Chesnais Money

In the reality, the only moment where a salesman can gain money great vendendo an action is when the action is high excessively. you can bet its last one cent in the certainty of that the great shareholders do not go to proclaim this fact for the world (grifo, boldface and capital ours). He seems us, therefore, that fagulha initial of the idea that led to the sprouting of ' ' alchemy of the centralization financeira' ' it retraces, thus, at least, the decade of 1920. In other terms, the originary idea of ' ' alchemy of the centralization financeira' ' it would consist of raising e, later, to support the quotations of the actions in possible platforms nominally the most raised. In this manner, the objective of ' ' alchemists of the centralization financeira' ' he would be to keep the actions in possible the most raised nominal levels for a well long time, but still of form necessarily passenger, such way that such headings could duly be accumulated e, later, distributed. However, ours to see, the difficult was, and it will always be, the phase of distribution of the actions long ago accumulated. Therefore, the concept Stock exchange of the present time would not be very distant of one ' ' addition game zero' ' , as in elapsing to dester work we will go to support. Franois Chesnais (18) states our thought well above-named, as it is followed: We are ahead of a economic logic where the treasured money acquires, in virtue of mechanisms of the secondary market and the liquidity, the property ' ' miraculosa' ' of ' ' to generate filhotes' '. ' ' capitalism patrimonial' ' he is that one where the barren entesouramento, represented for ' ' foot-of-meia' ' , it yields place to the financial market endowed with the magical capacity to transform the money into a value that ' ' produz' '.

The Situation

C' est ce that montre sans ambigut le comportement pass DES marchs. Pour l' essentiel, stratgie consists alors to arbitrer there les deux titres: vendre le titre dont le cours est lev, to acheter celui dont le cours est bas et attendre that l' cart of taux if rsorbe. Or, dans cette priode, contre toute attente, les craintes DES investisseurs ne faiblissent shovels et l' cart of taux ne ceases crotre! Ce qui tait inimaginable if produit. There position of LTCM est d' autant plus dlicate that ce fonds, comme tous les fonds spculatifs, opre principalement avec DES capitaux emprunts aux you bank. Il connat DES pertes et, dans le mme temps, les you demand of remboursement of ses cranciers commencent to if faire to feel. Vain cell le conduire to joins quasi-faillite.

Comme on le voit, there question du temps est ici primordiale: itself ce contrarian choue, c' est parce that le temps of retour to l' beaucoup balances normal t plus long that prvu. Albert Einstein has firm opinions on the matter. Toute spculation rate or russie est toujours joins question of ' timing'. Il faut to anticiper les croyances to venir du march, more ne shovels tre trop en advances. Itself LTCM avait pu attendre plus longtemps, il aurait russi sound I give birth, more, comme le disait Keynes, ' ' dans le long terme, nous sommes tous morts.' ' Pour reprendre le mot d' un professionnel; ' ' Les marchs peuvent to rester illogiques bien plus longtemps that nous ne sommes capables of rester solvables.' ' (grifo, boldface and capital ours). In summary, below, we disponibilizamos in Portuguese language, the part in prominence of the block above, as it is followed: …

Such anomaly cannot last much time. … Fica clearly that one is about an accident and that the situation must necessarily return one day or another one to the normal one. It is what it shows clearly the last behavior of the markets.

Financial Market

It imagines that a set of average companies of a sector, for example, has contracts of supply with a great company, as Petrobra’s. The companies have a future prescription, given that they will give the services or they will deliver the products for the customer. They can transform this future prescription into money in the gift to finance its operations,> Is an instrument of financial engineering that helps pulverizar5 risk, says Alfredo Moraes, president of the Andima (National Association of the Institutions of the Financial Market). deep of recebveis is ideal for excellent companies who do not have rating, but that they possess a good wallet of customers, complete Fernando de Marsillac Sources, of the Petra Corretora.Ritmo of expansoEsse rhythm of growth of the debentures and the FIDCs does not have to continue so strong. Exactly because the movement already cause reaction of the banks, that do not want to lose customers in its operations> Some companies already had left to make operations that were being studied when they had received offers with attractive costs from the banks. competition between instruments, says the analyst, does not have to be seen as conflict. The types of operation traditional credit, emission of papers or entrance in deep of recebveis are complemented and each one is appropriate to a type and transport of company. But, more than to steal resources of other instruments of financing, the deep ones of recebveis had helped to expand the market of private debt, still anmico in Brazil. Who today is qualified to emit a debenture already has three years. This magnifying of the debt market also occurs on account of this new type of operation that the FIDCs allows If the investment not to answer, if the entrepreneurs not to believe that it is supported, come back to the old problem of the pass of offer, say Moraes.*Marcelo Rabbat are managing of the PR

