This paper investigates whether or not multivariate cointegrated process with structural change can describe the Brazilian term structure of interest rate data from 1995 to 2006. In this work the break point and the number of cointegrated vector are assumed to be known. The estimated model has...

This article investigates the existence of contagion between countries on the basis of an analysis of returns for stock indices over the period 1994-2003. The economic methodology used is that of multivariate GARCH family volatility models, particularly the DCC models in the form proposed by...

Com a implementação do Acordo de Basiléia II no Brasil, os grandes conglomerados bancários poderão utilizar o chamado modelo IRB (Internal Ratings Based) para cômputo da parcela de risco de crédito da exigência de capital. O objetivo deste trabalho é mensurar a diferença entre o...

A consolidate democracy supposes a capable state, and both require strong nation and active civil society. Several democracies in Latin America fail to attain such requirements because they did not complete their capitalist revolutions, and the economic surplus continues to depend on the direct...

Industrial entrepreneurs formed with public bureaucracy a political pact that was dominant in Brazil from the 1930s to the 1980s. National-developmentalism was the development strategy that they adopted. The economic and political disaster that represented the Plano Cruzado (1986) and the world...

The 2008 global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on selfregulated and efficient markets. Although...

The twenty century socialist revolutions have turned, first, into statist or technobureaucratic systems and, second, have proved to be a path to capitalism to the extent that the state is an effective instrument to promote forced savings. The first conversion derived from the high initial...

This paper explores the link between environmental policy and economic growth by employing an extension of the AK Growth Model. We include a state equation for renewable natural resources. We assume that the change in environmental regulations induces costs and that economic agents also derive...

This manuscript empirically assesses the effects of political institutions on economic growth. It analyzes how political institutions affect economic growth in different stages of democratization and economic development by means of dynamic panel estimation with interaction terms. The new...

Moral concepts affect crime supply. This idea is modelled assuming that illegal activities is habit forming. We introduce habits in a intertemporal general equilibrium framework to illegal activities and compare its outcomes with a model without habit formation. The findings are that habit and...