This paper studies the Brazilian term structure of interest rates and characterises how the term premia have changed over time. We employ a Kalman filter approach, which is extended to take into account regime switches and overlapping forecasts errors. Empirical evidence suggests that term...

The intuition behind this paper is that education has a significant role to play in the reduction crime policies in developing countries. In other words, the fact that universal education is not completed in developing countries could be one of the reasons of their high crime rates. This paper...

This paper examines the effects of land tenure insecurity originating from land reforms on deforestation in the Brazilian Amazonia. A non cooperative game model is developed where natural forests are considered as an open access resource and the strategic interactions between landowners and...

The aim of this paper is to investigate the existence of a spatial dependence of crime rates at a local level in the case of municipalities of Minas Gerais, one of the 26 Brazilian states. Results suggest the existence of a positive spatial autocorrelation of municipal violent crime rates....

We construct a dynamic general equilibrium model, calibrated to the Brazilian economy, in which a fraction of the firms set prices one quarter in advance. The artificial economy simulations generate series consistent with real data and with a typical estimation of a structural...

This article discusses the institutional mechanisms which characterized the degree of the independence of the Brazilian Central Bank since its creation in 1964 until the implementation of the Real Plan in 1994. The relationship between the Brazilian Treasury and the Central Bank is analyzed from...