Esta pesquisa teve como objetivo analisar os desdobramentos econômicos dos programas de transferência de renda Benefício de Prestação Continuada e Bolsa Família, à luz do modelo de equilíbrio geral computável TERM-BR. A partir de dados do Ministério do Desenvolvimento Social e Combate à Fome foram calculados o crescimento real dessas transferências no período entre 2005 e 2012, representando o choque a ser inserido no modelo. Utilizaram-se quatro fechamentos distintos para calcular três simulações de longo prazo e uma de curto prazo, que diferem na escolha das varáveis de ajuste. Os resultados agregados do modelo mostram que há retração do PIB real quando o ajuste macroeconômico do modelo é via investimentos ou balança comercial. O PIB só cresce quando há endividamento externo. O consumo real das famílias aumenta em todas as simulações. O PIB das regiões com maior número de pobres também aumenta, devido ao montante de recursos recebidos. O trabalho conclui que tais programas não podem ser vistos como políticas de crescimento econômico, mas aumentam o consumo das regiões e das famílias mais pobres. / In this study the economic impacts of two income transfer programs in Brazil, namely the Programa de Benefício de Prestação Continuada (BPC) and the Programa Bolsa Familia were analyzed with the aid of a computable general equilibrium model of Brazil (the TERM-BR model). The values transferred by the programs in the 2005 to 2012 period were calculated, and used as shocks to the model. Four different simulations were run, three with long-term closures and one with a short-term closure. Aggregate results show a reduction of real GDP when the macroeconomic adjustment model is taken from investment and trade balance. GDP only increases when external indebtedness increases. Real household consumption increases in all simulations. Regional GDP increases in regions with the highest number of poor due to the amount of funds transferred. This research concludes that such programs may not be seen as policies of economic growth, but they have positive impacts both on the target regions and on consumption of the poorer families as well.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-03-27T18:09:52Z No. of bitstreams: 1 Aline Ribeiro de Oliveira.pdf: 1013765 bytes, checksum: 0d950b28a509a37c83e8f287c81176ac (MD5) / Made available in DSpace on 2015-03-27T18:09:52Z (GMT). No. of bitstreams: 1 Aline Ribeiro de Oliveira.pdf: 1013765 bytes, checksum: 0d950b28a509a37c83e8f287c81176ac (MD5) Previous issue date: 2014-08-20 / Nenhuma / Esta dissertação examina a evolução recente de aspectos relacionados ao regionalismo e ao multilateralismo, buscando identificar se o MERCOSUL e a Aliança do Pacífico (AP) sinalizam para uma integração que poderia facilitar uma abertura multilateral. A análise sinaliza que apenas os membros da AP se mostram mais alinhados ao processo multilateral. Assim, é utilizado o modelo de equilíbrio geral computável Global Trade Analysis Project (GTAP), a fim de mensurar os resultados da integração da AP, utilizando uma agregação setorial que privilegia o grau de intensidade tecnológica. Os resultados apontaram que os maiores beneficiados pela AP seriam Chile e México, devido à melhoria de seus termos de troca. Os ganhos de bem-estar do Chile chegaram a US$ 230 milhões, enquanto no México eles alcançaram US$ 75 milhões. / This study examines recent issues related to the regionalism and multilateralism, aiming at identifying whether MERCOSUR and the Pacific Alliance (PA) are moving towards a multilateral integration. The analysis shows that only the PA members are aligned with the multilateral process. Therefore, it employs a computable general equilibrium model from the Global Trade Analysis Project (GTAP), in order to identify the results of the integration using a sectorial classification based on the technological intensity of the products. The results show that Chile and Mexico would benefit most from the agreement due to an improvement in their terms of trade. The total welfare gains obtained form Chile reached US$ 230 million, while in Mexico they were US$ 75 million.

