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Fundamentos econômicos da formação do preço internacional de açúcar e dos preços domésticos de açúcar e etanol; Economic fundamentals of the formation of the international price of sugar and of the domestic price of ethanol and sugar

Campos, Silvia Kanadani
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 26/11/2010 PT
Relevância na Pesquisa
56.44%
A importância de se estudar preços decorre da necessidade de se prever seu comportamento, como instrumento para o planejamento da produção, dos investimentos relacionados aos produtos e para a formulação de políticas que garantam o abastecimento do mercado consumidor. O objetivo principal do presente trabalho foi investigar os fatores que afetam o comportamento dos preços de etanol e açúcar no mercado doméstico e do preço do açúcar no mercado internacional. Em relação ao mercado internacional observou-se que os preços das commodities armazenáveis negociadas mundialmente tendem a apresentar tendências semelhantes, indicando que um conjunto comum de fatores pode estar afetando-os. Na análise do preço internacional do açúcar, consideram-se três ordens de fatores explicativos: (a) o índice geral de preços de commodities CRB/SPOT; (b) macro-fatores como taxa de câmbio e juros, liquidez, renda, etc. e; (c) efeitos de fatores idiossincráticos relacionados ao consumo e produção mundiais do açúcar. Nos casos dos preços domésticos de açúcar e etanol, os fatores explicativos são (a) preço internacional do açúcar, (b) os macro-fatores internacionais e domésticos como taxa de câmbio, juros, renda, etc....

Constituição e desenvolvimento: o mercado interno na constituição de 1988; Constitution and development: the domestic market on the Brazilian constitution of 1988

Salgado, Rodrigo Oliveira
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 21/05/2013 PT
Relevância na Pesquisa
56.11%
Esta dissertação procura analisar o artigo 219 da Constituição Brasileira sob a ótica das políticas econômicas do desenvolvimento. Em seu texto, o referido artigo garante como parte integrante do patrimônio nacional o mercado interno, prescrevendo seu incentivo a fim de proporcionar o desenvolvimento econômico, social e cultural, bem como a autonomia tecnológica e o bem-estar de toda a população. Partindo dos pressupostos teóricos da Constituição Federal de 1988 como sendo uma constituição dirigente, esta dissertação foca-se sobre o referido dispositivo encarando-o como artigo pertencente à chamada constituição econômica formal. Assim, esta pesquisa se propõe a estudar os três principais discursos nacionais sobre o desenvolvimento econômico, ao mesmo tempo em que busca na literatura econômico-constitucional as melhores análises sobre o referido artigo.; This study intends to analyze the article 219 of the Brazilian Constitution, under the view of the policies for economic development. In its text, the referred article grants the Brazilian internal market as part of the national patrimony. Further, the article prescribes its economic stimulus, intending to provide cultural, social and economic development...

Vida urbana, mercado interno e tributação na Região Mogiana (1898-1913) : um estudo comparativo da evolução dos Municipios Mogi Guaçu, Mogi Mirim, Franca e Ribeirão Preto; Urban life, domestic market and taxation in the Mogiana Region (1898-1913) : a comparative study from the evolution on the cities of Mogi Guaçu, Mogi Mirim, Franca and Ribeirão Preto

Caio Cesar Assenço Haffner
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 21/12/2009 PT
Relevância na Pesquisa
66.19%
Esta dissertação trata do processo de desenvolvimento econômico de uma região localizada no nordeste do Estado de São Paulo, tributária da Cia. Mogiana de Estradas de Ferro, desde a sua gênese, no século XVII (1655), até o ano de 1913, enfatizando-se o período de 1898 a 1913. Em especial, a dissertação analisa o surgimento de três economias de exportação: açúcar, algodão e café, levando-se em conta o processo de desenvolvimento desencadeado na região por estes três produtos. O foco de análise é direcionado à formação do mercado interno e ao processo de industrialização incipiente, em com as suas relações com o setor exportador; This dissertation concerns the process of the economic development of a region located in the northern part of São Paulo state, taxation of the Mogiana Railroad Company, since its genesis, in the seventeenth century (1655), until the year of 1913, mphasizing the period from 1898 to 1913. In special, this dissertation analyses the emergence of three export economies: sugar, cotton and coffee, considering the process of development triggered in this region for these three products. The focus of the analyses is directed to the domestic market formation and to the incipient industrialization process...

