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...

This paper examines the recent evolution of monetary policy since the adoption of formal inflation targeting in Brazil. We argue that the new policy framework has been subject to a severe test in its first years of existence, represented by external shocks - oil prices, and increased...

In this paper, I investigate the patterns of price adjustments in Brazil. I derive the main stylized facts describing the behavior of price setters directly from a large data set of the CPI price quotes spanning approximately ten years until 2006. I find that on average prices remain unchanged...

We develop and estimate a medium-size, semi-structural model for Brazil's economy during the inflation targeting period. The model captures key features of the economy, and allows us to investigate the transmission mechanisms of monetary policy. We decompose the monetary channels into household...

Our goal in this paper is to study the Bankruptcy Laws under the approach of the Economic Theory. In this sense, we present some suggestions of the recent literature and study the convenience of their practical use. We also show, through numerical examples, how to obtain a Pareto improvement by...