Entre o final de janeiro de 1961 e 31 de março de 1964, o Brasil viveu um período de singular turbulência política, assistiu a única experiência parlamentarista da era republicana, teve três presidentes, cinco chefes de governo e seis ministros da Fazenda. A rotação no comando da...

In this paper we propose a smooth transition tree model for both the conditional mean and variance of the short-term interest rate process. The estimation of such models is addressed and the asymptotic properties of the quasi-maximum likelihood estimator are derived. Model specification is also...

While cross-country analysis suggests that corruption hinders economic growth, we have little evidence on the mechanisms that link corruption to long-run economic development. We provide micro-evidence on the consequences of corruption for the quality of education. We use data from the auditing...

Using the different response timings of credit demand and supply, we isolate supply shifts after monetary policy shocks. We show that the bank lending channel exists in Brazil: after an increase (decrease) in the basic interest rate (Selic), banks reduce (increase) the quantity of new loans and...

This paper surveys the formation and development of insurance business in Brazil. It describes its very first steps, from the colonial times and imperial era to recent events. Particular attention is given to regulatory changes, showing how they evolved in response to macroeconomic shocks that...

In 2004, Brazil provided an interesting natural experiment concerning personal credit. A new law was enacted allowing banks to offer loans with repayment through automatic payroll or social security benefit deduction, thus removing a significant part of the moral hazard problem by eliminating...

This paper analyzes the determinants of local institutions and distribution of political power within a constant ‘macro-institutional’ setting. We show that characteristics of Brazilian municipalities related to institutional quality and distribution of political power are partly inherited...