The aim of this paper is to analyze the impact of Comprehensive Income on Net Income according to SFAS 130 issued by FASB for a sample of 136 corporate groups on the European continent listed in NYSE and NASDAQ for the period 1999-2004, taking as a reference the information contained in the reconciliation with US GAAP when they presented their accounts to the SEC. We have detected noticeable extreme values and outliers and, on average, marked negative effects on the groups considering the analysis detailed by size and industries, essentially motivated by the stock-exchange crisis of the early 2000's and by unfavorable exchange rates, particularly between the Euro and the U.S. dollar. All of this reveals the greater connection of Comprehensive Income with the reality of the markets than Net Income, which presumes that SFAS 130 issued by the FASB contributes to the increase of the relevance of the financial information in the performance area.

Several high-level reports have raised the concern that low-income countries, especially in Africa, are experiencing premature de-industrialization. The concern is that they are growing without transforming. Have the latecomers to development missed the boat? Although these concerns are well placed, Africa's growth seems to be benefitting from a structural transformation of a different kind. The manufacturing sector as a share of gross domestic product has shrunk, but countries have benefitted from the third industrial revolution with globalization of services being at the forefront of this technological revolution. As services produced and traded across the world expand with globalization, the possibilities for low-income countries to develop based on their comparative advantage expand. That comparative advantage can just as easily be in services as in manufacturing. Comparative advantage need not be a one-trick pony.

This paper reviews evidence from 44 middle-income countries on how the recent financial crisis affected jobs and workers' incomes. In addition to providing a rare assessment of the magnitude of the impact across several middle-income countries, the paper describes how labor markets adjusted and how the adjustments varied for different types of countries. The main finding is that the crisis affected the quality of employment more than the number of jobs. Overall, the slow-down in earning growth was considerably higher than that in employment, and the decline in gross domestic product was associated with a sharp decline in output per worker, particularly in the industrial sector. In several counties, hours per worker declined and hourly wages changed little. But both the magnitude and nature of the adjustments varied considerably across countries. For a given drop in gross domestic product, earnings declined more in countries with larger manufacturing sectors, smaller export sectors, and more stringent labor market regulations. In addition...

This paper develops a method to decompose differences across distributions of household income, based on counterfactual distributions that 'lie between' the actually observed distributions. Our approach decomposes differences between any two income distributions (or functionals such as inequality or poverty measures) into shares due to price effects; occupational structure effects; and endowment effects. Comparing the household income distributions of the USA and Brazil in 1999, we find that most of Brazil's excess inequality (of 13 Gini points) is accounted for by underlying inequalities in the distributions of education and of non-labor income, notably pensions (between four and six Gini points each). Steeper returns to education in Brazil also make an important contribution (of two to five points). Differences in occupational structure and in racial and demographic composition are much less important.

Home to almost 500 million people, roughly half of whom earn less than a dollar a day, fragile states, until recently known in the World Bank as Low-Income Countries Under Stress (LICUS), have attracted increasing attention. The Bank identified 25 such countries in fiscal 2005 based on their income and Country Policy and Institutional Assessment (CPIA) rating. These 25 countries have a number of similarities: their infant mortality rate is a third higher than that of other low-income countries, life expectancy is 12 years lower, and their maternal mortality rate is about 20 percent higher. There are also important differences among LICUS. Some, Angola and Cambodia among them, grew at around 4 percent per annum during 1995-2003; others, such as the Solomon Islands, the Democratic Republic of Congo, and Guinea-Bissau, had negative growth rates of similar magnitude. Some, such as Angola, the Democratic Republic of Congo, Nigeria, and Papua New Guinea, have abundant natural resources, but others, such as Burundi and Haiti...

Some recent empirical studies deny any direct effect of geography on development and conclude that institutions dominate all other potential determinants of development. An alternative view emphasizes that geographic factor such as disease ecology, as proxied by the prevalence of malaria, may have a large negative effect on income, independent of the quality of a country's institutions. For instance, pandemic malaria may create a large economic burden beyond medical costs and forgone earnings by affecting household behavior and such macroeconomic variables as international investment and trade. After controlling for institutional quality, malaria prevalence is found to cause quantitatively important negative effects on income. The robustness of this finding is checked by employing alternative instrumental variables, tests of over-identification restrictions, and tests of the validity of the point estimates and standard errors in the presence of weak instruments. The baseline findings appear to be robust to using alternative specifications...

