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The main objective of the present paper is to provide the reasons behind the rise and fall of resources for innovation policies in Brazil between 1999 and 2016. The paper also intends to provide a broad map of the financial relations between funding sources and financial agents in the Brazilian National System of Innovation (NSI). In order to do that, the paper uses mixed methods: a historical approach to cover the motivations of the political economy; principles of network analyses to map the institutional relations between funding sources and financial agents; and economic theory to understand the determinants of the cash flows that finance science, technology and innovation (STI) policies. The institutional arrangement of the Brazilian NSI led the financial cycle to rely, on a general level, on GDP dynamism; the strategy of selected public bodies; on the federal budget decision process; and on the external economic cycle. Between 2003 and 2014, political struggles led to economic policies that favoured GDP growth and public spending, while the opposite occurred from 2015 onwards. In general, institutions were not equipped to protect the financial resources from the political changes of the mid-2010s. [ABSTRACT FROM AUTHOR]

ABSTRACT The recent expansion of tree plantations is the most important agrarian change in many parts of Brazil. This article uses the results of extensive field research to analyse the different ways paper and pulp companies assure their land base for eucalyptus plantations. The mechanisms of land access have changed little over the decades, amounting to a process of primitive accumulation which seems to be controlled by the ways the pulp industry influences land markets and prices, the strength of any resistance, and particularly the government support enjoyed by industry. Many paper and steel companies, either directly or indirectly, are increasingly relying on eucalyptus plantations, with negative impacts in many places. The expansion of tree monocultures with rural exclusion is characteristic of the wider phenomenon of land grab which is driven by the dominating financial logic of current capitalism. [ABSTRACT FROM AUTHOR]

This paper explores the predictions of real business cycle theory on the roles of total factor productivity (TFP) and financial frictions to explain business cycles in emerging market economies (EMEs). I obtain evidence about TFP, price of capital, risk premium, and collateral constraint shocks by estimating structural vector autoregressions (SVARs) on a Brazilian sample from 1999Q1 to 2018Q4 and a Mexican sample from 1997Q1 to 2018Q4. On each sample, two SVARs are estimated. One SVAR identifies shocks by imposing restrictions on their short-run impact. The other SVAR is grounded on restrictions that shocks have long-run effects on business cycles in EMEs. Estimates of the SVARs show the TFP shock is the main driver of business cycle movements in Brazil and Mexico. However, this evidence is produced by the SVAR under the long-run restrictions, which indicates the identification of shocks matters to the explanation of business cycles in EMEs. Next, the Brazilian and Mexican business cycles are markedly different, as the contributions of shocks to aggregate fluctuations vary across the two countries. Hence, findings of this paper suggest although not all business cycles are alike in EMEs, "the cycle is the trend" view on aggregate fluctuations in EMEs remains valid. The empirical results of this paper are in support of the economic policies that aim to robustify the productivity process of EMEs. [ABSTRACT FROM AUTHOR]

This paper examines the macroeconomic effects of oil demand and supply shocks on an emerging market economy using a Bayesian vector autoregressive model combining zero and sign restrictions. The empirical analysis relies on a rich set of macroeconomic indicators mirroring the economic performance in Brazil. The effects on the Brazilian output of oil price changes driven by global demand shocks are much larger and more persistent than those driven by oil production. Oil price changes that are not related to changes in oil supply or global economic activity have a small impact on the Brazilian variables. The main policy implication of this study is that emerging market economies should identify correctly the source of oil price fluctuation for implementing the best economic policy. [ABSTRACT FROM AUTHOR]

This paper provides the relationship between Economic Policy Uncertainty (EPU) and international tourism activities in the BRIC countries (i.e. Brazil, Russia, India and China). The researchers used continuous wavelets, wavelet coherence and wavelet phase-difference based on Granger causality analysis to investigate the relationship between EPU and tourism activities using the annual data. The findings show that there is a unidirectional causal influence of EPU on international tourism arrivals (ITA) in the short run and mid run for Brazil. In addition, there is a bi-directional causal influence of EPU on ITA in China and Russia in the long run. [ABSTRACT FROM AUTHOR]

