This paper develops the hypothesis that the co-existence of state owned banks with privately owned banks together tends to raise interest rates spreads and profitability of privately owned banks. This hypothesis can help explain the relationship between the share of state owned banks on total...

The purpose of the present study is to identify the effects of monetary policy and macroeconomic shocks on the dynamics of the Brazilian term structure of interest rates. We estimate a near-VAR under the identification scheme proposed by Christiano et al. (1996, 1999). The results resemble that...

This paper combines poverty considerations in the social welfare function and tax evasion into an optimal general income tax problem. It investigates the optimal audit and tax structures using a model with two types of individual, endogenous labor supply and a hybrid social welfare function that...

The proportion of long-term unemployed (6 or more months) in the six major metropolitan areas in Brazil has grown 72% between 1986 and 2000. At the same time, the average duration of unemployment has risen 43% for the same period. This worrisome information motivates our purpose in this work:...

In this paper, we calculate the necessary payroll tax to reach the financial equilibrium of the retirement system for formal workers in the private sector in Brazil (INSS). Such an exercise allows us to identify the formal employees who contribute to the increase of the INSS deficit. Although we...

The objective of this study is to evaluate the different channels in which human capital affects income level and growth and to use a proxy of human capital variable that incorporates quantitative and qualitative aspects of this factor. The human capital proxy that will be used is years of...

We studied the cyclical and growth properties of Brazilian per capita output from 1850 to 2000. Contrary to the experience of some developed countries, we did not find large changes in the volatility of per capita output. However, we obtained evidence that the oscillations in economic activity...

A recurrent issue in the empirical literature that relates real exchange rate levels and growth is the relatively undervalued level of the Asian currencies when compared to Latin American and African ones for the period 1970 to 1999. In most works, higher per capita growth rates and lower...

We present a simulation exercise of classical free competition in which individual capitals attracted by prospective rates of profit move across industries in their Moore neighborhoods. Capitals, in general, never settle down to a fully equalized general rate of profit position and the most...

This paper evaluates the main determinants of the American Foreign Direct Investment (IDE) flows throughout the recent period. We estimate a gravity model for testing the hypothesis that transnational corporations' decisions concerning IDE are influenced by the sector of activity to which they...