A deep analysis on the existing factors and some necessary instruments to support a nationwide MRV system in Brazil.
A MRV system, besides supporting the design of economic instruments, may also have other objectives, such as guidance and evaluation of existing policies and support the construction of new public policies. Although the discussion on carbon pricing in Brazil is still in its early stages, a robust program of MRV is an extremely valuable tool for choosing the best alternatives and to understand more properly the country's emission profile as a whole, including the current context of national and sub-national commitments to reduce greenhouse gas emissions.
GVces - Center for Sustainability Studies
www.gvces.com.br
Policy Framework for Effrctive and Efficient Financial RegulationsDr Lendy Spires
The operations of the financial system should be transparent, permitting the identification and delineation of its features, its operations, and their evolution over time. b) Micro- and macro-level data and information on the financial system should be available to promote transparency. In this respect: i) comprehensive, relevant, up-to-date, and internationally comparable sets of statistics and indicators for the entire financial system should be collected and disseminated; and, ii) comprehensive and timely information on products, services, transactions, institutions, systems, and markets connected with the financial system (including private and off-balance sheet vehicles), should be collected and, to the extent possible, disseminated. c) The collection and, where appropriate, dissemination of information on the financial system should have benefits for relevant stakeholders. Due consideration should be given to costs, confidentiality, financial stability, and security as relevant in the collection or dissemination of data and information. d) Governmental authorities should have the legal powers to compel, if necessary, the collection and, if appropriate, dissemination of data and information to ensure that proper transparency is achieved. e) Industry groups should be encouraged to promote a high level of transparency in the financial system, possibly in collaboration with government. f) International organisations should work to ensure transparency in the financial system, domestically and internationally, and coordinate their efforts in this respect.
Inspection and certification agency for organic, fair trade and good agricultural practices (GAP) standards. Provides information on certification, standards, news and career opportunities.
Apresentação realizada como palestrante convidado para o Pré Hackathon em Saúde do ICICT - Fiocruz.
Nessa palestra falamos sobre aspectos básicos do framework Scrum e ao final apresentamos sucintamente como o ScrumHalf apoia projetos ágeis.
Policy Framework for Effrctive and Efficient Financial RegulationsDr Lendy Spires
The operations of the financial system should be transparent, permitting the identification and delineation of its features, its operations, and their evolution over time. b) Micro- and macro-level data and information on the financial system should be available to promote transparency. In this respect: i) comprehensive, relevant, up-to-date, and internationally comparable sets of statistics and indicators for the entire financial system should be collected and disseminated; and, ii) comprehensive and timely information on products, services, transactions, institutions, systems, and markets connected with the financial system (including private and off-balance sheet vehicles), should be collected and, to the extent possible, disseminated. c) The collection and, where appropriate, dissemination of information on the financial system should have benefits for relevant stakeholders. Due consideration should be given to costs, confidentiality, financial stability, and security as relevant in the collection or dissemination of data and information. d) Governmental authorities should have the legal powers to compel, if necessary, the collection and, if appropriate, dissemination of data and information to ensure that proper transparency is achieved. e) Industry groups should be encouraged to promote a high level of transparency in the financial system, possibly in collaboration with government. f) International organisations should work to ensure transparency in the financial system, domestically and internationally, and coordinate their efforts in this respect.
Inspection and certification agency for organic, fair trade and good agricultural practices (GAP) standards. Provides information on certification, standards, news and career opportunities.
Apresentação realizada como palestrante convidado para o Pré Hackathon em Saúde do ICICT - Fiocruz.
Nessa palestra falamos sobre aspectos básicos do framework Scrum e ao final apresentamos sucintamente como o ScrumHalf apoia projetos ágeis.
Tech Talk: Five Simple Steps to a More Powerful Database ExperienceCA Technologies
This interactive discussion is for customers who have recently upgraded, are currently upgrading or considering upgrading to the most current production release. As technology evolves, the way people work continues to change. To make an impact, you need to think creatively and innovate boldly. Join us to hear about five simple steps towards a more powerful CA IDMS™ and CA Datacom® mainframe database experience—that help to improve performance, scalability, platform support, standards compliance and usability.
