BNDES has been working as public agent for the Brazilian State developing export financing policy. Observing post shipping financing policy, most disbursements for the period in analyses from 1998 to 2017 consists on a major direction to the United States counting almost US$ 17 billion over a...

At the end of 2014, the pension funds in Brazil held a portfolio of R$ 672 billion. About 45% of these resources are owned by the three largest entities of the country, namely, Previ, Petros and FUNCEF. This article aims to analyze in detail the evolution of the portfolios of these three...

This paper presents an exploratory analysis of the institutional arrangement of the Fund of Investment of Guarantee of the Time of Service (FI-FGTS, in Portuguese) with the main objective of assessing the institutional configuration and the operational performance of FI-FGTS. This instrument was...

This study aims to investigate the patterns and patterns of distribution of funds from the National Bank for Economic and Social Development (BNDES) on industry and infrastructure, with emphasis on the sectorial and regional vectors of its performance in Brazil. The approach is based on the use...

This article verifies the occurrence of a real estate bubble in the Brazilian economy. Overall, our results suggest the existence of a bubble in the real estate sector of the economy. The Austrian School of economics provides a solid explanation to this phenomenon, which are reinforced by...

This article estimates fiscal costs derived from the federal government industrial policy between 2004 and 2016. We focus on the measurement of "tax expenditures", something inedited in Brazilian economic literature on the subject. We also analysis tax exemptions that, for legal reasons, are not...

So far, there are very few papers concerning the problems of non causality and non-fundamentalness in fiscal studies. This is even truer for Brazil. Non causality and non fundamentalness are econometric problems that are specially relevant in fiscal studies, as they are relate to fiscal...

A new state debt cycle occurred mainly through external and contracted credit operations with federal banks from 2008, after a long period with few loans and debt stock fall. It is argued that exogenous macroeconomic factors were essential in the downward trend of the debt in the early 2000s,...

This paper analyzes the macroeconomic impacts derived from the recognition of previously unreported fiscal liabilities during 2015 in Brazil. This is done within a DSGE model with a detailed public sector developed and calibrated for the Brazilian economy. The gradual recognition of these fiscal...