Intergenerational Transmission of Human Capital in Brazil: Differences According to Race and Region

The main objective of the research is to analyze the relationship between human capital formation, and processes of economic growth and social development by exploring the use of the population's nutritional and health variables to assess the quality of human capital and the mechanisms through which this capital is transmitted between generations among people of different races living in different regions of Brazil. This research includes considerations on recent advances in the economic growth theory that relates health, human capital, and long-term economic growth (see Fogel, R.W. "The Impact of Nutrition on Economic Growth", July/2001.) The evidence is obtained from the analysis of an important Brazilian database, “Pesquisa de Padrão de Vidaâ€, the Brazilian version of the World Bank´s “Living Standard Measurement Surveyâ€, conducted between 1996 and 1997, for the Northeast and Southeast Regions. The model we developed has two phases. In phase one we verified the factors which explain the differences in human capital formation between races, using the region and the area where the person lived as control variables. This part of the study focuses on information pertaining to economically active individuals (people between 19 and 59 years-old, both genders)with the purpose to analyze the connection between individuals' health variables, such as height and health status, and socioeconomic variables, like income and educational attainment, In phase two, the factors that explain the differences in the intergenerational transmission of human capital among races, were determined; area (urban x rural) and region were used as control variables. This part of the study focuses on information pertaining to individuals belonging to the same group, with at least one child to raise (2 to 21 years-old, both genders) in order to evaluate the intergenerational transmission of human capital. Results lead to the conclusion that relevant investments in human capital formation, such as educational attainment, create better opportunities to the individual in terms of employment and income. Beyond these primary effects, however, there are secondary effects, mainly based on the transmission of human capital formation through generations, which result in population lifestyle changes, economic growth and development.

Health, human capital and economic growth in Brazil

The main objective of the research is to analyze the relationship between population health status, and processes of economic growth and social development in Brazil by exploring the use of the population's nutritional and health variables to assess the quality of human capital and the mechanisms through which these variables may impact the country’s economic performance in terms of human capital formation, long-term economic growth, and social development. This research includes considerations on recent advances in the economic growth theory that contains the relationship between health, human capital, and long-term economic growth, as well as empirical evidence obtained from the analysis of an important Brazilian database, the Living Standards Measurement Survey, (Pesquisa de Padrao de Vida - PPV), a household survey conducted between 1996 and 1997 in both the Southeast and Northeast Regions of Brazil. The first part of the study focuses on information from individuals belonging to the group of economically active population (people between 19 and 59 years-old, both genders) to analyze the connection of individuals' health variables, such as height and health status, with socioeconomic variables, like income and educational attainment, controlling by area of residence (rural vs urban) and region (Northeast vs Southeast) The second part of the study focuses on information from individuals belonging to the group of economically active population (19 to 59 years-old both genders) with at least one child to support (2 to 21 years-old, both genders) in order to evaluate the intergenerational transmission of human capital, that is, analyzing the relations among parents data on health and nutritional status, income and educational attainment and the investment he/she is providing to the formation of human capital of his/her own child, controlling by area of residence (rural vs urban) and region (Northeast vs Southeast). Results lead to the conclusion that improvements generated through human capital investments made in one individual by the family do not finish at the individual himself, but are propagated to the next generations, independently from mechanisms of income. That is, relevant investments in human capital development, as educational attainment, nutrition, and health, create better opportunities to the individual in terms of employment and income. However, beyond these primary effects, there are secondary effects, mainly based on the transmission of human capital formation through generations, that result in population lifestyle changes, economic growth and development.

The first detection of Leishmania major in naturally infected Sergentomyia minuta in Portugal

Phlebotomine sandflies of the genus Sergentomyia are widely distributed throughout the Old World. It has been suggested that Sergentomyia spp are involved in the transmission of Leishmania in India and Africa, whereas Phlebotomus spp are thought to be the sole vectors of Leishmania in the Old World. In this study, Leishmania major DNA was detected in one Sergentomyia minuta specimen that was collected in the southern region of Portugal. This study challenges the dogma that Leishmania is exclusively transmitted by species of the genus Phlebotomus in the Old World.EU/FEDER [PTDC/CVT/112371/2009]; EU [FP7-261504 EDENext]info:eu-repo/semantics/publishedVersio