For more information, please visit http://cainc.to/Nv2VOe
Third Party Due Diligence - Know Your Third Party - EY IndiaErnst & Young
Third party due diligence, forensic data analytics and frequent compliance audits form the basis of a strong monitoring system. For more details, visit http://bit.ly/1RQuEGB.
This draft paper outlines key issues and provides insights on implementing cross agency initiatives.
Delegates are invited to comment on the draft paper and reflect on the concluding questions for
discussion.
OECD Regulatory Policy Review of Korea 2017 - Key FindingsOECD Governance
OECD Regulatory Policy Review of Korea - Key Findings. Presentation at the launch of the report by Faisal Naru & Filippo Cavassini. www.oecd.org/gov/regulatory-policy-in-korea-9789264274600-en.htm
OECD Regulatory Policy Review of Korea - Key FindingsJustin Kavanagh
OECD Regulatory Policy Review of Korea - Key Findings. Presentation at the launch of the report by Faisal Naru & Filippo Cavassini. www.oecd.org/gov/regulatory-policy-in-korea-9789264274600-en.htm
Evaluation methods for improved policy outcomeOECD Governance
Presentation by Manuel Cabugueira, Legal Centre of the Presidency of the Council of Ministers (CEJUR), Portugal, at the 9th Conference on Measuring Regulatory Performance - Closing the Regulatory Cycle: Effective ex post Evaluation for Improved Policy Outcomes which took place in Lisbon on 20-21 June 2017. Further information is available at www.oecd.org/gov/regulatory-policy/measuring-regulatory-performance.htm.
Speech by Karen Hill, Head of the SIGMA Programme, at the regional conference organised by SIGMA on Public procurement review bodies, which took place in Ohrid, the former Yugoslav Republic of Macedonia on 9-10 June 2016.
7 key analytic elements for the evaluation of DSM policiesLeonardo ENERGY
This Briefing Note describes seven key analytic elements that should be addressed in the evaluation of Demand Site Management (DSM) and Energy Efficiency (EE) policy measures:
1. A policy measure theory, consisting of the domain of the policy, the expected effects of the policy, and an evaluation methodology
2. Specifications of the evaluation indicators, namely the output (= direct output of the program), the outcome (= results on the level of economy, society, and environment), and the impact (net improvements on the level of economy, society, and environment taking rebound effects into account)
3. The indicator baselines, set with consideration
4. An assessment of the outputs and outcomes
5. An assessment of the energy savings and emission reductions
6. A calculation of the cost, cost-efficiency and cost-effectiveness
7. The ambition level: how much effort should be dedicated to the evaluation, and how accurate should it be?
ICC has set out five recommendations to modernize the regulatory and competition framework that would provide protection for consumers while fostering competition, investment and innovation.
Regulations Governing Regulatory Impact Assessment, printed in 2013 by the Ministry of information society and administration and supported by the British Embassy in Skopje.
Tech Talk: Five Simple Steps to a More Powerful Database ExperienceCA Technologies
This interactive discussion is for customers who have recently upgraded, are currently upgrading or considering upgrading to the most current production release. As technology evolves, the way people work continues to change. To make an impact, you need to think creatively and innovate boldly. Join us to hear about five simple steps towards a more powerful CA IDMS™ and CA Datacom® mainframe database experience—that help to improve performance, scalability, platform support, standards compliance and usability.
For more information, please visit http://cainc.to/Nv2VOe
Third Party Due Diligence - Know Your Third Party - EY IndiaErnst & Young
Third party due diligence, forensic data analytics and frequent compliance audits form the basis of a strong monitoring system. For more details, visit http://bit.ly/1RQuEGB.
This draft paper outlines key issues and provides insights on implementing cross agency initiatives.
Delegates are invited to comment on the draft paper and reflect on the concluding questions for
discussion.
