Financial Dependence, Formal Credit and Informal Jobs - New Evidence from Brazilian Household Data

This paper examines a much overlooked link between credit markets and formalization: since access to bank credit typically requires compliance with tax and employment legislation, firms are more likely to incur such formalization costs once bank credit is more widely available at lower cost. The relevance of this credit channel is gauged using the Rajan-Zingales measure of financial dependence and a difference-in-differences approach applied to household survey data from Brazil. It is found that formalization rates increase with financial deepening, especially in sectors where firms are typically more dependent on external finance. Also found is that, decomposing shifts in formalization rates into those within each firm size category and those between firm sizes, financial deepening significantly explains the former but not so much the latter. Some key policy implications are derived.Credit Markets, Financial Dependence, Informality, Brazil

Financial Dependence, Formal Credit and Informal Jobs - New Evidence from Brazilian Household Data

This paper examines a much overlooked link between credit markets and formalization: since access to bank credit typically requires compliance with tax and employment legislation, firms are more likely to incur such formalization costs once bank credit is more widely available at lower cost. The relevance of this credit channel is gauged using the Rajan-Zingales measure of financial dependence and a difference-in-differences approach applied to household survey data from Brazil. It is found that formalization rates increase with financial deepening, especially in sectors where firms are typically more dependent on external finance. Also found is that, decomposing shifts in formalization rates into those within each firm size category and those between firm sizes, financial deepening significantly explains the former but not so much the latter. Some key policy implications are derived

Well-posedness and asymptotic behaviour for the Bousinessq system in Rn

We analyze the well-posedness of the initial value problem for a Convection Problem. Mild solutions are obtained in the weak-L p (R n) spaces and the existence of self-similar solutions is showed, while the only small self-similar solution in the Lebesgue space L p (R n) is the null solution. The asymptotic stability of solutions is analyzed and, as a consequence, a criterium of self-similarity persistence at large times is obtained.Colciencias (Presidencia de Colombia)Coordenação de aperfeiçoamento de pessoal de nivel superior (CAPES). Ministerio de Educación (Brasil

Implementação de uma infra-estrutura ipv6 e ipv4, aplicando sobre estes o serviço de voIP

Dizer que atualmente está ocorrendo uma corrida por novas tecnologias e serviços, pode ser um tanto quanto comum, pois desde o advento dos computadores, a sociedade começou a passar por mudanças muito rápidas, nunca imaginadas antes. Estas mudanças sempre geram a criação de novas tecnologias e serviços. Acredita-se que sempre será assim, pois vários fatores como as demandas de infra-estruturas mais poderosas e robustas exigirão ambientes que as comportem. Atualmente usa-se o protocolo de rede IPv4 (Internet Protocol Version 4), porém ele foi desenvolvido em uma época em que o grande interesse era o de interligar as redes. Foi muito bem desenvolvido e por isso é o protocolo utilizado na tão bem conhecida Internet. Já se passando o tempo em que este protocolo foi desenvolvido, as indústrias atuais sentem a necessidade por um novo protocolo. As exigências por mais espaço de endereçamento, o controle e o desígnio de um endereço mais simples na camada IP, melhor suporte à Qualidade de Serviço (QoS), maior segurança e um número crescente dispositivos com acesso a Internet têm contribuído para estudos de um novo protocolo, no caso o IPv6 (Internet Protocol Version 6). Este trabalho visa mostrar que a transição do IPv4 para o IPv6 é possível, porém, por certo tempo os dois protocolos terão que conviver juntos, então, este trabalho implementa um infra-estrutura lógica de rede usando os protocolos IPv4, IPv6 e VoIP. A VoIP é uma ferramenta utilizada para testar esta transição

Student Family Navigators Promoting Language Development in Infants and Toddlers from Lower-Income Families

The purpose of this pilot study was to develop and evaluate the feasibility of an experiential teaching and learning initiative that trained undergraduate students studying speech-language pathology to serve as family navigators promoting social communication and language development in infants and toddlers from lower-income backgrounds. Three students completed one semester of training that included multiple interactive approaches to instruction. They subsequently implemented a nine-month, online prevention and outreach program to nine mothers of infants and toddlers to promote social communication and language development. Results of formative assessments were examined and affective outcomes were explored. The intervention was implemented as intended, and the experience was acceptable to both student and parent participants. Uncertainties with regard to feasibility emerged, including the integration of this program into undergraduate programs in communication sciences and disorders as well as variability in parent engagement related to the presence or absence of concerns about their child’s development. This empirical inquiry adds to the limited research base on clinical prevention activities that take place beyond the classroom by critically analyzing the implementation and documenting the outcomes of this initiative

