O canal do crédito bancário na transmissão da política monetária: evidência para Portugal

Mestrado em Economia Monetária e FinanceiraA teoria do canal do crédito veio juntar-se às teorias Keynesianas e Monetaristas na explicação da transmissão da política monetária à economia real. Segundo esta teoria, os impulsos da política monetária são transmitidos à economia real através dos problemas de informação assimétrica presentes no mercado do crédito, subdividindo-se em duas abordagens diferentes, a do canal do crédito em sentido lato e a do canal do crédito bancário. A evidência empírica presente na literatura, não é conclusiva quanto à existência do canal do crédito, existindo estudos, mesmo para a mesma economia, que concluem pela existência e outros que não. Em relação ao canal do crédito bancário, Portugal apresenta-se como um caso paradigmático. O presente trabalho pretende, assim, clarificar a questão da existência do canal do crédito bancário em Portugal. Com dados de um painel de bancos portugueses é estimada uma função de oferta de crédito, a partir da qual se testa até que ponto a concessão de crédito por cada banco está dependente do seu nível de depósitos, que se assume estar dependente da política monetária. Os resultados permitem concluir que a oferta de crédito reage às variações no nível de depósitos e, por conseguinte, à fase da política monetária. É testado também se esta reacção é maior para os bancos mais pequenos, menos capitalizados e menos líquidos, o que, de acordo com a teoria, seria evidência do canal do crédito bancário. Os resultados não se apresentam totalmente conclusivos, uma vez que apenas a capitalização apresenta o comportamento preconizado pela teoria. Por último, realizam-se análises comparativas do comportamento de formas de financiamento alternativas ao crédito bancário durante o ciclo da política monetária. Os resultados apontam para que exista alguma substituição entre alguns tipos de financiamento relativamente ao crédito bancário, principalmente no período de contracção monetária, o que será evidência de uma quebra, neste período, da oferta do crédito bancário. Os resultados vão no sentido da existência do canal do crédito bancário em Portugal.The theory of the credit channel has joined the Keynesian and Monetarist theories in explaining the transmission of monetary policy to the real economy. This theory argue that monetary policy impulses are transmitted to real economy through the asymmetric information problems that arise in the credit market. It takes two different approaches: the broad credit channel and the bank-lending channel. The literature on the evidence of the credit channel has not yet been conclusive. There are studies, even for the same economy, that conclude on the existence of this channel and other that do not. Regarding the bank-lending channel, Portugal is one of such cases. In this context, this work tries to uncover the existence of the bank-lending channel for the Portuguese economy. With a panel of Portuguese banks, it's estimated a credit supply function through which is tested if the supply of credit reacts to variations of deposits, which are assumed to be in the control of monetary policy. The results show that indeed, credit supply reacts to deposits, and hence to the monetary policy. It is also tested if this reaction is stronger for the smaller, less capitalized and less liquid banks, which would be, according to theory, evidence of the credit channel. The results show that less capitalized banks react more, in line with the theory. Size and liquidity results, on the other hand, don't appear to be in line with the theory. At last, it is analysed the behaviour of bank lending compared to the behaviour of other alternative sources of financing during the monetary policy cycle. The results support that, in the period of monetary contraction, there was some kind of substitution of bank lending by some other sources of financing. Overall, the results support the existence of a bank-lending channel for the Portuguese economy

Selecção de futebolistas infanto-juvenis : Um Estudo diferencial em jogadores de diferentes níveis de rendimento da Associação de Futebol da Madeira

Dissertação de Mestrado em Ciência do Desporto, área de especialização em Desporto para Crianças e Jovens, apresentada à Faculdade de Ciências do Desporto e de Educação Física da Universidade do Port

