We use two frameworks to analyze the recent Brazilian public debt management. The first one encompasses the Brazilian optimal public debt management analysis through the examination of the correlations among the main variables to which the public debt is indexed. The second seeks to address the...

Agents operating in illegal markets cannot resort to the justice system to guarantee property rights, to enforce contracts, or to seek protection from competitors’ improper behaviors. In these contexts, violence is used to enforce previous agreements and to fight for market share. This...

Entrepreneurship is usually indentified as an important determinant of aggregate productivity and long-term growth. The determinants of entrepreneurship, nevertheless, are not entirely understood. A recent literature has linked entrepreneurship to the development of the justice system. This...

This paper surveys the formation and development of insurance business in Brazil. It describes its very first steps, from the colonial times and imperial era to recent events. Particular attention is given to regulatory changes, showing how they evolved in response to macroeconomic shocks that...

This paper analyzes the determinants of local institutions and distribution of political power within a constant ‘macro-institutional’ setting. We show that characteristics of Brazilian municipalities related to institutional quality and distribution of political power are partly inherited...

With an overindebted public-sector, Brazil has been on the brink of a fiscal dominance problem for quite a long time. The term has been usually associated to a situation in which monetary policy becomes subordinated to fiscal needs. This paper calls attention to broader implications of prolonged...

This chapter on the Brazilian economy after 1994 is of a somewhat different nature compared to those on the economy in earlier periods. It is more speculative than its predecessors and based on a more restricted range of bibliographical material, as there is less consolidated research work on...

This paper explores the experience of information sharing, coordination, and integration of actions of the Civil and Military Polices in the state of Minas Gerais, Brazil, in the context of the IGESP program. The IGESP is based on the introduction of information management systems and...

In this paper we study the question of debt sustainability from a risk management perspective. The debt accumulation equation for any country involves variables that are stochastic and closely intertwined. When these aspects are taken into consideration the notion of debt sustainability is...