Optimal Environmental Protection and Environmental Kuznets Curve

This paper explores the link between an environmental policy and economic growth employing an extension of the Neoclassical Growth Model. We include a state equation to renewable natural resources, and consider natural resources as a component of the aggregate productivity. It is assumed that the change of the environmental regulations induces costs and that economic agents also derive some utility from stock capital accumulation via-a-vis environment. Using the Hopf bifurcation theorem, it can be shown that cyclical environmental policy strategies are optimal, providing a theoretical support to the Environmental Kuznets CurveNeoclassical Growth Model, Environmental Kuznets Curve, Hopf Bifurcation Theorem, Limit Cycles.

ENVIRONMENTAL PROTECTION AND ECONOMIC GROWTH

This paper explores the link between an environmental policy and economic growth employing an extension of the Neoclassical Growth Model. We include a state equation to renewable natural resources, and consider natural resources as a component of the aggregate productivity. It is assumed that the change of the environmental regulations induces costs and that economic agents also derive some utility from stock capital accumulation vis-`a-vis environment. Using the Hopf bifurcation theorem, it can be shown that cyclical environmental policy strategies are optimal, providing a theoretical support to the Environmental Kuznets Curve.

Environmental protection and economic growth

This paper explores the link between environmental policy and economic growth by employing an extension of the AK Growth Model. We include a state equation for renewable natural resources. We assume that the change in environmental regulations induces costs and that economic agents also derive some utility from capital stock accumulation vis-`a-vis the environment. Using the Hopf bifurcation theorem, we show that cyclical environmental policy strategies are optimal, providing theoretical support for the Environmental Kuznets Curve.

EFICÃCIA DA POLÃTICA DE CRÉDITO GOVERNAMENTAL SOBRE A RENDA DOS ASSENTADOS DA REFORMA AGRÃRIA: UM ESTUDO DE CASO

This study aims to determine the impact of the installation credits of the National Program for Agrarian Reform and PRONAF-A (National Program for the Strengthening of Family Farming) on the household income of the rural workers in the Santa Rita Settlement, located in the municipality of Altos – Piaui state. A general survey of the settlement’s characteristics was conducted using statistic analysis through hypotheses testing to evaluate the impact of such programs, considering the average household income and the years of schooling of the family head for the years 2001 and 2005. A comparison was made of each of those variables using data samples from Santa Rita, PRONAF-A and traditional farmers as control group, for each year. The database was collected for analysis at INCRA/PI (National Institute of Colonization and Agrarian Reform of Piaui state), CEPAC (Center for Cultural Action in Piaiui state) and PNAD (National Household Survey). The results show the need for a redirection of settlement policies to enhance the effectiveness of public resources and to provide greater wellness and sustainability among family farmers in low income and productivity areas, as exemplified by the northeast region of Brazil.Santa Rita Settlement, Agrarian Reform, Public Policy Efficacy, Agribusiness, Agricultural Finance, Industrial Organization,

Perdas extremas em mercados de risco

This paper aims to infer about the distribution of extremes values of a continuous random variable, represented as the severe daily losses in financial markets investments. The Extreme Value Theory (EVT) plays a fundamental role in modeling rare events associated with great losses and very small probabilities of occurrence. One of the great concerns in risk management is to develop analytic techniques to foresee those exceptions. In that way, the tails of the rare losses' probability density function (pdf) are of great importance in evaluating that kind of risk, turning EVT into a valuable tool for an accurate evaluation of high loss risks. The estimations of expected maximum losses in financial series are investigated by means of: i) traditional methods, which used all sample data in fitting the random variable pdf; ii) the Extreme Value methodology, particularly the Generalized Extreme Value distribution (GEV), which only used a set of maximum values detected in the sample data in estimating the pdf of expected maximum losses. The findings indicate, firstly, an important underestimation of extreme losses with the traditional methods, mainly in the pdf lower tail limits, and, secondly, that the GEV distribution proved to be more efficient in forecasting extreme losses in the analyzed series: Ibovespa, Merval, Dow Jones.Neste artigo, infere-se sobre a distribuição de valores extremos de uma variável aleatória representada pelas severas perdas diárias em investimentos financeiros. A Teoria dos Valores Extremos (TVE) fundamenta a modelagem de eventos gravosos raros, com expressivas conseqüências econômicas associadas a probabilidades muito pequenas de ocorrerem. Uma das grandes preocupações, na análise de riscos, é desenvolver técnicas para prever essas ocorrências excepcionais. Assim, as caudas das distribuições desses eventos raros são importantes para o estudo do risco, tornando a TVE uma ferramenta de grande valia para a estimação mais acurada do risco dessas perdas elevadas. Investigou-se, neste trabalho, a estimação de perdas máximas esperadas para séries financeiras, empregando-se: i) métodos tradicionais, que utilizaram todos os dados amostrais para analisar a variável aleatória em questão e ii) a metodologia dos Valores Extremos, particularmente a da Distribuição Generalizada dos Valores Extremos (DGVE), que utilizou apenas um conjunto de máximos amostrais para a estimação das perdas máximas esperadas. Concluiu-se que os métodos tradicionais subestimaram as perdas esperadas, sobretudo nas proximidades dos limites das caudas das distribuições, e que a DGVE mostrou-se bem mais eficiente na previsão dessas perdas extremas nas séries analisadas: Ibovespa, Merval, Dow Jones

Externalidades e formação de preços no mercado imobiliário urbano brasileiro: um estudo de caso

This paper focuses on the economic determinants that contribute to the formation of the prices of the real estate market of the city of Fortaleza (Ceará), based upon the hedonic or implicit prices theory. The model considered for the work investigates implicit prices in the curve of utility of an agent of demand segmented in two groups: direct consumer of the good house and the investor in properties, that it incorporates economical-financial additionally that measure the degree of risk and return in the formation of the hedonic prices. It is estimated the hedonic prices through segmentation by type of property taking into account several attributes distributed in the vectors of physical, location, economical and financial characteristics. The selected sample is formed by the real estate transactions occurred in the city (period from 1995 to 2003), accounting for 4.467 observations distributed among residential apartments, flats, urban lands and commercial offices.Este artigo consiste no estudo dos determinantes econômicos e externalidades que contribuem para a formação dos preços no espaço urbano de uma cidade brasileira de porte médio - Fortaleza, Estado do Ceará -, fundamentado na teoria dos preços hedônicos ou preços implícitos. O modelo proposto investiga preços implícitos na curva de utilidade de um agente de demanda segmentado em dois grupos: consumidor direto do bem habitação e o investidor em imóveis, que incorpora adicionalmente atributos econômico-financeiros que medem o grau de risco e retorno na formação dos preços. O estudo estima os preços hedônicos por meio de um modelo segmentado por tipo de imóvel contra os diversos atributos distribuídos nos vetores de características físicas, locacionais, econômicas e financeiras. A amostra é formada pelas transações imobiliárias ocorridas no período 1995-2003, perfazendo o total de 4.467 observações, distribuídas em apartamentos, flats, terrenos e salas comerciais

EFEITOS DO CAPITAL SOCIAL E DO CAPITAL POLÍTICO NO DESENVOLVIMENTO ECONÔMICO: SIMULAÇÕES PARA PAÍSES E ESTADOS BRASILEIROS

