At the end of 2014, the pension funds in Brazil held a portfolio of R$ 672 billion. About 45% of these resources are owned by the three largest entities of the country, namely, Previ, Petros and FUNCEF. This article aims to analyze in detail the evolution of the portfolios of these three...

This paper analyzes federal transfers to not-for-profit organizations (NPOs) in the past twelve years in Brazil. We analyze four points: i) the variations in terms of absolute amount of resources transferred to NPOs from the federal government; ii) the proportion of NPOs transfers relatively to...

This paper estimates the primary structural budget balance (eliminating the effects due to cyclical fluctuations in GDP and oil price) for the central government and public administrations from 1997 to the second quarter of 2010. Some adjustments were made on the IMF methodology to account for...

With the external accounts problems reasonably solved, Brazil’s economic policy agenda is bound to be increasingly focused on fiscal issues. What makes the design of economic policy especially complex in this area is the fact that there are several superimposed and potentially conflicting...

Negotiation is a word that gains more importance nowadays. Understanding the bargaining process is an issue that people, enterprises, labor unions and governments are caring about. The main point studied here is the issue of how the government takes positions in a bargaining process with its...

This Discussion Paper deals with the institutional and economic aspects of the Brazilian federative state according to the 1988 Constitution. The context of vertical coordination of urban infrastructure investments is then examined. Previous studies have shown that the benefits of economic...

This paper tests the sustainability of the Brazilian public debt throughout its history as an independent nation (1823-2004) by the use of cointegration tests. Since the sample period covers a historical period highlighted by a great deal of political, economic and institutional shifts,...

With the external accounts problems reasonably solved, Brazil’s economic policy agenda is bound to be increasingly focused on fiscal issues. What makes the design of economic policy especially complex in this area is the fact that there are several superimposed and potentially conflicting...