Monetary policy and transmission mechanism in Brazil: an empirical model

We propose an econometric model for the transmission mechanism in Brazil after the inflation target regime (IT) implementation. We follow the statistical approach based on the LSE methodology by means of the Spanos (J Econom 44:87–105, 1990) categorization. Our proposed model includes the ratios of the debt and primary surplus to the GDP representing the government fiscal effort. We identify two long run relationships that produce new information on how to evaluate the real interest rate and the nominal interest rate links, respectively, with the output gap and the nominal inflation derived from the IS and the interest rule theoretical models. Such specification explores the role played by fiscal variables in monetary transmission; considering the government fiscal effort, a relevant issue for Brazil. We were also able to identify a third long run relationship that might help to uncover how output gap is related not only with nominal variables but also with the debt to the GDP ratio.     

The Evolution of Wood-based Industries in Brazil and their Means of Securing Wood

This paper analyses the evolution of wood-based industries in Brazil and evaluates the methods they use to secure wood. Only industries that consume roundwood are analysed. These industries are grouped into three categories: charcoal-based industries; paper and pulp industries; and lumber and panels industries. The structure-conduct-performance paradigm together with transaction cost theory and game theory are used in the analysis. Special attention is paid to historic changes in the wood-based industries' structures, technologies, locations and market orientations brought on by changing wood availability. This paper also analyses the different ways that a predicted wood scarcity will affect each wood-based industry. The paper ends by suggesting an alternative policy to increase the supply of roundwood in the market and, consequently, support the continued viability and expansion of wood-based industries in Brazil.     

Stabilization: The political economy of overkill

This paper considers whether national and international aspects of the IMF's stabilization programmes during the 1970s and early 1980s have resulted in a process of ‘overkill’ — or, in other words, a process of economic retrenchment which went much further than was strictly necessary in terms of what could have been regarded as reasonable objectives. In the international context, the author describes how the attack on inflation has become an end in itself, at the expense of other stated objectives of the IMF, thus creating a distortion of its priorities. The paper discusses errors of diagnosis which have led to this disorientation and explains why deflationary policies should not be regarded as a panacea. The paper then considers the nead for equity and efficiency in the distribution of the political and economic costs of adjustment.The next section of this paper discusses the assumptions underlying the IMF's treatment of Fund members and to what extent ‘even-handedness’ in the application of stabilization measures may result in inequality of burden-sharing among borrowers. Problems related to monetarist theories and the consequent policies are examined, followed by a consideration of the dangers involved in devising ‘straightforward’ performance criteria in the form of precise monetary targets that can readily be monitored by the IMF. This means of evaluating the national adjustment policies' success is seen to be unsatisfactory, viz. the frequency of stand-by arrangement breakdowns and mistakes in forecasting.The paper concludes that the concept of unilateral adjustment is not an acceptable basis for IMF supervision of the international monetary system. In addition, care should be taken to avoid overkill in determining the degree and character of adjustment needed in stabilization programmes. One possible solution to the extra burden imposed on the LDCs might be a liberalization of the compensatory financing facility with the objective of applying the same kind of regime to imports as to exports.     

The international environment for adjustment in developing countries

The international disequilibrium of the 1970s imposed on developing countries a burden of adjustment out of all proportion to their degree of responsibility for the imbalances incurred. The application of traditional stabilization programmes resulted, in a number of cases, in severe disruption of development. There was, moreover, a perverse distribution of the burden of adjustment, the poorest countries suffering most. A number of changes in international policy and practice are required to avoid a repetition of this experience. In particular, special provision is needed for cases in which deficits are largely of external origin, involving more adequate IMF financing at low conditionality so as to permit a stretching out of the period of adjustment.     

The new international economic order: The beneficiaries

The two substantive elements of the programme of action for a ‘new international economic order’ (NIEO) that have been most stressed by developing countries are those dealing with primary commodity prices and relief from debt service burdens. The provision of adequate amounts of official development assistance (ODA) has received less stress. An examination of 75 oil-importing developing countries for which adequate data were available grouped by per capita product, shows that if the priorities of the NIEO are carried out the principal beneficiaries would be the wealthier developing countries. For the very poorest countries, those for which the existing order has provided little in the way of material benefits, the most critical external element in helping them meet their development aspirations would be more ODA.     

Brain wave analysis. An electroencephalographic technique used for evaluating the communications-effect of advertising

The results from the authors's applied research studies of communications-effect and electroencephalographic (EEG) recording, which took place over the last ten years, employing thousands of respondents, are integrated in this paper. Application of EEG methodology to ad research, rather than theory, is stressed. Brain Wave Analysis

1 Brain Wave Analysis is a service mark of NeuroCommunication Research Laboratories, Inc., for its brand of EEG service.

, an EEG technique, is described. A positive relationship determined between Brain Wave Analysis and sales is discussed, as well as various applications such as “brain typing” the target market. The application of Brain Wave Analysis in determining effective advertising frequency is discussed as it relates to Krugman's three exposure theory. The continuing development of EEG analysis is briefly discussed.     

Transitioning to IFRS in Japan: Corporate Perceptions of Costs and Benefits

This paper examines the ongoing transition to International Financial Reporting Standards (IFRS) in Japan with a particular focus on recent institutional developments and corporate concerns. While Japan has committed to the convergence of Japanese generally accepted accounting principles (J‐GAAP) with IFRS it has not as yet formally adopted IFRS. This paper reports on Japanese corporate perceptions of the likely costs and benefits of adopting and implementing IFRS using survey data collected from senior financial executives of 292 Japanese listed companies in 2013–14. Our findings reveal that Japanese companies identify a number of major areas of general concern with the adoption and implementation of IFRS. Most importantly, uncertainty regarding the interpretation of standards followed by staff training, IT systems, technical knowledge and differences between J‐GAAP and IFRS were reported as major concerns. Our survey also highlights that revenue recognition, depreciation, consolidated financial statements, financial statement presentation and the retrospective application of IFRS were viewed as key IFRS accounting issues. While the large majority of companies expected a moderate degree of benefits to arise from IFRS, substantial benefits were perceived more likely to apply to large and overseas listed companies mainly arising from improvements in the international comparability of financial statements.