O enfoque da absorção e a transição para o enfoque monetário do balanço de pagamentos

Faz-se breve retrospecto do Enfoque da Absorção com a finalidade de realizar uma apreciação metodológica do mesmo. Revisam-se as maneiras de gerar modelos intermediários entre o Enfoque da Absorção e o Enfoque Monetário do Balanço de Pagamentos, a partir dos quais sugere-se uma generalização do Enfoque da Absorção (que leva em conta o balanço de capitals) constituída a partir de determinada relação agregada ("Lei de Hawtrey"). Expõe-se o conteúdo básico do Enfoque da Absorção, tornando explícita uma hipótese essencial raramente percebida com clareza; isso permite mostrar que o Enfoque não tern o suporte técnico que dar a impressão de ter, e que é provavelmente falso. In this paper a retrospect of the monetary approach of the balance of payments is presented in order to evaluate its methodological issues. It starts from a review of intermediate models between the absorption and the monetary approaches, from which a generalization of the absorption approach(that takes the capital account into consideration) is suggested, upon a specific aggregate relation ("Hawtrey's Law"). The basic contents of the absorption approach are exposed, making explicit an essential hypothesis rarely understood with clarity; this allows to show that the approach does not have the theoretical support it claims to have, and that it is probably false

Liquidez e "zeragem automática": nota final

This final note in the debate on "automatic clearing" and Brazil's monetary policy duringthe quasi-hyperinflationary years argues that: (i) the operating procedure based on a short-run interest rate, the "automatic clearing" device, and the exchange rate policy did very little to render passive the monetary policy; (ii) the major factors responsible for passivity were the high public deficit in nominal terms as well as the high public debt.Esta nota final ao debate sobre zeragem automática e a política monetária no Brasil dos anos quase hiperinflacionários argumenta que: (i) o procedimento operacional empregando uma taxa de juros de curto prazo, a zeragem automática e a política de taxa de câmbio contribuíam pouco ou nada para tornar a política monetária passiva; (ii) os principais fatores responsáveis pela passividade foram o déficit público alto a preços correntes e a dívida pública alta

AS RAÍZES CONCEITUAIS DO INERCIALISMO

A tese de que uma elevação geral de preços se perpetua é o núcleo de uma elaborada visão de inflação, o inercialismo. Este artigo levanta as origens dos elementos centrais dessa visão, enfocando trabalhos cruciais de eminentes pesquisadores da inflação entre os inícios dos anos 50 e 80, tais como Franklyn Holzman, James Duesenberry, Gardney Ackley, Charles Schultze, L. Dicks-Mireaux, K. K. F. Zawadzki, Arthur Okun, Georgy Perry, Michael Wächter, Martin Baily, John B. Taylor, James Tobin, e outros. Há aqui uma breve história dos conceitos de choque inflacionário, espiral preços-salários, conflito distributivo, Curva de Phillips, expectativas retrospectivas, contratos justapostos, patamar inflacionário, autoperpetuação da inflação, inércia de preços e salários, e inflação institucionalizada pela indexação.The thesis that a general price rise perpetuates itself is the core of inertialism, an elaborate view of inflation. This article traces the origins of the central elements of that view, focusing on crucial works by eminent researchers of inflation from the early 50s to the early 80s, such as Franklyn Holzman, James Duesenbeny, Gardney Ackley, Charles Schultze, L. Dicks-Mireaux, K. K. F. Zawadzki, Arthtu- Okun, Georgy Peny, Michael Wächter, Martin Baily, John B. Taylor, James Tobin, and others. Here is a brief history of the concepts of inflationary shock, wage-price spiral, distributive conflict, Phillips Curve, backward-looking expectations, overlapping contracts, inflation plateau, self-perpetuating inflation, price-wage inertia, and inflation institutionalized through indexation

Liquidez e "zeragem automática": resposta

In reply to a critique of a previous paper on "automatic clearing" (a procedure by which the Central Bank of Brazil finances banks, or is financed by them, in the end of the day), this paper argues that (i) the opposition between verticalism and horizontalism is not the issue; (ii) the critics of "automatic clearing" have failed to show that the reserve leaks allegedly resulting from the procedure are important enough to hamper monetary control; (Hi) the use of the procedure is compatible with control of reserves in the relevantperiods; (iv) that procedure fulfills a function common to the discount window in a more effective and prompt way; (v) Prior to July 1994, the Central Bank of Brazil sought to control the interest rate in the bank reserves market, but not to render it constant regardless of macroeconomic conditions.Em resposta a uma crítica de um artigo anterior sobre zeragem automática, este artigo argumenta que: (i) a oposição entre verticalismo e horizontalismo não é o que está em questão; (ii) os críticos da zeragem automática não conseguiram mostrar que os vazamentos de reservas resultantes do procedimento são bastante importantes para embaraçar o controle monetário; (iii) o uso do procedimento é compatível com o controle de reservas nos intervalos de tempo relevantes; (iv) aquele procedimento cumpre uma função comum ao redesconto, mas de um modo mais efeitov e ágil; (v) antes de julho de 1994, o Banco Central do Brasil procurava controlar a taxa de juros do mercado de reservas bancárias, mas não torná-la constante independentemente das condições macroeconômicas

