Brazil has the fifth biggest population and territory and is on its way to become also the number five on the GDP world ranking list. The country should be expected to be one of the leading countries in the reform of the world power system in an active and creative way. It was in this...

Brazil has the fifth biggest population and territory and is on its way to become also the number five on the GDP world ranking list. The country should be expected to be one of the leading countries in the reform of the world power system in an active and creative way. It was in this...

Political economy literature considers fiscal federalism as a mechanism to refrain the growth of government. However, an unbalanced federalism may induce government growth. This paper studies the Brazilian case, in which the municipalities are beneficiaries of a common pool of federal and state...

This paper analyses the causes of the failure of Banco Nacional and the resolution method adopted by the Brazilian central bank. The program (PROER) designed by the central bank and its legal framework allowed the failed bank to buy “defaulted securities”, financed by the central bank, and...