Public Debt Management in Emerging Market Economies : Has This Time Been Different?

Anderson, Phillip R. D.; Silva, Anderson Caputo; Velandia-Rubiano, Antonio
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.56%
Despite the scale of the global financial crisis, to date it has not resulted in a sovereign debt crisis among emerging market countries. Two significant factors in this outcome are the improved macroeconomic management and public debt management in these countries over the past decade. This paper reviews the improvements in macroeconomic fundamentals and the composition of public debt portfolios in emerging market countries prior to the crisis and concludes that the policies and strategies pursued by governments provided them with a buffer when the crisis hit. Nevertheless, with the international capital markets effectively closed for over three months and domestic borrowing in many cases impacted by extreme risk aversion, government debt managers were required to adapt their strategies to rapidly changing circumstances. The paper reviews the impact of the crisis and the responses of debt managers to the drying up of international capital, decreased liquidity in markets, and sharply increased term premia. Three categories of response are identified: (i) funding from other sources to reduce pressure on market borrowing; (ii) adapting funding programs to changes in demand in the different types of securities; and (iii) implementing liability management operations to support the market. Most governments were willing to accept temporarily greater risk in their portfolios...

Does Financial Openness Lead to Deeper Domestic Financial Markets?

Calderón, César; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.58%
Advanced and emerging market economies have rapidly integrated into international capital markets and this growing globalization of financial markets has led to some important changes in the patterns of saving and investment across the world. The main goal of this paper is to test whether the cross-border asset trade has led to improvements in the intermediation of these savings -- that is, foster development of domestic financial markets. The authors have collected annual information on financial market development, financial openness, and other control variables for a sample of 145 countries for the period 1974-2007. Controlling for the likely endogeneity of financial openness, the analysis finds that rising financial openness expands private credit, bank assets, and stock market and private bond market development, and generates efficiency gains in the banking system. However, the impact of financial openness on domestic financial development may depend on the level of institutional quality, the extent of investor protection...

Pension Funds and Capital Market Development : How Much Bang for the Buck?

Raddatz, Claudio; Schmukler, Sergio L.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Relevância na Pesquisa
46.53%
This paper studies the relation between institutional investors and capital market development by analyzing unique data on monthly asset-level portfolio allocations of Chilean pension funds between 1995 and 2005. The results depict pension funds as large and important institutional investors that tend to hold a large amount of bank deposits, government paper, and short-term assets; buy and hold assets in their portfolios without actively trading them; hold similar portfolios at the asset-class level; simultaneously buy and sell similar assets; and follow momentum strategies when trading. Although pension funds may have contributed to the development of certain primary markets, these patterns do not seem fully consistent with the initial expectations that pension funds would be a dynamic force driving the overall development of capital markets. The results do not appear to be explained by regulatory restrictions. Instead, asset illiquidity and manger incentives might be behind the patterns illustrated in this paper.

Stock Market Development under Globalization : Whither the Gains from Reforms?

de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
56.55%
Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.

Using Market Finance to Extend Water Supply Services in Peri-Urban and Rural Kenya

Advani, Rajesh
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
56.18%
This smart lesson explains how donor funds have been used to leverage domestic market finance and equity for investment in small piped water infrastructure in the peri-urban and rural areas of Kenya. Given the immense pressure on government and donor resources to achieve the Millennium Development Goals (MDGs), this approach shows that leveraging donor funds not only increases the volume of investments financed but improves the sustainability of these investments by linking debt service to system functionality.

Antidumping and Market Competition : Implications for Emerging Economies

Bown, Chad P.; McCulloch, Rachel
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.53%
While the original justification of the antidumping laws in the industrial economies was to protect domestic consumers against predation by foreign suppliers, by the early 1990s the laws and their use had evolved so much that the opposite concern arose. Rather than attacking anti-competitive behavior, dumping complaints by domestic firms were being used to facilitate collusion among suppliers and enforce cartel arrangements. This paper examines the predation and anti-competitiveness issues from the perspective of the "new users" of antidumping -- the major emerging economies for which antidumping is now a major tool in the trade policy arsenal. The paper examines these concerns in light of important ways in which the world economy and international trading system have been changing since the early 1990s, including more firms and more countries participating in international trade, but also more extensive links among suppliers and consumers through multinational firm activity and vertical specialization.