This paper investigates whether news‐based measures of economic uncertainty affect professional forecasters' disagreement about economic variables and economic policy instruments in Brazil. With the use of an "Economic Policy Uncertainty" index and a "Media Uncertainty" index to construct an index of economic uncertainty unrelated to policy, we study the effects of economic policy uncertainty and policy‐unrelated economic uncertainty on professional forecasters' disagreement. With the use of data from January 2002 to January 2021, we find that disagreements in expectations increase with both higher economic policy uncertainty and higher policy‐unrelated economic uncertainty. An exception is disagreement about future inflation, corroborating the importance inflation targeting for anchoring inflation expectations. We further show that economic policy uncertainty affects disagreement about Brazilian fiscal policy, whereas it does not affect disagreement about Brazilian monetary policy. [ABSTRACT FROM AUTHOR]

Purpose - The purpose of this paper is to describe the salience of economic theories and evidence regarding vertical integration in the multichannel audiovisual industry in Brazil. This is especially important at this time because Brazilian regulators and legisla tors are wrestling with the appropriate policy approach toward the industry in Brazil in the wake of the merger of AT&T and Time Warner. Methodology/approach/design - The paper develops with several approaches. First, to develop context, the paper provides a high-level introduction to the evolution of the audiovisual industry. Second, the paper turns to a more specific assessment of the economic and legal lessons learned from the discussion and debate regarding the AT&T-Time Warner merger in the United States. This discussion draws on economic and legal theory and evidence, both from the published literature as well as from court proceedings to advance understanding of the issues. These foundational sections, in turn, provide a platform for policy insights. In particular, the paper builds upon earlier research on "resultsbased regulation" to provide guidance for Brazilian regulatory and legislative measures being considered in Brazil. Findings - The paper concludes that a results-based approach should permit advances in the vertical integration of the audiovisual industry in Brazil. Such an approach necessarily would recognize that the modern evolution towards a more vertically integrated provisioning of audiovisual services is providing numerous consumer benefits while claims of consumer harm have been judged to be speculative. Application of Article 5 of SeAC to the AT&T-TW merger provides no additional consumer protections that are not already part of the merger and would, instead be distinctly anti-consumer. [ABSTRACT FROM AUTHOR]

This paper investigates the impact on exchange rate determination of two recent changes in developing and emerging countries’ financial integration: first, the rising volume and heterogeneity of short-term portfolio flows; second, foreign investors’ increased exposure to domestic rather than foreign currency assets. In its analysis of Brazil, the paper shows that both changes have potentially destabilizing implications for the exchange rate and may create the risk of self-feeding bubble dynamics leading to large and sudden swings in exchange rates. The results have important implications for the regulation of international capital movements and choice of exchange rate regime. [ABSTRACT FROM PUBLISHER]

Copyright of Revista Teopráxis is the property of Revista Teopraxis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper provides new estimates of the extent and economic effects of agricultural policies that provide domestic support or import protection to farmers in countries that compete in the global marketplace with unsubsidised farmers. Analyses earlier this century found that import market access barriers accounted for more than 90 per cent of the global welfare cost of all assistance to farmers, with domestic support measures providing as little as 5 per cent. Since then the share contributed by domestic support has grown greatly in some high‐income and emerging economies, thanks to policy re‐instrumentation. Using the latest version of the GTAP model and database of the global economy, this paper estimates the economic effects of direct farmer subsidies, and of the producer subsidy and consumer tax equivalents of farm trade policies, on farmers in three lightly assisting countries. The estimates adjusted for country size suggest the effects on agricultural exports, net farm income and national economic welfare of such policies are far more adverse for Australia, Brazil and especially New Zealand than for the rest of the world, and that domestic supports abroad are much more important contributors to those losses now than they were at the start of this century. [ABSTRACT FROM AUTHOR]

This paper aims to examine the effects of fiscal policy on economic growth in Brazil between 1999 and 2017. For this purpose, a novel methodology is applied, using a Vector Autoregressive with Mixed Frequency (MIDAS-VAR) model, proposed by Ghysels (2016), which allows for the estimation of the spending multiplier by measuring the impact of high-frequency data at low-frequency and vice versa. The impact of various types of spending on the gross domestic product (GDP) is analyzed, including primary expenditure, personnel, social benefits, subsidies, investment, and costing, while the central government's primary revenue is used as the revenue variable. The expenditure and tax revenue are the high-frequency variables (monthly observations), whereas GDP is a low-frequency series (quarterly). The estimated fiscal multipliers for primary spending are less than one, suggesting no significant Keynesian effect on output, with particular attention given to the investment multiplier, which is estimated to be close to zero. Our results suggest that the frequency of data matters, and government expenditure has no significant impact on real GDP growth in Brazil. Therefore, the ability of Brazilian fiscal policy to influence economic growth may be limited. [ABSTRACT FROM AUTHOR]

