Este artigo analisa, através de dados intradiários, coletados minuto a minuto, o efeito do dia de vencimento de contratos de opções de compra de ações sobre a negociação das ações subjacentes negociadas na Bolsa de Valores de São Paulo. Para tanto, foram usadas as séries de opções...

This paper tests two hypotheses for the overbidding behavior of the banks in the fixed rate tenders conducted by the European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future tightening of monetary policy, while the other...

The aim of this paper is to analyze, empirically, the relationship between the Central Bank’s reaction, also known as Taylor Rule, and the Brazilian public debt. The article is justified once the majority of the researches regarding the Brazilian reaction function doesn’t model the public...

In this paper two hypotheses about the relationship between monetary policy and investment in the context of the inflation target system were tested. One of these hypotheses is based on the idea of neutrality of money, and the other hypothesis is based on the reject of that idea. An investment...

This article presents a review of empirical literature regarding the credibility of economic policy, dedicating special attention to the econometric techniques used. The literature researched is comprised of two groups based on the type of econometric technique employed. However, within the main...

Given that several countries have adopted inflation targeting, and that the main objective of this regime is to function as a guide for the inflationary expectations of economic agents, transparency in the handling of the monetary policy becomes a prerequisite for the success of this regime....

Over the last ten years, Brazilian banking system has been resilient to shocks, and its credit concession has been low in volume and expensive. This situation motivated the analysis of the relation between a banking regulation instrument that targets systemic stability - capital requirement -...

O presente trabalho objetiva analisar empiricamente as relações entre crescimento econômico e abertura da conta financeira do balanço de pagamentos, tendo como lementos centrais a restrição imposta pelo Balanço de Pagamentos ao crescimento econômico, bem como s dificuldades associadas à...

This paper analyses the fiscal performance of São Paulo state municipalities, between the years of 1989 and 2001, considering the influence of two political factors: the electoral agenda and the different political party ideologies. Based on panel data econometric methods, specific components...

Micro-credit and micro-finance emerged in the 1970’s in some Asian and Latin American countries as an instrument for fighting poverty and social exclusion. Using 2006-9 portuguese micro-level data, we estimate the failure rate of Portuguese micro-credit projects as 18,4%/year. This failure...