Este artigo propoe uma equacao para a demanda por saldos reais de moeda em processos de inflacao elevada, que estende e generaliza o celebrado modelo de Cagan para as hiperinflacoes. O modelo e testado aplicando-o aos dados da hiperinflacao alema e pela analise da experiencia inflacionaria do...

Este artigo analisa as tendencias de evolucao do sistema eletrico brasileiro com o auxilio de um modelo de planejamento que permite calcular a estrategia de minimo custo para a expansao da oferta. As interligacoes inter-regionais, atraves de linhas de transmissao de grande capacidade, sao tambem...

This paper tests the occurrence of rational bubbles in the exchange rate of Brazil, Russia, India, China and South Africa (the ‘BRICS' countries group) against the US dollar. We consider bubbles of the periodically recurring variety, and assume that the fundamental value follows a modified PPP...

The structure introduced by Armington (1969) has been used to analyze trade policy in partial and general equilibrium models. The Armington elasticities, the degree of substitution between domestic and import goods are known to be important, but are seldom estimated empirically. Therefore, we...

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 (when...