The paper shows some of the main contributions of Celso Furtado in Brazilian economic development. First, it is treated some aspects of his contributions to the structuralist theory and his role as policy maker in that process. After that, some specific aspects of Furtado’s analysis are...

This paper analyse the influences of speculative capital movements on exchange rate levels and its volatility in Brazil. Approaches based only in fundamentals are unable to explain some empirical regularity. The speculative behaviour needs to be considered. In particular, empirical works...

This paper analyse the determinants of investment in Brazil in an environment of globalisation. To achieve a proper identification the economy is divided in three sectors: public, domestic private and international private. Since the growth of volatility is one of the main results of the...

There is consensus in the economic literature that reserve requirement is a tax levied upon financial intermediation. The incidence of the tax, however, is still a controversial issue. In this paper, we test whether the impact of changes in reserve requirements in the stock returns of the...

We study participation and relative earnings in the formal, informal, and self-employed sectors in Bolivia. We estimate quantile earnings equations corrected for self-selectivity to address potential biases in the estimates of relative earnings gaps due to the endogeneity of sector...

The economic literature contains extensive discussions on relationship between foreign constraints and economic growth. Since the beginning of the 1990’s one debate concentrates on the nature of macroeconomic policies to expand domestic demand in Brazil in an environment of capital flows...

The purpose of this paper was threefold. First, we presented a flexible analytical framework, based on sound and consistent economic theory and data, in order to assess the likely state/sectoral/income effects of policy changes in Brazil. This is the first fully operational interstate CGE model...