This paper analyzes the applicability of the Modern Monetary Theory to Brazil, considering the macroeconomic and institutional characteristics in force during 2000-2019. The theory’s prescriptions and criticisms of its applicability to peripheral countries are analyzed, as well as the macroeconomic indicators that characterize the Brazilian domestic policy degree of autonomy and the institutionality of the economic policy framework in force in the country. The hypothesis studied is that the economic prescriptions of MMT are applicable to the Brazilian case. The results found indicate that Brazil has a relative degree of political autonomy. However, the rigidity of the Brazilian macroeconomic regime, derived from the institutional framework, is incompatible with the MMTist prescriptions, as it restricts the State’s performance, compromising the most relevant objectives of economic policy in this view: full employment and economic development. Thus, it is argued that the MMT is applicable to Brazil, if institutional changes are carried out. [ABSTRACT FROM AUTHOR]

Presents an abstract on a research paper entitled `Government Guarantees, Private Profits, and Social Returns: Public Transport Policy in Brazil, 1854-1913,' by William R. Summerhill, presented at the annual meeting of the Economic History Association.

Purpose – Most intergenerational mobility studies use data on two generations to estimate the elasticity between son's and father's earnings. The purpose of this paper is to use a data set spanning three generations to estimate additional relationships between a person's earnings and family background yielded by intergenerational mobility models such as Becker-Tomes (1979) model and modified versions of it. Design/methodology/approach – The paper uses data from the 1996 PNAD – a nationally representative household survey in Brazil. The author builds a data set consisting of 5,125 grandfather-father-son triplets by taking advantage of two characteristics of Brazil. First, commonly in Brazil, individuals live with their parents until they marry. Second, individuals tended to quit school and begin working at an early age. As a result, there are many households with adult sons who are not at the very beginning of their working careers. Since the sample is limited to households with adult sons, the author applies Heckman (1979) estimation procedure to address selection bias. Findings – Estimation results contradict some predictions of simple versions of the Becker and Tomes model. The paper proposes a modified version of the Becker and Tomes model that allows for a skipping generation effect, and finds that family background explains 34.9 percent of the variation in earnings among males aged 16-27 in Brazil. If there were no differences in endowments (talent, IQ, health, physical appearance, attitudes toward work, family connections, etc.), the variation in earnings would fall by no less than 26 percent. If it were possible to eliminate differences in investment in human capital, the variation in earnings would fall by at most 21.1 percent. Research limitations/implications – The paper has two main data limitations. First, the 1996 earnings of the fathers and sons are used as proxies for lifetime earnings although the transitory component of one-year earnings may be quite large, particularly at young ages. Second, in spite of the efforts to deal with the sample selection bias, the paper shows that the intergenerational elasticity in earnings for the sons aged 22-27 is about 14.6 percent lower for the subsample of households with adult sons than for the full sample. Practical implications – The paper finds evidence supporting the existence of a direct effect of the grandparents on the grandchildren beyond their influence on the parents, and reinforces consideration of this factor in intergenerational mobility studies. Social implications – The findings in this paper may suggest a room for improvements in economic outcomes of children in less privileged families through investment in formal education as well as policies that considers other aspects of a person's life. For instance, Bolsa Família – a Brazilian government program that provide cash allowances to poor families conditional on children school attendance – may improve the economic outcomes of poor children by enforcing formal education and by lessening the children hardships at home. Originality/value – The paper proposes a modified version of the Becker and Tomes model which allows for a skipping generation effect. Under the assumptions of the modified model and in hand with a three-generations data set from Brazil, the paper estimates a lowerbound for the variation in earnings explained by differences in endowments across families, and an upperbound for the variation in earnings explained by differences in human capital. [ABSTRACT FROM AUTHOR]

