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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
281

A legal framework for integrated environmental governance in South Africa and the North-West Province / by Louis J. Kotzé

Kotzé, Louis Jacobus January 2005 (has links)
The environmental governance sphere in South Africa is fragmented. This fragmentation is exacerbated in the provinces. Fragmentation manifests in various ways, including, inter alia, structural fragmentation between the various spheres and line functions of government, fragmented environmental legislation which is silo-based and issue-specific, jurisdictional overlaps, and duplication of procedures and processes. Fragmentation poses several disadvantages and may ultimately hamper effective and sustainable service-delivery by government. The problem of fragmentation forms the crux of this study. The principal objective of this thesis is accordingly to investigate possible solutions to address fragmentation and to propose a more sustainable strategy to achieve integration of currently fragmented environmental governance efforts in South Africa and the North-West Province (NWP). The NWP has specifically been chosen as a case study in this regard since problems of fragmentation are exacerbated in the provinces. The first step in this thesis is to analyse the theoretical concept of sustainability in order to establish the eventual objective of what integrated environmental governance efforts should achieve. The concept of fragmented governance and possible generic reasons for fragmentation, including unco-operative and unsustainable organisational behaviour, are also investigated to highlight the nature and disadvantages of fragmentation and other factors that may contribute to it. A further component of the theoretical analysis includes an investigation of the concepts of integrated, or holistic governance, and an investigation of the concepts integrated environmental management (IEM), co-operative environmental governance (CEG), and integrated pollution prevention and control (IPPC). These concepts are investigated in order to ascertain the possible solutions for integration that they may pose. Secondly, this thesis investigates the current state of the fragmented environmental governance regime in South Africa and the NWP. The extent and reasons for fragmentation are discussed; and unco-operative organisational behaviour patterns in the national, provincial and local spheres of government are investigated. The concepts of IEM, CEG and IPPC, as they are established in South African law, are also discussed. Thirdly, this study investigates integrated approaches to environmental governance in the international sphere by way of a comparative study. For this purpose, the relevant provisions of the European Integrated Pollution Prevention and Control Directive, 1996 are discussed. The comparative study is concluded with an investigation of the provisions of the Directive as they are applied in national legal frameworks in the EU, with specific reference to Finland and the Netherlands. The main objective of this part of the study is to ascertain whether established solutions for integration of governance efforts are available in practice, and if so, to what extent they are employed to address fragmentation. This study concludes with recommendations on how the fragmented environmental governance sphere in South Africa may be integrated. These include short-, medium-and long-term scenarios, namely: a less radical strategy which must aim to optimise the current environmental governance regime by employing established concepts such as IEM, CEG and IPPC; a more radical strategy, which aims to establish a single act to regulate all procedural aspects relating to environmental governance and authorisations, and a single authority that is responsible for all procedural aspects in terms of the act; and an extremely radical strategy, which aims to establish a one-stop environmental governance shop, with a single act regulating all procedural and substantive aspects, and a single lead agent responsible for regulation in terms of this act. / Thesis (LL.D. (Estate Law))--North-West University, Potchefstroom Campus, 2006.
282

Precision och stabilitet vid klusilexplosionen hos patienter med Parkinsons sjukdom : En jämförelse mellan effekten av Deep Brain Stimulation i kaudala zona incerta (cZi) respektive nucleus subthalamicus (STN)

