Pub Date : 2014-06-20DOI: 10.12660/BRE.V33N12013.14877
A. Cunha
Implementation and collapse of exchange rate pegging schemes are recurrent events. A currency crisis (pegging) is often followed by an economic downturn (boom). In this essay I study why a benevolent Central Bank should pursue a monetary policy that leads to those recurrent currency crises and subsequent periods of pegging. I show that the optimal policy induces a competitive equilibrium that displays a boom in periods of below average devaluation and a recession in periods of above average devaluation. Therefore, a currency crisis (pegging) can be understood as an optimal policy answer to a recession (boom).
{"title":"Optimal Exchange Rate Policy and Business Cycles","authors":"A. Cunha","doi":"10.12660/BRE.V33N12013.14877","DOIUrl":"https://doi.org/10.12660/BRE.V33N12013.14877","url":null,"abstract":"Implementation and collapse of exchange rate pegging schemes are recurrent events. A currency crisis (pegging) is often followed by an economic downturn (boom). In this essay I study why a benevolent Central Bank should pursue a monetary policy that leads to those recurrent currency crises and subsequent periods of pegging. I show that the optimal policy induces a competitive equilibrium that displays a boom in periods of below average devaluation and a recession in periods of above average devaluation. Therefore, a currency crisis (pegging) can be understood as an optimal policy answer to a recession (boom).","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115938535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-05-28DOI: 10.12660/BRE.V33N12013.8944
Jennifer Castañeda Navarrete
This paper aims to contribute to two areas where the empirical research is still scarce—poverty dynamics and indigenous peoples’ welfare. The coverage area of this study is Mexico, a country where indigenous people represent 9.5% of the total population and face a significant gap in their welfare levels in comparison to non-indigenous individuals. By following a components approach, poverty is found to be a chronic phenomenon in Mexico with the chronic component accounting for 75% of the total poverty. Furthermore, by applying a three-fold Blinder-Oaxaca decomposition and Tobit regressions, the analysis highlights some factors that contribute to explaining the disadvantaged living conditions faced by indigenous people. These issues include: Lower schooling endowments and returns, lack of adequate infrastructure, fewer economic opportunities either because of labor discrimination or the lack of jobs and access to credit, as well as higher vulnerability to natural disasters.
{"title":"Poverty Dynamics in Mexico, 2002-2005. An Ethnicity Approach","authors":"Jennifer Castañeda Navarrete","doi":"10.12660/BRE.V33N12013.8944","DOIUrl":"https://doi.org/10.12660/BRE.V33N12013.8944","url":null,"abstract":"This paper aims to contribute to two areas where the empirical research is still scarce—poverty dynamics and indigenous peoples’ welfare. The coverage area of this study is Mexico, a country where indigenous people represent 9.5% of the total population and face a significant gap in their welfare levels in comparison to non-indigenous individuals. By following a components approach, poverty is found to be a chronic phenomenon in Mexico with the chronic component accounting for 75% of the total poverty. Furthermore, by applying a three-fold Blinder-Oaxaca decomposition and Tobit regressions, the analysis highlights some factors that contribute to explaining the disadvantaged living conditions faced by indigenous people. These issues include: Lower schooling endowments and returns, lack of adequate infrastructure, fewer economic opportunities either because of labor discrimination or the lack of jobs and access to credit, as well as higher vulnerability to natural disasters.","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122595053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-05-07DOI: 10.12660/BRE.V34N22014.18432
Caio Almeida, Bruno Lund
Litterman e Scheinkman (1991) mostram que mesmo uma carteira de renda fixa duration imunizada (neutra) pode sofrer grandes perdas e, portanto, propoem fazer hedge de carteiras utilizando a analise de componentes principais. O problema e que tal abordagem so e possivel quando as taxas de juros sao observaveis. Assim, quando as taxas de juros nao sao observaveis, como e o caso da maior parte dos mercados de divida externa e interna de diversos paises emergentes, o metodo nao e diretamente aplicavel. Este artigo propoe uma abordagem alternativa que e realizar o hedge baseado nos fatores de um modelo parametrico da estrutura a termo. A imunizacao seguindo esta abordagem nao so se mostra simples como tambem equivalente ao procedimento proposto por Litterman e Scheinkman quando as taxas sao observaveis. Exemplos do metodo para operacoes de hedge e alavancagem nos mercados de titulos de divida publica brasileira indexada a inflacao sao apresentados. O trabalho ainda discute como montar a aprecar carteiras que replicam fatores de risco, o que permite extrair alguma informacao sobre a expectativa dos agentes acerca do comportamento futuro da curva de juros.