REFLECTIONS AND PERSPECTIVES ON BIOSIMILARS IN BRAZIL

Objective: Biological agents are among the medicines with the highest revenue in the world market. Biosimilars are copies of biological products introduced into the market to offer clinical efficacy like the originator or reference product at lower prices. This study aimed to verify the characteristics and price differences between biological medicines registered and marketed in Brazil until the end of 2019. Methods: All records were collected by November 2019 on the website of the National Health Surveillance Agency (Anvisa). The list of the Chamber of Regulation of the Medicines Market (CMED) consulted for the price analysis, has an economic classificatory criterion with eight ranges. Categorization, according to the date/period of authorization for marketing, was also made. Results: At Anvisa site, there are 144 drugs present in 277 products distributed in three regulatory categories: new, biological, and similar. Approximately 73% of drugs have been approved in the past five years. Three classes represent 77.9% of all drugs-antineoplastics and immunomodulatory agents (38.6%), blood and blood organ forming (20.7%), and alimentary tract and metabolism (18.6%). Of the 178 products listed in the CMED, 26 (14.6%) have prices above 10,000 reais. Conclusion: The prices of original products, for most of the inputs, are lower than those of biosimilars, reversing the international logic

External asymmetries in the Euro area and the role of foreign direct investment

Soon after the introduction of the common currency, a divide emerged between two groups in the Euro area: one comprised of the North-European countries achieving external surpluses and the other of the South-European countries with large external deficits. This paper shows that different patterns of Foreign Direct Investment (FDI) inflows across the Euro area countries contributed to this divergence. Our theoretical framework shows that if the economy is relatively capital-intensive in the production of traded (non-traded) output, FDI will be channeled in greater proportions to the traded (non-traded) sector, thus improving (deteriorating) the trade balance. Focusing on ten Euro area countries over the period 1980- 2009, we establish a positive (negative) long-run effect of FDI inflows on the trade balance in the North (South). In the North the positive effect stems from the traded-sector FDI inflows that were significantly higher in comparison to the South, both before and after the EMU. In contrast, in the South the increased FDI inflows in the post-EMU era were dominated by investments in the non-traded sector. When industry-level data are employed, a positive (negative) long-run effect of manufacturing (non-manufacturing) FDI inflows on the trade balance in the North (South) is further established

Instability, growth and economic performance: evidence of 17 Latin American countries 1980-2014

El trabajo estudia el efecto de la inestabilidad económica sobre el crecimiento en 17 países de Latinoamérica en el período 1980-2014 para tres diferentes grupos de crecimiento económico: bajo, medio y alto. La hipótesis es que una economía más inestable, es decir, con mayor inflación y volatilidad del producto perjudica a la inversión y, por tanto, al crecimiento. Para contrastar esta hipótesis se estima un modelo de efectos aleatorios usando un panel de 17 países de América Latina de un período de 35 años, en el cual se clasifican los países de acuerdo con el método de clúster de k-medianas. Los resultados indican que la inestabilidad afecta negativamente el desempeño económico de la región, en particular en los países de menor crecimiento. Por tanto, en estos casos se recomienda la aplicación de políticas anticíclicas y anti-inflacionarias.This paper studies the effect of economic stability on the growth of 17 Latin American countries between 1980-2014 for three different economic growth groups; low, middle and high. The hypothesis is that a more unstable economy, meaning, a larger inflation and product volatility, negatively affects investments, which affects growth. In order to contrast this hypothesis, a random effect model is estimated using a panel of 17 Latin American countries in a 35-year period, in which countries are classified according to the k-median cluster method. Results indicate that instability affects negatively the economic performance of the region, particularly countries with a smaller growth. Because of this, the recommendation for such cases is the application of anti-cyclic and anti-inflationary policies.O trabalho estuda o efeito da instabilidade econômica sobre o crescimento em 17 países da Latino-américa no período 1980-2014 para três diferentes grupos de crescimento econômico: baixo, médio e alto. a hipótese é que uma economia mais instável, ou seja com maior inflação e volatilidade do produto, prejudica ao investimento e por tanto ao crescimento. Para contrastar esta hipótese se estima um modelo de efeitos aleatórios usando um painel de 17 países da América Latina de um período de 35 anos, no qual se classificam os países de acordo ao método de clúster de k-medianas. Os resultados indicam que a instabilidade afeta negativamente o desempenho econômico da região, em particular nos países de menor crescimento. Por tanto, nestes casos se recomenda a aplicação de políticas anticíclicas e anti-inflacionárias