Success determinants of Initial Coin Offerings (ICOs)

Fintech companies have been surging taking advantage of the current technological developments and have been challenging traditional incumbents. Disruptive ventures financed by cryptocurrencies are one of the main topics related to technological developments, capable of completely eliminating the need for a third-party intervenient and reducing the gap between investors and promoters. The purpose of this thesis is to identify the main impacts that fintech companies have on the business models of traditional banking/financial institutions and to focus on the success factors of disruptive and highly technological Initial Coin Offerings (ICO) projects, particularly, on the human capital factors. In order to do that, the thesis is divided into three main studies, each one of them focused on a particular topic. The methods used in this thesis are mixed as a qualitative approach was adopted through a systematic literature review, and a quantitative approach was performed by building several econometric models. This thesis concludes that fintechs cannot be considered complete substitutes to the traditional services yet. Nevertheless, they are posing incumbents challenges and exposing the weaknesses of their business models. The banking/financial institutions need to urgently adapt their business models in order to remain competitive, and most of them already accepted this challenge. The ICO projects also present a disruption and a step forward in the democratization of the financial investments. This study identified a wide range of success factors influencing the outcome of an ICO project. The success factors might be divided into categories according to their scope: (i) project; (ii) campaign; (iii) social networks; (iv) human capital. It is concluded that several factors have a real impact in the outcome of the projects, such as, the existence of financing thresholds, the quality of the whitepaper, the existence of a secondary market and bonus schemes, the price of the tokens, the price of cryptocurrencies, the good management of social networks, the promoters’ geographic location, their networks, the size of the teams, external ratings attributed to the project and to the team. In terms of theoretical contributions, this study added a contribution to the still scarce literature on ICO projects and to two theories, namely, the signaling theory and Human Capital Theory (HCT). The managerial implications concern mainly the assessment of the quality of a project by the investors and the need for regulation by supervisors.As empresas fintech surgiram tomando partido dos atuais desenvolvimentos tecnológicos tendo desafiado os atuais atores do mercado. Projetos disruptivos financiados nomeadamente por cripto moedas são um dos tópicos relacionados com o desenvolvimento tecnológico e capazes de eliminar a necessidade para o envolvimento de terceiros na mediação financeira reduzindo assim o hiato entre investidores e promotores. O propósito desta tese é o de identificar os principais impactos que as empresas fintech têm nos modelos de negócio das empresas financeiras já estabelecidos no mercado. Terá um foco especial nos fatores de sucesso dos projetos baseados na blockchain denominados Initial Coin Offerings (ICOs), em particular, os fatores relacionados com o capital humano. Assim, a tese está dividida em três estudos principais com focos diferentes. A metodologia usada nesta tese é de métodos mistos: uma metodologia qualitativa foi usada na revisão sistemática da literatura; e uma metodologia quantitativa foi usada na construção e estimação de modelos econométricos, tendo por base microdados de 428 projetos de ICOs do setor bancário. Esta tese conclui que as fintechs não podem ser ainda consideradas substitutos dos serviços financeiros tradicionais. Contudo, estas colocam desafios e expõem as fraquezas dos modelos de negócio tradicionais. A indústria financeira necessita de adaptar urgentemente os seus modelos de negócio para se manter competitiva. Este desafio já foi aceite por várias empresas. Os ICOs causam disrupção e são um grande passo para a democratização dos investimentos financeiros. Este estudo identificou um conjunto alargado de fatores de sucesso que influenciam o resultado final destes projetos. Os fatores podem agrupar-se em categorias: (i) projeto; (ii) campanha; (iii) redes sociais; (iv) capital humano. Os fatores que esta tese comprovou contribuírem para o sucesso de um projeto são os seguintes: pré-existência de limites de financiamento; a qualidade do whitepaper; a existência de um mercado secundário e esquema de bonificações; o preço dos tokens; o preço das cripto moedas; a boa gestão de redes sociais; a localização geográfica e a rede de contactos dos promotores; o tamanho das equipas; ratings externos atribuídos ao projeto e à equipa.No que diz respeito às contribuições teóricas, esta tese contribuiu para a escassa literatura no tema dos ICOs e para duas teorias, nomeadamente a siganling theory e Human Capital Theory (HCT). As contribuições práticas deste estudo relacionam-se com a avaliação da qualidade do projeto e a necessidade premente dos reguladores tomarem medidas nestes mercados