The impact of perioperative data science in hospital knowledge management

Conservative practices, such as manual registry have limited scope regarding preoperative, intraoperative and post operative decision making, knowledge discovery, analytical techniques and knowledge integration into patient care. To maximize quality and value, perioperative care is changing through new technological developments. In this context, knowledge management practices will enable future transformation and enhancements in healthcare services. By performing a data science and knowledge management research in the perioperative department at Hospital Dr. Nélio Mendonça between 2013 and 2015, this paper describes its principal results. This study showed perioperative decision-making improvement by integrating data science tools on the perioperative electronic system (PES). Before the PES implementation only 1,2% of the nurses registered the preoperative visit and after 87,6% registered it. Regarding the patient features it was possible to assess anxiety and pain levels. A future conceptual model for perioperative decision support systems grounded on data science should be considered as a knowledge management tool.info:eu-repo/semantics/publishedVersio

Portuguese recommendations for the use of biological and targeted synthetic diseasemodifying antirheumatic drugs in patients with rheumatoid arthritis – 2020 update

Objective: To update the recommendations for the treatment of rheumatoid arthritis (RA) with biological and targeted synthetic disease-modifying antirheumatic drugs (bDMARDs and tsDMARDs), endorsed by the Portuguese Society of Rheumatology (SPR). Methods: These treatment recommendations were formulated by Portuguese rheumatologists taking into account previous recommendations, new literature evidence and consensus opinion. At a national meeting, in a virtual format, three of the ten previous recommendations were re-addressed and discussed after a more focused literature review. A first draft of the updated recommendations was elaborated by a team of SPR rheumatologists from the SPR rheumatoid arthritis study group, GEAR. The resulting document circulated among all SPR rheumatologists for discussion and input. The level of agreement with each of all the recommendations was anonymously voted online by all SPR rheumatologists. Results: These recommendations cover general aspects such as shared decision, treatment objectives, systematic assessment of disease activity and burden and its registry in Reuma.pt. Consensus was also achieved regarding specific aspects such as initiation of bDMARDs and tsDMARDs, assessment of treatment response, switching and definition of persistent remission. Conclusion: These recommendations may be used for guidance of treatment with bDMARDs and tsDMARDs in patients with RA. As more evidence becomes available and more therapies are licensed, these recommendations will be updated.info:eu-repo/semantics/publishedVersio

Desenvolvimento sustentável e responsabilidade social no sector dos transportes públicos : proposta de intervenção : Grupo Transtejo

Mestrado em Sociologia Económica e das OrganizaçõesNeste trabalho, discutem-se as dinâmicas de liderança e cooperação e as estratégias de implementação de Responsabilidade Social assumidas no domínio empresarial, com vista à adopção de um sistema eficiente e estrategicamente orientado para o desenvolvimento sustentável. Com efeito, trata-se de um estudo sobre a Transtejo e Soflusa; duas empresas públicas com uma estrutura directiva comum, ambas dedicadas ao transporte fluvial de passageiros no Rio Tejo, garantindo, a par dos diferentes operadores ferroviários e rodoviários, a mobilidade e as acessibilidades na área metropolitana de Lisboa. Considerando, entre outros aspectos, a importância do sector dos transportes no âmbito Responsabilidade Social, interessa-nos reflectir sobre este conceito, enquanto expressão motivadora de uma estratégia de gestão multidimensional que emerge do topo estratégico e que não dispensa o conjunto das responsabilidades individuais, integrando-as no que se poderia designar como tecido estrutural da organização em geral e do actual projecto de Desenvolvimento Sustentável em particular.This work discusses the dynamics of leadership and cooperation under the aegis of social responsibility in the business world, with the aim of adopting a system that is efficient while being strategically orientated to sustainable development. In effect this deals with a intervention proposal being developed by Transtejo and Soflusa, two public companies that share an administrative structure, both dedicated to transporting passengers on the River Tagus guaranteeing, along with other rail and road transport systems, mobility and accessibility in the Lisbon Metropolitan area. Taking into account, amongst other aspects, the importance of the transport sector with respect to social responsibility, we are interested in pondering on this concept as a motivating expression of a multidimensional management strategy arising from a strategic starting point without dispensing with a range of individual responsibilities, integrating them in what might be designated the structural framework of the organization in general, and this present project of sustainable development in particular