OECD Regulatory Policy Review of Korea 2017 - Key FindingsOECD Governance
OECD Regulatory Policy Review of Korea - Key Findings. Presentation at the launch of the report by Faisal Naru & Filippo Cavassini. www.oecd.org/gov/regulatory-policy-in-korea-9789264274600-en.htm
OECD Regulatory Policy Review of Korea - Key FindingsJustin Kavanagh
OECD Regulatory Policy Review of Korea - Key Findings. Presentation at the launch of the report by Faisal Naru & Filippo Cavassini. www.oecd.org/gov/regulatory-policy-in-korea-9789264274600-en.htm
Evaluation methods for improved policy outcomeOECD Governance
Presentation by Manuel Cabugueira, Legal Centre of the Presidency of the Council of Ministers (CEJUR), Portugal, at the 9th Conference on Measuring Regulatory Performance - Closing the Regulatory Cycle: Effective ex post Evaluation for Improved Policy Outcomes which took place in Lisbon on 20-21 June 2017. Further information is available at www.oecd.org/gov/regulatory-policy/measuring-regulatory-performance.htm.
Speech by Karen Hill, Head of the SIGMA Programme, at the regional conference organised by SIGMA on Public procurement review bodies, which took place in Ohrid, the former Yugoslav Republic of Macedonia on 9-10 June 2016.
7 key analytic elements for the evaluation of DSM policiesLeonardo ENERGY
This Briefing Note describes seven key analytic elements that should be addressed in the evaluation of Demand Site Management (DSM) and Energy Efficiency (EE) policy measures:
1. A policy measure theory, consisting of the domain of the policy, the expected effects of the policy, and an evaluation methodology
2. Specifications of the evaluation indicators, namely the output (= direct output of the program), the outcome (= results on the level of economy, society, and environment), and the impact (net improvements on the level of economy, society, and environment taking rebound effects into account)
3. The indicator baselines, set with consideration
4. An assessment of the outputs and outcomes
5. An assessment of the energy savings and emission reductions
6. A calculation of the cost, cost-efficiency and cost-effectiveness
7. The ambition level: how much effort should be dedicated to the evaluation, and how accurate should it be?
ICC has set out five recommendations to modernize the regulatory and competition framework that would provide protection for consumers while fostering competition, investment and innovation.
Regulations Governing Regulatory Impact Assessment, printed in 2013 by the Ministry of information society and administration and supported by the British Embassy in Skopje.
These speaking points by Jean-Yves Art - Microsoft cover a presentation made during a roundtable discussion on Jurisdictional nexus in merger control regimes held at the 123rd meeting of the Working Party No. 3 on Co-operation and Enforcement on 15 June 2014. More papers, presentations and contributions from delegations on the topic can be found out at www.oecd.org/daf/competition/jurisdictional-nexus-in-merger-control-regimes.htm
Explanatory Note for the Internal Control and Risk Management Project of the ...OECD Governance
In the framework of a new project entitled “the corruption risk mapping for effective integrity reforms in MENA countries” and supported financially by the US grant, the MENA-OECD Governance Programme will conduct a regional analysis that focuses on the internal control systems and processes in the MENA region.
Report on by SIGMA experts on the corruption risk assessment of the public procurement system in Jordan. This report was presented at an event organised with the Jordanian Integrity and Anti-Corruption Commission in Amman on 30 January 2017.
Climate change is one of the most complex issues facing business, governments, and society at large. The Intergovernmental Panel on Climate Change 2014 synthesis report notes that “each of the last three decades has been successively warmer at the Earth’s surface than any preceding decade since 1850.”1 Independent analyses by both NASA and the U.S. National Oceanic and Atmospheric Administration found that 2015 was the hottest year on record by a wide margin, and that 15 of the 16 warmest years on record have come in the 21st century.2 The large-scale and long-term nature of the problem makes it uniquely challenging, especially in the context of long-term economic decisions. Moreover, our current understanding of the potential financial risks posed by climate change—to companies, investors, and the financial system as a whole—is still at an early stage.
Considerable global agreement has emerged regarding the threats posed by climate change, as evidenced by the 2015 United Nations Climate Change Conference (“COP21”) held in Paris, where nearly 200 governments agreed to curb carbon emissions and limit global warming to below 2 degrees Celsius above pre-industrial levels.
There is also increasing agreement in the business and financial communities that some degree of climate change is inevitable, and that its impacts, both physical and nonphysical, may present material risks and opportunities that span both adaptation and mitigation strategies. In the runup to COP21, 350 investors representing more than US$24 trillion in assets under management called on world leaders to forge a meaningful and ambitious climate agreement, in recognition of the risks that climate change presents to their investments.3 The Montreal Carbon Pledge,4 with 120 investors representing over US$10 trillion in assets, commits investors to undertaking and disclosing the carbon footprint of their investment portfolios. And, the CDP (formerly the Carbon Disclosure Project) signatories—with more than 822 institutional investors representing over US$95 trillion in assets—asked companies worldwide to disclose their carbon emissions and how they are managing climate-change issues.
