Most developing economies rely on foreign capital to finance their infrastructure needs. These projects are usually structured as long-term (25-35 year) franchises that pay in local currency. If investors evaluate their returns in terms of foreign currency, exchange rate volatility introduces...

We use a recent policy experiment in Rio de Janeiro, the installation of permanent police stations in low-income communities (or favelas), to quantify the relationship between a reduction in crime and the change in the prices of nearby residential real estate. Using a novel data set of detailed...

We use a recent policy experiment in Rio de Janeiro, the installation of permanent police stations in low-income communities (or favelas), to quantify the relationship between a reduction in crime and the change in the prices of nearby residential real estate. Using a novel data set of detailed...

We present projections of the trade and current account balances for Brazil in the period 2001/03. We show that external deficits shall persist during this period; given an international environment characterized by decreasing capital flows (especially those directed to emerging economies), this...

We investigate the relation between existing fiscal rules and investments in the context of a fiscal crisis in Brazil. We analyze existing fiscal rules at national and subnational levels, their enforcement, and proposed alternatives. Using narrative analysis, case studies, interviews, empirical...

The Brazilian electronics industry operates within a policy regime which has promoted excessive diversification rather than concentrating on developing strong technological capabilities in appropriate areas. The international competitiveness of most segments of the electronics industry declined...