In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

This paper deals with the financial wealth. It shows, firstly, how it was inserted into the Systems of National Accounts recommended by multilateral institutions, and, in particular, how it is treated by the most recent version of the system (2008). After that, it discusses the evolution and the...

This paper analyzes on a comparative basis the impact of the two major contemporary financial crises in Japan and in the United States. They were both the result of the burst of speculative bubbles that had allowed the high increase in the value of real estate and equity. The abrupt reversal of...

The credit increased expressive and continuously throughout the Lula government, even after the 2008 crisis. This study aims to analyze this process and its determinants. We identify two different periods. We concluded that changes in legislation as well as financial innovations, in a favorable...

The big banks in Brazil shows excellent results at different macroeconomic contexts. In environments of business expansion, they expand its financial intermediation results, mainly through credit operations. In recession times, in turn, they expand their operations with government bonds as well...

Financial constraints on Brazilian firms are very high compared to advanced economies. In Brazil, 59% of firms have access to a bank loan or a credit line. In developed countries, the average percentage is 95%. Loan collateral requirements are much higher in Brazil (95% of the loan value) than...

In this paper, the relationship between macroeconomic fundamentals and asset prices is explored by estimating the impact of macroeconomic announcements in the Brazilian futures market. Using intraday data from October 2008 to January 2011, results show that external macroeconomic announcements...

This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process....

This study aims to show that during the cycle of credit expansion occurred in the Brazilian economy between 2003 and 2010, public banks had acted with a degree of liquidity preference higher than that of private banks until the international financial crisis. The need to achieve economic and...