In this paper we model foreign capital flow to Brazil as stemming from an investment decision that whose risk depends on the expected rate of loss of foreign reserves. This motivates the estimation of an empirical relationship between these two variables that is valid for “normal” periods...

Neste artigo admitimos que o fluxo de capital externo para o Brasil subordina-se auma decisão de investimento cujo nível de risco depende da taxa esperada de perda dereservas internacionais. Isso foi motivado pela estimação que fazemos de uma relaçãoempírica entre essas duas variáveis...

Globalization and regional economic integration have increased factor mobility and have reduced commercial barriers among countries. In this context, tax competition among national (subnational) governments to attract factors of production and consumers to their respective jurisdictions became...

A specification for the demand for money in economies where inflation is high and stochastic is presented. It uses a generalized functional form and includes the variance of the inflation rate as an explanatory variable, and is estimated for Brazil in the period 1974/94 under the assumption that...

In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

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...