These efforts reflect a growing demand for decision-useful climate-related information by a range of participants in the financial markets. Creditors and investors today are more sensitive to complex or opaque financial disclosures, and increasingly demand better access to risk information that is consistent, comparable, reliable, clear, and efficient.
In December 2015 the FSB launched the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The Task Force will develop a set of recommendations for consistent, comparable, reliable, clear and efficient climate-related disclosures by companies, as requested in the FSB’s proposal. This phase 1 report published by the TCFD on 1 April 2016 sets out recommendations on the scope and principles to be applied to the final recommendations and provides a review of the landscape of existing climate-related disclosures.
The report notes that the Task Force will focus primarily on developing recommendations for issuers of public securities, listed companies, and key financial-sector participants, although it is expected that it will be possible for the recommendations to apply more broadly. The Task Force will seek to promote and drive voluntary adoption by ensuring that its recommendations reflect a consensus view of leading practices for disclosure; advance principles of good governance, fiduciary duty, and stewardship; and provide a basis for consistent and comparable application by firms in countries throughout the G20.
The report concludes that climate-related disclosure remains fragmented and incomplete, with only a limited number of reporting regimes focusing on the financial risks posed by climate-related risks. In general, existing laws and regulations already require disclosure of climate-related risk in financial filings if it is deemed material.
Similar to Requirements for a Nationwide Monitoring, Reporting and Verification System for Greenhouse Gas Emissions (20)
What are the chances of your country winning the 2018 World Cup?
FGV's mathematical model predicts that Brazil has the greatest chances of winning.
http://fgv.br/emap/copa-2018
Interval observer for uncertain time-varying SIR-SI model of vector-borne dis...FGV Brazil
The issue of state estimation is considered for an SIR-SI model describing a vector-borne disease such as dengue fever, with seasonal variations and uncertainties in the transmission rates. Assuming continuous measurement of the number of new infectives in the host population per unit time, a class of interval observers with estimate-dependent gain is constructed, and asymptotic error bounds are provided. The synthesis method is based on the search for a common linear Lyapunov function for monotone systems representing the evolution of the estimation errors.
Date: 2017
Authors:
Soledad Aronna, Maria
Bliman, Pierre-Alexandre
Ensuring successful introduction of Wolbachia in natural populations of Aedes...FGV Brazil
The control of the spread of dengue fever by introduction of the intracellular parasitic bacterium Wolbachia in populations of the vector Aedes aegypti, is presently one of the most promising tools for eliminating dengue, in the absence of an efficient vaccine. The success of this operation requires locally careful planning to determine the adequate number of individuals carrying the wolbachia parasite that need to be introduced into the natural population. The introduced mosquitoes are expected to eventually replace the Wolbachia-free population and guarantee permanent protection against the transmission of dengue to human. In this study, we propose and analyze a model describing the fundamental aspects of the competition between mosquitoes carrying Wolbachia and mosquitoes free of the parasite. We then use feedback control techniques to devise an introduction protocol which is proved to guarantee that the population converges to a stable equilibrium where the totality of mosquitoes carry Wolbachia.
Date: 2015-03-19
Authors:
Bliman, Pierre-Alexandre
Soledad Aronna, Maria
Coelho, Flávio Codeço
Silva, Moacyr da
The resource curse reloaded: revisiting the Dutch disease with economic compl...FGV Brazil
This paper shows that the Dutch disease can be more formally characterised as low economic complexity using ECI-type indicators; there is a solid and robust inverse relationship between exports concentrating on natural resources and economic complexity as measured by complexity indicators for a database of 122 countries from 1963 to 2013. In a large majority of cases, oil answers for shares in excess of 50% of exports. In addition to empirical panel analysis, we address case studies concerned with Indonesia and Nigeria and introduce a brief review of the theoretical literature on the topic. Indonesia is considered in the literature as a good example in avoiding the negative effects of the Dutch disease, whereas Nigeria is taken as a bad example in terms of institutions and policies adopted during the seventies and eighties. The empirical results show that complexity analysis and Big Data may offer significant contributions to the still-current debate surrounding the Dutch disease.
