Suchergebnisse

This paper examines capital requirement for financial institutions in order to cover market risk stemming from exposure to foreign currencies. The models examined belong to two groups according to the approach involved: standardized and internal models. In the first group, we study the Basel model and the model adopted by the Brazilian legislation. In the second group, we consider the models based on the concept of value at risk (VaR). We analyze the single and the double-window historical model, the exponential smoothing model (EWMA) and a hybrid approach that combines features of both models. The results suggest that the Basel model is inadequate to the Brazilian market, exhibiting a large number of exceptions. The model of the Brazilian legislation has no exceptions, though generating higher capital requirements than other internal models based on VaR. In general, VaR-based models perform better and result in less capital allocation than the standardized approach model applied in Brazil. ; Neste artigo são avaliados modelos de determinação de exigência de capital de instituições financeiras para cobertura de risco de mercado decorrente de exposição cambial. Os modelos estão divididos em dois grupos, de acordo com a abordagem: padronizada ou de modelos proprietários. No primeiro, são considerados o modelo padronizado de Basiléia e o modelo adotado pela legislação brasileira. No segundo grupo encontram-se os modelos baseados em VaR. São considerados o modelo histórico, com uma e duas janelas móveis, o modelo de VAR-COV com alisamento exponencial e uma abordagem híbrida que combina características de ambos. Os resultados sugerem que o modelo padronizado de Basiléia é inadequado à realidade brasileira, apresentando grande número de perdas superiores à exigência de capital. O modelo da legislação brasileira não apresenta exceções, mas gera maiores requerimentos de capital que os modelos baseados em VaR, os quais, a despeito da menor exigência de capital, apresentam, em geral, desempenhos adequados.

Objective: To understand/reveal the experiences of undergraduate students of the Nursing School of the Universidade de São Paulo in international academic mobility. Method: A cross-sectional, descriptive study with a qualitative approach conducted between February and July 2017. Data were collected using a semi-structured interview and submitted to content analysis. Results: Twenty-two (22) students participated in the study. Five analytical categories emerged from the analysis of the interviews: Interinstitutional Relationships Dimension, Personal Dimension, Professional Dimension, Academic Dimension and Cultural Dimension. Conclusion: There are many advantages that international mobility can bring to vocational training. Greater governmental and institutional investment is considered necessary, but with mutual planning and monitoring by the institutions in order for it to contribute to the development of Nursing and the Country. ; Objective: To understand/reveal the experiences of undergraduate students of the Nursing School of the Universidade de São Paulo in international academic mobility. Method: A cross-sectional, descriptive study with a qualitative approach conducted between February and July 2017. Data were collected using a semi-structured interview and submitted to content analysis. Results: Twenty-two (22) students participated in the study. Five analytical categories emerged from the analysis of the interviews: Interinstitutional Relationships Dimension, Personal Dimension, Professional Dimension, Academic Dimension and Cultural Dimension. Conclusion: There are many advantages that international mobility can bring to vocational training. Greater governmental and institutional investment is considered necessary, but with mutual planning and monitoring by the institutions in order for it to contribute to the development of Nursing and the Country.