point per annum. Economic output is mainly affected by an increase in bank lending spreads as banks pass a rise in bank … Tier 1 capital ratio) could increase bank lending spreads by about 50 basis points. The estimated effects on GDP growth …

integration has been a major vector of contagion, and even more so when cross-border bank lending was primarily short …

This paper reviews the main elements of social security reform in Brazil since 1998 and discusses areas where further …

For many years, Brazil lagged behind other middle-income countries in terms of school enrolment rates. But since 1998 …

Brazil’s public pension expenditure is about 9 per cent of GDP, above the OECD average. Given that OECD countries are … generally not only wealthier, but also significantly older, Brazil’s pension expenditures are clearly excessive, draining … for only 5 per cent of total retirees. Given the demographic challenges Brazil is likely to face in the next decades …

This paper reviews recent trends in fiscal performance in Brazil, estimates fiscal reaction functions for the …

paper uses a friction model to estimate intervention reaction functions and the associated marginal effects for Brazil and … findings are that: i) in both countries interventions occur predominantly to reduce exchange-rate volatility, while in Brazil … the central bank also reacts to exchange-rate deviations from medium-term trends; ii) there are strong, asymmetric …