Date: 2017-03
Authors:
Camargo, Jhean Steffan Martines de
Gala, Paulo
The Economic Commission for Latin America (ECLA) was right: scale-free comple...FGV Brazil
The main purpose of this paper is to apply big-data and scale-free complex network techniques to the study of world trade, with a specific focus on the investigation of ECLA and structuralist ideas. A secondary objective is to illustrate the potentialities of the use of the new science of complex networks in economics, in what has been recently referred to as an econophysics research agenda. We work with a trade network of 101 countries and 762 products (SITC-4) which generated 1,756,224 trade links in 2013. The empirical results based on network analysis and computational methods reported here point in the direction of what ECLA economists used to argue; countries with higher income per capita concentrate in producing and exporting manufactured and complex goods at the center of the trade network; countries with lower income per capita specialize in producing and exporting non-complex commodities at the network’s periphery.
Date: 2017-03
Authors:
Gala, Paulo
Camargo, Jhean Steffan Martines de
Freitas, Elton
Cost of equity estimation for the Brazilian market: a test of the Goldman Sac...FGV Brazil
As an approach to determining the degree of integration of the Brazilian economy, this paper seeks to test the explanatory power of the Goldman Sachs Model for the expected returns by a foreign investor in the Brazilian market during the past eleven years (2004-2014). Using data for the stocks of 57 of the most actively traded firms at the BM&FBovespa, it begins by testing directly the degree of integration of the Brazilian economy during this period, in an attempt to better understand the context in which the model has been used. In sequence, in an indirect test of the Goldman Sachs model, the risk factor betas (market risk and country risk) of the sample stocks were estimated and a panel regression of expected stock returns on these betas was performed. It was found that country risk is not a statistically significant explanation of expected returns, indicating that it is being added in an ad hoc fashion by market practitioners to their cost of equity calculations. Thus, although there is evidence of a positive and significant relationship between systematic risk and return, the results for country risk demonstrate that the Goldman Sachs Model was not a satisfactory explanation of expected returns in the Brazilian market in the past eleven years, leading us to question the validity of its application in practice. By adding a size premium factor to the model, there is evidence of a negative and significant relationship between companies’ size and return, although country risk remains not satisfactory to explain stock expected returns.
Date: 2017-03
Authors:
Guanais, Luiz Felipe Poli
Sanvicente, Antonio Zoratto
Sheng, Hsia Hua
A dynamic Nelson-Siegel model with forward-looking indicators for the yield c...FGV Brazil
This paper proposes a Factor-Augmented Dynamic Nelson-Siegel (FADNS) model to predict the yield curve in the US that relies on a large data set of weekly financial and macroeconomic variables. The FADNS model significantly improves interest rate forecasts relative to the extant models in the literature. For longer horizons, it beats autoregressive alternatives, with a reduction in mean absolute error of up to 40%. For shorter horizons, it offers a good challenge to autoregressive forecasting models, outperforming them for the 7- and 10-year yields. The out-of-sample analysis shows that the good performance comes mostly from the forward-looking nature of the variables we employ. Including them reduces the mean absolute error in 5 basis points on average with respect to models that reflect only past macroeconomic events.
Date: 2017-03
Authors:
Vieira, Fausto José Araújo
Chague, Fernando Daniel
Fernandes, Marcelo
Improving on daily measures of price discoveryFGV Brazil
We formulate a continuous-time price discovery model in which the price discovery measure varies (stochastically) at daily frequency. We estimate daily measures of price discovery using a kernel-based OLS estimator instead of running separate daily VECM regressions as standard in the literature. We show that our estimator is not only consistent, but also outperforms the standard daily VECM in finite samples. We illustrate our theoretical findings by studying the price discovery process of 10 actively traded stocks in the U.S. from 2007 to 2013.