Wikström, Matilda, Andersson, Julia January 2013 (has links)
Bakgrund: Deep Brain Stimulation (DBS) i nucleus subthalamicus (STN) och i kaudala zona incerta (cZi) har visat positiva effekter på motoriska symtom (rörelseförmåga och balans) vid Parkinsons sjukdom. Efter DBS har dock negativa taleffekter noterats, inklusive nedsatt artikulatorisk precision och stabilitet. Nedsatt artikulatorisk precisionoch stabilitet påverkar klusilproduktionen mest vilket kan resultera i att klusilexplosionen uteblir eller att multipla explosioner uppstår. Mål: Att undersöka artikulatorisk precision och stabilitet vid klusilexplosionen efter DBS i STN respektive cZi. Metod: I studien deltog 19 patienter varav 9 deltagare stimulerats i STN och 10 deltagare i cZi. Talinspelningar gjordes innan operation och ett år efter operation med DBSstimulering på och av. Klusilerna i talmaterialet delades in i tre kategorier, de med en klusilexplosion, de med två eller flera klusilexplosioner samt de utan klusilexplosion. Hypotesprövning gjordes gällande fördelningen av klusiler med multipla explosioner samt klusiler utan explosion mellan och inom patientgrupperna samt inom respektive klusil. Resultat: Multipla explosioner ökade hos cZi-patienterna och minskade hos STNpatienterna. Klusiler som saknade explosion ökade hos STN-patienterna medan de minskade hos cZi-patienterna. För båda patientgrupperna ökade multipla explosioner och klusiler utan explosion då stimuleringen var på jämfört med av. Skillnaderna mellan och inom grupperna var inte signifikanta. Slutsats: Artikulatorisk precision och stabilitet påverkades efter DBS i form av bristande stabilitet, för kort slutningsrörelse och felaktig koordination av slutningsrörelsen. Detta resulterade i multipla explosioner och uteblivna explosioner med olika effekter för elektrodlokalisationerna. / Background: Deep Brain Stimulation (DBS) in Subthalamicus Nucleus (STN) and Caudala zona incerta (cZi) have shown positive effects on motor symptoms in Parkinson‘s disease. Negative effects on speech after DBS has been noted including reduced articulatory precision. Reduced articulatory precision and stability affects the production of stop consonants and as a result, loss of burst or multiple burst can occur. Aim: To investigate articulatory precision and stability regarding the burst in stop consonants after DBS of STN or cZi. Method: The study included 19 patients with 9 patients stimulated in STN and 10 patientsin cZi. Speech recordings were made before surgery and one year after with stimulation ON and OFF. The stop consonants were divided into three categories, those with one burst, those with two or more bursts (multiple burst) and those with loss of burst. Hypothesis testing was done on the categorization of the stop consonants in and between the groups and between the stop consonants types. Results: Multiple burst increased in the cZi group and decreased in the STN group. Stop consonants with loss of burst increased in the STN group but decreased in the cZi group. For both groups multiple burst and stop consonants with loss of burst increased with stimulation on. The differences between and within the groups were not significant. Conclusion: Articulatory precision and stability were affected by DBS with decreased stability, shortened occlusion and incorrect coordination. As a result multiple burst and loss of burst occurred in both groups. / Speech, voice and swallowing outcomes after deep brain stimulation of the zona incerta and the pedunculopontine nucleus in Parkinson’s disease: Comparsion with stimulation of the subthalamic nucleus
283

Moving targets: Political theatre in a post-political age

Reynolds, Ryan Michael January 2006 (has links)
This thesis gauges the contemporary landscape of political theatre at a time in which everything, and consequently nothing, is political. That is, almost all theatres today proclaim a politics, and yet there is widespread resignation regarding the inevitability of capitalism. This thesis proposes a theory of political action via the theatre: radical theatre today must employ a strategy of "moving targets". Theatrical actions must be adaptable and mobile to seek out the moving targets of capital and track down target audiences as they move through public space. In addition, political theatre must become a moving target to avoid amalgamation into the capitalist system of exchange. I approached this topic through four case studies. Two of the case studies, Reverend Billy's Church of Stop Shopping and the Critical Art Ensemble, are based in the United States. I studied their work via materials - books, essays, videos, websites, interviews, and more - but not in person. The other two case studies are lifted from my own experience with the Christchurch Free Theatre: an original production of Christmas Shopping and a devised production of Karl Kraus' play The Last Days of Mankind. These latter two case studies served as laboratory experiments through which I was able to test ideas and problematics of political theatre that arose through my research. These case studies led to the determination that creating aesthetic experiences and actions - as opposed to having explicitly political content - can be a strategy or foundation for a radical political theatre that resists, undermines, and at times transcends the seeming inevitability of consumer capitalism. In an age in which any political intervention is seen as senseless disruption, a form of pointless violence, this theatre has adopted the strategies of terrorist actions to have a disruptive effect without positing a specific alternative social structure.
284

Coannihilation neutralino-stop dans le MSSM : violation de saveur, corrections radiatives et leur impact sur la densité relique de matière noire

