OPTIMAL INTERNATIONAL RESERVES HOLDINGS IN EMERGING MARKETS ECONOMIES: THE BRAZILIAN CASE

This paper discusses the optimal international reserves holding for Brazilian economy. The optimal is determined with the buffer stock (inventory) model, using a time series approach. This paper differs from traditional approaches that run cross-section analysis. We evaluate Brazilian's reserves holdings with the model and discuss the role of IMF accord in the reserves holdings. The paper also presents evidence to support the idea of fewer needs to hold international reserves in a floating foreign exchange rate regime than in a fixed one. Conclusions highlight that Brazilians' foreign reserves are slightly above the optimal level and the model may allow the country to evaluate the needs of IMF accord renew.

Disposition effect and gender

Investors seem to hold on to their losing stocks to a greater extent than they hold on to their winning stocks. This well-document behavioral regularity is termed disposition effect (Shefrin and Statman 1985). We set an experiment to replicate results from a previous study of the disposition effect (Weber and Camerer 1998), and further show that a subject’s gender may interfere with the effect’s detection.

Stock selection based on cluster analysis

We put forward a technique based on cluster analysis to group stocks in spot markets according to a risk-return criterion. We show how an informed investor will make money using the cluster analysis to select stocks of major companies from North and South America.

Stockmarket comovements revisited

We revisit the issue of comovements of emerging and developed stockmarkets, and provide a simultaneous treatment of data for the eighties and nineties. We show that while emerging markets experience greater instability in the long term than their developed counterparts, there is room for short-term strategies to take advantage of profit opportunities in the emerging markets, especially in India.

On the Spectral Efficiency and Fairness in Full-Duplex Cellular Networks

To increase the spectral efficiency of wireless networks without requiring full-duplex capability of user devices, a potential solution is the recently proposed three-node full-duplex mode. To realize this potential, networks employing three-node full-duplex transmissions must deal with self-interference and user-to-user interference, which can be managed by frequency channel and power allocation techniques. Whereas previous works investigated either spectral efficient or fair mechanisms, a scheme that balances these two metrics among users is investigated in this paper. This balancing scheme is based on a new solution method of the multi-objective optimization problem to maximize the weighted sum of the per-user spectral efficiency and the minimum spectral efficiency among users. The mixed integer non-linear nature of this problem is dealt by Lagrangian duality. Based on the proposed solution approach, a low-complexity centralized algorithm is developed, which relies on large scale fading measurements that can be advantageously implemented at the base station. Numerical results indicate that the proposed algorithm increases the spectral efficiency and fairness among users without the need of weighting the spectral efficiency. An important conclusion is that managing user-to-user interference by resource assignment and power control is crucial for ensuring spectral efficient and fair operation of full-duplex networks.Comment: 6 pages, 4 figures, accepted in IEEE ICC 2017. arXiv admin note: text overlap with arXiv:1603.0067