Copyright of RAP: Revista Brasileira de Administração Pública is the property of RAP: Revista Brasileira de Administracao Publica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper discusses the Brazilian economy since 2015. After an economic boom from 2005 to 2011, Brazil entered a downturn, which resulted in a strong recession in 2015 and 2016. The Economic Authorities understood that the cause of the crisis was due to an expansionary economic policy undertaken over the period 2009–2014; thereby the solution for the recession would be quite the opposite: fiscal austerity and tight monetary policy. However, the restrictive economic policies did not grant growth: Brazil grew a little bit more than 1.0% on average over 2017–2019. It was this stagnated Brazil that the Covid-19 pandemic met, turning it worse than what had already been bad. In view of that, we explain why the 'expansionary fiscal austerity' failed to furnish growth and debate what should be undertaken to ensure a sustainable economic activity and structural development. [ABSTRACT FROM AUTHOR]

This paper addresses the dissemination of German economist Adolph Wagner's ideas in Brazil. It shows that his monetary thinking, inspired by Thomas Tooke and the Banking School, as well as his ideas on public finance, particularly the law of increasing state spending, were assimilated by two Brazilian economic thinkers: Rui Barbosa and Vieira Souto. The way these policymakers incorporated Wagner's ideas into their texts and the arguments with which they chose to engage show the kind of economic discourse they were shaping in Brazil. This analysis reveals the different functions that the original ideas could perform in another national context. [ABSTRACT FROM AUTHOR]

Increasingly, economists study narratives and their causal impact on economic processes. This paper proposes a new theoretical framework of narrative analysis that is based on the philosophy of language, especially speech act theory, motivated by the observation that, so far, the economic approaches focus on the representational function of narratives and tend to emphasize negative consequences of biased, distorted, and simplified representation. In contrast, we define narratives as a medium of distributed cognition and mediators of collective agency in networks of agents operating in an uncertain and complex world that is materially constituted by their actions. After sketching the theory, we introduce a case study on the role of central bank communication in recent economic developments in Brazil for illustrative purposes, focusing on the role of financial audiences and a specific narrative genre, the “austerity genre” induced by the Brazilian Central Bank. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the combined effect of economic policy uncertainty (EPU) and the firm life cycle on the degree of accrual-based earnings management of publicly traded companies in the USA and Brazilian stock markets. Design/methodology/approach: The EPU index used was the one developed by Baker et al. (2016), the Kothari et al. (2005) model was used in the main analysis to obtain the discretionary accruals and the classification of firms into different life cycles was based on the Dickinson (2011) approach, which relies on the sign of operating, investment and financing cash flows. The methodology includes correlation matrix and panel regression with fixed effects. Findings: The overall results for the USA sample suggest that economic policy uncertainty does have a heterogeneous influence on the firms' accrual earnings management conditional on their life cycle where firms in the introduction, growth and decline stages decrease this practice when policy uncertainty increases. For the Brazilian case, in general, there is no combined effect between these variables. These contrasting findings can be associated with either the different underlying characteristics of both stock markets or the reduced sample size for the emerging market analyzed. Originality/value: This research contributes to the earnings management literature examining how policy uncertainty is related to accruals manipulation under different life cycle stages and institutional environments. It is also one of the first studies to explore this conditioning effect. [ABSTRACT FROM AUTHOR]

