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Impacts of FTAA and MERCOEURO on agribusiness in the MERCOSUL countries
2003
Luiz A. Cypriano | Erly C. Teixeira
Focusing on changes in agricultural policy, this paper examines the economic impacts on MERCOSUL member country economies arising from the creation of the Free Trade Area of the Americas (FTAA) and a free trade area between MERCOSUL and the European Union (MERCOEURO). Four simulations are run using the Global Trade Analysis Project’s (GTAP) applied general equilibrium model. The results suggest these new trade alliances would cause an increase in MERCOSUL agribusiness production and a decrease in MERCOSUL manufactures production. In all simulations, agricultural trade flows are greatly altered and the exportation of MERCOSUL agribusiness products expands. However, the MERCOSUL countries experience overall economic growth in only the MERCOEURO scenarios. The elimination of agriculture production and export subsidies by members of the North American Free Trade Area (NAFTA) and European Union (E.U.) would have strong economic impacts on the economies of MERCOSUL countries.
Show more [+] Less [-]Relações comerciais e de preços no mercado nacional de combustíveis
2003
Marta Cristina Marjotta-Maistro | Geraldo Sant'Ana de Camargo Barros
Em janeiro de 2002 o setor de combustíveis entrou definitivamente no livre mercado. Os preços da refinaria deixaram de ser regulados e permitiu-se a importação de derivados de petróleo por empresas privadas. Os preços do álcool foram liberados desde o final da década de 1990. Os objetivos deste estudo são: caracterizar o funcionamento do mercado de combustíveis identificando os principais fatores que interferem na tomada de decisão dos seus agentes; estimar equações de demanda por gasolina C, oferta de álcool anidro e gasolina A e calcular as elasticidades de transmissão de preços. Os resultados mostraram inelasticidade com relação à renda e ao preço da demanda de gasolina e inelasticidade-preço das ofertas de anidro e gasolina A. Considerando as elasticidades de transmissão, concluiuse que um aumento na demanda de gasolina C tende a aumentar o preço do álcool anidro mais que proporcionalmente ao preço da gasolina C; o preço do álcool anidro tenderá a variar mais que proporcionalmente ao preço da gasolina C caso haja choques de oferta de álcool anidro e, no caso de variações na oferta de gasolina A, os preços do álcool e da gasolina C tendem a variar em direções opostas
Show more [+] Less [-]Use of crops and livestock futures contracts in portfolios: an analysis of feasibility
2003
Mattos Fabio L. | Ferreira Filho Joaquim Bento de Souza
According to Portfolio Theory, by combining assets that show a correlation inferior to one (1) among their individual returns, it becomes possible to create portfolios that reduce risk without damaging expected return. Crop and livestock futures contracts and company stocks show such a characteristic, which signals potential benefits when forming portfolios combining these two types of assets. This investment strategy is not often utilized in Brazil. The purpose of our research was to assess whether such an asset combination is actually advantageous to those creating investment portfolios in the Brazilian market. Our evaluation used instruments of analysis developed by Markowitz in Portfolio Theory and data about the return from crop and livestock futures contracts and stocks. The data was gathered from the Brazilian Futures and Commodities Exchange (BM&F) and Brazil?s National Association of Open Market Institutions (ANDIMA) between July 1994 and December 1998. The results of this work showed that the combination of these two types of assets in investment portfolios can be an interesting portfolio management alternative.
Show more [+] Less [-]Sources of small family farm production inefficiency, recôncavo region, Bahia, Brazil
2003
Pereira Filho, Carlos Augusto(Universidade Federal da Bahia) | Ferreira Filho, Joaquim Bento de Souza(Universidade de São Paulo Escola Superior de Agricultura Luiz de Queiróz)
The main objective of this study was to identify and analyze the sources of inefficiency in family operated small agricultural properties in the Brazilian state of Bahias Recôncavo region from a sample of 44 producers. A non-parametric approach, in the context of cost minimizing behavior under constant returns to scale, was used to estimate the indices of technical, scale, allocative, and total (economic or cost) efficiency. Results indicated that the largest source small family farm inefficiency in the Recôncavo region is allocative inefficiency, that is to say, the non-observance of price relationships when making production decisions. On the average, 79.1% of these farms total inefficiency is due to allocative inefficiency, 9.3% to technical inefficiency, and 11.7% to scale inefficiency.
Show more [+] Less [-]Relative intensity of bilateral trade flows, regional integration, and trade performance: the case of Brazil, 1984-1998
2003
Silva, Valquiria da(Instituto de Economia Aplicada) | Anefalos, Lilian C.(Instituto de Economia Aplicada) | R. Filho, José Carlos G. dos(Serviço Brasileiro de Apoio a Micro e Pequena Empresa Economist)
The objective of this research is to identify the component of trade that results specifically from bilateral relations and evaluate how the creation of trading blocs affects trade relations between countries. The trirapport coefficient of the relative intensity of bilateral agricultural sector trade flows between Brazil and other countries from 1984 and 1998 is used in the evaluation. In general, the results show that relative trade intensity between Brazil and its non-MERCOSUL trade partners fell after their entry into regional trade agreements (extra-bloc effect). The intra-bloc effect (trade expansion) is reflected by changes in trade intensity between Brazil and the other MERCOSUL members and changes in trade intensity between NAFTA members Mexico, Canada, and the United States.