How Firms Use Domestic and International Corporate Bond Markets

Gozzi, Juan Carlos; Levine, Ross; Martinez Peria, Maria Soledad; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.56%
This paper provides the first comprehensive documentation of how firms use domestic and international corporate bond markets. Debt issues in domestic and international markets have different characteristics, not explained by differences across firms or countries. International issues tend to be larger, of shorter maturity, denominated in foreign currency, include more fixed rate contracts, and entail lower yields. These patterns remain when analyzing issues by firms from countries with more developed domestic markets and higher financial integration, and even when comparing issues conducted by the same firm in different markets. These findings are consistent with the views that (1) frictions limit the ability of investors and firms to enter into certain contracts in certain markets, (2) domestic and international markets provide distinct financial services and firms use them as complements, and (3) firms with access to domestic and international markets enjoy advantages relative to those that rely solely on domestic markets.

Turkey - Corporate Bond Market Development : Priorities and Challenges

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.55%
The study is in response to a request by the Capital Markets Board of Turkey to assist them in developing the corporate bond market in line with best practices globally. The objective of this study is to carry out an assessment of the status of the corporate bond market in Turkey. The study identifies key impediments and solutions to sustainable development, and it presents a roadmap to address the key impediments to the development of a dynamic and robust corporate bond market. This study provides a comprehensive review of the Turkish corporate bond market: chapter two provides an overview of the Turkish economy and financial sector; chapter three discusses key impediments to the vibrant development of the corporate bond; chapter four looks at the Turkish bond market within global bond markets and gives a review of the Turkish government bond market; chapter five discusses issues relating to the investor base, factors constraining the growth of a broad and diversified investor base are highlighted; chapter six provides an overview of derivatives market in Turkey and discusses its important role in enhancing liquidity in the secondary markets for government and corporate bonds. The study concludes with a recommended roadmap to develop the corporate bond market in chapter seven. The annexes cover the latest corporate bond offerings in Turkey and examine the expected transaction costs. Survey details of the survey are also in the annex...

Pakistan : Issues Related to the Government Securities Market and Government Debt Management

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.43%
The government of Pakistan borrows in the domestic market through a range of instruments, and this market is a critical source of funding for both shorter-term cash management and longer-term deficit-financing. The government has taken actions over the past 18 months that have enhanced the effectiveness of the market as a source of funding, as well as its efficiency. These include the movement toward more predictable, volume-based, market-determined pricing of government securities. Taking account of the dynamics of demand will be important as the government continues to develop its medium-term debt management strategy. Doing so will help identify potential constraints that may impede the implementation of the chosen strategy. Specific actions that the government is recommended to take include: a) reducing the number of tenors issued, b) consolidating the debt stock so as to improve liquidity in individual bonds, c) reducing time delays in auction processing, and d) developing and investor-relations function...

Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers

Sienaert, Alex
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.58%
Foreign investors are increasingly important participants in the local currency sovereign bond markets of developing countries. This note provides context on the overall growth of local currency sovereign debt markets in emerging markets and the growth of foreign investor participation in these markets, a short review of the relevant academic literature, and a summary of the sources of foreign demand. The note concludes with a discussion of the implications of growing foreign investor participation for the managers of public domestic debt in developing countries. The aim of the note is to provide a useful, practically-oriented primer for debt managers beginning to engage on this issue, and in particular to facilitate moving the dialogue beyond overly simple categorizations of countries as "emerging markets" and of investors as a homogeneous source of "hot money".

Food Price Volatility and Domestic Stabilization Policies in Developing Countries

Gouel, Christophe
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.5%
When food prices spike in countries with large numbers of poor people, public intervention is essential to alleviate hunger and malnutrition. For governments, this is also a case of political survival. Government actions often take the form of direct interventions in the market to stabilize food prices, which goes against most international advice to rely on safety nets and world trade. Despite the limitations of food price stabilization policies, they are widespread in developing countries. This paper attempts to untangle the elements of this policy conundrum. Price stabilization policies arise as a result of international and domestic coordination problems. At the individual country level, it is in the national interest of many countries to adjust trade policies to take ad-vantage of the world market in order to achieve domestic price stability. When countercyclical trade policies become widespread, the result is a thinner and less reliable world market, which further decreases the appeal of laissez-faire. A similar vicious circle operates in the domestic market: without effective policies to protect the poor...

