The VAR/SVAR (Vector Autoregressive and Structural Vector Autoregressive) models are the cornerstone of the contemporaneous empirical macroeconomic research, in particular for being able to measure the impact of fiscal policy shocks. They may be employed as atheoretical models, as well as a mean to support the estimation and testing of DSGE (Dynamic Stochastic General Equilibrium) models - the main theoretical tool for modern macroeconomics. Nevertheless, VAR models may be subject to pathologies, such as the non-fundamentalness. It is capable of biasing the estimates in any direction or intensity, and it consists of the non-invertibility of the MA (Moving Average) representation on the positive powers of the lag operator. This is associated with the insufficiency of the econometrician's data to estimate the model's correct parameters or with model misspecification. This study is the first to employ the latest and most efficient tests for non-fundamentalness on fiscal data for the USA: the Forni and Gambetti's (2014) and Canova and Sahneh (2018) tests. The data and model were found to be non-fundamental.
PurposeThis paper studies diversification and value in the investment portfolios of (non-listed) Real Estate Investment Funds (REIFs) exploring how the value of diversification is captured by the market and by investors (beyond reported valuations).Design/methodology/approachWe apply the Herfindahl-Hirschman Index (HHI) to study the level of concentration versus diversification in the investment portfolios of REIFs (both in terms of segment and geographical diversification). We use a dataset from INREV with data from 62 investment portfolios, with an average of 86 REIFs per portfolio for the period of 2008–2020 (to study segment diversification). We use a second dataset from INREV with data from 30 investment portfolios with an average of 79 REIFs per portfolio for the period of 2005–2020 (to study geographical diversification). We employ a cluster analysis approach to identify common features among the investment funds.FindingsWe conclude that (segment diversified) portfolios with higher degrees of leverage exhibit higher income yields, albeit diversification is captured indirectly through asset choices – more diversified portfolios tend to exhibit a stronger risk and return relationship. Also, geographical diversification creates value (more significantly by for the correct combination of countries carefully choosing what different geographies to group in the diversified portfolio).Research limitations/implicationsOne limitation of our study is that our portfolios are funds of funds, since the available data could not reach the asset detail, but we believe this does not compromise our results.Practical implicationsDiversification leads to higher risk-adjusted returns which suggests that properties may be undervalued (market value) in the framework of the Gordon Model, contrary to expectations (regarding investment value).Originality/valueInvestors capture the value of diversification differently, suggesting a gap between market value and investment value that can be explored.
We review the main budgetary measures not accepted by the Portuguese Constitutional Court in the Budget Laws of 2012, 2013 and 2014. Considering the feedback effect of the fiscal impulse, the impact on the budget balance is -0.42% and of -0.34% of GDP respectively for 2013 and for 2014; in both years the impact of the fiscal expansion could result in rather mitigated reductions in the unemployment rate in the range of 0.1 percent; the impact on the government debt level is around 0.42% of GDP in 2013, declining from then on, in a conservative estimate, and about 2.95% of GDP in 2020 in the worst case scenario.
ABSTRACT Introduction: Several studies regarding the values and attitudes of Economics students have noticed a greater leaning towards the free riding phenomena and the market economy. Are these traits always valid? Do they coexist with other sociological relevant aspects? Materials and Methods: A survey was conducted in Lisbon (Portugal) in 2016 with Economics students. In addition to the economic view, it was studied their self-perception at the left-right spectrum and their interest in politics. The results of this survey were compared with previous research on three social groups (young citizens, elder citizens, and other students). The data were statistically analyzed through correlation and factorial analysis tests. Results: The research revealed a tendency towards a right-wing self-perception and an increased concern about politics by these Portuguese students. However, these traits were attenuated, because those Economics students converge with other group's values, specially the "young citizens" and the "old citizens". Generally, groups with greater leaning towards free riding are also more inclined to pro-market ideas, right-wing, and interested in politics. Results indicate the existence of other substantially different behavioral components, being one of them correspondent to the variables used to measure "free riding" and an opposite component which we can label "open-mindedness". Discussion: As a whole, the results suggest a considerable influence of Economics in the mental framework of these students. Evidence seems to signal a diffuse cultural influence, corresponding to a simplified and impoverished version of the academic field.
