This paper assesses the impacts of the Mercosul Preferential Trade Agreement on Brazil's regions and their industries between 1990 and 2000 by means of a gravity model, extended to include dummy variables for Mercosul, for a Brazilian region and for a industry within a region. The results show...

In this paper we assess the impacts of the Mercosul preferential trade agreement on Brazil's regional trade flows by means of a gravity model, extended to include dummy variables for Mercosul and for a Brazilian region. Using panel data, we implement the model in three different ways: a pooled...

This paper analyzes the impacts of selected trade facilitation measures on international trade flows. A gravity model is used to estimate four equations: a pooled cross-section model; a fixed-effects model; a random effects model; and a Poisson maximum likelihood estimator. The contribution of...

This paper takes a hard look at the experience with official intervention in sovereign debt crises, focusing on debt crises of the 1980s, Russia in 1998, Argentina in 2001, and Greece in 2010. Based on the track record, the authors argue that in situations where countries face a solvency...

This note examines in detail Brazil's export performance over the past 15 years, focusing not only on growth and composition, but also on different performance dimensions, including diversification, sophistication, and firm dynamics. The analysis uses international comparisons to better situate...

Confidence in combining inflation-targeting-cum-flexible-exchange-rate regimes with isolated microprudential regulation as a means to guarantee both macroeconomic and financial stability has been shattered by the scale and synchronization of asset price booms and busts that preceded the current...