{"title":"Immunization of Fixed-Income Portfolios Using an Exponential Parametric Model *","authors":"Caio Almeida, Bruno Lund","doi":"10.12660/BRE.V34N22014.18432","DOIUrl":"https://doi.org/10.12660/BRE.V34N22014.18432","url":null,"abstract":"Litterman e Scheinkman (1991) mostram que mesmo uma carteira de renda fixa duration imunizada (neutra) pode sofrer grandes perdas e, portanto, propoem fazer hedge de carteiras utilizando a analise de componentes principais. O problema e que tal abordagem so e possivel quando as taxas de juros sao observaveis. Assim, quando as taxas de juros nao sao observaveis, como e o caso da maior parte dos mercados de divida externa e interna de diversos paises emergentes, o metodo nao e diretamente aplicavel. Este artigo propoe uma abordagem alternativa que e realizar o hedge baseado nos fatores de um modelo parametrico da estrutura a termo. A imunizacao seguindo esta abordagem nao so se mostra simples como tambem equivalente ao procedimento proposto por Litterman e Scheinkman quando as taxas sao observaveis. Exemplos do metodo para operacoes de hedge e alavancagem nos mercados de titulos de divida publica brasileira indexada a inflacao sao apresentados. O trabalho ainda discute como montar a aprecar carteiras que replicam fatores de risco, o que permite extrair alguma informacao sobre a expectativa dos agentes acerca do comportamento futuro da curva de juros.","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122656257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-05-05DOI: 10.12660/BRE.V35N12015.17002
M. Fernandes, Eduardo Thiele
This paper aims to analyze the dynamics of inflation expectations according to macroeconomics conditions. To this end, we extract the expected inflation curve implied by indexed bonds and then estimate a dynamic factor model. The factors corresponds to the level, slope and curvature of the term structure, varying over time as a function of the exchange rate, inflation, commodities index and the CDS-implied Brazil risk. A standard deviation shock in the exchange rate increases inflation more in the short and long terms than in the medium run. The same pattern arises in the presence of a shock in inflation. A shock in commodity prices increases inflation mostly in the short term, stabilizing notwithstanding at a higher level than the original curve. In contrast, a shock in the CDS shifts down the expected inflation curve in a virtually parallel manner.
{"title":"Os determinantes macroeconômicos da estrutura a termo das expectativas de inflação no Brasil","authors":"M. Fernandes, Eduardo Thiele","doi":"10.12660/BRE.V35N12015.17002","DOIUrl":"https://doi.org/10.12660/BRE.V35N12015.17002","url":null,"abstract":"This paper aims to analyze the dynamics of inflation expectations according to macroeconomics conditions. To this end, we extract the expected inflation curve implied by indexed bonds and then estimate a dynamic factor model. The factors corresponds to the level, slope and curvature of the term structure, varying over time as a function of the exchange rate, inflation, commodities index and the CDS-implied Brazil risk. A standard deviation shock in the exchange rate increases inflation more in the short and long terms than in the medium run. The same pattern arises in the presence of a shock in inflation. A shock in commodity prices increases inflation mostly in the short term, stabilizing notwithstanding at a higher level than the original curve. In contrast, a shock in the CDS shifts down the expected inflation curve in a virtually parallel manner.","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"25 17","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132272155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-05-05DOI: 10.12660/BRE.V34N12014.17457
C. Barros, M. Fernandes
O objetivo desse trabalho e estimar a medida dinâmica VNET de profundidade de mercado para acoes brasileiras a partir de dados de transacao. VNET mede a diferenca no numero de acoes compradas e vendidas no intervalo de tempo necessario para que o preco se movesse alem de um determinado incremento. E uma medida de liquidez realizada para uma deterioracao especifica de preco que pode ser calculada seguidamente ao longo do dia, capturando assim a dinâmica de curto prazo da liquidez. Em particular, assume-se que essa duracao de precos segue um modelo autorregressivo de duracao condicional (ACD). A natureza pre-determinada do processo ACD e conveniente porque nos permite prever mudancas futuras na liquidez de uma acao. Assim, ao identificar os melhores momentos para realizar uma operacao de compra ou venda, o VNET e um excelente ponto de partida para qualquer estrategia de execucao otima. Os resultados empiricos deste trabalho indicam que a profundidade de mercado medida pelo VNET varia com agio de compra e venda, com o volume negociado, com o numero de negocios, com a duracao de precos condicional, e com o seu erro de previsao. Para estimar a curva de reacao do mercado, variamos os intervalos de preco usados na definicao das duracoes de precos.