Aplicação de metodologias Lean em ambiente industrial

No decorrer dos anos pós-Revolução Industrial, aos poucos foram surgindo cada vez mais empresas, e as existentes industrializaram-se cada vez mais. Com isto as populações começaram a abandonar os ambientes rurais para procurarem novas oportunidades nas cidades e em ambientes mais industrializados. As empresas tornaram-se cada vez maiores, fruto do desenvolvimento económico e tecnológico. Isto por consequência provocou o aumento da concorrência e uma maior competitividade entre as empresas nos diversos setores. Deste modo, as organizações nos dias que correm, devem procurar adotar formas de ter uma maior vantagem competitiva em relação às outras, para assim conseguir destacar-se da concorrência e obter lucro e crescimento ao longo do tempo. É com esse objetivo que se enquadra a metodologia Lean Manufacturing (ou Produção Lean). Esta metodologia procura reduzir o tempo não produtivo, aumentando assim a sua eficiência e produtividade, para isso baseia-se na identificação dos 7 tipos de desperdício, e utiliza ferramentas para eliminá-los. O Lean Manufacturing procura reduzir os tempos de setup nas linhas de produção, tornando os processos mais flexíveis, mais rápidos, com menor necessidade de stocks, entre outras vantagens. Neste projeto/estágio a metodologia acima referida será aplicada em três linhas de produção da empresa EDA- Estofagem de assentos inserida no grupo Faurecia, que produz para a indústria automóvel. A metodologia em questão vai de encontro aos princípios da multinacional Faurecia, voltada para a melhoria contínua e aumento da produtividade, por sua vez de encontro também com os princípios da EDA, sendo esta uma Unidade industrial Just in Time. A empresa EDA pretende com isto tornar as suas linhas mais eficientes e flexíveis, de forma a ser possível produzir maior variabilidade de produtos na mesma linha de produção de forma rápida e eficaz.ABSTRACT: In the course of the post-Industrial Revolution years, more and more companies were emerging and the existing ones became more industrialized. With this happening, the population started to leave the rural environments to look for new opportunities in the cities and more industrialized environments. With companies becoming larger every day, result of economic and technological development with more and better offers, competition increased as well as rivalry between companies in various sectors. Thus, associations nowadays should seek to adopt ways to have a greater competitive advantage in relation to others, in order to stand out from the competition and obtain profit and growth over time. This is where the Lean Manufacturing methodology fits. This methodology seeks, in general, to reduce non-productive time, thus increasing its efficiency and productivity by identificating the 7 types of waste and using some tools. With this, Lean Manufacturing seeks to reduce setup times on production lines making processes more flexible, faster, needing less stock, among other advantages. At the internship I’m applying to, the methodology above will be applied to the three production lines of “EDA – Estofagem de assentos” company inserted in the Faurecia group, which produces for the automotive industry. This methodology is in line with the principles of the multinational Faurecia, aimed at continuously improving and increasing productivity and also the principles of EDA, being a Just in Time factory. This way, EDA company intends to make its lines more efficient and flexible, in order to be able to produce greater variability of products in the same production line quickly and effectively

Perfuração de Linfoma não Hodgkin Jejunal Primário - a propósito de um caso clínico

