Human Capital As a Conditioning Factor to the Convergence Process Among the Brazilian States.

This paper examines the convergence process among the Brazilian states using different concepts of convergence and giving special attention to the role of human capital as the conditioning factor to convergence. Different measures of human capital are used in the estimation of the convergence equations and the results show that they play a significant role in explaining the improvement of the standards of living of the Brazilian population. An interesting finding is that different levels of human capital have different impacts on the growth of per capita income depending on the level of development of the Brazilian states. Lower levels of human capital explain better the convergence process among the less developed states and higher levels of human capital are more adequate for controlling differences in the “steady-states†of the more developed Brazilian regions. The impact of the intermediate levels of human capital on growth is stronger in all samples.

Educational Thresholds and Economic Growth: Empirical Evidence from Brazilian States

This paper examines the convergence process in Brazil over the period of 1985-2004, giving a special attention to the role of human capital as a conditioning factor to convergence. It examines how different levels of human capital influence growth in different regions of Brazil. Different measures of human capital are used in the growth regressions and the results show that they play a significant role in explaining the growth process. The evidence indicates that different levels of human capital have different impacts on the per capita income growth, depending on the level of development of the states. Lower levels of human capital explain better the convergence among the less developed states and higher levels of human capital are more adequate among the more developed states. The impact of the relative intermediate levels of human capital on growth is stronger in all samples, suggesting the existence of threshold effect in education.conditional convergence, human capital thresholds, panel data

Partitioning of trace metals between soft tissues and shells of Patella aspera

This paper describes the partitioning of iron, manganese, zinc, copper, cadmium, cobalt, nickel and lead between the soft tissues and the shells of the gastropod mollusc Patella aspera. Specimens of the limpet P aspera were collected from a clean coastal marine site (CMS) and from an estuarine contaminated site (ECS) on the south coast of Portugal. Fe and Zn concentrations were significantly lower on both populations and less variable in the shells than in the soft tissues. In contrast Mn concentrations were higher in the shells than in the soft tissues at ECS. The partitioning factor (PF), defined as the ratio between the mean metal concentrations in soft tissues and in the shells, was maximum for iron and minimum for manganese. Between the soft tissues and the shells, only manganese at ECS recorded a significant relationship between metal concentrations, suggesting that the mechanism that controls the accumulation of this essential metal in both tissues was different from the others. From the obtained data, in biomonitoring sewage contamination studies, shells of P. aspera can be considered as a good indicator for Mn while the soft tissues for Zn. As copper, cadmium, nickel and cobalt concentrations were much higher in the soft tissues than in the shells ( < 0.1 mug g(-1)), this indicates that the shells were not a good indicator for these metals because they do not reflect the environmental bioavailability as do the soft tissues.FRMH/BD/403/92info:eu-repo/semantics/publishedVersio

Intervención internacional a través de los medios de comunicación en sociedades posguerra: Perspectivas a partir de las epistemologías del sur

Over the past two decades, international intervention in post-war settings has strictly followed liberal assumptions and practices. Efforts to build and shape the media in the aftermath of armed conflict are no exception. In setting the foundations for the rule of law, liberal democracy and free market, external actors have (re)defined what constitutes the mediascape – that is, the various spheres of communication within public discourse – and how to (re)construct it. Imprinted with modernity’s tenets and western assumptions about the public space, this approach has understood the mediascape narrowly as limited to traditional, established, liberal media, serving to validate particular actors and processes whilst obscuring, neglecting and shutting off global diversity. Law and technology, this paper argues, are the two main axes through which legitimation and exclusion are effected. A myopic focus on legal and technological aspects of the media reduces a rich space of local discourses, norms and practices to western-like media legislation, training and outlets, narrowing in turn the sites for addressing violence and building peace.Durante las últimas dos décadas, la intervención internacional en contextos posguerra ha seguido estrictamente los supuestos y prácticas liberales. Los esfuerzos para construir y dar forma a los medios de comunicación después de los conflictos armados no son una excepción. Al sentar las bases del estado de derecho, de la democracia liberal y del libre mercado, los actores externos han definido lo que constituye el paisaje mediático, es decir, las diversas esferas de la comunicación en el discurso público y cómo reconstruirlo. Imbuido con los principios de la modernidad y los supuestos occidentales sobre el espacio público, este enfoque ha entendido el panorama mediático estrechamente como limitado a los medios tradicionales, establecidos y liberales, sirviendo para validar actores y procesos particulares mientras oscurece, descuida y cierra la diversidad global. El derecho y la tecnología, sostiene este documento, son los dos ejes principales a través de los cuales se efectúan la legitimación y la exclusión. Un enfoque miope en los aspectos legales y tecnológicos de los medios de comunicación que reduce un rico espacio de discursos, normas y prácticas locales a la legislación, la formación y los medios de comunicación de los medios occidentales, reduciendo a su vez los sitios para abordar la violencia y construir la paz

SMEs and Regional Economic Growth in Brazil

This paper examines the relationship between the Small and Medium Enterprise (SME) sector and economic growth for an annual panel of Brazilian states for the period 1985-2004. We investigate the importance of the relative size of the SME sector measured by the share of the SME employment in total formal employment and the level of human capital in SMEs measured by the average years of schooling of SME employees. The empirical results indicate that the relative importance of SMEs is negatively correlated with economic growth, a result that is consistent with previous studies examining developing countries. In addition, our results also show that human capital embodied in SMEs may be more important for economic growth than the relative size of the SME sector.Firm size, market structure, economic growth, human capital.