{"title":"Profundidade de mercado na BM&FBovespa","authors":"C. Barros, M. Fernandes","doi":"10.12660/BRE.V34N12014.17457","DOIUrl":"https://doi.org/10.12660/BRE.V34N12014.17457","url":null,"abstract":"O objetivo desse trabalho e estimar a medida dinâmica VNET de profundidade de mercado para acoes brasileiras a partir de dados de transacao. VNET mede a diferenca no numero de acoes compradas e vendidas no intervalo de tempo necessario para que o preco se movesse alem de um determinado incremento. E uma medida de liquidez realizada para uma deterioracao especifica de preco que pode ser calculada seguidamente ao longo do dia, capturando assim a dinâmica de curto prazo da liquidez. Em particular, assume-se que essa duracao de precos segue um modelo autorregressivo de duracao condicional (ACD). A natureza pre-determinada do processo ACD e conveniente porque nos permite prever mudancas futuras na liquidez de uma acao. Assim, ao identificar os melhores momentos para realizar uma operacao de compra ou venda, o VNET e um excelente ponto de partida para qualquer estrategia de execucao otima. Os resultados empiricos deste trabalho indicam que a profundidade de mercado medida pelo VNET varia com agio de compra e venda, com o volume negociado, com o numero de negocios, com a duracao de precos condicional, e com o seu erro de previsao. Para estimar a curva de reacao do mercado, variamos os intervalos de preco usados na definicao das duracoes de precos.","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133366758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-05-05DOI: 10.12660/BRE.V32N22012.17153
Marcelo Fonseca, Pedro L. Valls Pereira
This paper investigates the implications of the credit channel of the monetary policy transmission mechanism in the case of Brazil, using a structural FAVAR (SFAVAR) approach. The term structural comes from the estimation strategy, which generates factors that have a clear economic interpretation. The results show that unexpected shocks in the proxies for the external nance premium and the bank balance sheet channel produce large and persistent uctuations in in ation and economic activity accounting for more than 30% of the error forecast variance of the latter in a three-year horizon. The central bank seems to incorporate developments in credit markets especially variations in credit spreads into its reaction function, as impulse-response exercises show the Selic rate is declining in response to wider credit spreads and a contraction in the volume of new loans. Counterfactual simulations also demonstrate that the credit channel ampli ed the economic contraction in Brazil during the acute phase of the global nancial crisis in the last quarter of 2008, thus gave an important impulse to the recovery period that followed.
{"title":"Credit shocks and monetary policy in Brazil: a structural FAVAR approach","authors":"Marcelo Fonseca, Pedro L. Valls Pereira","doi":"10.12660/BRE.V32N22012.17153","DOIUrl":"https://doi.org/10.12660/BRE.V32N22012.17153","url":null,"abstract":"This paper investigates the implications of the credit channel of the monetary policy transmission mechanism in the case of Brazil, using a structural FAVAR (SFAVAR) approach. The term structural comes from the estimation strategy, which generates factors that have a clear economic interpretation. The results show that unexpected shocks in the proxies for the external nance premium and the bank balance sheet channel produce large and persistent uctuations in in ation and economic activity accounting for more than 30% of the error forecast variance of the latter in a three-year horizon. The central bank seems to incorporate developments in credit markets especially variations in credit spreads into its reaction function, as impulse-response exercises show the Selic rate is declining in response to wider credit spreads and a contraction in the volume of new loans. Counterfactual simulations also demonstrate that the credit channel ampli ed the economic contraction in Brazil during the acute phase of the global nancial crisis in the last quarter of 2008, thus gave an important impulse to the recovery period that followed.","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115268086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-05-05DOI: 10.12660/BRE.V32N22012.18608
Marcelo Fernandes, P. Preumont
This paper uses a multivariate response surface methodology to analyze the size distortion of the BDS test when applied to standardized residuals of rst-order GARCH processes. The results show that the asymptotic standard normal distribution is an unreliable approximation even in large samples. On the other hand, a simple log-transformation of the squared standardized residuals seems to correct most of the size problems. The estimated response surfaces can nonetheless provide not only a measure of the size distortion, but also more adequate critical values for theBDS test in small samples.
