Inasmuch as the investment-savings correlation is related to capital immobility and each country has specific and time-varying capital account liberalization and financial deregulation processes, we might not expect a constant and identical correlation for a group of countries. We performed both...

One of the reasons for the existence of social security systems is that they function as an income redistribution mechanism (Diamond, 1977). Nevertheless, there is no obvious consensus about this social security property. We test it to the Brazilian case and try to answer an additional question:...

This article investigates the effects of privatization under Brazil's National Privatization Program (PND) during the 1990s on companies' capital structure. Our model suggests that privatized firms increased their market leverage by 10--14% on average relative to the level before privatization....