The impact of ECB’s monetary policy on Euro’s exchange rate

JEL Classifications: E51 - Money Supply, Credit, Money Multipliers; E52 – Monetary Policy; E58 – Central Banks and their Policies; F31 – Foreign Exchange; F33 – International Monetary Arrangements and InstitutionsThe study of foreign exchange is relevant thanks to the impact it may have at different levels. Moreover, the recent economic programs influence exchange rates in a free floating international monetary arrangement, which has caused several minor international incidents. Thus, the study topic of this work is the indirect influence of the European Central Bank (ECB) on EUR/USD exchange rate. This study seems to be pertinent due to the scarce literature available on the subject, its complexity and its current relevance. We have focused on central banks and their policies, mainly the Federal Reserve System (Fed) and the ECB, and particularly on the ECB’s monetary policy. We have chosen the mixed methods approach, in order to make both a qualitative and quantitative analysis. The study begins with an approach to central banking and moves to contextualizing the ECB’s scope of action within the Eurozone, as well as analyzing its monetary policy, that, through the transmission mechanism, affects money supply and credit. Afterwards, we focus on exchange rates and closely examine the EUR/USD exchange rate in different periods, particularly during the non-conventional monetary policy period. Lastly, we use statistics to support the argument that non-conventional monetary policy influences exchange rates. We conclude that the ECB’s non-conventional monetary policy puts downward pressure on the EUR/USD exchange rate and the contrary happens with Fed’s policy. Several aspects, including behavioral ones, may affect exchange rates particularly in a turbulent economic/financial situation, but very high correlations proving the main arguments of the study, lead us to believe in the primary relation of monetary base and exchange rate.As operações cambiais são muito relevantes devido ao impacto destas a diferentes níveis. Os recentes programas de estímulo económico influenciam as taxas de câmbio, num sistema monetário internacional de livre flutuação das moedas, tendo já causando conflitos internacionais menores. Assim, o tema deste trabalho é a influência, ainda que indirecta, do Banco Central Europeu (BCE) na taxa de câmbio EUR/USD, estudo que é pertinente devido à escassa literatura sobre o tópico, à sua complexidade, contemporaneidade e relevância. Focámo-nos nos bancos centrais e nas suas políticas, neste caso na Reserva Federal Americana (Fed) e no BCE, e particularmente na política monetária do último. Para esta análise recorremos a uma abordagem mista permitindo assim utilizar tanto uma análise qualitativa como quantitativa. Começámos por descrever o conceito e importância dos bancos centrais e passámos para uma contextualização da actividade do BCE na Zona Euro analisando também a sua política monetária que através do mecanismo de transmissão afecta a massa monetária e o crédito. Depois focámo-nos nas taxas de câmbio e analisámos a taxa EUR/USD em diferentes períodos. Por fim, utilizámos uma análise estatística que sustenta o argumento de que a política monetária não convencional afecta a taxa de câmbio. Concluímos que a política não convencional do BCE influência a desvalorização da taxa EUR/USD e o contrário acontece com a política da Fed. Vários aspectos, incluindo aspectos comportamentais, afectam as taxas de câmbio particularmente num ambiente de turbulência. Contudo, correlações elevadas, que provam os argumentos deste trabalho, consolidam a relação primordial entre massa monetária e taxas de câmbio

