The predictive power of stock market's expectations volatility: A financial synchronization phenomenon.

We explore the use of implied volatility indices as a tool for estimate changes in the synchronization of stock markets. Specifically, we assess the implied stock market's volatility indices' predictive power on synchronizing global equity indices returns. We built the correlation network of 26 stock indices and implemented in-sample and out-of-sample tests to evaluate the predictive power of VIX, VSTOXX, and VXJ implied volatility indices. To measure markets' synchronization, we use the Minimum Spanning Tree length and the length of the Planar Maximally Filtered Graph. Our results indicate a high predictive power of all the volatility indices, both individually and together, though the VIX predominates over the evaluated options. We find that an increase in the markets' volatility expectations, captured by the implied volatility indices, is a good Granger predictor of an increase in the synchronization of returns in the following month. Estimating, monitoring, and predicting returns' synchronization is essential for investment decision-making, especially for diversification strategies and regulating financial systems.

Dinâmica do sistema produtivo da saúde: inovação e complexo econômico-industrial / Dynamics of production system health: innovation and economic-industrial complex

O livro apresenta a dinâmica dos investimentos no complexo produtivo da saúde, no mundo e no Brasil, analisando seus diferentes subsistemas: de base química e biotecnológica; de base mecânica, eletrônica e de materiais; e de serviços de saúde. Ao final, traz uma síntese analítica e discute políticas para o desenvolvimento do CEIS. Este é formado por indústrias farmacêuticas (de fármacos, medicamentos, vacinas, hemoderivados e reagentes para diagnósticos), industrias de equipamentos médicos e insumos, e setores de prestação de serviços (hospitais, ambulatórios e serviços de diagnósticos e tratamentos). Além dos segmentos industriais e de serviços, o CEIS reúne também o Estado, instituições de ciência e tecnologia, agências de regulação, a sociedade civil organizada e a população.

Implementação financeira e o impacto do mutirão de cirurgias de varizes, após a criação do Fundo de Ações Estratégias e Compensação (FAEC) / Financial implementation and the impact of vascular surgery task force, after the creation of the Strategic Actions and Compensation Fund (FAEC)

CONTEXTO: Apesar de reconhecer que o número apresentado pelo mutirão de cirurgias eletivas não refletisse inteiramente a realidade, foi significativa a implementação financeira do Ministério da Saúde do Brasil, bem como o aumento de cirurgias de varizes, após criação do Fundo de Ações Estratégias e Compensação (FAEC). OBJETIVO: Avaliar os resultados da aplicação do investimento financeiro do Ministério da Saúde no mutirão de cirurgias de varizes. MÉTODOS:Foi realizado um estudo transversal de natureza retrospectiva, utilizando informações do banco de dados do Departamento de Informática do Sistema Único de Saúde. Foram incluídas na pesquisa todas autorizações de internação hospitalar das cirurgias de varizes de membros inferiores pagas pelo Ministério da Saúde do Brasil, no período de janeiro de 1998 a dezembro de 2004. RESULTADOS: Em 1998, antes da implementação do mutirão de cirurgias eletivas foram realizadas 23.531 cirurgias de varizes e investidos R$ 5.819.033,27. Após a criação do FAEC, foram realizadas 457.026 cirurgias de varizes de membros inferiores, no período de 1999 a 2004, e foram investidos R$ 187.760.196,81 com média de R$ 31.293.336,13 por ano. CONCLUSÃO: O investimento feito pelo Ministério da Saúde durante o programa de mutirões de cirurgias eletivas pelo FAEC, proporcionou aumento significativo do número de cirurgias de varizes em todo Brasil.

BACKGROUND: In spite of the fact that the number of surgeries presented by the elective surgery task force did not entirely reflect the reality, it is possible to declare that the financial implementation of the Brazilian Ministry of Health has been significative, as well as the increasing number of varicose vein surgeries, especially after the creation of the Strategic Actions and Compensation Fund (FAEC). OBJECTIVE: To evaluate the application of financial investment in the Ministry of Health campaign for varicose vein surgery. METHODS: A transversal study of retrospective nature has been conducted, using information available at the Data Processing Department of the National Healthcare System database (DATASUS). All the authorization of hospital internment from the inferior member varicose vein surgeries, financed by the Brazilian Ministry of Health from January 1998 to December 2004, have been included in the research. RESULTS: In 1998, before the implementation of the elective surgery task force, 23,531 varicose vein surgeries have been performed, and R$ 5,819,033.27 invested. After the creation of the FAEC, 457,026 inferior member varicose vein surgeries have been performed from 1999 to 2004, and R$ 187,760,196.81 were invested with an average of R$ 31,293,336.13 per year. CONCLUSION: Thus, it is possible to conclude that the bigger investment from the Brazilian Ministry of Health, represented by the implementation of the elective surgery task forces by the FAEC, has been responsible for increasing the number of varicose vein surgeries all around Brazil.

The cost of Latin American science Introduction for the second issue of CBP-Latin America.

Latin American researchers in science and engineering (S&E), including those in biology and biomedical sciences, are frequently exposed to unstable conditions of financial support, material and human resources, and a limited number of positions at public and private institutions. Such uncertainties impose continuous challenges for the scientific community which, in the best of cases, responds with careful planning and creativity, and in the worst scenario endures the migration of scientists to the USA or Europe. Still, the number of scientific publications from Latin American institutions in the last decade increased at a much faster rate than publications from the USA and Canada. A brief analysis per country of the gross domestic product (GDP) spent in research and development (R&D) and the S&E production reported by the Pascal bibliographic database suggests that the number and quality of S&E publications is directly proportional to the financial support for R&D. However, the investment in R&D in Latin America did not increase at the same rate (from 0.49 to 0.55% of GDP, from 1990 to 2003) at which S&E publications did in the same period (2.9-fold increase, from 1988 to 2001). In Latin America, the traditional financial support for scientific research continues to be from federal and state government funds, associated in some cases with institutional funds that are mostly directed towards administrative costs and infrastructure maintenance. The aim of this introduction is to briefly discuss the production cost of articles published in refereed S&E journals, including the cost of the scientific research behind them, and, at the same time, to increase the awareness of the high quality of scientific research in Latin American institutions despite the many challenges, especially financial constraints, faced by their scientists. The second issue of Comparative Biochemistry and Physiology dedicated to Latin America ("The Face of Latin American Comparative Biochemistry and Physiology") celebrates, by means of 26 manuscripts from five countries, the diversity and quality of biological science in the continent.