We analyze the Brazilian experience in the 1990s to assess the effectiveness of controls on capital inflows in restricting financial inflows and changing their composition towards long term flows. Econometric exercises (VARs) showed that controls on capital inflows were effective in deterring...

We present critical examination of the role of the speculator in transitional market-based economies. Speculators provide additional liquidity to the market and, in general, enhance the operational efficiency of the market. This serves to reduce the cost of capital which has broad positive...

Capital markets play an important role in the economic development of emerging capital markets. Well functioning markets insure that both corporations and investors get or receive fair prices for their securities. This ensures that valuable projects will be financed and negative value projects...

Este estudo tem como objetivo analisar a descoberta de preços no mercado cambial brasileiro e indicar qual dos mercados (à vista ou futuro) se ajusta mais rapidamente à chegada de novas informações. Utilizando-se dados em alta frequência entre janeiro de 2008 e junho de 2013, estimaram-se...

A recent literature shows that cross-listing in the U.S., mainly through ADRs, protects minority shareholders of countries that offer weak legal protection to investors. Yet, this literature does not show evidence of corporate decisions that ADRs are likely to discipline. This paper uses data on...