Fundação de Apoio a Pesquisa e à Inovação Tecnológica do Estado de Sergipe - FAPITEC/SE / The body condition score (BCS) is a method of assessment of the animal's energy reserves and it was developed based on the characteristics of mobilization/ deposition of cow’s fat cows with degree of Holstein blood Therefore, it is not known whether this methodology is appropriate for crossbred cows. Thus, the objective with this study to investigate the relationship between the back fat thickness (BFT) and the body condition score (BCS) in crossbred cows (Holstein - Zebu) during the transition period and early lactation, and to relate these findings with productive and metabolic parameters. A total of 108 Holstein - Zebu dairy cows from six farms were randomly selected and divided into three groups according to their production phase at the time: PP group (0 to 4 weeks antepartum; n = 30 animals); L4 group (0-4 weeks postpartum; n = 15 animals); L + 5 group (5-14 weeks postpartum; n = 63 animals). Correlation and regression analysis were used to describe the relationship between the BCS, BFT and body weight (BW) variables. For productive and metabolic evaluation of the animals we made a multivariate cluster analysis to order the distribution of these animals in homogeneous BFT groups within each study phase. Analysis of variance showed significant differences (P <0.05) among the three groups for the three variables BCS, BFT and BW. The BW variable showed a weak correlation with the BCS and BFT variables r = 0.28 and r = 0.38, respectively. In groups PP and L + 5 there were strong and direct correlation between BFT and BCS variables, r = 0.78 and r = 0.71, respectively. The BFT was sensitive to changes in metabolites albumin, total cholesterol and total protein. In addition to being a good indicator of the production of milk and density, as well as proportions of total solids and lactose. / O escore de condição corporal (ECC) é um método de avaliação das reservas energéticas do animal e foi desenvolvido com base nas características de mobilização/deposição de gordura de vacas com grau de sangue Holandês. Por isso, ainda não se sabe se essa metodologia é apropriada para vacas mestiças. Desta forma, objetivou – se com esse estudo verificar a relação entre a espessura de gordura subcutânea na garupa (EGG) e o ECC de vacas mestiças (Holandês x Zebu) durante o período de transição e fase inicial de lactação, e relacionar esses achados com parâmetros produtivos e metabólicos. Um total de 108 vacas leiteiras Holandês x Zebu pertencentes a seis propriedades rurais foram escolhidas aleatoriamente e divididas em três grupos de acordo com sua fase de produção naquele momento: grupo PP (0 a 4 semanas pré-parto; n=30 animais); grupo L4 (0 - 4 semanas pós-parto; n = 15 animais); grupo L+5 (5 - 14 semanas pós – parto; n=63 animais). Análises de correlação e regressão foram usadas para descrever a relação entre as variáveis ECC, EGG, peso corporal (PC). Para avaliação produtiva e metabólica dos animais foi feito uma análise multivariada de agrupamento visando à distribuição dos mesmos em grupos de EGG homogêneos dentro de cada fase estudada. A análise de variância mostrou que houve diferenças significativas (P<0,05) entre os três grupos para as três variáveis ECC, EGG e PC. A variável PC apresentou uma fraca correlação com as variáveis ECC e EGG, com r = 0,28 e r = 0,38, respectivamente. Nos grupos PP e L+5 houveram fortes e diretas correlações entre as variáveis EGG e ECC, com r = 0,78 e r = 0,71, respectivamente. O EGG foi sensível às mudanças dos metabólitos albumina, colesterol total e proteína total. Além de ser um bom indicador da produção e densidade do leite, como também das proporções de sólidos totais e lactose.