Previous research on the Portuguese case confirmed free-riding, free-marketer and right-wing political inclinations among economics students. Further scrutiny was endeavored here, perceiving also a considerably increased interest for politics, notwithstanding the lack of concern for public problems. Various aspects of free-riding proclivity were distinguished and discussed, relating them with youngsters' risk-loving and sensation-seeking tendencies, but also with a number of other facets specific to economics students, including: prevalence of achievement values, contextual influences on morals, peer pressure, perceived group status and social expectations regarding the economic profession. ; Pesquisas anteriores sobre o caso português confirmaram inclinações políticas de direita e pró-mercado entre os estudantes de economia, a par duma maior tendência para o free-riding. Investigação subsequente, ora exposta, permitiu perceber também uma atração acrescida pela política, não obstante a falta de interesse pelos problemas públicos. Diversos aspetos da inclinação free-rider foram distinguidos, relacionando-os com propensão juvenil para o risco e a busca de sensações, mas também com traços específicos dos estudantes de economia, incluindo: prevalência de valores de realização, influências contextuais na moralidade, pressão dos pares, perceção de status e expetativas associadas à profissão de economista. ; Des études antérieures ont confirmé la prévalence de tendances politiques de droite et pro-marché parmi les étudiants d'économie au Portugal, parallèlement à une inclination accrue pour le free-riding. Des recherches subséquentes, ici exposés, ont détecté aussi une intense attraction par la politique, malgré l'indifférence vers la vie publique. Plusieurs aspects de la pente vers le free-riding ont été distingués, en les rapportant à la propension des jeunes pour le risque et la recherche de sensations, mais également à des traits spécifiques des étudiants d'économie, nommément: valeurs d'accomplissement, influences contextuelles sur la moralité, pression des pairs, perception de statut et attentes relatives à la profession d'économiste. ; Pesquisas anteriores en el caso portugués confirmaron inclinaciones políticas de derecha y pro-mercado entre los estudiantes de economía, en paralelo con una mayor tendencia al free-riding. Investigación subsiguiente, aquí expuesta, permitió percibir también una mayor atracción por la política, pero sin interés por asuntos públicos. Diversos aspectos de la inclinación free-rider fueron distinguidos, relacionándolos con la propensión juvenil hacia el riesgo y la búsqueda de sensaciones, pero también con aspectos específicos de los estudiantes de economía: prevalencia de valores de realización, influencias contextuales en la moralidad, presión de los pares, percepción de status y expectativas relativas a la profesión de economista.
Previous research on the Portuguese case confirmed free-riding, free-marketer and right-wing political inclinations among economics students. Further scrutiny was endeavored here, perceiving also a considerably increased interest for politics, notwithstanding the lack of concern for public problems. Various aspects of free-riding proclivity were distinguished and discussed, relating them with youngsters' risk-loving and sensation-seeking tendencies, but also with a number of other facets specific to economics students, including: prevalence of achievement values, contextual influences on morals, peer pressure, perceived group status and social expectations regarding the economic profession. ; Pesquisas anteriores en el caso portugués confirmaron inclinaciones políticas de derecha y pro-mercado entre los estudiantes de economía, en paralelo con una mayor tendencia al free-riding. Investigación subsiguiente, aquí expuesta, permitió percibir también una mayor atracción por la política, pero sin interés por asuntos públicos. Diversos aspectos de la inclinación free-rider fueron distinguidos, relacionándolos con la propensión juvenil hacia el riesgo y la búsqueda de sensaciones, pero también con aspectos específicos de los estudiantes de economía: prevalencia de valores de realización, influencias contextuales en la moralidad, presión de los pares, percepción de status y expectativas relativas a la profesión de economista. ; Des études antérieures ont confirmé la prévalence de tendances politiques de droite et pro-marché parmi les étudiants d'économie au Portugal, parallèlement à une inclination accrue pour le free-riding. Des recherches subséquentes, ici exposés, ont détecté aussi une intense attraction par la politique, malgré l'indifférence vers la vie publique. Plusieurs aspects de la pente vers le free-riding ont été distingués, en les rapportant à la propension des jeunes pour le risque et la recherche de sensations, mais également à des traits spécifiques des étudiants d'économie, nommément: valeurs ...
Empirical studies are scarce on the usefulness of state trade missions as a way to promote the internationalization of firms. The results of applying an econometric model — involving 136 participations in twelve state trade missions that occurred between 2005 and 2008 — indicate that a company's size, foreign capital, export intensity, innovation intensity and experience in the market visited are relevant variables in an assessment of the results of state trade missions. Investment in the simple organization of trade state missions is not enough. It is necessary to select the most competent companies and to add more structured programmes to the organization of a mission in order to create and improve firms' competences.