Malignant tumors of the small bowel are rare and represent 1-2% of all malignant conditions of the gastrointestinal tract. Lymphoma is the third most common malignant tumor of the small intestine after adenocarcinoma and carcinoid tumor, of which 60-80% are B cell neoplasms. Perfuration is a rare form of presentation and represents a surgical emergency. The authors present the clinical case of a male patient, 67 year-old, submitted to exploratory laparotomy for visceral perfuration. The findings showed localized peritonitis arising from perfuration of jejunal lesion. Histopathological and immunohystochemical findings showed a non-Hodgkin B cell Lymphoma. Keywords: Intestinal Lymphoma – Perforation – Surgical Treatment Os tumores malignos do intestino delgado são raros e compreendem apenas 1 a 2% de todas as condições malignas gastrointestinais. Os Linfomas são o terceiro tipo mais frequente de tumores malignos do intestino delgado apenas ultrapassados pelos adenocarcinomas e tumores carcinóides. 60 a 80% são de células B. A perfuração é uma forma de apresentação rara e constitui uma urgência cirúrgica. Os autores apresentam o caso clínico de um doente do sexo masculino, de 67 anos de idade, submetido a laparotomia exploradora no contexto de perfuração de víscera oca. Intraoperatoriamente verificou-se a existência de volumosa lesão parietal jejunal a condicionar perfuração local, com peritonite associada. O estudo histológico e imunohistoquímico revelou tratar-se de Linfoma não- Hodgkin de células B. Palavras-chave: Linfoma Intestinal – Perfuração – Tratamento Cirúrgico

Portuguese guidelines for the use of biological agents in rheumatoid arthritis - March 2010 update.

The authors present the revised version of the Portuguese Society of Rheumatology (SPR) guidelines for the treatment of rheumatoid arthritis (RA) with biological therapies. In these guidelines the criteria for introduction and maintenance of biological agents are discussed as well as the contraindications and procedures in the case of non-responders. Biological treatment should be considered in RA patients with a disease activity score 28 (DAS 28) superior to 3.2 despite treatment with 20mg/week of methotrexate (MTX) for at least 3 months or, if such treatment is not possible, after 6 months of other conventional disease modifying drug or combination therapy. A DAS 28 score between 2.6 and 3.2 with a significant functional or radiological deterioration under treatment with conventional regimens could also constitute an indication for biological treatment. The treatment goal should be remission or, if that is not achievable, at least a low disease activity, characterized by a DAS28 lower than 3.2, without significative functional or radiological worsening. The response criteria, at the end of the first 3 months of treatment, are a decrease of 0.6 in the DAS28 score. After 6 months of treatment response criteria is defined as a decrease of more than 1.2 in the DAS28 score. Non-responders, in accordance to the Rheumatologist's clinical opinion, should try a switch to another biological agent (tumour necrosis factor antagonist, abatacept, rituximab or tocilizumab).publishersversionpublishe

Portuguese guide lines for the use of biological agents in rheumatoid arthritis - october 2011 update

The authors present the revised version of the Portuguese Society of Rheumatology (SPR) guidelines for the treatment of Rheumatoid Arthritis (RA) with biological therapies. In these guidelines the criteria for introduction and maintenance of biological agents are discussed as well as the contraindications and procedures in the case of non-responders. Biological treatment (with a tumour necrosis factor antagonist, abatacept or tocilizumab) should be considered in RA patients with a disease activity score 28 (DAS 28) equal to or greater than 3.2 des pite treatment with at least 20mg-weekly-dose of methotrexate (MTX) for at least 3 months or, if such treatment is not possible, after 3 months of other conventional disease modifying drug or combination therapy. A DAS 28 score between 2.6 and 3.2 with a significant functional or radiological deterioration under treatment with conventional regi -mens could also constitute an indication for biological treatment. The treatment goal should be remission or, if that is not achievable, at least a low disease activity, defined by a DAS28 lower than 3.2,without significative functional or radiological worsening. The response criteria, at the end of the first 3 months of treatment, are a decrease of at least 0.6 in the DAS28 score. After 6 months of treatment res ponse criteria is defined as a decrease greater than 1.2 in the DAS28 score. Non-responders, in accordance to the Rheumatologist's clinical opi -nion, should try a switch to another biological agent (tumour necrosis factor antagonist, abatacept, rituxi mab or tocilizumab).publishersversionpublishe