One of the main concerns with the introduction of competition in the power sector is the strategic behaviour of market participants. Computable models of strategic behaviour are becoming increasingly important to understand the complexities of competition. Such models can help analyze market designs and regulatory policies. In this thesis, further developments on the modelling and analysis of strategic behaviour in electricity markets are presented. This thesis work has been conducted along three research lines. <br /><br /> In the first research line, an oligopolistic model of a joint energy and spinning reserve market is formulated to analyze imperfect competition. Strategic behaviour is introduced by means of conjectured functions. With this integrated formulation for imperfect competition, the opportunity cost between generation and spinning reserve has been analytically derived. Besides, inter-temporal and energy constraints, and financial transmission rights are taken into account. Under such considerations, competition in electricity markets is modelled with more realism. The oligopolistic model is formulated as an equilibrium problem in terms of complementarity conditions. <br /><br /> In the second research line, a methodology to screen and mitigate the potential exacerbation of market power due to the ownership of financial transmission rights is presented. Hedging position ratios are computed to quantify the hedging level of financial transmission rights. They are based on the actual impact that each participant has in the energy market, and on the potential impact that it would have with the ownership of financial transmission rights. Thus, hedging position ratios are used to identify the potential gambling positions from the transmission rights bidders, and, therefore, used to prioritize critical positions in the auction for transmission rights. <br ><br /> In the last research line, alternative equilibrium models of markets for financial transmission rights are formulated. The proposed equilibrium framework is more natural and flexible for modelling markets than the classic cost-minimization markets. Different markets for financial transmission rights are modelled, namely: i) forwards, ii) options, and iii) joint forwards and options. Moreover, one-period, multi-period and multi-round markets for forwards are derived. These equilibrium models are proposed to analyze the bidding strategies of market participants. The potential impact of bidders on congestion prices is modelled by means of conjectured transmission price functions.

Esta pesquisa teve como objetivo analisar os desdobramentos econômicos dos programas de transferência de renda Benefício de Prestação Continuada e Bolsa Família, à luz do modelo de equilíbrio geral computável TERM-BR. A partir de dados do Ministério do Desenvolvimento Social e Combate à Fome foram calculados o crescimento real dessas transferências no período entre 2005 e 2012, representando o choque a ser inserido no modelo. Utilizaram-se quatro fechamentos distintos para calcular três simulações de longo prazo e uma de curto prazo, que diferem na escolha das varáveis de ajuste. Os resultados agregados do modelo mostram que há retração do PIB real quando o ajuste macroeconômico do modelo é via investimentos ou balança comercial. O PIB só cresce quando há endividamento externo. O consumo real das famílias aumenta em todas as simulações. O PIB das regiões com maior número de pobres também aumenta, devido ao montante de recursos recebidos. O trabalho conclui que tais programas não podem ser vistos como políticas de crescimento econômico, mas aumentam o consumo das regiões e das famílias mais pobres. / In this study the economic impacts of two income transfer programs in Brazil, namely the Programa de Benefício de Prestação Continuada (BPC) and the Programa Bolsa Familia were analyzed with the aid of a computable general equilibrium model of Brazil (the TERM-BR model). The values transferred by the programs in the 2005 to 2012 period were calculated, and used as shocks to the model. Four different simulations were run, three with long-term closures and one with a short-term closure. Aggregate results show a reduction of real GDP when the macroeconomic adjustment model is taken from investment and trade balance. GDP only increases when external indebtedness increases. Real household consumption increases in all simulations. Regional GDP increases in regions with the highest number of poor due to the amount of funds transferred. This research concludes that such programs may not be seen as policies of economic growth, but they have positive impacts both on the target regions and on consumption of the poorer families as well.