A partir da década de 1970, ocorreu um processo de desconcentração da industria no estado de São Paulo que beneficiou as regiões do interior do Estado, especialmente as regiões administrativas de Campinas, Sorocaba, São Jose dos Campos e Baixada Santista, que e denominado pela literatura regional de "interiorização do desenvolvimento". Dentro deste contexto regional, essa pesquisa analisa a distribuição de renda no Estado de São Paulo a partir da década de 1990, considerando dois aspectos: a desigualdade inter-regional e intra-regional. Outro objetivo do presente trabalho e estimar os efeitos dos fatores determinantes do rendimento no mercado de trabalho paulista, entre 1991 e 2000. De acordo com os Censos Demográficos de 1991 e 2000, os resultados da decomposição dos índices de T e L de Theil por regiões revelam que a desigualdade de renda entre regiões sofreu um declínio e, em grande parte, essa redução e uma consequencia da desconcentração produtiva sobre o mercado de trabalho do Estado. Entretanto, o principal componente da desigualdade paulista e o intra-regional. Os resultados da decomposição do índice de Gini mostram que dentro das regiões paulistas o rendimento gerado pelo setor terciário e o principal responsável pela desigualdade total. Usando dados da PNAD no período 1990-2007 e constatada uma tendência de queda da desigualdade paulista e também se observa uma tendência de redução da desigualdade inter-regional. Quanto aos fatores que determinam o rendimento entre os ocupados...

JEL CLASSIFICATION C22, D33, E25 and E44; This paper makes an empirical analysis of the relationship between financialisation and the evolution of labour income share in Portugal from 1978 to 2012. We estimate an equation for the labour income share that includes standard variables (technological progress, globalisation, education and business cycle) and variables to capture the effect of financialisation. We formulate the hypothesis that the financialisation process may lead to a rise in the inequality of functional income distribution through three channels: the change in the sectorial composition of the economy (due to the increase in the weight of the financial activity and the decrease in government activity), the diffusion of shareholder value governance practices and the weakening of trade unions. Our results show that there is a long-term relationship between all variables and that the financialisation process indirectly affects the labour income share through its impact on government activity and trade union density. The paper also finds evidence supporting the traditional explanations for functional income distribution, namely globalisation, education and business cycle.

Income tax reform in Brazil has mainly stressed changes in rates, aiming at increasing its progressivity. One aspect frequently overlooked is that, in the absence of adjustments of the tax rules to inflation, the level and distribution of the income tax burden can be substantially affected. We use a microsimulation model to simulate the potential revenue and distributive effects of inflation on the income tax in Brazil. Our findings suggest that if the income tax is not adjusted for inflation, progressivity would decrease but redistribution would increase due to a larger tax burden, but income inequality would not substantially change.

Martin Feldstein's (1999) widely used taxable income formula for deadweight loss assumes the marginal social cost of evasion and avoidance equals the tax rate. This condition is likely to be violated in practice for two reasons. First, some of the costs of evasion and avoidance are transfers to other agents. Second, some individuals overestimate the costs of evasion and avoidance. In such situations, excess burden depends on a weighted average of the taxable income and total earned income elasticities, with the weight determined by the resource cost of sheltering income from taxation. This generalized formula implies the efficiency cost of taxing high income individuals is not necessarily large despite evidence that their reported incomes are highly sensitive to marginal tax rates.; Economics

[ES] Desde la década de los años setenta, la medición de la renta derivada del uso de los recursos naturales y la sustentabilidad tanto comercial como ambiental de sus resultados económicos ha sido motivo de controversia entre los economistas. Los pastizales desarbolados y las dehesas arboladas no han sido objeto del mismo interés científico que los bosques madereros. Hasta ahora las propuestas institucionales de sistemas contables de bosques madereros no han incorporado los beneficios de libre acceso y otros beneficios no-comerciales en la medición de la renta total de los bosques. Este trabajo presenta un sistema de cuentas completo que recoge todos los costes y beneficios económicos derivados de los usos activos y pasivos de los sistemas agroforestales, tanto si los beneficios son percibidos in situ como si tienen efecto fuera del lugar en el que se originan. Este nuevo marco metodológico contable se ha aplicado a un grupo de dehesas de la comarca de Monfragüe (Cáceres) con el propósito de presentar una medición, ampliada a las externalidades, de la renta total de uno de los sistemas agroforestales más complejos del uso múltiple de una tierra. Editor Instituto Nacional de Investigación y Tecnología Agraria y Alimentaria (INIA); [EN] There has been...