La crise financière mondiale qui a débuté en 2008, et la crise des dettes souveraines en zone euro qui l'a suivie, ont successivement forcé les macroéconomistes à repenser leur cadre conceptuel. Cette thèse est une modeste contribution aux efforts colossaux déployés par les macroéconomistes à travers le monde pour faire face à ce défi: renforcer la compréhension de l'utilisation optimale des outils de politique économique non conventionnels. A cette fin, elle est construite en deux parties. Chaque partie vise à explorer au plan théorique un "contexte macroéconomique-type" au sein duquel des outils de politique économique non conventionnels ont été employés ces dernières années. La première partie, intitulée "Politique Non Conventionelle Optimale en Economie Ouverte", analyse l'utilisation optimale d'instruments de politique économique non conventionels par une banque centrale en économie ouverte. En présence de frictions financières qui modifient la manière dont la politique monétaire affecte l'économie, ou en présence de chocs exogènes qui mettent en défaut la "divine coïncidence", cette partie décrit comment un banquier central devrait combiner un instrument de politique monétaire non conventionnelle et la politique monétaire conventionnelle à des fins de stabilisation macroéconomique. La seconde partie, "Politique Budgétaire Optimale en Union Monétaire", adopte le point de vue du gouvernement d'un pays situé en union monétaire (typiquement la zone euro). Un tel pays ne disposant d'une politique monétaire autonome (au plan national), cette partie étudie la possibilité pour un tel pays d'utiliser la politique budgétaire comme un outil de stabilisation, et décrit l'utilisation optimale des dévaluations fiscales en réponse à des chocs exogènes idiosyncratiques. / The 2008 global financial crisis and the subsequent euro area sovereign debt crisis successively forced macroeconomists to reassess this conceptual framework. This thesis is a modest contribution to the huge efforts undertaken by macroeconomists following the crisis to meet this challenge, i.e. to develop some insights about the optimal use of unconventional policy tools. To do so, this thesis is twofold. Each part intends to explore from a theoretical perspective a fundamental macroeconomic situation that called for the use of unconventional policy instruments in the recent years. The first part, ”Optimal Unconventional Policy in An Open Economy” analyzes the optimal use of unconventional policy instruments by the central bank in an open economy framework. Assuming that the presence of financial frictions changes the way monetary policy affects the economy, or that the occurence of exogenous shocks breaks the ”divine coincidence”, this part describes how a central bank should combine an unconventional policy instrument and conventional monetary policy to favor macroeconomic stabilization. The second part, ”Optimal Fiscal Policy in a Currency Union”, takes the standpoint of the governement of a country located in a currency union (typically the euro area). Such a country being deprived of monetary policy autonomy, this part considers the opportunity of using fiscal policy as a stabilization tool, and describes the optimal use of fiscal devaluations following idiosyncratic exogenous shocks.

The Diploma Thesis deals with the problem what resources are the most optimal to be used for financing if a company wants to renovate its real estate property. The core of the work is the comparative analysis of bank loans, a real estate leasing, subsidy programmes and reserves for fixed assets renovating. The thesis focuses on finding certain outputs which represent always the best option from several possibilities of financing, either from external or internal resources.

01 Abstract Foreign exchange reserves are a useful tool and a buffer but maintaining an amount that is too large can be costly to the economy. Recent accumulation of these reserves points to the importance of this topic. This thesis focuses on one specific part of the effect of FX reserves on the economy - the inflation. I use panel data for 74 countries from the year 1996 to the year 2017. There is a certain degree of model uncertainty for which this thesis accounts for by using Bayesian model averaging (BMA) estimation technique. The findings from my model averaging estimations show FX reserves to not be of importance for inflation determination with close to no change when altering lags, variables, when limiting the sample to fixed FX regimes nor when limiting the sample to inflation targeting regimes. The most important variables are estimated to be a central bank financial strength proxy, exchange rate depreciation, money supply, inflation targeting, and capital account openness. These results are robust to lag changes, prior changes, and for the most part remain the same when Pooled OLS is used.

En el Perú, las Reservas Internacionales han alcanzado niveles máximos históricos en el año 2019. Existen diversos estudios que abordan el nivel óptimo de reservas, pero no investigan el impacto en la Inversión Privada. El incremento de las Reservas Internacionales podría fomentar la inversión al reducir el costo de endeudamiento externo; sin embargo, una política monetaria contractiva como estrategia para la acumulación de reservas podría desplazar el financiamiento para la inversión. Este documento estudia la relación entre la acumulación de Reservas Internacionales y la Inversión Privada en el Perú durante el periodo 2002-2019 mediante un Modelo Autorregresivo de Rezagos Distribuidos (ARDL). Los resultados sugieren una relación positiva entre la acumulación de reservas en el largo plazo, pero una relación negativa en el corto plazo. / International Reserves have reached historical maximum levels in 2019 in Perú. There are several studies that address the optimal level of reserves, but they do not investigate the impact on Private Investment. Increasing International Reserves could encourage investment by reducing the cost of external borrowing; however, a contractionary monetary policy as a strategy for reserve accumulation could crowd out financing for investment. This paper studies the relationship between the accumulation of International Reserves and Private Investment in Peru during the period 2002-2019 using an Autoregressive Model of Distributed Lag (ARDL). The results suggest a positive relationship between reserve accumulation in the long run, but a negative relationship in the short run. / Trabajo de investigación