The role of necroptotic extracellular vesicles in NAFLD pathogenesis

Tese de mestrado, Ciências Biofarmacêuticas, 2022, Universidade de Lisboa, Faculdade de Farmácia.As vesículas extracelulares (EVs), envolvidas na comunicação intercelular e a necroptose, uma via de necrose regulada, cuja maquinaria facilita o tráfico endosomal e a geração de EVs, foram recentemente implicadas na patogénese de fígado gordo não alcoólico (NAFLD). Neste trabalho tivemos como objetivo caracterizar o papel funcional da maquinaria necroptótica na geração de EVs provenientes de hepatócitos (Hep-EVs) e o seu impacto na função dos hepatócitos com sobrecarga lípidica. Hep-EVs foram isoladas por precipitação a partir de células AML12 wild-type (WT), deficientes em Ripk3 e em Mlkl na presença ou ausência de 125 µM ácido palmítico (PA) durante 24h, sendo depois caracterizadas por immunoblotting e análise de rastreamento de nanoparticulas. De seguida, após 1h de pré-exposição a 10 µg/mL Hep-EVs, os hepatócitos foram incubados com 125 µM PA por 48h, seguido de avaliação da morte celular e do metabolismo lípidico. Os nossos resultados mostram que a incubação com PA aumenta a secreção de Hep-EVs, um fenótipo que é dependente da maquinaria necroptótica. Em contraste com os hepatócitos Mlkl-/-, os hepatócitos Ripk3-/- estiveram protegidos da morte celular provocada pelo PA, a qual por sua vez não foi afetada pela exposição a EVs. Ainda assim, as EVs derivadas de células WT tratadas com PA aumentaram ainda mais os níveis de RIPK3 em células WT tratadas com PA, um efeito que foi anulado pela deficiência em Ripk3. De igual modo, embora os hepatócitos Ripk3-/- tenham uma expressão aumentada de enzimas lipogénicas, estas células apresentaram menor acumulação lipídica, a qual foi ainda mais reduzida pela incubação com Ripk3-/- Hep-EVs. Este efeito foi concomitante com o aumento da expressão de marcadores de β-oxidação e autofagia. Por fim, as células Ripk3-/- apresentam níveis diminuídos de NLRP3 e Tgf-β, indicando que a RIPK3 pode regular a ativação do inflamassoma e a sinalização profibrogénica após sobrecarga lipídica. Em conclusão, a deficiência em Ripk3 protegeu os hepatócitos da lipotoxicidade, acompanhada pela redução da expressão de mediadores pró-inflamatórios e fibrogénicos, bem como alterações no metabolismo lipídico. Além disso, EVs necroptóticos podem ter um papel na comunicação hepatocelular, particularmente afetando o metabolismo lipídico e os níveis de RIPK3 nos hepatócitos vizinhos, provavelmente contribuindo para a patogénese de NAFLD.Both extracellular vesicles (EVs) involved in intercellular communication and necroptosis, a regulated necrotic cell death routine whose machinery facilitates endosomal trafficking and EV generation have been implicated in the pathogenesis of non-alcoholic fatty liver disease (NAFLD). Here, we aimed to elucidate the functional role of the necroptotic machinery in the generation of hepatocyte-derived EVs (Hep-EVs) and their implication in hepatocellular function after fat overload. Hep-EVs were isolated by precipitation from wild-type (WT) receptor-interacting protein kinase 3 (Ripk3)-deficient and mixed lineage kinase domain-like protein (Mlkl)-deficient AML-12 cells in the presence or absence of 125 µM palmitic acid (PA) for 24h, after which they were characterized by immunoblotting and nanoparticle tracking analysis. Then, after 1h pre-treatment with Hep-EVs (10 μg protein/mL), hepatocytes were exposed to 125 µM PA for 48h, followed by biochemical assessment of cell death and lipid metabolism. Our results showed that PA increases the secretion of Hep-EVs, a phenotype dependent on the necroptotic machinery. In contrast to Mlkl-/- hepatocytes, Ripk3-/- hepatocytes were protected from PA-induced cell death, which in turn was not affected by Hep-EV exposure. Still, PA-treated WT cell-derived EVs further increased RIPK3 protein levels in PA-treated WT cells, an effect that was abrogated by Ripk3 deficiency. Similarly, although Ripk3-/- hepatocytes display increased expression of the de novo lipogenesis enzymes, these cells displayed lower levels of fat accumulation, which were further decreased following incubation with Ripk3-/- Hep-EVs. This effect was concomitant with increased expression of β-oxidation and autophagy markers. Lastly, we showed that Ripk3-/- hepatocytes displayed decreased levels of NLRP3 and transforming growth factor-β, indicating that RIPK3 may regulate inflammasome activation and pro-fibrogenic signaling upon fat overload. In conclusion, Ripk3 deficiency protected hepatocytes from lipotoxicity, accompanied by reduced expression of proinflammatory and profibrogenic mediators, as well as changes in lipid metabolism. Further, necroptotic EVs may have a role in hepatocellular communication, particularly by affecting lipid metabolism and RIPK3 levels in neighbouring hepatocytes, likely contributing to NAFLD pathogenesis.Instituto de Investigação do Medicamento (iMed.ULisboa)