Does Foreign Direct Investment Increase the Productivity of Domestic Firms : In Search of Spillovers through Backward Linkages

Javorcik, Beata
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.37%
Many countries compete against one another in attracting foreign investors by offering ever more generous incentive packages and justifying their actions with the productivity gains that are expected to accrue to domestic producers from knowledge externalities generated by foreign affiliates. Despite this being hugely important to public policy choices, there is little conclusive evidence indicating that domestic firms benefit from foreign presence in their sector. It is possible, though, that researchers have been looking for foreign direct investment (FDI) spillovers in the wrong place. Multinationals have an incentive to prevent information leakage that would enhance the performance of their local competitors in the same industry but at the same time may want to transfer knowledge to their local suppliers in other sectors. Spillovers from FDI may be, therefore, more likely to take place through backward linkages-that is, contacts between domestic suppliers of intermediate inputs and their multinational clients-and thus would not have been captured by the earlier literature. This paper focuses on the understudied issue of FDI spillovers through backward linkages and goes beyond existing studies by shedding some light on factors driving this phenomenon. It also improves over existing literature by addressing several econometric problems that may have biased the results of earlier research. Based on a firm-level panel data set from Lithuania...

Food Prices, Road Infrastructure, and Market Integration in Central and Eastern Africa

Brenton, Paul; Portugal-Perez, Alberto; Regolo, Julie
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
56.47%
Market integration is key to ensuring sufficient and stable food supplies. This paper assesses the impediments to market integration in Central and Eastern Africa for three food staples: maize, rice, and sorghum. The paper uses a large database on monthly consumer prices for 150 towns in 13 African countries and detailed data on the length and quality of roads linking the towns. The analysis finds a substantial effect of distance and share of paved road on the level of market integration, as measured by relative prices. Furthermore, the paper evaluates the additional domestic and cross-border impediments to market integration in the region and represents them on a regional map. The analysis finds heterogeneous levels of domestic market integration across countries and significant "border effects" for the majority of contiguous countries in the sample, which reveal that markets are more integrated within than between countries. Countries that are members of the same regional trade agreement have substantially "thinner" borders with other members. Finally...

Food Price Volatility and Domestic Stabilization Policies in Developing Countries

Gouel, Christophe
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.5%
When food prices spike in countries with large numbers of poor people, public intervention is essential to alleviate hunger and malnutrition. For governments, this is also a case of political survival. Government actions often take the form of direct interventions in the market to stabilize food prices, which goes against most international advice to rely on safety nets and world trade. Despite the limitations of food price stabilization policies, they are widespread in developing countries. This paper attempts to untangle the elements of this policy conundrum. Price stabilization policies arise as a result of international and domestic coordination problems. At the individual country level, it is in the national interest of many countries to adjust trade policies to take ad-vantage of the world market in order to achieve domestic price stability. When countercyclical trade policies become widespread, the result is a thinner and less reliable world market, which further decreases the appeal of laissez-faire. A similar vicious circle operates in the domestic market: without effective policies to protect the poor...

Capital Market Development : Whither Latin America?

de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.54%
Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration.

Integrating Central American and International Food Markets : An Analysis of Food Price Transmission in Honduras and Nicaragua

Arias, Diego; De Franco, Mario A.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.56%
In 2004 the Central American countries of Nicaragua, Honduras, Guatemala, El Salvador, Costa Rica, and the Dominican Republic signed the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA) with the United States and are currently negotiating another agreement with the European Union and others. This study examines the dynamics among international and domestic food markets by assessing the transmission of international prices to domestic prices of key agriculture commodities in Honduras and Nicaragua. It analyzes to what degree, if at all, a change in the international price of a given food product influences the domestic price of that same good, at the level of the consumer and producer and in different regions in each country. This analysis provides important evidence of the price dynamics that guide public policy recommendations for a complementary agenda of agriculture trade liberaliza-tion in the region. There are two methods for analyzing the relationship between international and domestic prices. The first is to conduct a price wedge analysis-to evaluate the difference between international and domestic prices. The second method is to conduct a price transmission analysis by analyzing the variation in the percent growth of international versus domestic prices. Evidence from Nicaragua suggests that for most of the agriculture supply chains studied (except for beans) there is little competition in the country's domestic market structure. A few Nicaraguan companies own the majority share of the market...

The Growth in Government Domestic Debt : Changing Burdens and Risks

Hanson, James A.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.57%
This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers...