Revisiting Bank Pricing Policies in Brazil: evidence from loan and deposit markets

This paper addresses the determinants of interest rates in the Brazilian banking market. The results suggest that banks fully adjust their loan interest rates to a change in the monetary policy rate, but we also observe a rigid short-term response for some loan product categories. The study confirms that pricing policies can vary substantially depending on the market. For example, microeconomic factors did not seem to be a major determinant of retail loan rates, but they were found to be important determinants of corporate loan or time deposit rates. As two additional results, market concentration was found to have a robust significant positive effect on loan rates and interest spreads, as well as the international risk perception of Brazil, as proxied by the EMBI Brazil.

On Effective Spacetime Dimension in the Ho\v{r}ava-Lifshitz Gravity

In this manuscript we explicitly compute the effective dimension of spacetime in some backgrounds of Ho\v{r}ava-Lifshitz (H-L) gravity. For all the cases considered, the results are compatible with a dimensional reduction of the spacetime to $d+1=2$, at high energies (ultraviolet limit), which is confirmed by other quantum gravity approaches, as well as to $d+1=4$, at low energies (infrared limit). This is obtained by computing the free energy of massless scalar and gauge fields. We find that the only effect of the background is to change the proportionality constant between the internal energy and temperature. Firstly, we consider both the non-perturbative and perturbative models involving the matter action, without gravitational sources but with manifest time and space symmetry breaking, in order to calculate modifications in the Stephan-Boltzmann law. When gravity is taken into account, we assume a scenario in which there is a spherical source with mass $M$ and radius $R$ in thermal equilibrium with radiation, and consider the static and spherically symmetric solution of the H-L theory found by Kehagias-Sfetsos (K-S), in the weak and strong field approximations. As byproducts, for the weak field regime, we used the current uncertainty of the solar radiance measurements to establish a constraint on the $\omega$ free parameter of the K-S solution. We also calculate the corrections, due to gravity, to the recently predicted attractive force that black bodies exert on nearby neutral atoms and molecules.Comment: references adde

Parallel Mean Curvature Surfaces in Symmetric Spaces

We present a reduction of codimension theorem for surfaces with parallel mean curvature in symmetric spaces

Um Exame sobre como os Bancos Ajustam seu Índice de Basileia no Brasil

This article uses a partial adjustment model to assess about how banks choose their regulatory capital levels. Among the obtained results, it was found that there exists a target level for at least half of the examined banks, and that both the target capital ratio and the adjustment speed towards this target vary considerably among banks. During our sample period, we didn’t find significant evidence that the regulatory changes from Basel I to Basel II affected the target or the adjustment speed, but our tests suggested that larger banks choose lower target capital levels. For the majority of the banks, it was found that the management of the capital ratio is mainly done through the liability side, while the adjustment speed of the liability side is lower than the one of the asset side.

Dynamical star-disk interaction in the young stellar system V354 Mon

The main goal of this work is to characterize the mass accretion and ejection processes of the classical T Tauri star V354 Mon, a member of the young stellar cluster NGC 2264. In March 2008, photometric and spectroscopic observations of V354 Mon were obtained simultaneously with the CoRoT satellite, the 60 cm telescope at the Observat\'orio Pico dos Dias (LNA - Brazil) equipped with a CCD camera and Johnson/Cousins BVRI filters, and the SOPHIE \'echelle spectrograph at the Observatoire de Haute-Provence (CNRS - France). The light curve of V354 Mon shows periodical minima (P = 5.26 +/- 0.50 days) that vary in depth and width at each rotational cycle. From the analysis of the photometric and spectroscopic data, it is possible to identify correlations between the emission line variability and the light-curve modulation of the young system, such as the occurrence of pronounced redshifted absorption in the H_alpha line at the epoch of minimum flux. This is evidence that during photometric minima we see the accretion funnel projected onto the stellar photosphere in our line of sight, implying that the hot spot coincides with the light-curve minima. We applied models of cold and hot spots and a model of occultation by circumstellar material to investigate the source of the observed photometric variations. We conclude that nonuniformly distributed material in the inner part of the circumstellar disk is the main cause of the photometric modulation, which does not exclude the presence of hot and cold spots at the stellar surface. It is believed that the distortion in the inner part of the disk is created by the dynamical interaction between the stellar magnetosphere, inclined with respect to the rotation axis, and the circumstellar disk, as also observed in the classical T Tauri star AA Tau and predicted by magnetohydrodynamical numerical simulations.Comment: Accepted by Astronomy and Astrophysic

Dependence of the Black-body Force on Spacetime Geometry and Topology

In this paper we compute the corrections to the black-body force (BBF) potential due to spacetime geometry and topology. This recently discovered attractive force on neutral atoms is caused by the thermal radiation emitted from black bodies and here we investigate it in relativistic gravitational systems with spherical and cylindrical symmetries. For some astrophysical objects we find that the corrected black-body potential is greater than the flat case, showing that this kind of correction can be quite relevant when curved spaces are considered. Then we consider four cases: The Schwarzschild spacetime, the global monopole, the non-relativistic infinity cylinder and the static cosmic string. For the spherically symmetric case of a massive body, we find that two corrections appear: One due to the gravitational modification of the temperature and the other due to the modification of the solid angle subtended by the atom. We apply the found results to a typical neutron star and to the Sun. For the global monopole, the modification in the black-body potential is of topological nature and it is due to the central solid angle deficit that occurs in the spacetime generated by that object. In the cylindrical case, which is locally flat, no gravitational correction to the temperature exists, as in the global monopole case. However, we find the curious fact that the BBF depends on the topology of the spacetime through the modification of the azimuthal angle and therefore of the solid angle. For the static cosmic string we find that the force is null for the zero thickness case.Comment: 8 pages, 5 figures. Revised versio