L’objectif de ces travaux est de développer une nouvelle voie de valorisation de différents coproduits agricoles et forestiers. L’étude s’est focalisée sur l’étape de séparation entre les hémicelluloses et les lignines contenues dans des extraits aqueux obtenus par extrusion bi-vis. La technologie bi-vis du fait de sa modularité a été choisie pour évaluer différentes conditions d’extraction. Les essais ont été menés afin de mettre en évidence l’influence des effets mécanique, thermique et chimique sur l’extraction des hémicelluloses à partir des différentes matrices végétales étudiées. Les travaux ont été conduits soit en conditions hydrothermales, eau sous pression et haute température, soit en conditions faiblement alcalines pour extraire des molécules les plus natives possibles. Ceci a permis d’identifier les conditions d’extraction les plus favorables en fonction des caractéristiques de chacune des biomasses. Dans un second temps, les extraits obtenus, contenants des hémicelluloses et des composés phénoliques, ont été purifiés au moyen de méthode de fixation sur résines d’échange d’ions et d’adsorption. Les travaux se sont focalisés sur la compréhension des mécanismes de fixation des molécules avec des solutions modèles contenant un ou plusieurs solutés. La cinétique et les isothermes d’échanges ont été évaluées pour l’acide férulique, l’acide coumarique et la lignine. Les résultats ont ensuite été comparés à ceux obtenus avec les extraits alcalins. Cette étude a permis d’identifier les mécanismes d’échanges qui interviennent lors de la séparation des complexes lignine-polysaccharides. / The objective of this work is to validate a new way of valuing various agricultural and forestry coproducts. Study was devoted on the separation of lignin and hemicelluloses contained in extracts obtained by twin-screw extrusion. Twin-screw technology has been chosen to evaluate different extraction conditions. Trial conditions have been adopted in order to highlight the influence of mechanical, thermal and chemical effects on the extraction performances for various plant matrices. Efforts have been made to give priority to mild extraction conditions in the interest of preserving the integrity of the extracted polymers and limiting the environmental impact. Thus hydro-thermal extraction tests without chemical solvents were compared to more conventional alkaline extraction to evaluate their efficiency. This identified the most favorable extraction conditions according to the characteristics of each biomass. The extracts, with hemicelluloses and phenolic compounds, were purified with ion exchange and adsorption resins. Work focused on mechanisms fixations characterization with model solutions conditions containing one or several molecules. Kinetic and isotherm were determined for lignin, coumaric acid and ferulic acid. Then, results were compared to results obtained with the extracts. This study allowed to identify the mechanisms involved in the separation of the lignin-carbohydrates complex.

Die Dissertation beschäftigt sich mit den Auswirkungen des Klimawandels auf europäische Agrarmärkte im Jahre 2050, unter besonderer Berücksichtigung der Getreide- und Ölsaatenmärkte. Dazu werden die klimabedingten Änderungen der Pflanzenproduktivität des Vegetationsmodells LPJmL, welche auf fünf unterschiedlichen Klimamodellprojektionen basieren, in das Marktmodell ESIM implementiert. ESIM ist ein partielles Gleichgewichtsmodell, welches explizit Agrarmärkte der einzelnen EU-Mitgliedsstaaten simuliert. Zur Berücksichtigung der Unsicherheiten die der Klima-Einfluss-Modellierung zugrunde liegt, werden in dieser Arbeit zwei Ansätze berücksichtigt. Zunächst wird, mittels Gauss-Quadraturen, Stochastizitätin das Marktmodell implementiert, um die Unsicherheit bezüglich klimawandelbedingter steigender Ertragsvariabilität, zu berücksichtigen. Die zweite Methode verwendet die fünf individuellen Produktivitätsänderungen aus dem Vegetationsmodell, woraufhin eine Verteilung der Ergebnisse generiert wird. Darüber hinaus wird das Anpassungsverhalten der Landwirte in das Marktmodell integriert. Dies wird mittels der durch den Klimawandel veänderten Profitabilität der Ackerpflanzen berücksichtigt. Die Ergebnisse weisen darauf hin, dass die Pflanzenproduktivität innerhalb der EU, zumindest bis zum Jahre 2050, weitestgehend positiv vom Klimawandel beeinflusst wird. Die Stärke der Auswirkungen variiert jedoch stark zwischen den einzelnen Ackerpflanzen und Ländern, welche von den zugrundeliegenden Annahmen und Emissionszenarien abhängen. Diese