Itens para a visualização no momento 1-20 of 28

    • The trade-off between incentives and endogenous risk 

      Tsuchida, Marcos H.; Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde (Escola de Pós-Graduação em Economia da FGV, 2004-02-01)
      Standard models of moral hazard predict a negative relationship between risk and incentives, but the empirical work has not confirmed this prediction. In this paper, we propose a model with adverse selection followed by ...
    • A teoria monetária moderna e o equilíbrio geral Walrasiano com um número infinito de bens 

      Araújo, Aloísio Pessoa de (Escola de Pós-Graduação em Economia da FGV, 1984)
    • Speculative attacks, openness and crises 

      Santos, Rafael Chaves; Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva (Escola de Pós-Graduação em Economia da FGV, 2007-09-01)
      In this paper we propose a dynamic stochastic general equilibrium model to evaluate financial adjustments that some emerging market economies went through to overcome external crises during the latest decades, such as ...
    • Speculative attacks on debts, dollarization and optimum currency areas 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva (Escola de Pós-Graduação em Economia da FGV, 2002-04-01)
      The purpose of this article is to contribute to the discussion of the financial aspects of dollarization and optimum currency areas. Based on the model of self-fulfilling debt crisis developed by Cole and Kehoe [4], it is ...
    • Speculative attacks on debts and optimum currency area: a welfare analysis 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva (Escola de Pós-Graduação em Economia da FGV, 2003-11-14)
      Traditionally the issue of an optimum currency area is based on the theoretical underpinnings developed in the 1960s by McKinnon [13], Kenen [12] and mainly Mundell [14], who is concerned with the benefits of lowering ...
    • Social welfare analysis in a simple financial economy with risk regulation 

      Araújo, Aloísio Pessoa de; Vicente, José (Escola de Pós-Graduação em Economia da FGV, 2007-09-01)
      In the last years, regulating agencies of rnany countries in the world, following recommendations of the Basel Committee, have compelled financiaI institutions to maintain minimum capital requirements to cover market risk. ...
    • Pure strategy equilibria of multidimensional and non-monotonic auctions 

      Moreira, Humberto Ataíde; Araújo, Aloísio Pessoa de; Castro Filho, Luciano I. de (Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2004-11-01)
      We give necessary and sufficient conditions for the existence of symmetric equilibrium without ties in interdependent values auctions, with multidimensional independent types and no monotonic assumptions. In this case, ...
    • Past and future of the bankruptcy law in Brazil and Latin America 

      Araújo, Aloísio Pessoa de; Funchal, Bruno (Escola de Pós-Graduação em Economia da FGV, 2005-08-01)
      This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature and its evolution on this subject. Next, we examine the economic incentives ...
    • A note on learning chaotic sunspot equilibrium 

      Araújo, Aloísio Pessoa de; Maldonado, Wilfredo Fernando Leiva (Escola de Pós-Graduação em Economia da FGV, 2001-05-01)
      In this paper we prove convergence to chaotic sunspot equilibrium through two learning rules used in the bounded rationality literature. The rst one shows the convergence of the actual dynamics generated by simple adaptive ...
    • Non-monotone insurance contracts and their empirical consequences 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde (Escola de Pós-Graduação em econômia da EPGEEscola de Pós-Graduação em Economia da FGV, 2002-04-16)
      The goal of this paper is to show the possibility of a non-monotone relation between coverage ans risk which has been considered in the literature of insurance models since the work of Rothschild and Stiglitz (1976). We ...
    • Monetary arrangements for emerging economies 

      Santos, Rafael Chaves; Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva (Escola de Pós-Graduação em Economia da FGV, 2007-09-01)
      In this paper we look at various alternatives for monetary regimes: dollarization, monetary union and local currency. We use an extension of the debt crisis model of Cole and Kehoe ([3], [4] and [5]), although we do not ...
    • A model of mixed signals with applications to countersignaling an the GED 

      Gottlieb, Daniel; Moreira, Humberto Ataíde; Araújo, Aloísio Pessoa de (Escola de Pós-Graduação em Economia da FGV, 2004-07-01)
      We develop a job-market signaling model where signals may convey two pieces of information. This model is employed to study the GED exam and countersignaling (signals non-monotonic in ability). A result of the model is ...
    • As leis de falência: uma abordagem econômica 

      Araújo, Aloísio Pessoa de (Escola de Pós-Graduação em Economia da FGV, 2003-02-02)
      O nosso objetivo neste trabalho é o de estudar as Leis de Falência sob o enfoque da Teoria Econômica. Neste sentido, apresentamos algumas das sugestões feitas na literatura recente e estudamos a conveniência de sua aplicação ...
    • Inflation targeting, credibility and confidence crises 

      Araújo, Aloísio Pessoa de; Santos, Rafael Chaves (Escola de Pós-Graduação em Economia da FGV, 2007-09-01)
      We study the interplay between the central bank transparency, its credibility, and the ination target level. Based on a model developed in the spirit of the global games literature, we argue that whenever a weak central ...
    • How much debtors' punishment? 

      Araújo, Aloísio Pessoa de; Funchal, Bruno (Escola de Pós-Graduação em Economia da FGV, 2006-05-01)
      This paper investigates how the bankruptcy exemptions applied by the Personal Bankruptcy Law in each American state a§ect the aggregated level of individuals and small businessesí loans. Higher levels of bankruptcy exemptions ...
    • O Hedge da divida externa brasileira 

      Araújo, Aloísio Pessoa de; Semblano, Amélia de Fátima F.; Morales, Maria Haydée; Barbosa, Túlio Luz (Escola de Pós-Graduação em Economia da FGV, 1994-04)
      Este relatório visa a apresentação de propostas para o hedge da divida externa brasileira e a aplicação das reservas. Na primeira parte, vamos fazer um resumo das principais questões envolvidas. Nela são apresentados os ...
    • A general lagrangian approach for non-concave moral hazard problems 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde (Escola de Pós-Graduação em Economia da FGV, 2000-07-01)
      We establish a general Lagrangian for the moral hazard problem which generalizes the well known first order approach (FOA). It requires that besides the multiplier of the first order condition, there exist multipliers for ...
    • A general lagrangian approach for non-concave moral hazard problems 

      Araújo, Aloísio Pessoa de; Moreira, Humberto Ataíde (Escola de Pós-Graduação em Economia da FGV, 2001-06-01)
      We establish a general Lagrangian for the moral hazard problem which generalizes the well known first order approach (FOA). It requires that besides the multiplier of the first order condition, there exist multipliers for ...
    • Equilibria in security markets with a continuum of agents 

      Monteiro, P. K.; Araújo, Aloísio Pessoa de; Martins-da-Rocha, Victor Filipe (Escola de Pós-Graduação em Economia da FGV, 2003-11-01)
      We prove the existence of a competitive equilibrium for exchange economies with a measure space of agents and for which the commodity space is ` p, 1 < p < +∞. A vector x = (xn) in ` p may be interpreted as a security which ...
    • Endogenous collateral: arbitrage and equilibrium without bounded short sales 

      Páscoa, Mario Rui; Araújo, Aloísio Pessoa de; Barbachan, José Santiago Fajardo (Escola de Pós-Graduação em Economia da FGV, 2001-05-01)
      We study the implications of the absence of arbitrage in an two period economy where default is allowed and assets are secured by collateral choosen by the borrowers. We show that non arbitrage sale prices of assets are ...