Regarding the importance of fiscal policy in smoothing the impact of shocks such as the international financial and economic crises, the paper analyzes the sustainability of the Brazilian fiscal policy by taking into consideration the possibility of multiple endogenous structural breaks on the...

This paper is a contribution to the analysis concerning fiscal insurance and public debt management. We built fiscal indicators and present empirical evidence for the effect of the public debt management on the fiscal insurance based on the Brazilian economy. The analysis is based on two steps:...

Since the mid 1990s, theories of speculative attacks have argued that fixed exchange rate regimes induce excessive borrowing in foreign currency as an optimal response to implicit guarantees that the government will not devalue the domestic currency. Using data on Brazilian firms before and...

This paper investigates the decrease in wage inequality among working age men in the Brazilian formal labor market by decomposing it into its permanent and transitory components. The permanent component refers to workers' productivity characteristics such as education and abilities, whereas the...

In third generation currency crises models, balance sheet losses from currency depreciations propagate the crises into the real sector of the economy. To test these models, we built a firm-level database that allowed us to measure currency mismatches around the 2002 Brazilian currency crisis. We...

This paper systematically surveys the use of different approaches for the magic square (MS) as an indicator of welfare, a formal system of necessary relations to deal with conflicts of socioeconomic objectives. The starting point is the article of Kaldor (1971) followed by contributions by the...