Arbeit leistet einen Beitrag zur aktuellen Klimawandeldiskussion indem sie potentielle Schäden und Nutzen des Klimawandels auf den globalen und den europäischen Agrarsektor quantifizert. Darüber hinaus liefern die stochastische Simulation, sowie die multiplen Simualtionsläufe, ein realistisches Spektrum künftiger potentieller Auswirkungen des Klimawandels. / This study aims to assess potential economic effects of climate change on European agricultural markets at member state level by 2050, focusing on cereal and oilseed markets. The future scenarios include social as well as economic developments derived from two potential emission scenarios. In this modelling framework, crop simulation results of crop productivity changes from the dynamic vegetation model LPJmL, which are based on five individual climate projections, serve as inputs which are administered as a supply shock to the European Simulation Model (ESIM). ESIM is a partial equilibrium model depicting the agricultural sector of the EU in substantial detail. Changes in yields, production quantity and crop prices by the year 2050 are simulated. In order to account for the uncertainty inherent in climate impact assessments, two approaches are considered in this thesis. First, in order to account for climate change increased yield variability, stochasticity is implemented in ESIM, using the method of Gaussian Quadratures. The second method uses the five individual LPJmL outputs to generate a distribution of results. Further, a closely connected purpose of this study is to consider climate change induced adaptation of farmers to changes in the relative profitability of crops. Simulation results indicate, that agricultural productivity in most European countries is positively affected by climate change, at least until the year 2050. However, the degree of impacts vary among crop categories and countries and are also dependent on scenario assumptions. This thesis contributes to the current discussion about climate change impacts by quantifying the potential damages and benefits that may arise from climate change on EU member state level, as well as globally. Further, the stochastic and multiple simulation results based on different future climate and emission projections deliver a more realistic spectrum of potential impacts.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-07-11T15:30:20Z No. of bitstreams: 1 Alana Virginia Santos Vieira_.pdf: 723573 bytes, checksum: b47f6e01d706f3b68e31a215306997b7 (MD5) / Made available in DSpace on 2018-07-11T15:30:20Z (GMT). No. of bitstreams: 1 Alana Virginia Santos Vieira_.pdf: 723573 bytes, checksum: b47f6e01d706f3b68e31a215306997b7 (MD5) Previous issue date: 2018-04-06 / Nenhuma / Este estudo emprega o Modelo de Equilíbrio Geral Computável Global Trade Analysis Project (GTAP, V.9) para avaliar os impactos da consolidação de um acordo preferencial de comércio entre o Brasil e a UE e entre o MERCOSUL e a UE sobre fluxos comerciais, PIB e bem-estar dessas regiões. São implementadas quatro simulações envolvendo o Brasil, o MERCOSUL e a UE, considerando a redução tanto das barreiras tarifárias, quanto das barreiras não tarifárias, com o intuito de identificar o cenário mais benéfico para o Brasil. Os resultados mostram que o ganho de bem-estar para o Brasil gerado por um acordo Brasil-UE, que consista na redução parcial das barreiras tarifárias e não tarifárias, é maior do que os ganhos decorrentes de uma negociação da mesma magnitude entre o MERCOSUL e a União Europeia. Os efeitos são particularmente positivos para a agropecuária e para a indústria alimentícia brasileira, o que pode, em contrapartida, aprofundar o padrão de especialização regressiva das exportações do país. / This study employs the Computable General Equilibrium Model Global Trade Analysis Project (GTAP, V.9) to assess the impact of a preferential trade agreement between Brazil and the EU and between MERCOSUR and the EU on trade flows, GDP and welfare of these regions. Four simulations involving Brazil, MERCOSUR and the EU, considering different levels of integration, are implemented in order to identify the most beneficial scenario for Brazil. Results show that the welfare gain generated by a Brazil-EU trade deal is higher than the gains arising from an agreement between Mercosur and the EU. Reducing NTBs tends to maximize the results for both agreements. Impacts are particularly positive for Brazil’s agricultural and food industries, which may, however, deepen the regressive pattern of specialization of the country’s exports.

