This paper examines how monetary policy decisions in Brazil, regarding short term interest rates, have affected the term structure of interest rates. We apply an event study methodology in two distinct periods: between January 2000 and August 2003, right after the implementation of the inflation...

Despite the fact that after the second half of the 1990s studies of financial exclusion have gained strength among the studies about poverty and regional and social inequalities, a few studies about this problem had appear in the Brazilian economic literature. The present work contributes to the...

O artigo analisa a noção de capital fictício em Marx a partir das idéias de autonomia dos valores relativamente aos preços e de autonomia da circulação relativamente à produção. Explora, nesta análise, o debate sobre a forma valor entre marxistas, e a noção de capital financeiro,...

El modelo de valoración de activos basado en el consumo, CCAPM, ha sido objeto de estudio para distintas economías, dando lugar a diversas anomalías empíricas, entre ellas, el denominado enigma de la prima de riesgo. Los valores del parámetro de aversión relativa al riesgo necesarios para...

The paper analyzes the development of the contemporary globalized financial system as a consequence of the innovations introduced by private markets, but mostly the strategy of the governments, particularly the US. This new global financial system, based on the floating dollar, generated many...

The credit increased expressive and continuously throughout the Lula government, even after the 2008 crisis. This study aims to analyze this process and its determinants. We identify two different periods. We concluded that changes in legislation as well as financial innovations, in a favorable...

This paper analyzes on a comparative basis the impact of the two major contemporary financial crises in Japan and in the United States. They were both the result of the burst of speculative bubbles that had allowed the high increase in the value of real estate and equity. The abrupt reversal of...

This paper deals with the financial wealth. It shows, firstly, how it was inserted into the Systems of National Accounts recommended by multilateral institutions, and, in particular, how it is treated by the most recent version of the system (2008). After that, it discusses the evolution and the...

This study aims to show that during the cycle of credit expansion occurred in the Brazilian economy between 2003 and 2010, public banks had acted with a degree of liquidity preference higher than that of private banks until the international financial crisis. The need to achieve economic and...