Alemanha, anos quarenta: antecedentes do confisco monetário

Este trabalho revê alguns dos fatores sociopolíticos e econômicos envolvendo a crise monetária na Alemanha entre 1945 e 1948, tais como o regime político, a atitudes e as políticas da administração militar, a destruição física de país, o mercado negro e o escambo, e outros.This paper reviews some of the factors surrounding the monetary crisis in Germany from 1945 to 1948, such as the political regime, the attitude and the policies of the military administration, the physical destruction of the country, the black market and barter, as well as other

Alguns aspectos analíticos da relação entre balanço de pagamentos e base monetária

A partir dos conceitos de autoridade cambial, passivo compensatório e passivo não compensatório, procura-se tornar mais preciso os significados de "alvo doméstico" e "ativo externo" na relação entre o balanço de pagamentos e a base monetária. . Mostra-se o tratamento coerente a ser dado aos movimentos das reservas internacionais, a partir dos empréstimos externos tornados pela autoridade monetária, dos depósitos indexados em moedas estrangeiras, de operação da autoridade monetária "com o setor externo" e das variações cambiais. Distinguem-se vários componentes da variação do ativo externo Iíquido e mostra-se como é sútil e complexo o conceito de "ativo doméstico Iíquido".This paper tries to make more accurate the meaning of "domestic and external assets" from the concepts of foreign exchange authority, compensatory assets and liabilities based on the effects of the balance of payments on the monetary base. It also shows the coherent treatment to be given to this relation through the movement of the international reserves, to the indexed deposits on foreign currencies, to the operation made by the monetary authority "with the external sector" and to the foreign exchange variations, ft distinguishes many components of the variation of the net external asset and it is shown how subtle and complex is the concept of "net domestic assets"

Gender Differences in Heart Rate Variability Among Individuals Undergoing Regular Resistance Training : Preliminary observations

Objectives: Frequency-domain analysis of heart rate variability (HRV) is an effective tool to evaluate autonomic balance. This study aimed to investigate gender differences in HRV among individuals undergoing regular resistance training. Methods: This preliminary cross-sectional study was conducted from April to September 2016 in João Pessoa, Paraíba, Brazil. The low-frequency (LF), high-frequency (HF) and LF/HF ratio components of HRV spectral analysis were analysed among 22 men and 27 women undergoing regular resistance training. Results: Among the male participants, the LF component was significantly increased compared to females in both the supine (1,171 ± 192 versus 545 ± 74 ms2; P = 0.0067) and upright (1,824 ± 260 versus 738 ± 133; P = 0.0011) positions. The LF/HF ratio was also significantly increased in both positions among male participants (P <0.0500 each). Conclusion: These preliminary data suggest a possible gender difference in the HRV of individuals undergoing resistance training

Lutzomyia longipalpis s.l. in Brazil and the impact of the Sao Francisco River in the speciation of this sand fly vector

Lutzomyia longipalpis s.l. (Diptera: Psychodidae) is the principal vector of Leishmania infantum chagasi in the Americas, and constitutes a complex of species. Various studies have suggested an incipient speciation process based on behavioral isolation driven by the chemotype of male sexual pheromones. It is well known that natural barriers, such as mountains and rivers can directly influence population divergence in several organisms, including insects. In this work we investigated the potential role played by the Sao Francisco River in eastern Brazil in defining the current distribution of Lu. longipalpis s.l. Our studies were based on analyses of polymorphisms of the cytochrome b gene (cyt b) sequences from Lu. longipalpis s.l. available in public databases, and from additional field-caught individuals. Altogether, 9 distinct populations and 89 haplotypes were represented in the analyses. Lu. longipalpis s.l. populations were grouped according to their distribution in regards to the 10°S parallel: north of 10°S (<10°S); and south of 10°S (>10°S). Our results suggest that although no polymorphisms were fixed, moderate genetic divergences were observed between the groups analyzed (i.e., FST = 0.184; and Nm = 2.22), and were mostly driven by genetic drift. The population divergence time estimated between the sand fly groups was about 0.45 million years (MY), coinciding with the time of the change in the course of the Sao Francisco River, during the Mindel glaciation. Overall, the polymorphisms on the cyt b haplotypes and the current speciation process detected in Lu. longipalpis s.l. with regards to the distribution of male sexual pheromones suggest a role of the Sao Francisco River as a significant geographical barrier in this process