Leishmania infection and host-blood feeding preferences of phlebotomine sandflies and canine leishmaniasis in an endemic European area, the Algarve Region in Portugal

The Algarve Region (AR) in southern Portugal, which is an international tourist destination, has been considered an endemic region of zoonotic leishmaniasis caused by Leishmania infantum since the 1980s. In the present study, phlebotomine and canine surveys were conducted to identify sandfly blood meal sources and to update the occurrence of Leishmania infection in vectors and dogs. Four sandfly species were captured: Phlebotomus perniciosus, Phlebotomus ariasi, Phlebotomus sergenti and Sergentomyia minuta. In one P. perniciosus female, L. infantum DNA was detected. Blood meal tests showed that this species had no host preferences and was an opportunistic feeder. An overall canine leishmaniasis (CanL) seroprevalence of 16.06% was found; the seroprevalence was 3.88% in dogs housed in kennels and 40.63% in dogs that attended veterinary clinics. The simultaneous occurrence of dogs and P. perniciosus infected with L. infantum in the AR indicates that the region continues to be an endemic area for CanL. Our results reinforce the need for the systematic spatial distribution of phlebotomine populations and their Leishmania infection rates and the need to simultaneously perform pathogen monitoring in both invertebrate and vertebrate hosts to investigate the transmission, distribution and spreading of Leishmania infection.EU/FEDER/FCT [POCI/CVT/56357/2004]; EU [FP7-261504 EDENext (091)]; FCT fellowship [SFRH/BPD/44082/2008]info:eu-repo/semantics/publishedVersio

Cytokine and Phenotypic Cell Profiles of Leishmania infantum Infection in the Dog.

Leishmaniasis has reemerged in recent years showing a wider geographic distribution and increased global incidence of human and canine disease than previously known. Dogs are the main domestic/peridomestic reservoir hosts of zoonotic visceral leishmaniasis caused by Leishmania infantum. Since the evolution of leishmaniasis and clinical appearance is a consequence of complex interactions between the parasite and host immune response, a profound knowledge about the immune profile developed in dog's infection is crucial for vaccine and immunomodulatory therapy design. The main goal of this paper is to compile the recent advances made on cytokine and phenotypic cell profiles in different tissues and organs of dogs infected with L. infantum. This paper also stressed that the knowledge of the immune responses developed, namely, in liver, lymph node, and spleen is very limited. All data emphasizes that more research on canine leishmaniasis is necessary for the development of new and efficacious tools to control zoonotic leishmaniasis.publishersversionpublishe

Resposta imune na infecção por Leishmania infantum em modelo murino

As leishmanioses são doenças causadas por protozoários do género Leishmania que são parasitas intracelulares obrigatórios das células fagocíticas. O objectivo deste estudo foi caracterizar a infecção por Leishmania infantum em murganhos BALB/c inoculados por via intradérmica, analisando a evolução do parasitismo e as respostas imunitárias desenvolvidas. A carga parasitária foi determinada por PCR em tempo real. Foram detectados parasitas desde o 7º dia pós-infecção, verificando-se a disseminação visceral do parasita ao 56º dia pós-infecção. Os linfócitos dos animais do grupo infectado proliferaram em resposta à estimulação antigénica, enquanto que os macrófagos peritoneais produziram nitritos na presença do antigénio. Estes resultados demonstraram que os murganhos BALB/c inoculados por via intradérmica constituem um bom modelo experimental de leishmaniose visceral

Human Capital's importance in Initial Coin Offerings' (ICOs) success

The Initial Coin Offerings (ICOs) are an emerging topic in the literature with several gaps still to fulfill. The ICOs have increased its importance not only due to the interest they have been raising but also due to the capital amounts involved in the projects, the innovative solutions they offer and the challenges they pose to regulators. There is some research on the ICOs' success factors but there is still no common measure of success as well as not many researches focused on the human capital importance for the projects success. In our research we will perform a literature review on the ICOs' topic and develop an econometric model with a database composed by 3158 profiles and 340 ICO projects in the banking/financial sector. We will be focusing on the human capital importance in these projects and propose three measures for project's success. With our research we intend to complement the literature on the ICOs projects and shed some light on the factors driving their success.info:eu-repo/semantics/publishedVersio