The aim of this paper is to test whether or not there was evidence of contagion across the various financial crises that assailed some countries in the 1990s. Data on sovereign debt bonds for Brazil, Mexico, Russia and Argentina were used to implement the test. The contagion hypothesis is tested...

In light of the market microstructure literature, we have compared the two main FX markets in Brazil: the spot market and the futures market (the next to mature contract). Our objective is to identify in which market FX rate is determined. We analyze FX markets at its micro level: its...

Este artigo tem como objetivo verificar a robustez do contéudo preditivo de regras da análise técnica, usando informações intradiárias do mercado futuro do índice de ações da Bolsa de Valores de São Paulo (Ibovespa Futuro). A metodologia sugerida foi a avaliacão em grupos, conforme os...

This paper contains my version of the history of inertial inflation. The first complete formulation of the theory is in a 1983 paper by myself and Nakano; and the first paper that proposed a price shock combined with a conversion table is a 1984 paper also by the same authors. Resende and Arida...

State and market are complementary institutions. The state is the major institution coordinating modern societies; it is the constitutional system and the organizations guaranteeing it; it is the main instrument through which democratic societies have been changing capitalism so as to achieve...

The failure of the Washington Consensus and of macroeconomic policies based on high interest rates and non-competitive exchange rates to generate economic growth prompted Latin America to formulate national development strategies. New developmentalism is an alternative strategy not only to...

This paper examines how monetary policy decisions in Brazil, regarding short term interest rates, have affected the term structure of interest rate. We apply an event study methodology in two distinct periods: between January 2000 and August 2003, right after the implementation of the inflation...

In developing countries there is a tendency to the overvaluation of the exchange rate. It has two structural causes: the Dutch disease and the attraction that higher profit and interest rates usually prevailing in developing countries exert on foreign capitals, and four policy causes: the policy...