In the period 2001-2011, we had a strong increase in private credit in Brazil, which increased from 27.2% to 51.6% of gross domestic product (GDP). In addition, private credit with free resources (with interest rates freely negotiated in the market, without subsidies and without direction) went...

In this paper we investigate the macroeconomic and welfare effects of recent proposals to reduce the tax burden on the production sector in Brazil. We evaluate two specific policy measures: a) the replacement of social security taxes with a consumption tax; and b) the provision of tax incentives...

This paper aims to contribute to the debate on the best way to reduce the tax burden on the production sector in Brazil, by simulating an overlapping generations model calibrated to the country's economy. Our focus is on the comparison of the macroeconomic and welfare impacts brought about by...

The Programa Crescer is a sub-program under the Programa Nacional de Microcredito Produtivo Orientado (PNMPO), considered a microcredit policy aimed at low-income formal and informal micro-entrepreneurs, providing credit without collateral and with interest rates subsidized by the Governo...

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...

This paper explores the ECINF database, a survey conducted by the Brazilian Census Bureau that investigates micro-enterprises in Brazil. The linked employeremployee nature of the data was used to study the issue of matching between employers and employees. The results indicate the presence of...

The real impact of taxes on the economy can only be assessed when we consider the behavioral responses of economic agents due to these taxes. This paper shows how income taxation in Brazil gives incentives to some classes of taxpayers to incorporate in order to reduce their tax burden. Microdata...