The objective of this paper is to verify empirically which variables possess robustness to explain variations in the per capita GDP It is not to be pursued the contribution of traditional macroeconomic variables themselves, monetary or fiscal variables, but mainly the influence of institutional variables on them, consequently on growth. Endogenous growth theory is the background to support the empirical results. The methodological hypotheses are that social capital and institutional variables, for instance red tape bureaucracy civil rights, corruption, law enforcement, external conflicts, etc, may hinder the economic growth process. In this reasoning, two analyses gathering worldwide countries and brazilian states were performed to test the effects of those variables on the growth path of countries and states. In conclusion, it is doubtless the significance that social and institutional variables play on determining the contemporaneous stage of economic development/growth.O objetivo deste trabalho é analisar e verificar empiricamente os efeitos do capital político e do capital social na elevação do nível de PIB per capita e na promoção do desenvolvimento. Neste tocante, apesar da extrema relevância de contribuição das variáveis macroeconômicas tradicionais, como tecnologia, capitais físico e humano, variáveis fiscais e monetárias, buscar-se-á também verificar a influência que as variáveis institucionais tiveram sobre estas. A hipótese que dá sustentação aos testes realizados é a de que capital social e variáveis institucionais como qualidade da burocracia, aplicação da lei; corrupção; liberdades civis; risco de conflito externo; etc. poderiam ter traçado outras trajetórias no processo de crescimento e desenvolvimento econômico. Nesse sentido, duas análises empíricas foram conduzidas: uma relaciona países, e a outra os estados brasileiros. Comprovou-se que há efeitos elásticos do capital social e do capital político sobre o processo de desenvolvimento/crescimento econômico

Qualidade institucional, desigualdade de renda e desenvolvimento econômico

Investigating the effects ofpolitical and institutional inheritance on economic growth is thegoal of this paper. Based upon the endogenous growth theoretical framework, it is takenhomogeneous and heterogeneous agents hypothesis to build up a model ofdistribution andgrowth model. By considering panel data for 7/ countries and four decades (1960, 1970,1980, 1990), a simultaneous model with institutional and economic variables is estimated todetermine growth path. Simulations allowed inferring that institutional variables not only affectthe level oflong run growth but also indicate that the first step to pursue a sustainable growthpolicy is through the effectiveness ofmechanisms so as to guarantee an institutionalorganization capable to promote those factors that cause and maintain the long run growth.Yet, the hypothesis that institutional inheritance affects the current institutional quality of thenations, which dictates the actual stage ofgrowth, could not be rejected.Investigar os efeitos sobre o crescimento economico, a partir da heranga do processo daformagao de quaiidade politico-institucional, constitui o objetivo central deste artigo.Dentro de uma abordagem teorica de crescimento endogeno, foram incorporados modeloscom agentes homogeneos e heterogeneos, culminando com o modelo de distribuigao derenda e crescimento. Dados de painel para 7 / paises em uma serie de quatro decadas(1960, 1970, 1980, 1990) permitiram estimar simultaneamente varidveis de quaiidadeinstitucional - corrupgao, democracia, taxa de mortalidade no periodo colonial, distribuigaode renda - e varidveis economicas - capital humano, capital fisico, tecnologia, crescimentoeconomico. Das estimagoes e simulagdes pode-se inferir que as varidveis institucionaisafetam sobremaneira o nivel de crescimento de longo prazo, sendo este relacionado simultaneamentecom o grau de distribuigao de renda. A hipdtese de que a heranga institucionalinfluencia na determlnagdo da quaiidade institucional atual, que por sua vez dita o crescimentodos paises. nao pode ser refutada

Curva ambiental de Kuznets e desenvolvimento econômico sustentável

The motivation of this article bases on the controversy in the recent literature about economic growth, sustainable development and environmental protection, started with the empirical evidences presented by Grossman and Krueger (1995, 1996), where the relationship between per capita GDP and emission of pollutants takes the shape of an inverted–U, denominated in the literature as Environmental Kuznets Curves (EKC). This article differs from others by contributing with further explanation stemming from economic development indicators. Despite being contested by many authors, several structural interpretations of EKC have been strongly sustained under ad hoc shield. The concern about such stylized fact is whether or not the economic growth itself generates an automatic protection to the environment, consequently to the maintainable development. Based upon panel data for countries, it is verified that the variables that denote sustainable economic development present a weak relationship with per capita GDP to support an EKC representation. There are also evidences for environmental curves in cubic format, which means rejection of EKC, besides most of the development indicators pointing out for divergences among countries