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Author: Publisher: ISBN: Category : Languages : pt-BR Pages :
Book Description
Esta dissertação visa propor e analisar, no contexto de modelos dinâmicosestocásticos de equilíbrio geral com rigidez de preços, possíveis explicações parao fato estilizado de que o juro no Brasil é excessivamente alto. As implicaçõesde diferentes hipóteses aplicadas aos modelos serão analisadas através de funçõesde resposta a impulso (FRIs). Será analisada, quando possível, a evidênciaempírica disponível na literatura a favor ou contra cada hipótese, e as FRIsmostrarão o comportamento dinâmico da economia calibrada sob cada hipótese. São compatíveis com um juro real básico mais alto por um período prolongado asseguintes hipóteses: alta taxa subjetiva de desconto intertemporal, alta indexaçãode preços, baixa potência da política monetária, e diminuição da credibilidade doBanco Central frente o crescimento da dívida pública (um caso de dominânciafiscal).
Author: Publisher: ISBN: Category : Languages : pt-BR Pages :
Book Description
Esta dissertação visa propor e analisar, no contexto de modelos dinâmicosestocásticos de equilíbrio geral com rigidez de preços, possíveis explicações parao fato estilizado de que o juro no Brasil é excessivamente alto. As implicaçõesde diferentes hipóteses aplicadas aos modelos serão analisadas através de funçõesde resposta a impulso (FRIs). Será analisada, quando possível, a evidênciaempírica disponível na literatura a favor ou contra cada hipótese, e as FRIsmostrarão o comportamento dinâmico da economia calibrada sob cada hipótese. São compatíveis com um juro real básico mais alto por um período prolongado asseguintes hipóteses: alta taxa subjetiva de desconto intertemporal, alta indexaçãode preços, baixa potência da política monetária, e diminuição da credibilidade doBanco Central frente o crescimento da dívida pública (um caso de dominânciafiscal).
Author: Mr.Alex Segura-Ubiergo Publisher: International Monetary Fund ISBN: 146393839X Category : Business & Economics Languages : en Pages : 20
Book Description
This paper highlights that real interest rates in Brazil have declined substantially over time, but are still well above the average of emerging market inflation targeting regimes. The adoption of an inflation-targeting regime and better economic fundamentals (reduction in inflation volatility and improvements in the fiscal and external positions) has helped Brazil sustain significantly lower real interest rates than in the past. Going forward, the paper shows that Brazil can converge towards lower equilibrium real interest rates if domestic savings increase to the level of other emerging market countries. The effect is particularly pronounced if the increase in domestic savings is achieved through higher levels of public savings. Still, econometric results suggest that, controlling for everything else in the model, real interest rates in Brazil are about two full percentage points higher than in other countries in the sample, suggesting that there are still Brazil-specific factors that have not been captured by the empirical analysis. Some of these factors may include credit market segmentation and inflation inertia generated by still pervasive indexation practices.
Author: Mr.Alex Segura-Ubiergo Publisher: International Monetary Fund ISBN: 1463948263 Category : Business & Economics Languages : en Pages : 20
Book Description
This paper highlights that real interest rates in Brazil have declined substantially over time, but are still well above the average of emerging market inflation targeting regimes. The adoption of an inflation-targeting regime and better economic fundamentals (reduction in inflation volatility and improvements in the fiscal and external positions) has helped Brazil sustain significantly lower real interest rates than in the past. Going forward, the paper shows that Brazil can converge towards lower equilibrium real interest rates if domestic savings increase to the level of other emerging market countries. The effect is particularly pronounced if the increase in domestic savings is achieved through higher levels of public savings. Still, econometric results suggest that, controlling for everything else in the model, real interest rates in Brazil are about two full percentage points higher than in other countries in the sample, suggesting that there are still Brazil-specific factors that have not been captured by the empirical analysis. Some of these factors may include credit market segmentation and inflation inertia generated by still pervasive indexation practices.
Author: Timothy J. Kehoe Publisher: U of Minnesota Press ISBN: 1452965846 Category : Business & Economics Languages : en Pages : 643
Book Description
A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research. A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries. Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.
Author: Fernando Ferrari-Filho Publisher: Edward Elgar Publishing ISBN: 1802203982 Category : Business & Economics Languages : en Pages : 261
Book Description
This book focuses on the recent trends of monetary policy in Latin America. It analyzes how the actions of central banks and the monetary regimes of some Latin American countries have affected the economic performance of these countries, mainly in response to the international financial crisis (IFC) and COVID-19 crisis.
Author: Kappes, Sylvio Publisher: Edward Elgar Publishing ISBN: 1839100931 Category : Business & Economics Languages : en Pages : 415
Book Description
Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally.
Author: P. Arestis Publisher: Springer ISBN: 0230390102 Category : Business & Economics Languages : en Pages : 236
Book Description
This book assesses the performance of the first Lula government (2002-06) from different perspectives including economics, politics, history and social policy. While the focus is on Brazil, it also refers to the experiences of similar countries both for comparative purposes and for evidence of the success or otherwise of this 'new' era for Brazil.
Author: L. Randall Wray Publisher: Springer ISBN: 1137539925 Category : Business & Economics Languages : en Pages : 322
Book Description
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Author: Anjali Kumar Publisher: World Bank Publications ISBN: 9780821357163 Category : Business & Economics Languages : en Pages : 698
Book Description
There is an increasing awareness that access to financial services can contribute to economic growth and poverty reduction. This study focuses on the delivery of financial services in Brazil, one of the world's most important emerging financial markets. It examines different aspects of financial service provision, and explores approaches to address problems of financial exclusion. Topics discussed include: microfinance schemes; private banking; rural finance systems; institutional infrastructure; and the role of government policy.
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Author: 
Author: Mr.Alex Segura-Ubiergo
Author: Thereza Balliester Reis
Author: Mr.Alex Segura-Ubiergo
Author: Timothy J. Kehoe
Author: Fernando Ferrari-Filho
Author: Kappes, Sylvio
Author: P. Arestis
Author: L. Randall Wray
Author: Anjali Kumar