Date: 2017-03
Authors:
Dias, Gustavo Fruet
Fernandes, Marcelo
Scherrer, Cristina Mabel
Disentangling the effect of private and public cash flows on firm valueFGV Brazil
This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class premium is driven not only by the firm's ability to generate cash flows, but also by voting rights. We isolate these two effects in order to identify the role of voting rights on equity-holders' wealth. In particular, we employ a cointegrated VAR model to retrieve the impact of the voting rights value on cash flow rights. We finnd a negative relation between the value of the voting right and the preferred shareholders' wealth for Brazilian cross- listed firms. In addition, we examine the connection between the voting right value and market and firm specific risks.
Date: 2017-03
Authors:
Autor
Scherrer, Cristina Mabel
Fernandes, Marcelo
Mandatory IFRS adoption in Brazil and firm valueFGV Brazil
Using diff-in-diff approaches and the propensity-score matching, this study focuses on firm-level Tobin´s q and Market-to-book outcomes for Brazilian firms who in 2008 were required by Law 11.638/07 to adopt the full International Financial Reporting Standards (IFRS) by 2010. Brazil’s tier-system of corporate governance standards for publicly-traded firms, its uniquely wholesale adoption of the IFRS, and the previously considerable gap between its national GAAP and IFRS readily lend the scenario to research, which thus far finds small or inconsistent results when focused on IFRS adoption-related outcomes in Europe and China. However, while these features recommend the transitioned Brazilian equity market to analysis, additional unique features, such as its small population size and its limited historical data -- of varied quality – increase the challenge in selecting a suitable empirical methodology. Using quarterly data from 2006-2011, control firms in the Nivel II and Novo Mercado tiers of Bovespa which already complied with higher quality accounting standards are matched to treatment firms in the Regular and Nivel I tiers with similar averaged values of size and sector. Our results suggest that there is a positive impact on Tobin´s q and Market-to-book for firms who are forced to adopt IFRS in Brazil. We can observe the same results when we consider all variables winsorized at 5% level. We also find a positive relation between the firm value (measured by Tobin´s q and Market-to-book) and net income. Firms with higher net income are more likely to have higher Tobin´s q and Market-tobook. In an opposite way, we find a negative relation among firm value, size, Ebit-to-sales, sales growth and PPE-to-sales. All results are statistically significant at 1% level. '
Date: 2017-03
Authors:
Sampaio, Joelson Oliveira
Gallucci Netto, Humberto
Silva, Vinícius Augusto Brunassi
Dotcom bubble and underpricing: conjectures and evidenceFGV Brazil
We provide conjectures for what caused the price spiral and the high underpricing of the dotcom bubble of 1999–2000. We raise two conjectures for the price spiral. First, given the uncertainty about the growth opportunities generated by the new technologies and their spillover effects across technology industries, investors saw the inflow of a large number of high-growth firms as a sign of high growth rates for the market as a whole. Second, investors interpreted the wave of highly underpriced IPOs as an opportunity to obtain gains by investing in newly public companies. The underpricing resulted from the emergence a large cohort of firms racing for market leadership. Fundamentals pricing at the IPO was part of their strategy. We provide evidence for our conjectures. We show that returns on NASDAQ composite index are explained by the flow of high-growth (or highly underpriced) IPOs; the high underpricing can be fully explained by firms’ characteristics and strategic goals. We also show that, contrary to alternatives explanations, underpricing was not associated with top underwriting, there was no deterioration of issuers’ quality, and top underwriters and analysts became more selective.
Date: 2017-03
Authors:
Autor
Carvalho, Antonio Gledson de
Pinheiro, Roberto Benjamin
Sampaio, Joelson Oliveira
Contingent judicial deference: theory and application to usury lawsFGV Brazil
Legislation that seems unreasonable to courts is less likely to be followed. Building on this premise, we propose a model and obtain two main results. First, the enactment of legislation prohibiting something raises the probability that courts will allow related things not expressly forbidden. In particular, the imposition of an interest rate ceiling can make it more likely that courts will validate contracts with interest rates below the legislated cap. Second, legal uncertainty is greater with legislation that commands little deference from courts than with legislation that commands none. We discuss examples of effects of legislated prohibitions (and, in particular, usury laws) that are consistent with the model.
