This paper aims to contribute to the understanding of factors that affect the net inflow of savings deposits. To achieve this goal, the paper presents the impact of regulatory changes, which have occurred in the period from March 2003 to November 2011, had in attracting savings, uses...

This work examines the determinants of the capital structure of Brazilian companies between the years 2000 and 2009. Based on quantile regression model and on the comparison with conventional models (least squares and fixed effects), the work provides better understanding of capital structure to...

This paper has estimated the DSGE model proposed by Smets and Wouters (2007) for the Brazilian economy, using Bayesian techniques, aiming at analyzing the recent performance of the inflation targeting monetary policy. It was obtained estimates of barely known structural parameters and the...

Lucas(1987) has shown a surprising result in business-cycle research: the welfare cost of business cycles are very small. Our paper has several original contributions. First, in computing welfare costs, we propose a novel setup that separates the effects of uncertainty stemming from...

This paper discusses recent experiences with inflation targeting (IT), the challenges that it faces since the global financial crisis, and ways to address them. The discussion is conducted from the perspective of upper middle-income countries (MICs). As background for the analysis, the second...

This study makes a contribution to the literature on bank opaqueness and bank credit through empirical evidence gathered from data of 310 NYSE and NASDAQ banks for the period 1Q1990 to 4Q2009. In addition to developing an opacity index based on bank risk information, the empirical analysis...

This paper aims at dissecting how stylized facts of labor supply and labor demand may explain the aggregate unemployment rate developments from 1992 to 2012 using a household level data (PNAD/IBGE) for Brazil as a whole and for its six main metropolitan regions. The conclusions follow. The main...

In response to growing competitive pressures and changes, a growing number of companies have established alliances as a way to complement their resources and ensure their competitive advantages. Although these alliances are a good strategic option for companies, there is evidence of a high rate...

This paper consists of an empirical investigation of Brazilian banks' profitability determinants. The panel data is composed of quarterly information for 71 banks between the first quarter of 2002 and the second quarter of 2012. Using data from the Brazilian banking system, we study the...

We present a methodology to construct a Broad Financial Stability Indicator (FSIB) based on unobserved common factors and a Specific Financial Stability Indicator (FSIS) for the Brazilian economy combining observed credit, debt and exchange rate markets indicators. Rather than advocate a...