Descentralização e endividamento municipal: formas, limites e possibilidades [Decentralization and municipal indebtedness: modes, constraints, and possibilities]

The objective of this article is to discuss alternatives to finance investments by municipalities. In general, current revenues are insufficient to finance large investments, what brings about the necessity of municipal indebtedness. These could assume different manners, according to the nature of the investment: if it is typically public or if it offers private return. For the first case, we discuss the possibilities of a municipal bond market and, for the second, we discuss project finance and the participation of the private sector.municipal debt, project finance, decentralization

MICROCRÉDITO: ASPECTOS TEÓRICOS E EXPERIÊNCIAS

The main objective of this article is to discuss the financing problems of small business in the traditional financial system and also how the microcredit may solve this problem. The first part shows why this kind of business are excluded from the traditional finance in the presence of assimetric information. Secondly, the experience of Grameen Bank is presented to show how specific contract arrangements can make possible small business finance. Last, the brazilian experience with the microcredit is discussed, making salient the PROGER and the firs institutions to operate with microcredit.O trabalho procura discutir as dificuldades de financiamento das microempresas dentro da lógica do sistema financeiro tradicional e como o microcrédito pode resolver este problema. O primeiro ponto do trabalho é mostrar por que as microempresas são excluídas dos financiamentos tradicionais na presença de informações assimétricas. Em seguida, apresenta-se a experiência do Grameen Bank para mostrar como arranjos contratuais específicos podem viabilizar o financiamento de pequenos empreendimentos. E, ao final, apresenta-se a experiência brasileira com microcrédito, destacando-se o PROGER (Programa de Geração de Emprego e Renda) e as primeiras instituições de microcrédito

Державотворчі змагання ОУН – УПА в роки нацистської окупації України

(uk) У цій статті висвітлюються основні напрямки боротьби національно-патріотичних сил за становлення органів державного управління та місцевого самоврядування в Україні в період окупації її території військами нацистської Німеччини.(en) In this article basic directions of fight of nation - patriot forces light up for becoming of organs of state administration and local self-government in Ukraine in the period of occupation of its territory by the troops of nazi Germany

Descentralização e endividamento municipal: formas, limites e possibilidades

The objective of this article is to discuss alternatives to finance investments by municipalities. In general, current revenues are insufficient to finance large investments, what brings about the necessity of municipal indebtedness. These could assume different manners, according to the nature of the investment: if it is typically public or if it offers private return. For the first case, we discuss the possibilities of a municipal bond market and, for the second, we discuss project finance and the participation of the private sector

MICROCRÉDITO: ASPECTOS TEÓRICOS E EXPERIÊNCIAS

The main objective of this article is to discuss the financing problems of small business in the traditional financial system and also how the microcredit may solve this problem. The first part shows why this kind of business are excluded from the traditional finance in the presence of assimetric information. Secondly, the experience of Grameen Bank is presented to show how specific contract arrangements can make possible small business finance. Last, the brazilian experience with the microcredit is discussed, making salient the PROGER and the firs institutions to operate with microcredit.O trabalho procura discutir as dificuldades de financiamento das microempresas dentro da lógica do sistema financeiro tradicional e como o microcrédito pode resolver este problema. O primeiro ponto do trabalho é mostrar por que as microempresas são excluídas dos financiamentos tradicionais na presença de informações assimétricas. Em seguida, apresenta-se a experiência do Grameen Bank para mostrar como arranjos contratuais específicos podem viabilizar o financiamento de pequenos empreendimentos. E, ao final, apresenta-se a experiência brasileira com microcrédito, destacando-se o PROGER (Programa de Geração de Emprego e Renda) e as primeiras instituições de microcrédito

Conflito, incerteza e aceleração inflacionária no Brasil

The aim of this article is to present somecauses of the inflationary aceleration in Brazil in the recent years. Considering an uncertanty enviroment, we will discuss the relation of the distributive conflict and the inflationary process instability. Based on the theoretical aspects presented in the first two section, we will analyse the Brazilian inflationary process since the 70's and also the stabilization plans of the 80's and 90's including the recent - Piano Real.O presente artigo busca investigar algumas causas da aceleração inflacionária no Brasil no período recente, baseado no diagnóstico do conflito distributivo.Discutiremos como o conflito em um ambiente de incerteza contribui para ainstabilidade do processo inflacionário. A luz dos aspectos teóricos apresentados nas duas primeiras seções, analisaremos o processo inflacionário brasileiro a partir dos anos 70, bem como os diversos pianos deestabilização, incluindo o atual - Piano Real.

The price for biofuels sustainability

The production and usage of biofuels has increased worldwide, seeking goals of energy security, lowcarbonenergy and rural development. As biofuels trade increased, the European Union introducedsustainability regulations in an attempt to reduce the risks associated with biofuels. Producers were thenconfronted with costs of sustainability certification, in order to access the EU market. Hopes were thatsustainably-produced biofuels would be rewarded with higher prices in the EU. Based on a review ofrecent literature, interviews with traders and price data from Platts, this paper explores whethersustainability premiums emerged and if so, did they represent an attracting feature in the market forsustainable biofuels. This article finds that premiums for ethanol and biodiesel evolved differentlybetween 2011 and 2012, but have been in general very small or inexistent, with certified fuels becomingthe new norm in the market. For different reasons, there has been an apparent convergence betweenbiofuel policies in the EU and the US. As market operators perceive a long-term trend for full certificationin the biofuels market, producers in developing countries are likely to face additional challenges in termsof finance and capacity to cope with the sustainability requirements.QC 20140519</p

Regime de metas inflacionárias: os impactos sobre o desempenho econômico dos países

O objetivo deste artigo é analisar empiricamente os impactos da adoção do sistema de metas inflacionárias para a inflação e crescimento real do produto, diferenciando os impactos entre países desenvolvidos (PD) e em desenvolvimento (PED). Foram coletados dados de inflação e crescimento do PIB para 51 países entre 1995 e 2004, utilizando o grupo de países que adotam metas inflacionárias como o grupo de tratamento e os que não adotam como grupo de controle. Aplicou-se metodologia apropriada a painel de dados. Os resultados mostram que entre os PED, aqueles que adotam o regime apresentam inflação 3,8 pontos percentuais abaixo da média dos que não adotam, e taxa de crescimento real do PIB 0,8 ponto percentual abaixo da média do grupo de controle. Para o caso dos PD, os resultados são inversos, porém de menor magnitude (1,2 e 0,1 ponto percentual, respectivamente). Isto sinaliza que, para os PED, a queda no crescimento do produto estaria relacionada à maior dificuldade enfrentada pelos mesmos na cons-trução de credibilidade, obrigando-os a seguir políticas restritivas e um desenho rígido para o regime.<br>The main goal of this paper is to analyze empirically the effect of the adoption of the inflation targeting to both the inflation rate and the economic growth, allowing for different impacts for developed and developing countries. We collected data on inflation and economic growth rates for 51 countries between 1995 and 2004, classifying the countries adopting inflation targeting as the treatment group and the remaining set of countries as the control group. The methodology adopted was a panel data model. The results we get indicate that for developing countries those adopting inflation targeting present inflation rate 3.8% below the average of those not adopting the regime, and economic growth rate 0.8% below the average of the control group. For the developed countries, the results are the opposite but in lower magnitude (1.2% and 0.1%, respectively). One possible explanation is that for the PED the decrease in the output growth may be related to the difficulty they face in building their credibility, since they have to commit to more restrictive policies and a strict design for the regime