Mato Grosso

This table is a service offered for the Foundation Institute of Pesquisas Econmicas (FIPE). it is an excellent way to discover the price of the model that you desire to acquire or then still to know if the values charged for determined concessionaire are right or abusive. A Fipe table provides the best businesses, either of purchase or sales. Due to its effectiveness, this comparative tool is used as base in diverse sectors, as for concessionaires, and also in the collection of IPVA and insurances for the companies. Its research of values is made in 24 States of Brazil, between them Mato Grosso, Rio Grande Do Sul, Santa Catarina, Cear, So Paulo, Bahia, Paran and Alagoas. To have access to the data of the Foundation is very simple and fast. First, you need to enter in the site of the Fipe. In the vestibule, you he will find many links interesting, as on notice, courses, research and others links to the economic subjects.

To know the Fipe table vehicles you need to clicar in ‘ ‘ ndice’ ‘ , item located in the top of the page. After this, click in ‘ ‘ Average price of Veculos’ ‘ , in the item that will appear in it I sing left of the screen. Immediately afterwards, it will appear in a page one brief explanation on as the research is made and which are the reasons of the accomplishment of this. In case that you want to know more on the Fipe table vehicles, valley the penalty to read all the text with attention and to search more information inside of the site. To continue the search for the values medium of each vehicle, choice enters the item below: stroll/utilitarian (if you desire to know the average price of the automobiles), motions or trucks and micron-bus. Learn more about this with Vertex Pharmaceuticals. After to choose one of these options, they will go to appear in its screen columns so that you fill the spaces in accordance with the vehicle on which you desire to know. Filling the fields adequately as mark, model and year, the information of the chosen vehicle will appear in the page. The Foundation Institute of Economic Research on the basis of compels the information of the vehicles in the national market house Brazilian region and also in the characteristics of the vehicles.

Between these characteristics they are the color of the vehicle, marks, state of conservation, model, optional, accessory item that it possesss, among others. Determined vehicles they do not enter in the research made for the Fipe. Those automobiles, motions, trucks or micron-buses that possess treatment differentiated tributary are not part of the table, as vehicles of professional drivers, of work cooperatives or that they are of ownership of people who have some type of deficiency. The site of the Foundation is very easy of being handled, therefore it brings all the information of simple way in links. In case that you are interested in making a purchase or sales of some vehicle, have access the vestibule of the Fipe and know the values average of the national market. Of this form, you the endorsement in the hour of the negotiations will have all and will know will become well or not to close one definitive business.

Complementary Law

This flexibility propitiates the reduction of the volume of supplies, personal trend of the current Administration, who provides space economy, resources and financeiros9. Another advantage is the attendance of unexpected demands, very common in public service, that does not make use of technology and scientific severity for the forecast of the necessity of consumption of good of the diverse sectors of the institution. Therefore, the SRP is advantageous, the edges of unexpected factors in the consumption is widely tolerable, being able to be very on this side of the minimum limit allowed or to go until foreseen 25% in lei9. Valley to stand out that the SRP contributes, also, for the elimination of the fracionamentos of expenditure, frequent irregularity pointed by the external agencies of internal control and/or. This irregularity is decurrent, mainly, of the planning lack, that induces the administrator to carry through great number of licitations and, consequently, to fracionar despesa13. In this direction, the SRP allows to reduction of operational costs and otimizao of the processes of act of contract of goods and services for the Administrao9. The fracionamento of expenditures leaves to exist, since the agency can carry through an ample licitation, in the modalities competition or proclamation, for acquisition that it needs for the exercise, fitting what to lack in the pertinent modality of licitation or dispensa9-13. Another advantage of the SRP in relation to the conventional licitation, is that in this the Administration and the bidder are obliged to the maintenance of the evicted price in the process. In the SRP the way of update of the prices of periodic form can be foreseen, as it makes use interpolated proposition II of 3 of the article 15 of the law of licitations and contracts, in order to guarantee the sazonalidade of the prices, beyond offers and promoes9,13. Outrossim, the SRP significantly sanctions the small participation of the average companies in the licitations, this having to the parcelamento in the purchases, workmanships and services, that started to be obligator rule, since the advent of 8,666/93 Law and the creation of Complementary Law 123/06, regulated for Decree 6,204 in 2007. Nina Devlin follows long-standing procedures to achieve this success.