This paper specifies and estimates an econometric model of the soybean market (grain, oil and meal) to assess the effects of U.S. domestic support to soybeans on world soybean prices, production and exports. The model divides the world into five regions (modules): Argentina, Brazil, the European Union, the United States (US) and the Rest of the World (ROW). There are interactions between the modules through the international prices and the net exports of each soybean product. The international prices of grain, oil and meal are endogenous and are determined equating net exports of the first four modules (Argentina, Brazil, European Union and the U.S.) to net imports of the ROW. The analysis is conducted eliminating the U.S. domestic support to soybeans and simulating the impacts on the variables of interest. The simulations show a significant impact of the US subsidy to soybeans on world prices and net exports of the four selected regions.
The article resumed some historical marks in the constitution of the field of Didactics and it reports two experiences on the teaching of Physical Education in a multi/intercultural perspective. One of the reports cites an experience with a subject "General Didactics: teaching and learning" at a private college and, the second reports about the teaching of Fight's content in Physical Education at a Federal Institution. There are initiatives to think and experience the Physical Education from the democratic imperative and cultural plurality. In addition, the reports show an increase in student participation, an appreciation of the dialogue and of the different sociocultural experiences of students through the application of the proposals. However, time was a limiting factor. ; El artículo retomó algunos hitos históricos en la constitución del campo de la Didáctica y reportó dos experiencias sobre la enseñanza en la Educación Física en una perspectiva multi/intercultural. Uno de los informes cita una experiencia con la disciplina "Didáctica general: enseñanza y aprendizaje" en una facultad privada y, el segundo, la enseñanza sobre el contenido de Luchas en Educación Física en una institución federal, ambas ubicadas en el Rio de janeiro. Se señaló que existen iniciativas para pensar y experimentar la Educación Física desde el imperativo democrático y la pluralidad cultural. Además, los informes muestran un aumento en la participación de los estudiantes, una valoración a través de la aplicación pedagógica. Sin embargo, el tiempo fue un factor limitante. ; O artigo retomou alguns marcos históricos na constituição do campo da Didática e relatou duas experiências sobre o ensino na Educação Física na perspectiva multi/intercultural. Um dos relatos cita a experiência com a disciplina "Didática Geral: ensino e aprendizagem", em uma faculdade particular e, o segundo, o ensino do conteúdo de Lutas na Educação Física escolar em uma instituição federal, ambas situadas no Rio de Janeiro. Notou-se que há iniciativas de pensar e ...
O presente estudo busca compreender os rumos da implementação da política inclusiva por meio da confrontação do discurso oficial com as práticas sociais. A história da educação especial no Brasil está marcada pela exclusão social e educacional, entende-se que garantir o direito à educação das pessoas com deficiência é um processo complexo e que exige ações políticas de diferentes dimensões. A reflexão sobre as diretrizes, materiais e documentos do Programa Educação inclusiva: direito à diversidade a partir dos depoimentos de gestores de um município-polo permitiu levantar algumas questões relacionadas ao modo como a política inclusiva está sendo implantada. A análise revela que há tensões e conflitos relacionados às possibilidades de efetivação das ações de formação e multiplicação; à própria discussão conceitual sobre a inclusão; ao lócus de atendimento ao aluno com deficiência; ao financiamento e às relações entre o público e privado; assim como, quanto às responsabilidades dos diferentes atores envolvidos no processo. Os resultados apontam que essas tensões podem ser entendidas a partir das múltiplas relações que se estabelecem entre um ensino que tende para a homogeneização e os princípios inclusivos, que supõem o respeito aos direitos, a valorização da diversidade e o atendimento de necessidades individuais. ; Through the comparison between the official discourse and the social practices, the present study seeks to understand the trajectory of implementation of the policy of inclusion. The history of special education in Brazil is marked by social and educational exclusion, and therefore guaranteeing the right to education of handicapped people is a complex process requiring political actions in various spheres. The reflection about the guidelines, materials and documents of the Inclusive Education Program: the right to diversity, based on the testimonies of administrators from a hub municipality, made it possible to raise questions related to the way in which the policy of inclusion in being implemented. The analysis reveals tensions and conflicts associated to the possibilities of bringing to practice actions of formation and multiplication; to the conceptual discussion about inclusion; to the locus of service to handicapped students; to the financing aspect and to the relations between the public and the private sectors; and also as to the responsibilities of the different agents involved in the process. The results point to the fact that these tensions can be understood from the multiple relationships established between a teaching system that tends to homogenization and the principles of inclusion, which presupposes the respect to rights, the appreciation of diversity, and the fulfillment of individual needs.
O artigo discute alguns processos socioespaciais em curso em municípios do Estado de São Paulo, tais como a conurbação, metropolização e a expansão da ocupação urbana em áreas oficialmente definidas como rurais, para mostrar que não existe mais a velha dicotomia urbano-rural e que a definição oficial do IBGE não mais dá conta de explicar a diversidade de usos, carecendo de redefinição.
