We studied the cyclical and growth properties of Brazilian per capita output from 1850 to 2000. Contrary to the experience of some developed countries, we did not find large changes in the volatility of per capita output. However, we obtained evidence that the oscillations in economic activity...

This paper tells the history of Brazilian stock market returns since the creation of the Ibovespa (the main Brazilian stock market index). From 1968 to 2019, the arithmetic mean real return of the Brazilian stock market is 21.3% per year. The equity premium is 20.1% per year, with a huge annual...