Les modèles d’équilibre à anticipations rationnelles (EAR) ont été considérablement développés ces 40 dernières années. Cependant, encore relativement peu d’avancées ont été réalisées quant à leurs applications empiriques, les signaux privés étant inobservables. Nous proposons une nouvelle méthodologie, fondée théoriquement, pour reconstituer ces signaux et ainsi parfaitement déduire toute l’information. Ce qui nous permet de construire le portefeuille optimal des agents informés et d’explorer ses propriétés à travers trois études. Dans un premier article, nous montrons que les ordres soumis au carnet d’ordres (l’offre) et le prix d’équilibre qui en résulte constituent une statistique suffisante pour l’ensemble d’information agrégé. Nous expliquons comment extraire l’information contenue dans ces deux données, en utilisant les volumes réalisés (connus avec délai) comme proxy pour l’offre, et construire ex post le portefeuille conditionnel à l’information privée. Nous comparons ses performances avec le portefeuille optimal des agents non-informés obtenu ex ante à partir des prix. Dans un second article, nous dérivons le portefeuille optimal des investisseurs informés en explorant une spécification différente du bruit. Constitué dans la première étude par une offre fournie de façon exogène par des noise traders, nous considérons à présent que les investisseurs informés et non-informés échangent entre eux. Ils sont initialement dotés d’une quantité aléatoire d’actifs risqués et échangent rationnellement sur le marché boursier pour se couvrir et spéculer sur leur information. Nous démontrons qu’il est alors nécessaire d’utiliser la partie des volumes relative à de l’information, déterminée à partir d’une mesure de la probabilité d’échanges informés, à la place des volumes totaux. A cause des contraintes et de la complexité de cette mesure, nous trouvons qu’utiliser les volumes totaux constitue le meilleur choix, du moins jusqu’à ce qu’une meilleure mesure soit trouvée. Enfin, dans une troisième étude, nous utilisons le portefeuille des agents informés pour tester le modèle d’évaluation des actifs financiers (MEDAF) conditionnel, à la place d’un indice boursier pondéré selon les capitalisations traditionnellement utilisé comme proxy pour le portefeuille de marché. Nous démontrons que conditionner à l’information privée permet d’estimer le vrai bêta, ainsi que la prime de risque du marché en isolant la prime de risque d’information qu’un indice boursier est incapable de distinguer. / Rational expectation equilibrium (REE) models were considerably developed over the past 40 years. However, still relatively little has been done on their empirical applications, private signals being unobservable. We propose a new methodology, theoretically premised, to reconstitute these signals and thus perfectly infer all the information. This allows us to build the optimal informed investors’ portfolio and explore its properties through three studies. In the first paper, we show, based on a REE model, that the orders entered into the order book (supply) and the resulting equilibrium price constitute a sufficient statistic for the aggregate information set. We explain how to extract the information contained in these two data, using realized volumes (known with delay) as proxy for the supply, and to construct ex post the portfolio conditional on private information. We compare its performance with the optimal uninformed agents’ portfolio obtained ex ante from prices. In a second paper, we derive the optimal informed investors’ portfolio by investigating a different specification for the noise. Constituted in the first study by a supply exogenously provided by noise traders, we now consider that informed and uninformed investors trade amongst themselves. They are initially endowed with a random quantity of risky assets and have both risk-sharing and informational motives to trade rationally on the stock market. We demonstrate that we must use information-related volumes, determined with a measure of the probability of informed trades, instead of total volumes. Due to the constraints and complexity of this measure, we found that using total volumes constitutes the best choice, at least until a better measure is found. Finally, in a third study, we use the informed agents’ portfolio to test the conditional capital asset pricing model (CAPM), instead of a value-weighted stock index traditionally used as proxy for the market portfolio. We show that conditioning on private information allows estimating the real beta, as well as the market risk premium by isolating the information risk premium that an index is unable to distinguish.

