This paper studies the effects of property-titling on labor supply. The role of legal ownership security is isolated by comparing the effect that being part of, or excluded from, a land title program in a unique quasi-experiment in two similar communities in the Brazilian city of Osasco. Our...

This paper characterizes the term structure of Treasury bond yields for Brazil, and estimates a Nelson-Siegel Model to reproduce its stylized facts for the period 2004-2010. For this purpose, this paper uses a software developed by Fund staff. In addition, the paper estimates two versions of the...

This collection of papers delivered at a seminar, moderated by André Lara Resende, in Rio de Janeiro, Brazil, addresses the issues considered pertinent to the consolidation of stability, the recovery of growth, and the process of stabilization undertaken in the aftermath of the inflationary...

This paper analyzes several issues regarding fiscal sustainability and fiscal adjustment in Brazil during 1990 and searches for econometric evidence of a monetary dominant regime during some subperiods. The following statistical data are also presented in detail: macroeconomic flows and...

A strong policy framework and improved income distribution and social outcomes have been important accomplishments in Brazil. The 2012 Article IV Consultation highlights that financial stability in Brazil has been underpinned by a strong banking system and framework for regulation and...

This Selected Issues Paper discusses the macroeconomic implications of pension reforms in Brazil. It assesses empirically the relationship between fiscal policy and the real effective exchange rate in emerging markets and draws policy implications. It reviews the current status of local capital...

This report is a full assessment of Brazil’s compliance with the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS) as adopted in October 2011. In the last few years, the Brazilian insurance industry experienced an explosive growth doubling the...

This report is a detailed assessment of Brazil’s compliance with the Basel Core Principles. Brazil has a well-defined banking supervision process that grants the Banco Central do Brasil (BCB) broad enforcement powers to carry out corrective actions. The licensing process has been enhanced, and...

During the past two years Latin America has received sizable international capital inflows. This paper compares the recent experience with that of the late 1970s. The analysis examines differences and similarities between the two episodes in three broad areas: domestic macroeconomic conditions...

This paper examines a real interest rate targeting procedure based on lagged inflation similar to the policy followed by the Brazilian monetary authorities during the period November 1986 to December 1988, focusing on the issue of the determinacy of the price level. For the specific model...