In this paper, we investigated two cases of regions that used expansionary fiscal policies in recent years to increase short-term economic activity: The European Monetary Union and Brazil. Using impulse response functions, we estimated the effects of fiscal stimuli in a New-Keynesian framework provided by the Markov-switching dynamic stochastic general equilibrium (MSDSGE) model. We produced a set of regime-dependent results that suggest that 1) economic policies should be analyzed from a coordination perspective and 2) the selected cases need to make better use of fiscal instruments and to make more accommodative public debt decisions. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to investigate the impacts of left Brazilian political parties and partisan disruption on the homicide rate in Brazil.Design/methodology/approach The authors use panel data for the states between the years 1980 and 2011. The database used is an unbalanced panel covering a sample of 27 Brazilian states over 32 years, 1980-2011, totaling about 855 observations.Findings It is estimated that these two political factors are sources that have connection to the increased level of violence in Brazil. These analyses provide several important results. First, partisan disruption is associated with a higher homicide rate, compared to non-partisan disruption. The results from the panel also suggest that left-parties in government have a positive impact on homicide, compared to non-left-parties.Research limitations/implications Information regarding premeditated homicides (CID-BR-9 database) is available for all Brazilian states, and may be tabulated from the same micro-data at any level of aggregation. Some of the well-known problems regarding the choice of this variable are as follows. First, deaths resulting from wounds are sometimes included in the statistics whether wounds were intentionally inflicted or not. In addition, some incidents end up not being registered because certain deaths are not reported. This tends to occur more frequently in rural areas. Fortunately, this second problem does not appear to be too significant, as under-registry of deaths due to external causes is much lower than the amount resulting from natural causes (see, e.g. Cano and Santos, 2000). In addition, this problem may be controlled if under-registry remains stable over time by applying fixed effects to the panel data.Practical implications The main Brazilian political parties diverge on the causes of crime and how criminals should be punished. For example, in Brazil, the minimum age for one individual to be punished with imprisonment is 18 years old. Practices crimes for young people between 12 and 18 implies only in socio-educational measures. Given the high level of violence in Brazil, there is a bill being debated in the parliament that proposes to reduce the age to 16 years. Based on the research, 90 percent of the population approves the reduction of age to 16 years. However, the majority of parliament is opposed to changing the law. In general, the more conservative parties are favorable to changing the law.Social implications These divergent postures can be associated with the ideological essence or to belief system of each political party. Political parties have the potential capacity of changing crime trends through economic and social policies as well as by applying stronger sanctions against crime. Given the law enforcement system, the cycle of crime in Brazil may be related to the profile of the political party elected.Originality/value The authors assume the hypothesis that the current Brazilian multi-partisan system has an incentive system in which politicians do not respond adequately to the basic wishes of voters. Among such desires, the authors emphasize public safety. This paper evaluates the empirical effect of partisan disruption on homicide rate. [ABSTRACT FROM AUTHOR]

Brazil experienced a complete economic cycle with an ascending phase in the 2000s, followed by a decline during the following decade. Using the national accounts, the objective of this article is to trace the growth path of the Brazilian economy from the 2000s onwards through a detailed analysis of the financial balance and income flows of the institutional sectors. It will be shown that the economy has two relevant points of inflection: the first was the external shock occasioned by the 2008 global financial crisis, and the second was the change in domestic economic policy after 2015 following an austerity agenda. The article compares the financial balance of the institutional sectors at the two historical moments. It sheds new light on why the Brazilian economy entered the descending phase of the economic cycle and is stagnating and deepening its financialization process. [ABSTRACT FROM AUTHOR]

Has the past decade of sustained economic growth and political transformations reversed Latin America's historical failure to secure market and social incorporation? To address this question this article draws on the experiences of Bolivia, Brazil, Chile, Peru and Uruguay by distinguishing between short-term outcomes - which may depend on benign international conditions - and policy changes, which are more important for long-term performance. It highlights the overall success of both Brazil and Uruguay and shows that the other countries have made more progress in terms of social than market incorporation. [ABSTRACT FROM AUTHOR]

We examine deforestation processes in Apuí, a deforestation hotspot in Brazil's state of Amazonas and present processes of land-use change on this Amazonian development frontier. Settlement projects attract agents whose clearing reflects land accumulation and the economic importance of deforestation. We used a mixed-method approach in the Rio Juma Settlement to examine colonization and deforestation trajectories for 35 years at three scales of analysis: the entire landscape, cohorts of settlement lots divided by occupation periods, and lots grouped by landholding size per household. All sizes of landholdings are deforesting much more than before, and current political and economic forces favoring the agribusiness sector foreshadow increasing rates of forest clearing for pasture establishment in Apuí. The area cleared per year over the 2013–2018 period in Apuí grew by a percentage more than twice the corresponding percentage for the Brazilian Amazon as a whole. With the national congress and presidential administration signaling impunity for illegal deforestation, wealthy actors, and groups are investing resources in land grabbing and land accumulation, with land speculation being a crucial deforestation factor. This paper is unique in providing causal explanations at the decision-maker's level on how deforestation trajectories are linked to economic and political events (period effects) at the larger scales, adding to the literature by showing that such effects were more important than aging and cohort effects as explanations for deforestation trajectories. Additional research is needed to deepen our understanding of relations between land speculation, illegal possession of public lands, and the expansion of agricultural frontiers in Amazonia. [ABSTRACT FROM AUTHOR]