The purpose of this paper was to elaborate a theoretical model of simulation in order to verify the effects of income transference policies over the economic growth dynamic, following a structuralist approach. The main basis of the simulation is the export-led growth model, of the Kaldorian type. Five scenarios were drawn considering income distribution policies, with and without direct income transfer policy by the government. The scenario that better adjusts the income redistribution with increased rate in the long-term growth is part of the group “without transference” policy. In the short-term the major growth rates were obtained in a group scenario “with income transference”. The main conclusion is that there is a trade-off between the redistribution policies in such a way that those which are more beneficial to the macroeconomic environment in the short-term cannot be the best ones in the long-term, and vice versa.; O objetivo do presente artigo foi elaborar um modelo teórico de simulação para verificar efeitos das políticas distributivas de renda sobre a dinâmica do crescimento econômico, de acordo com uma abordagem estruturalista. A simulação tem como referência o modelo de crescimento liderado pelas exportações...

POLICY QUESTION: “Based on results of pilot programs and policies implemented in other parts of the country, how can New York City/State best support and incentivize responsible small-dollar lending in low-income communities?” RECOMMENDATION: Design a borrower’s card system to collect information about consumers’ borrowing and repayment behaviors, to encourage lenders to extend loans to low-income individuals in need, and to incentivize consumers to take ownership of their own financial behavior. PROBLEM STATEMENT: In many states, the payday lending market has operated to meet the strong consumer demand for short-term small-dollar loans. In the realm of small-dollar lending, the payday lending market provides access for low-income individuals who might be classified as higher risk consumers, likely due to blemished credit histories. Lenders compensate for this higher risk by charging a higher interest rate, which would allow for the possibility that the borrower does not repay the loan. However, though the payday lending market is competitive, significant information asymmetries exist for both the lender and the borrower, which leave lenders unable to discern between high-risk and low-risk consumers, and leave borrowers with an unclear understanding of the terms of the loans and often...

Economic transition from a planned to a market oriented economy is often associated with a widening of income inequality. The nature of this change, however, may differ during different stages of the economic transition. This paper investigates the increase in income inequality in urban China during two phases of economic reform: a moderate reform era (1988-95) and a radical reform era (1995-99). It is found that although income inequality increased considerably during both stages, the nature and causes of the increase are different. In the moderate reform period, the increase in inequality was a result of some parts of society sharing more of the economic gain than others, and the main cause of this inequality is regional income dispersion. During the radical reform period income reductions at the lower end of the distribution is observed, and it is mainly due to the large-scale unemployment generated by labor reallocation.

O maior acesso de consumidores de baixa renda à internet os leva a utilizar a rede virtual para buscar entretenimento, educação e relacionamentos. O consumo on-line, entretanto, ainda é envolto de desconfianças. O presente trabalho tem como objetivo analisar os motivos pelos quais a população de baixa renda tem receios em realizar compras on-line. Para isso, entrevistas em profundidade foram realizadas com 23 consumidores de baixa renda. A partir dos dados coletados, percebe-se que a internet é um meio visto pelos entrevistados como sendo, especialmente, de lazer e entretenimento. Comprar on-line ainda é uma tarefa que receiam, por diferentes motivos. Inicialmente, pode-se apontar a preferência por consumir em lojas físicas, pois nelas os consumidores podem tocar nos produtos desejados, aproveitar a ida à loja como um momento de prazer e interagir com vendedores, que os ajudam em suas escolhas. Os receios em comprar pela internet também são influenciados pela visão dos entrevistados de que sites não são seguros, pois oferecem ameaças, tais como vírus ou roubo de informações pessoais. Além disso, acreditam que lojas na internet não são compromissadas com seus clientes, pois permitem que ocorram problemas na entrega de mercadorias...

OBJETIVO: Analisar a influência da renda familiar e do preço de alimentos sobre a participação de frutas e hortaliças dentre os alimentos adquiridos pelas famílias brasileiras. MÉTODOS: Foram utilizados dados da Pesquisa de Orçamentos Familiares realizada pelo Instituto Brasileiro de Geografia e Estatística, com amostra probabilística de 48.470 domicílios brasileiros entre 2002 e 2003. A participação de frutas e hortaliças no total de aquisições de alimentos foi expressa como percentual do total de calorias adquiridas e como calorias provenientes desses alimentos ajustadas para o total de calorias adquirido. Empregaram-se técnicas de análise de regressão múltipla para estimação de coeficientes de elasticidade, controlando-se variáveis sociodemográficas e preço dos demais alimentos. RESULTADOS: Observou-se aumento da participação de frutas e hortaliças no total de aquisições de alimentos com a diminuição de seu próprio preço ou com o aumento da renda. A diminuição do preço de frutas e hortaliças em 1% aumentaria sua participação em 0,79% do total calórico; o aumento de 1% na renda familiar aumentaria essa participação no total calórico em 0,27%. O efeito da renda tendeu a ser menor nos estratos de maior renda. CONCLUSÕES: A redução do preço de frutas e hortaliças...

