The debenture (corporate bond) is considered a great financial instrument in terms of funding for the non-financial firms in the Brazilian market. The intermediation would be done in the capital market instead of through the commercial banks. The key issue for the development of this market is...

This article implements the minimum variance frontier for the stochastic discount factor, according to both Hansen and Jagannathan (1991) and Cochrane and Hansen (1992), for the Brazilian stock market. Two approaches are considered in terms of equity returns and equity premium, respectively, the...

Contrasta a técnica empregada pelas autoridades reguladoras do mercado de correspondentes com a prática contratual estabelecida nesse mercado pelas instituições autorizadas a funcionar pelo Banco Central do Brasil (BCB). Conclui que o efetivo alcance dos objetivos da regulação mostra-se...

Presents the main legal aspects of the Local Currency Payment System (Sistema de Pagamentos em Moeda Local – SML), operated by the Central Bank of Brazil and the Central Bank of the Republic of Argentina since October 2008. I analyse the normative texts concerning the creation and the...

In Brazilian tax law there are perceptible tensions between what can be considered “legal” and what must be treated as “economic”. Some older views remain against the incorporation of economic considerations into legal discourse. More recently legal scholars have suggested that legal...