Índice da Global AgeWatch 2015: Sumário executivo

Tradução do inglês: "Global AgeWatch Index 2015: Insight report

Hidden costs of flexible work: Employers’ perception

In a context where labor flexibility is increasingly a choice for companies to reduce organizational costs and increase their competitiveness in the labor market, it is pertinent to study the nature of the motivations behind the use of FWA, as well as the advantages and disadvantages associated with these types of contract. This research, of a qualitative and exploratory nature, explores these dimensions by placing the employer at the center of the analysis, a poorly researched perspective. HR managers of companies in Portugal were interviewed (n=8). The empirical information, gathered from semi-directive interviews, suggested that the stable employment contract remains the most recurrent option, at about 77.5%. Flexible hiring, on the other hand, responds to the very particular needs of the company, namely changes in demand. Besides, the conversion of flexible contracts into stable ones appears, in some cases, as a reward for the good performance of the employees. Companies recognize the advantages of flexible contracts as well as some negative consequences. Although the recognition of hidden costs has not been explicit, there are indications of concerns such as workers' motivation. The results obtained may be useful for companies to consider their options as to the type of employment relationship they intend to implement, as well as to elucidate policymakers as to the factors that may influence companies' decisions. However, they should be analyzed with caution. The sample is small and includes only companies that have shown themselves to be available. Nevertheless, it opens space for future more extensive research.Num contexto em que a flexibilidade laboral constitui, cada vez mais, uma escolha das empresas no sentido de diminuir os custos organizacionais e aumentar a sua competitividade no mercado de trabalho, revela-se pertinente estudar a natureza das motivações por detrás da utilização de contratos de trabalho flexíveis, bem como as vantagens e desvantagens associadas a estes tipos de contrato. Esta pesquisa, de natureza qualitativa e exploratória, explora essas dimensões colocando o empregador no centro da análise, perspetiva escassamente investigada. Foram entrevistados gestores de RH de empresas em Portugal (n=8). A informação empírica, recolhida a partir de entrevistas semi-diretivas, sugeriu que o contrato de trabalho estável continua a ser a opção mais recorrente, em cerca de 77.5%. Já a contratação flexível responde a necessidades muito particulares da empresa, designadamente alterações na procura. Acresce que a transformação de contratos flexíveis para estáveis surge, em alguns casos, como recompensa do bom desempenho dos colaboradores. As empresas reconhecem vantagens dos contratos flexíveis, bem como algumas consequências negativas. Embora o reconhecimento de custos ocultos não tenha sido explícito, há indicações de preocupações como quanto à motivação dos trabalhadores. Os resultados obtidos podem ser úteis para as empresas equacionarem as suas opções quanto ao tipo de relação de emprego que pretendem implantar, bem como para elucidar os decisores políticos quanto aos fatores que podem influenciar as escolhas das empresas. Todavia, devem ser analisados com cautela. A amostra é pequena e inclui apenas empresas que se mostraram disponíveis. Apesar disso, abre espaço para futuras pesquisas mais abrangentes

What happens when the ECB opens the cash tap? : an application to the Portuguese credit market

During the 2008 subprime crisis, central banks took unprecedented measures to restore financial markets. In an effort to boost the Eurozone economy, the ECB introduced the Targeted Longer-Term Refinancing Operations (TLTRO) to stimulate bank lending to the real economy. In this dissertation, using proprietary data from the Bank of Portugal, we show that the TLTRO intervention is positively related with an increase in credit granted to Portuguese firms. Nevertheless, these funds were transmitted to the economy mainly during the last three days of the month and through credit lines, which are riskier, given the lower credit worthiness of borrowers. We empirically confirm this fact, given the higher default rate ex post. We also find that companies held less cash after the TLTRO injection. However, the impact of these injections depends, to a great extent, on a company’s marginal value of cash, where we find that highly levered firms increased their cash holdings, as opposed to less levered firms. Finally, we show that, after the ECB´s liquidity injection, Portuguese companies decreased their investments and instead used the extra funds as a liquidity buffer. Overall, we provide evidence on two previously undocumented effects of the ECB’s Targeted Longer-Term Refinancing Operation: banks provided riskier loans and borrowers did not use the funds for investment purposes.Durante a crise de 2008, os bancos centrais tomaram medidas inéditas de modo a estabilizar os mercados financeiros. Num esforço para melhorar a economia da Zona Euro, o BCE introduziu as Targeted Longer-Term Refinancing Operations (TLTRO), com o fim de estimular a concessão de crédito à economia. Nesta dissertação, usando dados confidenciais do Banco de Portugal, mostramos que a intervenção das TLTRO está positivamente correlacionada com a concessão de crédito a empresas portuguesas. Contudo, estes fundos foram transmitidos para a economia essencialmente durante os últimos três dias do mês e através de linhas de crédito, sendo mais arriscados, dado a menor qualidade de crédito dos devedores. Empiricamente, confirmamos este facto, tendo em conta a taxa de incumprimento superior ex post. Descobrimos ainda que as empresas mantiveram menos dinheiro em caixa, após as injeções das TLTRO. No entanto, o impacto destas injeções depende, em grande medida, do valor marginal do dinheiro para as empresas, onde concluímos que empresas muito alavancadas aumentaram as suas reservas de dinheiro, ao contrário de empresas menos endividadas. Finalmente, mostramos que, após as injeções de liquidez do BCE, as empresas portuguesas diminuíram o seu investimento, tendo antes usado os fundos como almofada de liquidez. No geral, encontramos provas que, na economia portuguesa, as operações de liquidez do BCE não estimularam a economia real por duas razões: os bancos providenciaram empréstimos mais arriscados e os devedores não usaram os fundos para efeitos de investimento