Estuda-se o consumo alimentar de uma amostra da população da localidade de Iguape, Estado de São Paulo, Brasil, relacionando-o com as variáveis renda e dieta equilibrada. Foi elaborada uma "Dieta Padrão", de custo mínimo, que atendesse às recomendações nutricionais, aos hábitos alimentares e à disponibilidade local de alimentos. Para conhecer a possibilidade que teriam as famílias estudadas de consumirem alimentação equilibrada, foram estabelecidos cinco níveis de renda, segundo a proporção da renda familiar anual que necessitaria ser gasta para a aquisição de uma dieta equivalente à "Dieta Padrão". A análise dos dados evidencia que o consumo médio per capita de calorias e proteínas da população estudada como um todo foi satisfatório, enquanto que o de vitamina A, tiamina, riboflavina, vitamina C e de cálcio foi insatisfatório. Quando se analisou o consumo de calorias, em relação aos cinco níveis de renda, o valor calórico total da dieta foi insatisfatório nos níveis mais baixos. Constatou-se inadequação de consumo calórico e protéico, respectivamente, em 10 a 20% das famílias estudadas, cujas rendas seriam compatíveis com aporte suficiente de calorias e proteínas.; The present paper is a study of food consumption related to income and balanced diet as variables in a sample of the population of Iguape...

OBJETIVO: Avaliar a prevalência da polifarmácia e a influência da renda na associação entre uso de medicamentos e disfunção cognitiva, entre idosos. MÉTODOS: Dos 1.606 integrantes da linha base da coorte de idosos de Bambuí (Minas Gerais), iniciada em 1997, 1.554 participaram do estudo. Todos os participantes foram submetidos ao questionário mini-exame do estado mental. A associação entre disfunção cognitiva e polifarmácia foi testada por meio de regressões ordinais multivariadas, realizadas para a população total e para cada um dos estratos de renda. RESULTADOS: A prevalência de polifarmácia (consumo de dois ou mais medicamentos) foi de 70,4%, e o número de medicamentos consumidos mostrou-se negativa e independentemente associado à disfunção cognitiva (OR=0,72; IC 95%: 0,55;0,95). Quando estratificada pela renda pessoal (; 2), observou-se associação negativa entre uso de medicamentos e disfunção cognitiva entre idosos com renda mais baixa (OR=0,64; IC95%: 0,48;0,86), mas não entre aqueles de renda mais elevada (OR=1,74; IC 95%: 0,81;3,74). CONCLUSÕES: Com referência à associação entre disfunção cognitiva e número de medicamentos consumidos, os resultados indicam desigualdade social no uso de medicamentos. É possível que esses idosos não estejam consumindo os medicamentos necessários ao adequado tratamento de seus problemas de saúde.; OBJECTIVE: To evaluate the prevalence of polypharmacy and the influence of income on the association between medication use and cognitive impairment among elderly people. METHODS: Out of the 1...

The Income Smoothing have been widely discussed and studied in academic and professional areas, especially due to insecurity caused by recent financial scandals in the capital market, should be understood as a treatment given by managers to the financial reports in order to reduce fluctuations in earnings, disseminating distorted accounting information to external users. The research aimed to analyze the evidences of the income smoothing in companies listed in levels of Bovespa's corporate governance - taking a sample of 90 companies in four levels. Thus it was established in companies the existence of income smoothing in its financial statements, applying a metric of income smoothing on a model supported by analysis of coefficients of variation of profit and sales proposed by Eckel (1981), which was analyzed the behavior of fluctuations in profits and sales companies. Through the study it was possible to analyse the actual existence of smoothing levels of Bovespa's corporate governance, was observed that even in companies that are part of the governance levels, which envisions a possible reduction of asymmetric information between users of financial information, was the practice of income smoothing in the accounting results in about 20% of the sample.; O alisamento de resultados contábeis tem sido amplamente discutido e estudado em meio acadêmico e profissional...

The goal of this study is to perform an empirical verification of the hypotheses of absolute income and income inequality for 16 metropolitan regions of Brazil (MRB), based on data from the Demographic Census of 2000 and vital statistics from 1999-2001 (deaths by age, sex and causes of death). To test the hypotheses, multiple regression models were adjusted for each independent variable and the statistical significance of regression coefficients corresponding to each hypothesis was verified. The results suggest that mean income is the determinant health factor for the population residing in MRB and not income inequality.