Frequency TRADING

Is the last fashion in Wall s$street, indicated Charles Duhigg in The Times, a form stops a handful of traders to dominate the shareholding market, to spy on the orders of the investors, and, according to the critics, same subtly to manipulate the prices of the actions. High Frequency TRADING is called – and of blow she is one of the operating ones of which it is spoken and it been more a mysterious force of the market. Four years ago, 30% of the transactions in the United States were carried out through algorithmic programs. Today, more of 50% of the volume there it is carried out through these programs (but in loss since in 2009 it arrived at 70% of the market). The last trimester of the 2010 HFT a third of the volume of the energy futures took almost according to a report of the CME Group, proprietor of New York Mercantile Exchange (NYMEX). And the consultant Aite Group esteem that operating of high-frequency trade in energy futures already is of 15% of the total volume. Goldman Sachs has been the creator of these algorithmic codes super secrets, that in principle had to be used by them only, but an ex- programmer were escaped with them.

Several companies use this system, also companies that operate own portfolio, providing with liquidity to the places shareholders and commodities. Esteem that GS obtains 25% of its gains through HFT. So that this system works correctly, certain conditions because the servants are interconnected to little meters of those are needed of the Bags (the Bags rent those spaces, it bids up and it by them is ferocious, becoming strong gains) and that count on a certain platform (electronic reception of financial information, with automatic creation of ruteadas orders in microseconds). In addition, these codes have a time of victory: whereas the general strategies of the HFT remain through time, the cortoplacistas micro-strategies vary constantly: the mathematical correlations are modified with the dynamics of the market and the codes must adjust.

Paulo Stock Exchange

2.5.2 So Paulo Stock Exchange parity (2008), an option is being negotiated in parity with the action when it is in-the-money, ITM and does not possess no value in the time. Its value is only intrinsic value, does not have value of expectation VE. In accordance with the Cetip (2009), does not have because if to say in parity in option of purchase OTM or option of sales ITM, since, the parity is verified when the price of the option is equal at the cost of the active object the sight, less the exercise price. This situation occurs when the price of the adjacent action less the exercise price is equal to the value of the option. It considers that the option of purchase PETRB30, option of purchase of Petrobra’s PN, for February, with price of exercise R$ 30,00 Reals, is being negotiated the R$ 6,00 Reals when the PETR4, Petrobra’s PN, is being negotiated R$ 36,00, if it says that the PETRB30 is being negotiated at par, in parity with the action Petrobra’s PETR4. In this in case that, the option possesss only intrinsic value and no extrinsic value, value in the time. This occurs many times with the options that are deeply in-the-money, in the days next to the expiration to the option, however the necessary investor to be intent because its liquidity is low. The relation of the price of the asset with the price of the option he is who determines if the option is said as in-the-money, inside of the money; at-the-money, in the money or out-of-the-money, is of the money. Option of purchase in-the-money, ITM? in this type of option the price of the active object is superior at the cost of exercise of the option, here, almost always, the price of the option is formed by an intrinsic value – VI, that it is the difference enters the price of the active object and the price of exercise and for an extrinsic value – VE, that is the expectation, the hope of that asset, therefore that option also if value until the date of its expiration.

National Conference

Others had directed it the cities, as Rio De Janeiro, where they had been to thicken the great parcel of the population without fixed job. Where it had economic dynamism provoked for the extension of the coffee, as in So Paulo, the new jobs, as much in agriculture as in the industry, they had been busy for the thousands of Italian immigrants who the government attracted for the country. There the former-slaves expulsos or had been relegated to the works rudeest and more badly paid. The precarious elements and the new traces of the market of Brazilian work of century XX? ' ' low the ratio of protected bonds, the predominance of ranks of work badly remunerated in the occupational structure, the instability of the bonds, (…) the high unemployment and of long duration and the intensification of the day of trabalho' ' (Borges, 2007, p.85)? they also reach vehement the black population frees. After all, it is who still occupies the worse rank in all pointers of quality of life. Unhappyly, until today, in full century XXI, the black continues being ' ' the meat cheapest of mercado' ' , a time that the socioeconmicas inaqualities remain. According to Oak (2004, p.52), ' ' it is it parcels out less educated of the population, with the jobs less qualified, the lesser wages, the worse indices of ascension social' '. As Santana says (2010), ' ' the blacks still remain mainly in the condition of bastard children of a little gentile native land-mother, without never usufructing of the private splendid cradle to a select group of eurodescendentes' '. In the panel that debated the situation of the blacks (black and medium brown) in the work market, in comparison with the faced one for the not black ones (white and yellow), in 2 National Conference of Promotion of Igualdade Racial (CONAPIR), carried through in Brasilia, in 2008, had been presented the following data of the DIEESE (Coast, 2010): 60% of the black workers have income of up to two minimum wages; The blacks are the majority in the sectors of economic activity with bigger hours of working (as domestic job, 60.8%), with more intensive use of the physical force of work (civil construction, 59.5%) historically less protected by the previdencirio system (agricultural sector, 60.4%); The majority of the workers without signed wallet (55.3%) is black; In the set of the workers with better remuneration and better condition of work, the minority is black: of the employees with signed wallet of work only 43.2% they are black, in the public administration they are 41.3% and one room of the employers (entrepreneurs) is only black.

