The authors investigate three central issues in public finance in Brazil: First, was the path of public debt sustainable during 1947-1992? Second, how has the government balanced the budget after shocks to either revenues or expenditures were observed? Third, are expenditures exogenous? (DSE/DÜI)

This paper provides an update of an earlier study undertaken by one of the authors and extends the analysis by modelling the determinants of rates of return, using an appropriate cointegration based approach. A second major extension was to test formally whether rates of return have been...

As markets worldwide become less regulated, it becomes increasingly possible and timely to establish the presence of an empirical relationship between technical efficiency and market forces compelling agents to economize. This article, taking an innovative approach to test the hypothesis that...

In a model where a variable Y[sub t] is proportional to the present value, with constant discount rate, of expected future values of a variable y[sub t] the "spread" S[sub t]= Y[sub t] - [theta sub t] will be stationary for some [theta] whether or not y[sub t]must be differenced to induce...