Recorremos à teoria do canal do crédito para avaliar a integração de uma pequena economia, com instabilidade nominal, numa união monetária desenhada para garantir um elevado nível de estabilidade monetária. Conclui-se que o choque estrutural da integração na união monetária pode...

In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

Financial constraints on Brazilian firms are very high compared to advanced economies. In Brazil, 59% of firms have access to a bank loan or a credit line. In developed countries, the average percentage is 95%. Loan collateral requirements are much higher in Brazil (95% of the loan value) than...

Financial constraints on Brazilian firms are very high compared to advanced economies. In Brazil, 59% of firms have access to a bank loan or a credit line. In developed countries, the average percentage is 95%. Loan collateral requirements are much higher in Brazil (95% of the loan value) than...

Com o presente artigo, tecem-se alguns considerandos sobre o método de avaliação da admissibilidade teórica do canal do crédito, baseando-nos na sua decomposição em condição de existência e condição de eficácia.

Com o presente artigo procurou-se fazer uma descrição do canal do crédito e avaliar as suas implicações na condução da política monetária

This paper estimates the Brazilian NAILO (Nonaccelerating Inflation Level of Output), obtains (Bayesian) probability bands for the Nailo and for its growth rate, and investigates the relationship between deviations of output with respect to the Nailo and the acceleration of inflation. As...

This paper aims at analyzing the relationship between capital account liberalization,economic performance and macroeconomic stability in Brazil. For this purpose,besides a revision in the literature, the paper develops an empirical study on the effects of financial liberalization in Brazil on a...

This paper estimates the Brazilian NAILO (Nonaccelerating Inflation Level of Output), obtains (Bayesian) probability bands for the Nailo and for its growth rate, and investigates the relationship between deviations of output with respect to the Nailo and the acceleration of inflation. As...