co-initiator or an additional coat of a more hydrophobic bonding resin, on their retention in the root canal. In order to measure the degree of conversion, polyvinylsiloxane matrices were confected to simulate root canals. The posts, five of each one, were cemented in these matrixes and, after photo activation, these were removed for reading the resin cement spectrum with the FT-Raman spectrometer. The degree of conversion calculation was made by analyzing the changes in the ratio between the heights of the peaks of aliphatic and aromatic carbon double bonds. Data were submitted to the split-plot ANOVA one-way and Tukey test. The resin cement presented the highest degree of conversion only in the middle third, when photo activated through the LP post in comparison with AP. For LP, cement degree of conversion in the cervical and middle thirds did not differ statistically, being inferior in the apical third. Whereas for AP, there was no difference statistically significant between the apical and middle thirds, which presented degrees of conversion inferior to that of the cervical third. For the second proposition, sixty bovine incisor roots were used to assess post retention, ten roots were used for each adhesive procedure: PB (Prime&Bond 2.1), PB + SC (Self-cure activator), PB + SBM (Scotchbond Multi-purpose system adhesive), BB (Brush&Bond), BB + CAT (chemical catalyzer ) and BB + SBM. For each adhesive procedure, the LP and AP posts were used (n=5). After endodontic treatment and cementing the posts one with RelyX ARC resin cement, the roots were mesio-distally sectioned to obtain two sections per third, one for the push-out test and one for SEM analysis of the bonded interfaces. The push-out test was performed in an EMIC test machine at a crosshead speed of 0.5 mm/min. The failure mode of the specimens was analyzed under a stereomicroscope and classified as follows: Type 1- cement/post interface, Type 2 - mixed and Type 3 - cement/dentin interface. Data were statistically analyzed by split-plot ANOVA two-way and Tukey test (a=0.05). There was no difference statistically significant between the mean values of the two posts. The apical third presented the lowest retention values, and there was no difference statistically significant between the middle and cervical thirds. For the two adhesive systems, PB and BB, the use of hydrophobic adhesive resin SBM increased post retention. Whereas the use of SC and CAT catalyst did not alter the push-out bond strength values. Nevertheless, there was no statistical difference between the use of the catalysts and the application of SBM adhesive resinMestradoDentísticaMestre em Clínica Odontológic

Dependence of wear and mechanical behavior of nitrocarburized/CrN/DLC layer on film thickness

Diamond-like carbon (DLC) films are amorphous metastable carbon form that provide interesting mechanical and tribological properties. The role of film thickness influence upon wear and mechanical properties is of interest and not yet fully reported. In this study, two samples of previously plasma nitrocarburized, quenched and tempered H13 steel were duplex treated. First, a physical vapor deposition (PVD) chromium nitride (CrN) layer was applied, followed by a top final diamond-like carbon layer applied by plasma-enhanced chemical vapor deposition (PECVD). To evaluate thicknesses influence on mechanical and wear properties of coatings, samples were treated using two different thicknesses of both layers. In this study, the thickest CrN and DLC case presented higher hardness and better tribological properties, however, its failure occurs in brittle fashion.Peer ReviewedPostprint (published version

China’s Exports and the Oil Price

The increase in oil prices in recent years has occurred concurrently with a rapid expansion of Chinese exports in the world markets, despite China being an oil importing country. In this paper we develop a theoretical model that explains the positive correlation between Chinese exports and the oil price. The model shows that Chinese growth can lead to an increase in oil prices that has a stronger impact on its export competitors. This is due to the large labor force surplus of China. We then examine this hypothesis by estimating a reduced form equation for Chinese exports using Rodrik (2006)’s measure of export competitiveness, together with the oil price, productivity, real exchange rate, and foreign industrial production over the monthly 1992-2005 period. The results suggest a stable relationship and yields slightly positive values for the price of oil and elastic coefficients for export competitiveness, along with the expected negative elasticity for the real exchange rate

Austenite reversion kinetics and stability during tempering of an additively manufactured maraging 300 steel

Reverted austenite is a metastable phase that can be used in maraging steels to increase ductility via transformation-induced plasticity or TRIP effect. In the present study, 18Ni maraging steel samples were built by selective laser melting, homogenized at 820¿°C and then subjected to different isothermal tempering cycles aiming for martensite-to-austenite reversion. Thermodynamic simulations were used to estimate the inter-critical austenite¿+¿ferrite field and to interpret the results obtained after tempering. In-situ synchrotron X-ray diffraction was performed during the heating, soaking and cooling of the samples to characterize the martensite-to-austenite reversion kinetics and the reverted austenite stability upon cooling to room temperature. The reverted austenite size and distribution were measured by Electron Backscattered Diffraction. Results showed that the selected soaking temperatures of 610¿°C and 650¿°C promoted significant and gradual martensite-to-austenite reversion with high thermal stability. Tempering at 690¿°C caused massive and complete austenitization, resulting in low austenite stability upon cooling due to compositional homogenization.Peer ReviewedPostprint (author's final draft