The Brazilian experience is of particular interest as a case study into the fiscal scope for public sector investments, especially in infrastructure. Brazil has one of the highest tax burdens in the world and, at the same time, the public sector has been registering a historic low in investment,...

The objective of our work is to study the term structure of interest rates and the sovereign credit spreads of emerging markets. We develop a model from term structure, credit risk and vector autoregressive models, based on the articles by Ang and Piazzesi (2003) and Ang, Dong and Piazzesi...

Our objective is to implement a credit risk pricing model for sovereign bonds and estimate the model for a historical series of yields of emerging markets bonds. We use a reduced model with a Vasicek 2-factor model on Brazilian sovereign data. The estimation occurs in two stages. Using Maximum...

n this article we estimate the relationship between inflation and trade openness [e.g., Romer (1993)] using modern panel data techniques. The advantage here is that we are able to explicit test the hypothesis proposed by Terra (1998) that the negative relationship between openness and inflation...

The goal of this paper is to test the Husted model and to inspect the long-run sustainability of Brazilian current account in a very specific period of time (1996-2005) by the use of monthly data. We have tested the inter-temporal budget constraints (IBC) condition via unit root test with...

This paper analyses the Brazilian agricultural growth since January 1999, when a new exchange rate policy was adopted by the country. The analysis focuses on the behavior of the exchange rate and international commodity prices throughout the period 1999-2004. It is also analysed the behavior of...

We build a two-country version of the model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain DSGE model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...

TIn this paper, we examine the determinants of Brazilian city growth between 1970 and 2000. We consider a model of a city, which combines aspects of standard urban economics and the new economic geography literatures. For the empirical analysis, we constructed a dataset of 123 Brazilian...

O presente texto revisita a discussão sobre planejamento e gestão no Brasil e reflete sobre as possibilidades atuais de reconciliação entre essas funções contemporâneas do Estado na promoção do desenvolvimento nacional. A partir de um resgate histórico da atuação do Estado...

With the emergence of the internet, the e-commerce grows on daily basis, in Brazil and in the world. In 2007 was still very low by Brazilian trade firms, even considering only firms with 20 or more employees. Only 855 firms adopted this practice in a total of 38.339 firms. The set up of this...