Private Sector Participation: A Theoretical Justification of the Brazilian Position

The Brazilian position on the issue of private sector participation in the efforts to forestall and resolve emerging markets crises is that there should be an approach of contacting and convincing a large number, but not the totality, of private creditors. They should be convinced that the international public sector loans will allow a transition to stability that is overfinanced in case they voluntarily join in by maintaining their exposure to the country, at the spreads they choose, and with the counterparts they wish to have as clients. We model private sector participation by means of a game. We show that the traditional argument that there is a coordination problem among the private creditors does not exist is in a model without Knightian uncertainty, because there is only one Pareto dominant Nash equilibrium which involves participation. By introducing Knigthian uncertainty, we show that if the degree of uncertainty, as measured by the uncertainty aversion, is high enough, then there is only one Nash equilibrium under uncertainty, which involves nonparticipation. Finally, we show that if there is a large enough number of private creditors who decrease their uncertainty aversion, then again private participation becomes the unique Pareto dominant Nash equilibrium under Knightian uncertainty. If we interpret the approach and convincing of the private creditors as decreasing their uncertainty aversion, then this last result is a justification of the Brazilian position. In fact, the private creditors would voluntarily choose to maintain their exposures, because private sector participation is the unique Pareto dominant Nash equilibrium under uncertainty of the game.

Effects of growth on relative prices in a two-good n-country model

This paper analyses the effect of an increase of the enodwment in a two-good n-country model. It is shown that the endowment of good one can go up and the price of the same good relative to good two can also increase. However, this "perverse" effect cannot occur in both goods if the economy is at a tatonnement stable equilibrium. This is a new restriction in the form of the equilibrium manifold of an exchange economy. It is also shown that this "double perversity" is the case with normal goods when the equilibrium is unstable.

Taxonomic notes on Amblycerus Thunberg, 1815 (Coleoptera: Bruchidae)

The following changes in nomenclature of some species of Amblyeems Thunberg, 1815, are proposed: A) Elevated to new taxonomic status- A. insuturatus (pic, 1902) from (Spennophagus subflavidus var.insuturatus); A. luteolineatus (pic, 1929) from (Spennophagus luteonotatus var .luteolineatus);A. paulonotatus (pic, 1906) from (Spennophagus luteonotatus var.paulonotatus). B) New synonymy-A. dispar(Sharp, 1885)(=Spermophagus longissimus Pic, 1902; =S. earyoborifonnis Pic, 1910; =S. guyanensis Pic, 1917; S.pieeosuturalis Pic, 1927; =S. earaeasensis Pic, 1954); A. gounellei (pic. 1902)(=S. eurtus Pic, 1911; =S. basipennis Pic, 1936); A. insuturatus (pic, 1902)(=A. woleotti Kingsolver, 1970;A.jatayensis (Pic, 1902)(=S.jatayensis var. bieolorieeps Pic, 1955; =S.jatayensis var. hahnelli Pic, 1955; A. IIwltimaculatus (pic, 1902)( =S. minasensis Pic, 1918); A. perfectus (Sharp, 1885)(=S. maeulatopygus Pic, 1927); A. reticulatus (Jekel, 1855)(=S. rufotestaeeus Pic, 1912);A.luteolineatus (pic, 1929)(=S. multisignatus Pic, 1954). C). Lectotype/s and paralectotype/s are designated for: S. luteonotatus Pic, 1902; S. multimaeulatus Pic, 1902; S. maeulatopygus Pic, 1927; S. subflavidus Pic, 1902; S. trisignatus Sharp, 1885; S.jatayensis Pic, 1902; S. longissimus Pic, 1902; S. earyoborifonnis Pic, 1910; S. dispar Sharp, 1885; S. subflavidusvar. insuturatus Pic, 1902. For all species listed in this paper, we provide a bibliography, label data on type material, sex of types and their repository

Bruchidae (Insecta: Coleoptera) of the Galapagos Islands with new host and locality records, new synonyms, and descriptions of two new species

Records and descriptions are given for the 10 known species in six genera of Bruchidae from the Archipelago including Sennius falcatus New Species and Acanthoscelides rossi New Species. Amblycerus (Spermophagus) insulamm (Blair) is synonymized with Amblycems piurae (Pierce), New Synonymy. Five of the species herein treated are new records for the Archipelago, and 8 of the 10 are also known from mainland South America, principally Ecuador

CONVERSION to ORGANIC FARMING in MAINLAND PORTUGAL

The objectives of the research were: i) to assess the in-conversion period as a barrier impeding farms conversion to organic; ii) to assess the potential of conversion-grade markets in removing this barrier; iii) to identify other barriers (drives) along the food chain impeding (easing) farms conversion in mainland Portugal. Results show that the in-conversion period is not the major barrier to conversion nor is a good idea the set-up of conversion grade markets to help Portuguese farms’ conversion. Conversion feasibility depends of the organic market premium prices, in intensive farms, and of the CAP organic agri-environmental area payments, in extensive farms.organic farming, conversion, conversion grade markets, market premium prices, CAP payments.