To label the defense of capital controls (CC) as a left-wing proposal is a misconstruction. Such labeling uses the Borsa economicist criterion, which reduces the dichotomy between Right and Left to a distinction between liberalism and interventionism. Yet, under this criterion, the use of CC...

With the purpose of evaluating Brazilian Central Bank's (BCB) conduct of monetary policy after the adoption of inflation targeting (IT), we estimate a modified version of the Taylor rule for the Brazilian economy in the period 2000-2010. The term modified refers to an important innovation with...

The objective of this paper is to show that open economies that have (1) a high degree of capital mobility, (2) a low degree of organization in financial markets, and (3) a high sensibility of net exports to changes in the level of economic activity may have bubbles in asset prices if there is...