Made available in DSpace on 2015-05-08T14:44:55Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 7649365 bytes, checksum: ee27bd58facf83365ed85471f6231dbf (MD5) Previous issue date: 2012-11-06 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Although infrastructure investment has a central role in economic development, it declined considerably in Brazil during the 1980 and 1990 decades. At the beginning of the 2000s it amounted to 2.2 \% of GDP, while in China and Chile it amounted to 7.3 \% and 6.5 \% of GDP, respectively. The private investment in infrastructure was not enough to offset the decline in public investment, which occurred because of the government's effort to achieve primary surpluses. Thus, the government faces a dilemma between balancing the budget and increasing the investment. In order to achieve the two goals, the investment must be financed. The aim of this work is to evaluate the impact of an increase in the infrastructure investment and its financing in the Brazilian economy. To do it, a dynamic computable general equilibrium model is used. It is simulated an increase in the investment for two years, equal to 1 \% of the GDP. The results show that, in the first three years, the increase in the GDP growth rate is higher when the investment is financed by reducing the government consumption (0.73 \%), it is moderate when the financing is done through the tax on production (0.33 \%) or foreign savings (0.34 \%), and it is lower when the financing is done by increasing the income tax (0.28 \%). Construction was the fastest growing sector (2.39 \% on average in the first 3 years). The contribution of this work was to obtain clear and useful results for policy making, enhance the understanding of the effects of infrastructure investment financing in the Brazilian economy, and analyze the sectorial impacts of this investment. / Embora o investimento em infraestrutura tenha um papel central no desenvolvimento econômico, ele reduziu-se muito no Brasil nas décadas 1980 e 1990. No início da década de 2000 equivalia a 2,2%do PIB, enquanto que na China e no Chile correspondia a 7,3% e 6,5%do PIB, respectivamente. O investimento privado em infraestrutura, não foi suficiente para compensar a redução do investimento público, que ocorreu por causa do esforço do governo para obter superávits primários. Assim, o governo enfrenta um dilema entre obter o equilíbrio orçamentário ou aumentar o investimento público. Para que os dois objetivos sejam alcançados é preciso que o investimento seja financiado. O objetivo desse trabalho é avaliar o impacto do aumento do investimento em infraestrutura e de seu financiamento na economia brasileira. Para isso, utiliza-se um modelo de equilíbrio geral computável dinâmico. E simulado o aumento do investimento durante 2 anos, equivalente a 1 % do PIB. Os resultados mostram que, nos três primeiros anos, o aumento da taxa de crescimento do PIB é maior quando o investimento é financiado pela redução do consumo do governo (0,73 %), é moderada quando o financiamento é feito através do imposto sobre a produção (0,33 %) ou da poupança externa (0,34 %) e é menor quando o financiamento é feito através do aumento do imposto de renda (0,28 %). O setor que mais cresceu foi o de construção (2,39% em média nos 3 primeiros anos). A contribuição desse trabalho foi obter resultados claros e úteis para a tomada de decisões políticas, ampliar a compreensão dos efeitos do financiamento do investimento em infraestrutura na economia brasileira e analisar os impactos setoriais de tal investimento.

Trade liberalization in Kenya started in the early 1980s with the structural adjustment programmes, and continued under the multilateral framework of the WTO. During the same period, the incidence of poverty and level of inequality also worsened. The government’s focus on trade negotiations has been to ensure that there is policy space for the daily running of the economy even though welfare impacts are also important. Non-state actors have argued that trade liberalization has negatively affected the poor; particularly the farmers, since they cannot compete with the developed countries whose farmers enjoy significant government support through subsidies, making their products much cheaper in the world market. Government officials, on the other hand, contend that trade liberalization is good as it brings in competition and transfer of technology which is good for an economy. It is important to examine how trade liberalization has affected household’s welfare in Kenya, given that this kind of analysis has not been conducted in Kenya. This study is unique because it does not assume the existence of a trade liberalization– poverty relationship, unlike most studies. It uses a multi-method approach to first test the hypothesis that there is no statistically significant relationship between trade liberalization and poverty, it further tests for multiplier effects of trade liberalization on poverty determinants. Trade Liberalization and poverty is found to have a stochastic relationship, furthermore investments and capital stock were found to significantly affect poverty determinants in the stochastic model. Due to unavailability of household welfare measure data in time series, a CGE model was used to establish the dynamics of trade liberalization on poverty at a point in time using the 2003 Social Accounting Matrix Data for Kenya. Overall, trade liberalization accompanied by FDI had the greatest impact on household welfare. Trade liberalization had a positive impact on household welfare since household incomes and consumption increased. Micro simulations results, based on changes in consumption, also showed that poverty incidence reduced for all households, even though the urban households experienced higher decreases. The study found that there was little difference in protecting sensitive products and not protecting them; secondly, trade liberalization accompanied by foreign direct investment had greater impact on improving the household welfare. Consumption and incomes increased, resulting in overall poverty reduction. The welfare of urban households was much higher than rural households in terms of income and consumption increases. However, income inequality was much higher in urban than rural areas. / Economics / D. Litt. et Phil. (Economics)