Le Boulc'h, Quentin 23 September 2013 (has links) (PDF)
Le Modèle Standard Supersymétrique Minimal (MSSM), le plus étudié des modèles de Nouvelle Physique, contient un candidat à la matière noire : le neutralino. Un des mécanismes qui permet de réduire la densité relique de neutralino jusqu'à l'intervalle expérimental de WMAP et de Planck est la coannihilation entre le neutralino et le stop. Dans cette thèse nous étudions deux aspects différents liés à la prédiction de la densité relique dans la région de coannihilation neutralino-stop, ainsi qu'au calcul des sections efficaces d'annihilation et de coannihilation correspondantes. Nous présentons tout d'abord la matière noire en tant que WIMP ainsi que le Modèle Standard de la Physique des Particules, puis nous abordons le MSSM ainsi la phénoménologie de la densité relique de neutralino. Nous étudions ensuite la phénoménologie de la violation de saveur non minimale dans le secteur des squarks dans le contexte de la densité relique de neutralino. Nous considérons des termes violant la saveur dans le secteur des squarks up et down de chiralité droite et de troisième génération et montrons qu'ils peuvent avoir un impact important sur les sections efficaces d'annihilation et de coannihilation du neutralino, et en conséquence sur la densité relique. Finalement, nous nous intéressons à la possibilité d'améliorer la précision avec laquelle la densité relique est prédite, en calculant les sections efficaces d'annihilation et de coannihilation à l'ordre supérieur dans la théorie des perturbation. En se basant sur des travaux antérieurs qui ont montré que l'impact des corrections SUSY-QCD à une boucle pour l'annihilation de neutralino était supérieur à l'incertitude expérimentale, nous avons calculé de telles corrections dans le cas de la coannihilaiton neutralino-stop en bosons de jauge électrofaibles et bosons de Higgs.
285

A legal framework for integrated environmental governance in South Africa and the North-West Province / by Louis J. Kotzé

Kotzé, Louis Jacobus January 2005 (has links)
The environmental governance sphere in South Africa is fragmented. This fragmentation is exacerbated in the provinces. Fragmentation manifests in various ways, including, inter alia, structural fragmentation between the various spheres and line functions of government, fragmented environmental legislation which is silo-based and issue-specific, jurisdictional overlaps, and duplication of procedures and processes. Fragmentation poses several disadvantages and may ultimately hamper effective and sustainable service-delivery by government. The problem of fragmentation forms the crux of this study. The principal objective of this thesis is accordingly to investigate possible solutions to address fragmentation and to propose a more sustainable strategy to achieve integration of currently fragmented environmental governance efforts in South Africa and the North-West Province (NWP). The NWP has specifically been chosen as a case study in this regard since problems of fragmentation are exacerbated in the provinces. The first step in this thesis is to analyse the theoretical concept of sustainability in order to establish the eventual objective of what integrated environmental governance efforts should achieve. The concept of fragmented governance and possible generic reasons for fragmentation, including unco-operative and unsustainable organisational behaviour, are also investigated to highlight the nature and disadvantages of fragmentation and other factors that may contribute to it. A further component of the theoretical analysis includes an investigation of the concepts of integrated, or holistic governance, and an investigation of the concepts integrated environmental management (IEM), co-operative environmental governance (CEG), and integrated pollution prevention and control (IPPC). These concepts are investigated in order to ascertain the possible solutions for integration that they may pose. Secondly, this thesis investigates the current state of the fragmented environmental governance regime in South Africa and the NWP. The extent and reasons for fragmentation are discussed; and unco-operative organisational behaviour patterns in the national, provincial and local spheres of government are investigated. The concepts of IEM, CEG and IPPC, as they are established in South African law, are also discussed. Thirdly, this study investigates integrated approaches to environmental governance in the international sphere by way of a comparative study. For this purpose, the relevant provisions of the European Integrated Pollution Prevention and Control Directive, 1996 are discussed. The comparative study is concluded with an investigation of the provisions of the Directive as they are applied in national legal frameworks in the EU, with specific reference to Finland and the Netherlands. The main objective of this part of the study is to ascertain whether established solutions for integration of governance efforts are available in practice, and if so, to what extent they are employed to address fragmentation. This study concludes with recommendations on how the fragmented environmental governance sphere in South Africa may be integrated. These include short-, medium-and long-term scenarios, namely: a less radical strategy which must aim to optimise the current environmental governance regime by employing established concepts such as IEM, CEG and IPPC; a more radical strategy, which aims to establish a single act to regulate all procedural aspects relating to environmental governance and authorisations, and a single authority that is responsible for all procedural aspects in terms of the act; and an extremely radical strategy, which aims to establish a one-stop environmental governance shop, with a single act regulating all procedural and substantive aspects, and a single lead agent responsible for regulation in terms of this act. / Thesis (LL.D. (Estate Law))--North-West University, Potchefstroom Campus, 2006.
286

