The paper focuses on the existing connection between price formation decisions and the standards of financial adjustment of the Brazilian big industrial companies. It discusses the impact of the transition from the eighties to the nineties in corporate funding standards. The link between the...

Existe um grande debate sobre o impacto fiscal dos empréstimos do Tesouro Nacional (TN) ao Banco Nacional de Desenvolvimento Econômico e Social (BNDES). Dado que os empréstimos possuem custo indexado majoritariamente à Taxa de Juros de Longo Prazo (TJLP), há, em princípio, subsídio igual...