The paper measures the size of primary-sector surpluses in the form of ground-rent appropriated by social subjects other than landowners in Brazil, and assesses their weight in supporting the process of capital accumulation during the period 1953–2008. For that purpose, the paper identifies the mechanisms through which state policies channelled a portion of ground-rent to capital, especially in the industrial sector, assessing their individual impact. The paper finds that transferred ground-rent has complemented surplus-value normally available for appropriation by capital and thus helped sustain its process of accumulation throughout most the period analysed here, including the post-1990 ‘neoliberal’ era. [ABSTRACT FROM PUBLISHER]

There is a wide variety in the capital account policies of emerging markets and developing economies. Some countries, such as Brazil, have recently experimented with prudential controls on capital inflows, whereas others, such as China, have continued to maintain tight controls. This paper reviews the recent theoretical literature explaining the motivations behind capital account policies, and whether there is a case for international coordination in this area. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the Inflation Targeting (IT) framework as it is applied in the case of Brazil since its adoption in June 1999. For this purpose we first summarize the macroeconometric model utilized by the Central Bank of Brazil (BCB) in its pursuit of the IT framework. While the focus of this paper is on Brazil, we also examine the experience of other countries with IT (in particular, the BRIC countries: Brazil, Russia, India, and China), both for comparative purposes and for evidence of the extent of success of this 'new' economic policy pursued by other IT countries. In addition, we compare the experience of Brazil with IT and with that of non-IT countries. In the context of non-IT countries, we ask the question of whether it makes a difference in the fight against inflation whether a country has adopted IT or not. Finally, we examine some features of the Brazilian experience with IT regime. [ABSTRACT FROM AUTHOR]

This paper builds on Hyman Minsky's financial fragility hypothesis to develop a financial fragility index for the public-sector financial structure. It applies the financial fragility index for the public-sector financial structure to analyze Brazil's public-sector financial structure from 2000 to 2008. The paper concludes that Brazil's financial structure was speculative during the 2000s. As a result, public debt increased during this period, and the public sector was unable to adopt countercyclical fiscal policies. [ABSTRACT FROM AUTHOR]

Copyright of Redes (1414-7106) is the property of Associacao Pro-Ensino em Santa Cruz do Sul - APESC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper describes the Brazilian experience with inflation targeting in 1999-2006. The data presented in the paper show that inflation targeting managed to reduce inflation in Brazil after its 1999 and 2002 currency crises, with a substantial help of exchange-rate appreciation. The data also show that economic growth was slow under inflation targeting than during exchange-rate targeting in Brazil, but with a smaller volatility and an apparent upward trend during inflation targeting than during exchange-rate targeting. The paper also shows that inflation targeting reduced the real interest rate of the economy, which nevertheless remained well above international standards and more than three times higher than the Brazilian gross domestic product growth rate. [ABSTRACT FROM AUTHOR]

Copyright of Cuadernos de Administración (01203592) is the property of Pontificia Universidad Javeriana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The emerging market crises of the past decade have led some observers to question the wisdom of a completely open capital account. But even if capital controls are desirable, empirical evidence is needed to demonstrate when and under what circumstances restrictions are effective. This paper investigates this issue for Brazil. Much analysis of policy effectiveness has been conducted with vector autoregressions. The validity of policy inference based on this technique has been cast into doubt, so this paper employs a more “narrative” method, modeling flows to Brazil as ARMAX processes. This approach yields the interesting result that controls can be effective when the reaction of financial market participants to restrictions is taken into account, and derivatives and debt market activities curtailed. [ABSTRACT FROM AUTHOR]

The controversial debate on the impacts of rising biofuel production on food commodity markets is of great policy relevance in Brazil. This paper contributes to the discussion by applying panel data regression models with fixed effects using OLS. Our dataset comprises annual production/harvested area data for sugar, ethanol and five other staple commodities ranging from 1981 to 2009 for 24 Brazilian states. Our results indicate that rising ethanol production exerts statistically significant positive impacts on sugarcane; negative impacts on rice, beans and soybeans acreage but no statistically significant effect on the areas for corn and manioc. The negative impacts on commodities' acreage have implications for the associated prices. Ceteris paribus, rising ethanol production puts some upward pressure on the prices for rice, beans and soybeans. However, the economic implication of these direct land use effects is attenuated due to the moderate scale of any effect. [ABSTRACT FROM AUTHOR]