Self-Regulated Strategy Development for Students with Emotional/Behavioral Disorders in a Residential School

Ennis, Robin Parks 17 May 2013 (has links)
Students with emotional and behavioral disorders (E/BD) have academic deficits that affect their success in school; however, few researchers have investigated what strategies work best for this population, especially in the area of writing. One promising intervention to support the writing skills of students with and at-risk for E/BD is self-regulated strategy development (SRSD). SRSD is a six-stage, explicit strategy instruction model that includes procedures for goal setting, self-monitoring, self-instruction, and self-reinforcement and can be generalized to a variety of writing tasks. The purpose of this study was to determine the effects of an SRSD persuasive writing intervention on the writing achievement of 44 students in a residential school. Results of a piecewise hierarchical linear modeling growth curve analysis suggest statistically significant gains were made over the course of the intervention in writing (quality, correct word sequences, and essay elements) and academic engagement. Effects also generalized to writing achievement measures. In addition, teachers implemented the intervention with high fidelity, and both students and teachers rated the intervention as socially acceptable, with higher ratings postintervention.
287

Adhesive Wafer Bonding for Microelectronic and Microelectromechanical Systems

Frank, Niklaus January 2002 (has links)
Semiconductor wafer bonding has been a subject of interestfor many years and a wide variety of wafer bonding techniqueshave been reported in literature. In adhesive wafer bondingorganic and inorganic adhesives are used as intermediatebonding material. The main advantages of adhesive wafer bondingare the relatively low bonding temperatures, the lack of needfor an electric voltage or current, the compatibility withstandard CMOS wafers and the ability to join practically anykind of wafer materials. Adhesive wafer bonding requires nospecial wafer surface treatmentssuch as planarisation.Structures and particles at the wafer surfaces can be toleratedand compensated for some extent by the adhesive material.Adhesive wafer bonding is a comparably simple, robust andlowcost bonding process. In this thesis, adhesive wafer bondingtechniques with different polymer adhesives have beendeveloped. The relevant bonding parameters needed to achievehigh quality and high yield wafer bonds have been investigated.A selective adhesive wafer bonding process has also beendeveloped that allows localised bonding on lithographicallydefined wafer areas. Adhesive wafer bonding has been utilised in variousapplication areas. A novel CMOS compatible film, device andmembrane transfer bonding technique has been developed. Thistechnique allows the integration of standard CMOS circuits withthin film transducers that can consist of practically any typeof crystalline or noncrystalline high performance material(e.g. monocrystalline silicon, gallium arsenide,indium-phosphide, etc.). The transferred transducers or filmscan be thinner than 0.3 µm. The feature sizes of thetransferred transducers can be below 1.5 µm and theelectrical via contacts between the transducers and the newsubstrate wafer can be as small as 3x3 µm2. Teststructures for temperature coefficient of resistancemeasurements of semiconductor materials have been fabricatedusing device transfer bonding. Arrays of polycrystallinesilicon bolometers for use in uncooled infrared focal planearrays have been fabricated using membrane transfer bonding.The bolometers consist of free-hanging membrane structures thatare thermally isolated from the substrate wafer. Thepolycrystalline silicon bolometers are fabricated on asacrificial substrate wafer. Subsequently, they are transferredand integrated on a new substrate wafer using membrane transferbonding. With the same membrane transfer bonding technique,arrays of torsional monocrystalline silicon micromirrors havebeen fabricated. The mirrors have a size of 16x16 µm2 anda thickness of 0.34 µm. The advantages of micromirrorsmade of monocrystalline silicon are their flatness, uniformityand mechanical stability. Selective adhesive wafer bonding hasbeen used to fabricate very shallow cavities that can beutilised in packaging and component protection applications. Anew concept is proposed that allows hermetic sealing ofcavities fabricated using adhesive wafer bonding. Furthermore,microfluidic devices, channels and passive valves for use inmicro total analysis systems are presented. Adhesive wafer bonding is a generic CMOS compatible bondingtechnique that can be used for fabrication and integration ofvarious microsystems such as infrared focal plane arrays,spatial light modulators, microoptical systems, laser systems,MEMS, RF-MEMS and stacking of active electronic films forthree-dimensional high-density integration of electroniccircuits. Adhesive wafer bonding can also be used forfabrication of microcavities in packaging applications, forwafer-level stacking of integrated circuit chips (e.g. memorychips) and for fabrication of microfluidic systems.
288

