The purpose of this article is to empirically evaluate the impact of the Provisional Contribution on Financial Turnover (CPMF) in the financial intermediation. More specifically, it analyzes the consequences of the introduction of the CPMF on: a) the number of checks issued; b) the CPMF base; c)...

This paper examines the impact on Brazilian stocks following American Depositary Receipts (ADRs) listing in the U.S. stock markets. Evidence suggests that a systematic change has taken place in the post-listing period as the multivariate variance ratio statistics have significantly decreased if...

This paper presents a framework developed to explain the private capital flows between the rest of the world and a small economy. Despite its simplicity, this framework - based on the monetary premium theory - brings answers to several questions regarding the capital flows phenomena, including...

The attitude towards inflation has changed thoroughly along the last decade. The change was basically motivated by three reasons: a) the high cost resulting from the inflation increase in the 70s and 80s; b) the lower than expected costs of the global disinflation in the 90s; and c) the...

Public Credit Registries contain data about borrowers' behaviour in the financial system and are, therefore, a valuable source of credit information. This paper examines the utility of different sets of information available at the Public Credit Register of the Central Bank of Brazil for...

This paper analyzes the behavior of the manufacturing industry after the reforms implemented in the nineties. We observed if the opening process generated increases in the average productivity of the manufacturing industry. Additionally, we estimated the markup of different industrial sectors...

The systemic risk in the financial system has been a constant concern for the international institutions and supervisory authorities. The financial crises occurred in several countries have caused significant economic damages and high social costs. The objective of this study is to measure the...

The main goal of this paper is to investigate the hypothesis that currency crisis models based on macroeconomic fundamentals explain, to some extent, the occurrence of speculative attacks and currency crisis in Brazil between January 1982 and January 1999. For this purpose, the external sector...

As in any Monte Carlo application, simulation option valuation produces imprecise estimates. In such an application, Descriptive Sampling (DS) has proven to be a powerful Variance Reduction Technique. However, this performance deteriorates as the probability of exercising an option decreases. In...

Recent literature has found two behavioral effects - house-money and myopic loss aversion (MLA) - in several experimental designs. We show that although we can find a house-money effect using survey methods this evidence disappears when we study investment decision within a multi-period...