Palavras-chave: Análise por Envoltória de Dados (DEA); Análise em janela; Complexidade econômica; Economic Complexity Index (ECI); Desenvolvimento humano.Abstract: Economic growth is not the only factor to explain human development. Therefore, many authors have prioritized studies to measure the Human Development Index. However, these indexes do not analyze how Economic Complexity can increase Human Development. This paper aimed to determine how efficiently nations from Latin America and Asia measure a country's performance in converting Economic Complexity into Human Development, between 2010 and 2014. We used Data Envelopment Analysis (DEA), through the Variable Returns of Scale (VRS) Model and Window Analysis. Results showed that in 2014, all Asian countries, except China and the Philippines, were efficient; on the other hand Cuba was the benchmark for inefficient countries. Window Analysis showed Japan, South Korea and Singapore were efficient over time. This result confirms the initial hypothesis of this article: the more complex countries are the more efficiently they create Human Development.

Most European countries have committed to ambitious emissions reduction goals. Energy generation in particular is responsible for more than 30% of global emissions, where significant focus has been placed on renewable energy generation, including biomass. On the one hand, there are countries, like the UK, where the biomass stock is insufficient to meet the demand; on the other hand, there are countries, like Brazil, where the stock significantly exceeds the demand. To promote a natural symbiosis, it is necessary to take on the challenge of transporting biomass through long distances in an environmentally and economically efficient manner. This paper aims to assess the efficiency of alternative pathways of international biomass supplychains. The alternatives involve different biomass origin regions, transportation modes, export ports and processing technologies, including torrefaction. Data Envelopment Analysis (DEA) has been used for the first time to assess the efficiency of the alternative biomass supply chain pathways in a Latin American context, considering multiple-criteria relating to economic and environmental performance simultaneously, such as the biomass delivered cost, the environmental impact and the fossil energy consumption. Additionally, a sensitivity analysis was performed to analyse the robustness of the results under uncertainty in parameter values. The DEA approach presented can assist the process of planning biomass sourcing and improve decision-making under multiple decision criteria. The results can support medium-and longterm strategic decisions for decision-and policy-makers.

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Bitcoin’s evolution has attracted the attention of investors and researchers looking for a better understanding of the efficiency of cryptocurrency markets, considering their prices and volatility. The purpose of this paper is to contribute to this understanding by studying the degree of persistence of the Bitcoin measured by the Hurst exponent, considering prices from the Brazilian market, and comparing with Bitcoin in USD as a benchmark. We applied Detrended Fluctuation Analysis (DFA), for the period from 9 April 2017 to 30 June 2018, using daily closing prices, with a total of 429 observations. We focused on two prices of Bitcoins resulting from negotiations made by two different Brazilian financial institutions: Foxbit and Mercado. The results indicate that Mercado and Foxbit returns tend to follow Bitcoin dynamics and all of them show persistent behavior, although the persistence in slightly higher for the Brazilian Bitcoin. However, this evidence does not necessarily mean opportunities for abnormal profits, as aspects such as liquidity or transaction costs could be impediments to this occurrence.