Parametric verification of the class of stop-and-wait protocols

Gallasch, Guy Edward January 2007 (has links)
This thesis investigates a method for tackling the verification of parametric systems, systems whose behaviour may depend on the value of one or more parameters. The range of allowable values for such parameters may, in general, be large or unknown. This results in a large number of instances of a system that require verification, one instance for each allowable combination of parameter values. When one or more parameters are unbounded, the family of systems that require verification becomes infinite. Computer protocols are one example of such parametric systems. They may have parameters such as the maximum sequence number or the maximum number of retransmissions. Traditional protocol verification approaches usually only analyse and verify properties of a parametric system for a small range of parameter values. It is impossible to verify in this way every concrete instance of an infinite family of systems. Also, the number of reachable states tends to increase dramatically with increasing parameter values, and thus the well known state explosion phenomenon also limits the range of parameters for which the system can be analysed. In this thesis, we concentrate on the parametric verification of the Stop-and-Wait Protocol (SWP), an elementary flow control protocol. We have used Coloured Petri Nets (CPNs) to model the SWP, operating over an in-order but lossy medium, with two unbounded parameters: the maximum sequence number; and the maximum number of retransmissions. A novel method has been used for symbolically representing the parametric reachability graph of our parametric SWP CPN model. This parametric reachability graph captures exactly the infinite family of reachability graphs resulting from the infinite family of SWP CPNs. The parametric reachability graph is represented symbolically as a set of closed-form algebraic expressions for the nodes and arcs of the reachability graph, expressed in terms of the two parameters. By analysing the reachability graphs of the SWP CPN model for small parameter values, structural regularities in the reachability graphs were identified and exploited to develop the appropriate algebraic expressions for the parametric reachability graph. These expressions can be analysed and manipulated directly, thus the properties that are verified from these expressions are verified for all instances of the system. Several properties of the SWP that are able to be verified directly from the parametric reachability graph have been identified. These include a proof of the size of the parametric reachability graph in terms of both parameters, absence of deadlocks (undesired terminal states), absence of livelocks (undesirable cycles of behaviour from which the protocol cannot escape), absence of dead transitions (actions that can never occur) and the upper bounds on the content of the underlying communication channel. These are verified from the algebraic expressions and thus hold for all parameter values. Significantly, language analysis is also carried out on the parametric SWP. The parametric reachability graph is translated into a parametric Finite State Automaton (FSA), capturing symbolically the infinite set of protocol languages (i.e. sequences of user observable events) by means of similar algebraic expressions to those of the parametric reachability graph. Standard FSA reduction techniques were applied in a symbolic fashion directly to the parametric FSA, firstly to obtain a deterministic representation of the parametric FSA, then to obtain an equivalent minimised FSA. It was found that the determinisation procedure removed the effect of the maximum number of retransmissions parameter, and the minimisation procedure removed the effect of the maximum sequence number parameter. Conformance of all instances of the SWP over both parameters to its desired service language is proved. The development of algebraic expressions to represent the infinite class of Stop-and-Wait Protocols, and the verification of properties (including language analysis) directly from these algebraic expressions, has demonstrated the potential of this method for the verification of more general parametric systems. This thesis provides a significant contribution toward the development of a general parametric verification methodology.
289

Animate dissent : the political objects of Czech stop-motion and animated film (1946-2012)