This paper measures the economic impacts of Brazil's climate mitigation strategies contained in its Nationally Determined Contribution (NDC). To do so, we employ the computable general equilibrium MIT Economic Projection and Policy Analysis model and simulate alternative carbon pricing scenarios (sectoral versus economy-wide carbon markets), set to achieve the country's overall emissions targets announced under the Paris Agreement. The results show relatively cheap emissions reductions from land-use changes and agriculture in the short run: the cost of the Brazilian NDC is predicted to be only 0.7 per cent of GDP in 2030. Further efforts to reduce carbon emissions beyond 2030 would require policy changes, since all the potential emissions reductions from deforestation would be finished and the capacity to expand renewable energy sources would be constrained. In this case, an economy-wide carbon pricing system would help substantially to avoid higher compliance costs. [ABSTRACT FROM AUTHOR]

To what extent do public infrastructure projects respond to political pressures or developmental imperatives? Do these projects reflect a technical strategy aimed at upgrading economic productivity or the political distribution of public goods that rewards certain voters or political actors? This paper analyses the Programa de Aceleração do Crescimento (PAC), an $817 billion-dollar Brazilian infrastructure programme with a multi-method research design pairing in-country interviews and analysis of an original, municipal-level dataset. I conclude that my case study reflects a mixture of political and technical factors, which mirrors the competing influence of technocratic bureaucrats and politically-driven politicians during the project selection process. Despite explicitly targeting larger municipalities with infrastructure deficiencies, the programme still rewarded core-voting districts supporting the winning PT (Workers Party/Partido dos Trabalhadores) presidential candidates. A secondary result finds older municipalities with greater bureaucratic capacity were better positioned to successfully submit projects for federal funding. [ABSTRACT FROM AUTHOR]

A debate in Marxist literature concerns the methodology for measuring the profit rate. This paper investigates this question computing the rate of profit at historical cost, current cost, constant prices, and constant GDP price for Brazil in the 1955-2008 period. Like many developing countries, Brazil experienced medium to high inflation during this period. Inflation determined the trend and cyclical movements of the profit rate at historical cost. It increased in years of rising, and declined in years of falling, inflation. The profit rate at historical cost was at odds with Brazilian economic history. The profit rate at current costs remained unaffected by the inflation rate, and its movements correspond to the historical phases of the Brazilian economy. The same is true for the profit rate at constant prices and at constant GDP price. However, the profit rate at constant prices does not account for changes in relative prices, while the profit rate at constant GDP price is computed using a weighted average of the current and past relative prices. [ABSTRACT FROM AUTHOR]

This paper aims to assess the reasons for the economic slowdown in Brazil after 2010. In particular, it contributes to a better understanding of why Brazil’s countercyclical policies succeeded in handling the contagion resulting from the Lehman Brothers crisis but did not manage the contagion caused by the euro crisis. The paper examines what we understand by Keynesian policies and the importance of policy coordination and then evaluates the extent to which Brazil used coordinated economic policies in the face of both crises. The main hypothesis of the paper is that the difference in the performance of the countercyclical policies in both crises is related mainly to Brazil’s lack of coordination of macroeconomic policies in 2011–12, especially the implementation of fiscal policy. [ABSTRACT FROM PUBLISHER]

The losses caused by worker theft is one of the most concerning security problems for corporations. Private policing of the workplace is central to cutting down on such losses and keeping up profits. One of the most frequently used methods in such policing is searching workers. Despite the importance of searches and their potential for intrusion into individuals' right to privacy, the normative bases for and limits to the use of this power have so far been little studied. The aim of this paper is to analyze the legal foundations and limits imposed by the Brazilian State so that private security guards can conduct searches in the workplace. The analysis is based on a qualitative study of Brazilian labor law and a qualitative/quantitative study of 376 judicial decisions on searches collected randomly in two Brazilian states between 2010 and 2013. The data shows that searches can be conducted in the workplace based on the employer's right to manage production and protect their property. It also indicates the existence of relatively flexible limits to searches. Only a minority of the courts impose restrictions on searches similar to those set for police officers. Most judges allow more extensive searches than those permitted within the scope of public justice systems. The consequences of these findings are discussed. [ABSTRACT FROM AUTHOR]