Show more [+] Less [-]Use of crops and livestock futures contracts in portfolios: an analysis of feasibility
2003
Fabio L. Mattos | Joaquim Bento de Souza Ferreira Filho
According to Portfolio Theory, by combining assets that show a correlation inferior to one (1) among their individual returns, it becomes possible to create portfolios that reduce risk without damaging expected return. Crop and livestock futures contracts and company stocks show such a characteristic, which signals potential benefits when forming portfolios combining these two types of assets. This investment strategy is not often utilized in Brazil. The purpose of our research was to assess whether such an asset combination is actually advantageous to those creating investment portfolios in the Brazilian market. Our evaluation used instruments of analysis developed by Markowitz in Portfolio Theory and data about the return from crop and livestock futures contracts and stocks. The data was gathered from the Brazilian Futures and Commodities Exchange (BM&F) and Brazil’s National Association of Open Market Institutions (ANDIMA) between July 1994 and December 1998. The results of this work showed that the combination of these two types of assets in investment portfolios can be an interesting portfolio management alternative.
Show more [+] Less [-]The effects of non-agricultural activities on income distribution in rural Brazil
2003
Henrique D. Neder
The growth of non-agricultural activity since the 1980s has reconfigured the economic and social dynamic in Brazil’s rural areas. Our paper intends to describe the impact of this growth on income distribution in rural Brazil. We made use of a method of decomposition of two indicators of income distribution applied to1992 and 1999 Brazilian National Household Sample Survey (PNAD) data: the variation coefficient and the Gini index. It was observed that non-agricultural activities have increased the concentration of rural income and that this phenomenon is more prominent in Region I (states of Brazil’s Northeast and the state of Tocantins) and Region IV (states of São Paulo and Mato Grosso do Sul and the Distrito Federal). It was found that the income concentrating effect of each non-agricultural activity branch (commerce, transformation industry, administration, service) differed by region. In Region I, income from the "Social/Public Administration and Other Activities branch " (a PNAD designation) presents a coefficient of relative concentration greater than a unit, which indicates that income from this activities branch acts to increase the concentration of non-agricultural income in this region. In Region IV, income from industrial activities and from Social/ Public Administration and Other Activities both present coefficients of relative concentration greater than a unit; therefore, both branches act to increase the concentration of income from non-agricultural activities in this region.
Show more [+] Less [-]Relações contratuais de crédito agrícola e o papel dos agentes financeiros privados: teoria e evidências dos EUA
2003
Fabio R Chaddad | Sérgio G Lazzarini
Este trabalho analisa a questão do financiamento da produção agrícola sob uma ótica sistêmica, considerando o papel dos agentes privados no fornecimento de crédito rural. Desenvolve-se a idéia de que o volume e o custo de recursos financeiros disponibilizados para a produção agrícola são afetados por "fricções" em diversas transações sequenciais interligando emprestadores e tomadores de crédito. O objetivo do trabalho é analisar as vantagens comparativas dos diversos agentes que atuam no mercado de crédito, enfocando o potencial de cada agente em reduzir as tais fricções. Esta análise comparativa baseia-se na leitura do funcionamento do mercado de crédito agrícola dos Estados Unidos e pode ser aplicada nara o desenvolvimento de novos arranjos contratuais no mercado brasileiro.
Show more [+] Less [-]Estimativa e mensuração do produto interno bruto do agronegócio da economia brasileira, 1994 a 2000
2003
Maria Cristina Ortiz Furtuoso | Joaquim José Martins Guilhoto
Utilizando-se de instrumentos de análise de insumo-produto e do sistema de contas nacionais, este trabalho apresenta nova metodologia para estimativa do PIB do Agronegócio de uma nação. O PIB do Agronegócio é também estimado para 2 grandes complexos: a) Produtos Vegetais; e b) Pecuária. Cada um destes complexos foi dividido em quatro componentes: a) insumos para a agricultura; b) agricultura; c) indústria de base agrícola; e d) distribuição final. Usando dados da economia brasileira foi possível estimar o PIB do Agronegócio brasileiro, o qual foi estimado por volta de 27% do PIB do Brasil em 2000
Show more [+] Less [-]O mercado de crédito e a experiência brasileira de financiamento da agricultura
2003
Humberto Francisco S. Spolodor | Fernando H. Melho
O presente trabalho tem por objetivo estudar novas opções de financiamento da agricultura brasileira sob o enfoque dos modelos de competição imperfeita e assimetria de informação nos mercados de crédito. A natureza deste trabalho é essencialmente analítica, de forma que não foi estabelecido nenhum modelo empírico de teste e análise dos dados apresentados. A falta de recursos do sistema tradicional de financiamento da agricultura é uma forte evidência do esgotamento do modelo tradicional. São vários os entraves para um novo sistema de financiamento, entre eles: uma legislação muito pouco adequada (que acaba por dificultar a concessão de empréstimos), o forte endividamento ados agricultores, os altos custos bancários de transação para concessão de empréstimos, a assimetria de informação no mercado e, no contexto macroeconômico, as altas taxas de juros praticadas na economia brasileira.
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