Whybray, Adam Gerald January 2014 (has links)
Czech animated allegories of the period of 1946 to 2012 encode their political ideas in objects and things, rather than through conventional narrative techniques such as voice-over or dialogue. The existence of these objects in cinematic time and space is integral to this process of political encoding, which is achieved through the selection of objects, cinematography and editing. In some of these films, time and space themselves are politically encoded. Materialist critical approaches to the film texts can help illuminate these latent political meanings. 'Thing theory', which puts a critical emphasis upon reading objects and things, exposes the politically resistant role of simple, domestic objects in the films of Jiří Trnka and Hermína Týrlová. Trnka's cinema in particular defends traditional, pastoral modes of being in which the individual is rooted within their environment. 'Actor-network-theory', a means of interrogating the relationship between actors in networks, resonates with the political ideas present in the cinema of Surrealist artist Jan Švankmajer. Švankmajer's central political project is an interrogation of anthropocentrism and attempts by humans to exert systems of control and order upon non-human actors. Rather than celebrating functional, domestic objects like Trnka or Týrlová, Švankmajer's cinema is radically anti-utilitarian. Objects are depicted as things that resist categorisation. 'Rhythmanalysis' – a mode of poetic-scientific investigation developed by philosopher Henri Lefebvre – can be used to unpick the rhythms in the animations of Jirí Barta. Barta's films critique rational clock time and the design of urban spaces through the use of editing patterns and repetition. Finally, all three materialist approaches in combination help illustrate the political content of animated films (and live-action films with significant passages of animation) produced in the wake of the Velvet Revolution. Such films often question the relationship between the individual Czech citizen and the Czech capital city of Prague. The animated films of the aforementioned directors and historical periods, tend to give precedence to the material world of objects over the semiotic world of humans, though these two realms are often shown to be inter-dependent. To this end, the political messages of the films are conveyed not through language, but through images and things.
290

Reservas internacionais e dívida soberana: uma análise de simulação sob a ótica da sustentabilidade da dívida

Souza, Marcelo Reis Dreyer de 27 January 2015 (has links)
Submitted by Marcelo Reis Dreyer de Souza (marcelo.dreyer@gmail.com) on 2015-02-22T21:25:32Z No. of bitstreams: 1 MarceloSouza_final.pdf: 1013317 bytes, checksum: 78632b388bcd25a528ba8a7ef46e71ff (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-02-23T23:00:34Z (GMT) No. of bitstreams: 1 MarceloSouza_final.pdf: 1013317 bytes, checksum: 78632b388bcd25a528ba8a7ef46e71ff (MD5) / Made available in DSpace on 2015-02-24T13:41:22Z (GMT). No. of bitstreams: 1 MarceloSouza_final.pdf: 1013317 bytes, checksum: 78632b388bcd25a528ba8a7ef46e71ff (MD5) Previous issue date: 2015-01-27 / Este trabalho analisa, sob a ótica da sustentabilidade da dívida, os efeitos de se manter um elevado nível de reservas internacionais juntamente com um elevado estoque de dívida pública. Busca-se o nível ótimo de reservas para o Brasil através de uma ferramenta de gestão de risco, por simulações de Monte Carlo. Considerando as variáveis estocásticas que afetam a equação de acumulação da dívida, e entendendo a relação entre elas, pode-se estudar as propriedades estocásticas da dinâmica da dívida. Da mesma forma, podemos analisar o impacto fiscal de um determinado nível de reservas ao longo do tempo e verificar quais caminhos se mostram sustentáveis. Sob a ótica da sustentabilidade da dívida, a escolha que gera a melhor relação dívida líquida / PIB para o Brasil é aquela que utiliza o máximo das reservas internacionais para reduzir o endividamento local. No entanto, como há aspectos não capturados nesta análise, tais como os benefícios das reservas em prevenir crises e em funcionar como garantia para investimentos externos, sugere-se que as reservas não excedam os níveis reconhecidos pela literatura internacional que atendam a estes fins. A indicação final deste estudo é que as reservas internacionais funcionam como um instrumento de proteção ao país quando o endividamento e o custo dele não são tão expressivos, como são atualmente no Brasil. / With the perspective of debt sustainability, this paper analyses the effects of maintaining a high level of international reserves with a high stock of public debt. An optimal level of reserves for Brazil is pursued using a risk management tool, through Monte Carlo simulations. Considering the stochastic variables that affect the equation of debt accumulation, and understanding the relation between them, it is possible to study the stochastic properties of the debt. Similarly, we can analyze the fiscal impact of a given level of reserves and verify which paths prove sustainable. From the perspective of the debt sustainability, the choice that generates the best net debt / GDP for Brazil is the one that uses the maximum of international reserves to reduce local debt. However, as there are some aspects that this analysis does not capture, as the benefit of the reserves in preventing crises and serving as collateral for foreign investment, is suggested that reserves should not exceed levels recognized by the international literature that meet these purposes. The final indication of this study is that reserves function as a protective device when the debt and its cost are not so expressive as they are currently in Brazil.

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