M. Tech. (Department of Tourism and Hospitality Management, Faculty of Human Sciences), Vaal University of Technology. / Tourism is poised to play a greater role than ever before in terms of job creation, empowerment and economic growth, both on the global stage and in South Africa. In 2011, the tourism sector worldwide supported 258 million direct, indirect and induced employment opportunities. Community participation should be considered necessary to obtain community support, and the acceptance of tourism development projects, in addition, helps to ensure that the benefits (employment and/or entrepreneurships) are related to the local community’s needs. The main aim of the current study was to analyse the local communities’ perceptions of the role and benefits of tourism in the protected areas concerned. The analysis was approached on the basis of surveying the local communities concerned. The quantitative approach adopted as the chosen research method ensured that the required descriptive statistics could be derived from the research material available. A non-probability sampling approach was used to collect the data involved. The study was conducted in two villages, Ka-Mhinga and Ka-Matiani, adjacent to the Kruger National Park. Based on the results obtained, the surveyed community members of Ka-Mhinga and Ka- Matiani were found to share similar perceptions regarding the broader communities’ participation in, and decision-making control of the tourism operations in the area. The female participants agreed significantly more strongly than did the male participants concerning which aspects impeded an appreciation of the benefits of tourism. Such agreement probably indicates that the female participants perceived themselves as being worse affected by tourism than were the male participants. The participants from the two villages who perceived themselves as being excluded from the managerial decisions taken agreed significantly more strongly with the exclusion factor than the participants who perceived themselves as having been included in the managerial decisions taken regarding the protected areas. The results obtained in the present study indicate that the communities from the two villages receive minimal benefits from tourism. Some of the residents noted that they were not in receipt of what they had been promised when the Kruger National Park opened. The participants from the above-mentioned villages agreed that the locals were not employed in the protected area, and that the tourism goods which were sold at the Punda Maria information centre were not produced by the local residents, as well as that the Park’s management were influenced by nepotism in their employment of workers. The study concluded that an education and training budget should be provided by both the government and the protected areas. The involvement of the communities adjacent to the Kruger National Park in tourism planning would be likely to promote their participation in, and their beneficiation from, tourism. The community residents of Ka- Mhinga and Ka-Matiani should form part of the related control processes and decisio-nmaking, so as to improve the level of benefits obtained from tourism, which would enable them to enjoy the benefits of the Kruger National Park. Despite the study revealing the benefits of tourism gleaned by the two villages, engaging in an increased number of initiatives is likely to elicit even more benefits, with all the investors participating in the operation, execution, monitoring, and management of tourism activities as a form of collaboration.

No description available.

Concerns related to global environmental changes due to land use changes have been driving international communities towards more sustainable land use systems. Brazil is a country of global strategic importance in this matter considering that it is the nation with the largest extension of preserved tropical native vegetation, recognised for its ecosystem services and high and unique biodiversity. Expansion of forestry and agriculture is taking place rapidly in Brazil, partly over degraded pastureland, but also over native vegetation. Regulating policies to govern and limit this expansion is crucial to ensure the preservation of the ecosystems services provided by native vegetation.  This thesis aims at improving the understanding of the potential impacts of prevailing public and private policies in the conservation of nature in Brazil. For this end, the Land Use Policy Assessment (LUPA) model was employed to evaluate potential pathways of implementation of the land use policies. Paper 1 evaluated the effects of current private and public command and control regulations in the protection of above-ground carbon stocks, identifying the most relevant stakeholders holding carbon stocks. The findings suggest that about 10% of carbon stocks are unprotected, where other policy instruments based on the market will be mostly required. Paper 2 performed an assessment of the mechanism for offsetting the legal deficit of native vegetation among landholders, evaluating the different offsetting implementation practices and their impacts on nature protection and socio-economic development. The results indicate that the offsetting mechanism may have little or no additional effects on protection of native vegetation and its ecosystem services because most of the offsetting is likely to take place where native vegetation is already protected by current legislations. However, it is viable to maximise environmental and socio-economic returns from the offsetting mechanism. / <p>QC 20170510</p>

Since the creation of the first reserve in 1997, a conservation plan allowed the development of a network of Forest Nature Reserves in Tanzania over the years. Nowadays the network comprises 20 declared reserves (and two reserves in the process of being announced), each characterized by various management plans, ecoregions, threat levels, budgets, and sizes. Despite improvements in the number of reserves declared, management efficacy and participation of local communities, some threats are still impacting the biodiversity level of the reserves, these include a lack of funding for management, deficiencies in terms of equipment and personnel, and lack of benefits to the local communities. Thus, our objective was to use the data collected previously, to evaluate and improve this network of Forest Nature Reserves. To accomplish this, first, the parameters significantly related to the biodiversity value of the reserves were identified, and second, the taxonomic groups (among amphibians, reptiles, birds, and mammals) poorly covered by the reserves and the location of possible gap(s) in the network were detected. To complete the first objective, we achieved some descriptive analysis, using Microsoft Excel and R, and for the second objective, we used the spatial software QGIS, to perform a gap analysis and build species richness maps. Our results demonstrated that ecoregions were the most important factor being significantly related to the biodiversity index of the reserves, with the Eastern Arc Mountains being the most valuable forest in terms of its biodiversity amount. In addition, the gap analysis revealed that the proportion of Tanzanian endemic gap amphibian and reptile species was higher than in other taxa in the network, showing a conservation bias. Secondly, the species richness maps identified gap areas, where other types of small, protected areas were found, which could be upgraded in the future to capture additional endemic/threatened species. To conclude, despite an improvement in the development of the protected areas over time in Tanzania, there are still some weaknesses in the network that should be considered in the future.

No description available.