This paper develops a statistical model to study the brazilian country risk using a country beta model in spirit of Harvey and Zhou (1993), Erb et. al. (1996a, 1996b) and Gangemi et. al. (2000). Specifically, we analyze the impact of macroeconomic variables using a time-varying parameter...

The goal of this paper is to provide a better understanding of monetary policy effectiveness in the case of indexed bonds. When public debt management deals with bonds indexed to the interest rate set by the monetary policy, there is no wealth effect and, as a consequence, monetary policy has a...

The main objective of this paper is to asses the tourism activity in Brazil, and examine, particularly, its capacity to generate employment. To this aim an input output matrix, that considers the tourism as a set of sectors of the economy, was computed for the year 2006. This matrix made it...

This book discusses the future of MERCOSUR, focusing on monetary union and macroeconomic policy co-ordination, and addresses a number of important questions including: is it possible, or even desirable, to achieve monetary integration?; what would the pre-conditions be for establishing such a...

The World Tourism Organization define tourists as being those who travel and stay away from their homes for a less than one-year period. In economic terms, tourism is seem as an activity that implies outlays from those far from home between at least a twenty-four-hour period and, at most, one...

Recently a number of emerging economies, with high inflation and various kinds of imbalances have experienced what has come to be referred to as dollarization - the phenomenon of currency substitution where the dollar gradually replaces the national currency in the performance of its fundamental...