’ liquidity constraints. We also demonstrate that increasing the rate of inflation can be welfare improving when credit rationing …

Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous …-firms and K-firms resort to bank loans to satisfy their financing needs. There are two-ways feedbacks between markets and …

Bank distress can have severe negative consequences for the stability of the financial system, the real economy, and … public finances. Regimes for restructuring and restoring banks financed by bank levies and fiscal backstops seek to reduce … these costs. Bank levies attempt to internalize systemic risk and increase the costs of leverage. This paper evaluates the …

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …

We employ a comprehensive matched employer-employee data set for Brazil to analyze wage determinants and compare … selectivity of Brazilian workers into formal employment. The links between firm performance and wage components in Brazil resemble …

We document key features of the deepening economic relationship between Brazil and China. This is evident from sharply … international fora. Data presented show bilateral trade between Brazil and China surging after 2001 and China is now Brazil …’s largest export market while Brazil’s export share to the US has halved. The number of bilateral cooperation agreements between …