Date: 2017-03
Authors:
Guimarães, Bernardo
Salama, Bruno Meyerhof
Education quality and returns to schooling: evidence from migrants in BrazilFGV Brazil
We provide a new education quality index for states within a developing country using 2010 Brazilian data. This measure is constructed based on the notion that the financial returns obtained from an additional year of schooling can be
seen as being derived from the value that market forces assign to this education. We use migrant data to estimate returns to schooling of individuals who studied in different states but who work in the same labor market. We find very heterogeneous educational qualities across states: the poorest Brazilian region presents education quality levels that are approximately equal to one-third of the average of all other regions, a gap three times larger than the one suggested by standardized test scores. We compare our index with standardized test scores, educational outcome variables, and public expenditure per schooling stage at the state level, producing new evidence related to education in a large developing country. We conduct an education quality-adjusted development accounting exercise for Brazilian states and find that human capital accounts for 26%-31% of output per worker differences. Adjusting for quality increases human capital’s explanatory power by 60%.
Date: 2017-02
Authors:
Brotherhood, Luiz Mário
Ferreira, Pedro Cavalcanti
Santos, Cézar Augusto Ramos
On October 31st and November 1st, 2016, the Center for Regulation and Infrastructure from Fundação Getulio Vargas (FGV CERI) organized a two-day workshop discussion in collaboration with the World Bank and ABRACE. The event gathered regulators, government representatives, academics, operators, financial institutions and investors. The debate focused on the main challenges faced by the current restructuring process of the Brazilian gas industry. This document presents the main points discussed during the debates.
Date: 2017-01
Authors:
Vazquez, Miguel
Amorim, Lívia
Dutra, Joísa Campanher
The impact of government equity investment on internationalization: the case ...FGV Brazil
We examine the impact of government equity ownership on the degree of internationalization of emerging market firms. Our analysis of 173 Brazilian publicly traded firms from 2002 to 2011 shows that the higher the equity held by the state through the state investment bank and the pension funds of SOEs and privatized SOEs, the higher the firm’s degree of internationalization. Firms in which the government shared control with families, and with both families and foreigners, had a higher degree of internationalization. Our findings underline the importance of the institutional context in explaining the internationalization of Brazilian firms.
Date: 2016
Author:
Sheng, Hsia Hua
Techno-government networks: Actor-Network Theory in electronic government res...FGV Brazil
The Actor-Network Theory (ANT) is a theoretical approach for the study of controversies associated with scientific discoveries and technological innovations through the networks of actors involved in such actions. This approach has generated studies in Information Systems (IS) since 1990, however few studies have examined the use of this approach in the e-government area. Thus, this paper aims to broaden the theoretical approaches on e-government, by presenting ANT as a theoretical framework for e-government studies via published empirical work. For this reason, the historical background of ANT is described, duly listing its theoretical and methodological premises. In addition to this, one presented ANT-based e-government works, in order to illustrate how ANT can be applied in empirical studies in this knowledge area.
Date: 2016
Authors:
Fornazin, Marcelo
Joia, Luiz Antonio
Condemning corruption while condoning inefficiency: an experimental investiga...FGV Brazil
This article reports results from an economic experiment that investigates to what extent voters punish corruption and waste in elections. While both are responsible for a loss of welfare for voters, they are not necessarily perceived as equally immoral. The empirical literature in political agency has not yet dealt with these two dimensions that determine voters’ choices. Our results suggest that morality and norms are indeed crucial for a superior voting equilibrium in systems with heterogeneous politicians: while corruption is always punished, self-interest alone – in the absence of norms – leads to the acceptance and perpetuation of waste and social losses.
Date: 2016
Authors:
Arvate, Paulo Roberto
Souza, Sergio Mittlaender Leme de
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Overview on Edible Vaccine: Pros & Cons with Mechanism
Requirements for a Nationwide Monitoring, Reporting and Verification System for Greenhouse Gas Emissions
1.
2. As climate change speeds up and its impacts grow, it is urgent and critical for governments, businesses and other actors
to take action in order to reduce greenhouse gas (GHG) emissions.
In this context, carbon markets emerge as one of the policies adopted worldwide to limit emissions from different
actors and enable them to mitigate their emissions through the market in a cost-effective manner. Australia, California,
New Zealand, and the European Union are examples of places where initiatives like that are already operating.
Based on theory, international experiences and the Brazilian scenario, this study presents, in details, the main topics
related to one of the fundamental tools for building and operating those carbon markets: MRV.
