The increasing availability of social statistics in Latin America opens new possibilities in terms of accountability and incentive mechanisms for policy makers. This paper addresses these issues within the institutional ...

This paper is a theoretica1 and empirica1 study of the re1ationship between indexing po1icy and feedback mechanisms in the inflationary adjustment process in Brazil. The focus of our study is on two policy issues: (1) did ...

The Brazilian pay-as-you-go social security program is analyzed in a historical perspective. Its contribution to income inequality, and the role played by the inflation as a balancing variable are discussed. It is shown ...

Verdelhan (2009) shows that if one is to explain the foreign exchange forward premium behavior using Campbell and Cochrane (1999)’s habit formation model one must specify it in such a way to generate pro-cyclical short ...

This paper presents a theoretical and empirical analysis of the substitutability of international private capital flows. Both univariate and multivariate investigations of the capital movements related to the Brazilian ...

We develop portfolio choice theory taking into consideration the first p~ moments of the underIying assets distribution. A rigorous characterization of the opportunity set and of the efficient portfolios frontier is given, ...

This paper attempts to describe the process of acumulation and desacumulation of financial holdings across the life-cycle. The paper is divided in two parts, in the first, we survey the theoretical literature on the long ...