The production of ethanol has increased in United States and Brazil in recent years, because of incentives to reduce gas consumption. In Brazil, there is a big program to use ethanol both as a single fuel or an additive to gas. In US, the incentive is to use ethanol combined to gas in proportion...

There is a general acceptance of the fact that a significant direct relationship between financial markets and macroeconomic variables exists, especially by considering the assertion that developed financial markets correspond to high GDP levels. This paper provides an investigation of the...