Monitoring, Reporting and Verification (MRV) is the foundation for procedures and guidelines that allow for monito-
ring emissions through accounting, quantification and communication of accurate and properly assessed information
in order to determine: who released which GHGs, from which sources, and how they dealt with their obligations (in
case of reduction targets).
AMRVprogram,besidesprovidingsupportfordesigningandconductingcarbonmarkets,mayalsohaveothergoals,sucha
s providing support for building new public policies, helping in the elaboration of national (regional) inventories, and
monitoring sector reduction commitments (mandatory or voluntary).
In order to meet the goals established by a MRV, it is critical to clearly establish its governance, through an institutional
arrangement with solid legal foundation. This arrangement will, therefore, establish the competences assigned to the
regulatory body, their nature and composition, their methods and responsibilities.
Thus,withthepurposeofmakingitcleartoregulatedbodieswhatshallbemonitored,inwhichmannerandhowitshallbe
submitted, it is crucial to develop clear and standardized monitoring guidelines, following a common rationale that can
be understood by all stakeholders. By determining parameters that help specify the scope of the program and the level
of requirements related to the quality of the information reported, the monitoring guidelines become one of MRV
pillars.
Elaboration of such guidelines shall be the result of a broad engagement and consultation process to public and private
odies and entities, particularly trade associations that represent the economic sectors that will be regulated, as well as
non-governmentalorganizations,membersfromtheacademia,andresearchinstitutions.Inthisprocess,itisimportant
tofosterqualitydebates,aimingatgatheringcontributionsfromdifferentactorsinproperstages,insuchawaythatthe
organized information and the knowledge created are in fact useful to establish guidelines aligned with the MRV goal
and the Brazilian scenario.
One of the key decisions to make when building a MRV is to determine the scope of the program, in other words:
•Whowillberegulated? Whatsectors,activities,companiesandfacilitieswillhavetheiremissionsmeasured,
calculated and reported?
• What will be monitored? Which gases and emission sources shall be taken into account for each activity?
Once the questions above are answered, and emission monitoring guidelines are established, a MRV program requires
assurance that the data collected is accurate and was obtained according to the best possible practices and procedures
to collect, calculate and quantify data. So, a Verification process shall be established, through the following possible
paths:
• Internal verification by the qualified body: the body in charge of the MRV management carries on analyses of
the emission reports, assesses them (i.e.; compares facilities within the same sector) and performs field visits.
• Third-party verification: independent verifiers (individuals or businesses) analyze the quality of the emission
eports generated by the regulated business, as well as the methods employed to elaborate them. In that
scenario, verifiers shall have their capacity acknowledged by qualified authorities, or an independent body
assigned by them, in an accreditation process.
EXECUTIVE SUMMARY
3. In order for MRV to work in a continuous and consistent way, it is critical to establish proper communication
mechanisms between the regulatory body and regulated businesses, in such a way that their obligations are clear and
understood by all stakeholders. Additionally, a compliance system shall be structured in a solid way in order to ensure
deadlines, targets and procedures established by the regulatory body are consistently met by regulated businesses.
Thus, all MRV program specificities and characteristics can be simplified as follows:
Deployment of a MRV structure also results in direct impacts to all stakeholders. It is clear regulatory impact studies
are important as decision-making tools to design and enhance MRV. Those analyses shall take into account the costs
incurred by the Union to create and manage a MRV system, as well as costs incurred by regulated parties in monitoring
and reporting activities, besides eventual verification.
As for Brazil, this study analyzes how some factors, such as market concentration in some of the major GHG emitter
sectors and activities, and existing monitoring and calculation methods that are already available, allow for applying a
program in the country covering a significant volume of national emissions.
We can also particularly observe two main institutional arrangement possibilities emerge for the creation of a
nationwide MRV: use of existing spheres that are already operating with climate and environmental issues in the
country, or the design of a new structure responsible for centralizing MRV activities.
Finally, although the debate on carbon pricing in Brazil is still in its early stage, a robust MRV program, collecting and
offering public policy-makers reliable and detailed data, could represent an extremely useful tool to choose the best
options and to deeply understand the current emission profile in the whole country, including the current context of
national and subnational agreements on reduction of GHG emissions.