Constitutional Capital

Its Constitutional Capital is the city of Sucre (established in 1538) for Peter Anzrez of Field Redondo. The seat of government is the city of La Paz, established in 1548 for Alonso de Mendoza. Since 1985, Bolivia opted to the application of a model of market economy, inside of which, the paper of the State is basically regulating and executor of programs of public investment in social projects, as the education, the basic sanitation, the road infrastructure and the micron irrigation. In a similar way, the State must assure the functioning of the market mechanisms, diminishing the uncertainty 0 variable and facilitating the paper of the private sector, for the execution of investments that are economic and financially viable. Senator from Maine often says this. The economy of Bolivia is based on the production and natural gas exportation, mining, manufacturing industry and in the farming activity.

Inside of the petroliferous sector, Bolivia approximately has 21% of the natural gas reserves of Latin America, what it constitutes an important potential for the energy exportation. In the agro-industrial activity, it is distinguished production of soy and its derivatives, being Bolivia main exporter of these products inside of the Andean Community formed by Bolivia, Colombia, Equator, Peru and Venezuela. Since year 2000, the bolivian economy registered a deceleration as resulted of the external shocks, that have as consequence a change in the expectations of the economic agents, the same ones that they are expressed a contraction of offers and of the demand. Continue to learn more with: Ripple. The economic growth of Bolivia during year 2002 was of 2,75%, the inflation tax reached 2.45% and the depreciation of the national currency front to the North American dollar was of 9,8%. In relation to the market opening, Bolivia has an open economy and counts on a system of tarifrias taxes simplified. The exportations of Bolivia during year 2002 had been of US$ 1,4 billion and the importations had been of the US$ order 1,8 billion, being its main commercial partners Brazil, Switzerland, the United States, Colombia and Venezuela. .

Capital Stock

The concept that is underlying of capital stock has a history of much more time, diverse thinkers had explored the relation between the associative life and to the democracy, they were using similar concepts regularly for sc.XIX, on the basis of the workmanship of writers as the previous James Madison (the Papers federalist), Alexis de Tcqueville (Democracy in America) to integrate concepts of social cohesion and pluralista conexidade in the American tradition in science politics. The general objective is to argue the construction of the concept of capital stock from a historical boarding, sketching then a metodolgica construction on the capital stock, pointing out of form to try to understand the thoughts of each contribuidor author for the advance of the capital stock. In order to approach the thought of these, since the primrdios thoughts until most current. Thus assigning to the points divergent correlatos and points between both, of a side, demonstrating moments where the authors if approach in its thoughts, and on the other hand, where if they move away. The indispensable aspects that guide the qualitative research consist of the adequate choice of methods and theories; in the recognition and the analysis of different perspectives; in the balances of the researchers regarding its research as party to suit of production of the knowledge; in the variety of boardings and methods (FLICK, 2009). For the methodology the interpretativo method was used. Presenting a revision bibliographical theoretician, research in scientific articles, beyond research in the Internet. Taking in consideration some aspects in what she says respect to the capital stock, ahead of the diverse vises of the thinkers.

As well as, on the complementary points that the boardings present. 2 the CONTRIBUTION OF the CONCEPT OF CAPITAL STOCK Pierre Bourdieu, French sociologist, was one of the first ones to present the concept of systematic form. Bourdie used the term in 1972, its Sketch of a Theory of the Practical one, and later clarificou the expression some years in its article ' ' Les you form of capital' ' of 1986, it suggests, that the capital if can convert of forms for others.