Purpose – Poverty and inequality undoubtedly remain substantial challenges to economic and human developments amid growing emphasis on intellectual property rights (IPRs) (with recent advances in information and communication technology (ICTs)) and good governance. In the first empirical study on the incidence of piracy on inequality in Africa, the purpose of this paper is to examine how a plethora of factors (IPRs laws, education and ICTs and government quality) are instrumental in the piracy-inequality nexus. Design/methodology/approach – Two-stage least squares estimation approaches are applied in which piracy is instrumented with IPRs regimes (treaties), education and ICTs and government quality dynamics. Findings – The main finding suggests that, software piracy is good for the poor as it has a positive income-redistributive effect; consistent with economic and cultural considerations from recent literature. ICTs and education (dissemination of knowledge) are instrumental in this positive redistributive effect, while good governance mitigates inequality beyond the piracy channel. Practical implications – As a policy implication, in the adoption IPRs, sampled countries should take account of the role less stringent IPRs regimes play on income-redistribution through software piracy. Collateral benefits include among others, the cheap dissemination of knowledge through ICTs which African countries badly need in their quest to become “knowledge economies.” A caveat, however, is that, too much piracy may decrease incentives to innovate. Hence, the need to adopt tighter IPRs regimes in tandem with increasing income-equality. Originality/value – It is the first empirical assessment of the incidence of piracy on inequality in Africa: a continent with stubbornly high poverty and inequality rates. [ABSTRACT FROM AUTHOR]

The high business cycle correlation between Brazil (the large neighbour in South America) and other countries in the region has been a frequent source of concern for policymakers, as it has been viewed as evidence of the large influence of the former country on its neighbours. This paper studies the importance of such influence, documenting trade linkages over the last two decades and quantifying spillover effects in a vector autoregression setting. We find that, after controlling for common external factors, spillovers from Brazil are only relevant for Southern Cone economies (especially Mercosur's members) and Peru, but not for the rest of South America, and these findings are consistent with the extent of trade linkages between these countries. We find also that spillovers can take two different forms: the transmission of Brazil-specific shocks and the amplification of global shocks - through their impact on Brazil's output. Finally, we also find suggestive evidence that depreciations of Brazil's currency may not have significant impact on output of its key trading partners. [ABSTRACT FROM AUTHOR]

This paper describes the Brazilian central government bureaucracy and people with disabilities' access to the Continuous Cash Benefit (BPC). This access depends on the Ministry of Social Security bureaucracy's evaluation of the condition of vulnerability. We performed a literature review, analysis of secondary data from time series and cross-sectional data to describe street-level federal bureaucracy. Legal documents and indicators describe the expert evaluation regimen of the Ministry of Social Security (MPS). This paper shows the uneven growth of the number of career public servants of the central government in the last two decades. The Brazilian central government has adopted the international concept of person with disabilities in the evaluation of BPC applicants. Despite this decision, it is shown that the Brazilian central government expanded selectively the career bureaucracy to work in the social area. It was found that the result of the evaluation process was quite strict, favoring applicants in conditions of extreme biomedical vulnerability. Despite adopting the social model, BPC eligibility is tied to medical diagnosis. [ABSTRACT FROM AUTHOR]

As a result of the increasing global awareness about the importance of water, many developed and developing countries have reviewed their water resources management policies and laws. In Brazil, Law 9,433, enacted in (), establishes the National Water Resources Policy (NWRP) and the National Water Resource Management System (NWRMS), introducing a new integrated approach to water resources management through the application of planning and economic instruments. At the institutional level, this brought many changes. A new institutional framework was established with the creation of river basin committees and water agencies. Almost 15 years after the Law took effect, these changes are still being implemented, and some adjustments have been necessary. In light of the Brazilian NWRP, this paper presents and analyzes the legal and institutional reform that has been taking place in Brazil's water resources sector since 1997. An initial analysis shows that today, the implementation process still faces many challenges, hindering the effective consolidation of the instruments set out by Law 9,433/. The paper concludes that although Brazil's model is generally in line with international trends, and despite the major progress that has been made to date, in some hydrographic regions the instruments conceived in the country's model are still in the incipient stage of implementation, indicating that greater efforts are necessary, some of which are suggested in this article. [ABSTRACT FROM AUTHOR]