904 research outputs found
AS REFLEXÕES FILOSÓFICO-LITERÁRIAS DE MARJORIE GARBER E PETER SINGER A RESPEITO DE THE LIVES OF ANIMALS, DE J. M. COETZEE
No full textA presente apreciação apresentará alguns dos pressupostos filosófico-literários explorados por Marjorie Garber e Peter Singer em suas reflexões a respeito de The Lives of Animals, de J. M. Coetzee. Em vista disso, portanto, a primeira seção deste artigo consistirá em uma exposição daquilo que Garber julga tratar-se de apropriações inadequadas de elementos textuais literários para se falar – através de metáforas – a respeito da vida e do comportamento dos animais humanos e não-humanos. Além disso, Garber também irá promover uma reflexão acerca do valor da literatura para a filosofia, apesar dela não desenvolver melhor essa questão em sua análise de The Lives of Animals. Na segunda seção deste trabalho, por conseguinte, tentaremos retratar a reação de Singer, bem como alguns de seus argumentos favoráveis e contrários ao conteúdo elaborado por Coetzee em suas conferências. Apenas para nos antecipar, a reação de Singer a The Lives of Animals foi deliberadamente concebida no formato de um diálogo literário. Outrossim, acreditamos que alguns dos principais argumentos de Singer acerca dos animais não-humanos só podem ser realmente entendidos através de uma razoável elucidação de sua ética prática. É por conta disso que iremos expor, ao final desta apreciação, uma síntese da Ética Prática de Singer
Transición a una red funcional de seguridad financiera en América Latina
No full text(Disponible en idioma inglés únicamente) La arquitectura básica de la red de seguridad financiera mundial permite la existencia de u sistema de instituciones afines: un prestamista de última instancia, garantía de depósitos y regulación prudencial. En países cuyos sistemas bancarios adolecen de graves posiciones negativas de capital y de exceso de intermediación bancaria, tales como algunos mercados latinoamericanos, las redes de seguridad y los mecanismos detallados de su funcionamiento pueden no ser funcionales para reducir el exceso de riesgo a asumir. Ofrecen a los bancos sólidos incentivos para duplicar sus posibilidades de supervivencia. Así, las posiciones negativas de capital de los bancos quedan eliminadas con inyecciones de capital, liquidaciones y fusiones.
Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises
No full textThis paper argues that the frequent failure of the debt swaps is not an accident. Instead, it follows from fundamental forces driven by the market's assessment of the scarcity of fiscal revenue relative to the demand for fiscal outlays. It follows from the observation that arbitrage forces systematically impact prices in asset markets. Ignoring these price adjustments would lead to too optimistic an assessment of the gains from swaps or buybacks. A by-product of our paper is to highlight the perils of financial engineering that ignores the intertemporal constraints imposed by fiscal fundamentals. As a country approaches the range of partial default (either on domestic or external debt), swaps may not provide the expected breathing room and could even bring the crisis forward. Our methodology combines three independent themes: exchange rate crises as the manifestation of excessive monetary injections [Krugman-Flood-Garber], the fiscal theory of inflation [Sargent-Wallace (1981)], and sovereign debt. The integrated framework derives devaluation and external debt repudiation as part of a public-finance optimizing problem. We shows that under conditions similar to those which prevailed in Russia and Argentina prior to their meltdown, swaps are not just neutral, but could actually make the situation worse and even trigger a speculative attack. An unsettlingly clear implication of the model is that there may be very few options left once public debt reaches levels regarded as unsustainable in relation to fiscal fundamentals. Dollarization only makes matters worse, and pushes the debt write-down option to the fore.
Individual and Social Responsibility: Child Care, Education, Medical Care, and Long-Term Care in America
No full textWill Subprime be a Twin Crisis for the United States?
No full textWe identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional costs associated with a sudden stop of net capital flows to the United States could be quite substantial. But we observe that emerging market governments have continued to acquire US assets even as yields have fallen, and the incentives for continuing to do so remain strong. Moreover, the Bretton Woods II system, which has clearly been the most resilient of the forces driving current markets, continues to generate low real interest rates in industrial countries and growth in emerging markets that will help limit the damage from the liquidity crisis.
Transition from Inflation to Price Stability
No full textThis paper provides a detailed discussion of the real phenomena that materialized in the stabilization period which followed the German hyper-inflation. Significant real dislocations arose after the monetary reform; and these can be attributed to a government policy which subsidized heavy industry through the inflation tax proceeds. The "credibility problem" appears not to have been a significant factor in the post-reform dislocation.
Transition to a Functional Financial Safety Net in Latin America
No full textThe basic worldwide financial safety net architecture provides for a system of similar institutions: a lender of last resort, deposit insurance, and prudential regulation. In countries whose banking systems suffer seriously from negative capital positions and overbanking, such as in some Latin American markets, the safety nets and the detailed mechanisms of their operation may not be functional in reducing excessive risk taking. They offer banks strong incentives to double their bets for survival. Thus, banks\u27 negative capital positions have been eliminated with capital injection, liquidation, and mergers
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