{"title":"The Finite-Sample Size of the BDS Test for GARCH Standardized Residuals","authors":"Marcelo Fernandes, P. Preumont","doi":"10.12660/BRE.V32N22012.18608","DOIUrl":"https://doi.org/10.12660/BRE.V32N22012.18608","url":null,"abstract":"This paper uses a multivariate response surface methodology to analyze the size distortion of the BDS test when applied to standardized residuals of rst-order GARCH processes. The results show that the asymptotic standard normal distribution is an unreliable approximation even in large samples. On the other hand, a simple log-transformation of the squared standardized residuals seems to correct most of the size problems. The estimated response surfaces can nonetheless provide not only a measure of the size distortion, but also more adequate critical values for theBDS test in small samples.","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128238302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-03-26DOI: 10.12660/BRE.V34N12014.18106
M. Fernandes, V. Souza
This study aims to estimate the control premium in the Brazilian stock market, based on the dual-class price differential. We first show that the average control premium is positive from July 2003 to June 2013. This is in contrast with the extant findings in the literature, which indicate the presence of a voting discount. We then investigate the determinants of the difference in common and preferred share prices. In particular, we examine how the voting premium relates to the relative liquidity, the difference in dividends, the extension of tag along rights to non-voting shares, the issuance of ADR in the New York Stock Exchange, the level of corporate governance, the shareholders’ composition, and the government’s equity participation
{"title":"Prêmio por controle no mercado brasileiro","authors":"M. Fernandes, V. Souza","doi":"10.12660/BRE.V34N12014.18106","DOIUrl":"https://doi.org/10.12660/BRE.V34N12014.18106","url":null,"abstract":"This study aims to estimate the control premium in the Brazilian stock market, based on the dual-class price differential. We first show that the average control premium is positive from July 2003 to June 2013. This is in contrast with the extant findings in the literature, which indicate the presence of a voting discount. We then investigate the determinants of the difference in common and preferred share prices. In particular, we examine how the voting premium relates to the relative liquidity, the difference in dividends, the extension of tag along rights to non-voting shares, the issuance of ADR in the New York Stock Exchange, the level of corporate governance, the shareholders’ composition, and the government’s equity participation","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"292 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117330132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-03-26DOI: 10.12660/BRE.V34N12014.16642
Caio Almeida, Adriano Faria
This paper studies the forecasting of the Brazilian interest rate term structure using common factors from a wide database of 171 macroeconomic series, from the period of January 2000 to May 2012. Firstly the model proposed by Moench (2008) was implemented, in which the dynamic of the short term interest rate is modeled using a FAVAR and the term structure is derived using the restrictions implied by no-arbitrage. Similarly to the original study, this model resulted in better predictive performance when compared to the usual benchmarks, but presented deterioration of the results with increased maturity. To avoid this problem, we proposed that the dynamic of each rate be modeled in conjunction with the macroeconomic factors, thus eliminating the no-arbitrage restrictions. This attempt produced superior forecasting results. Finally, the macro factors were inserted in the model proposed by Diebold and Li (2006).
{"title":"Forecasting the Brazilian term structure using macroeconomic factors","authors":"Caio Almeida, Adriano Faria","doi":"10.12660/BRE.V34N12014.16642","DOIUrl":"https://doi.org/10.12660/BRE.V34N12014.16642","url":null,"abstract":"This paper studies the forecasting of the Brazilian interest rate term structure using common factors from a wide database of 171 macroeconomic series, from the period of January 2000 to May 2012. Firstly the model proposed by Moench (2008) was implemented, in which the dynamic of the short term interest rate is modeled using a FAVAR and the term structure is derived using the restrictions implied by no-arbitrage. Similarly to the original study, this model resulted in better predictive performance when compared to the usual benchmarks, but presented deterioration of the results with increased maturity. To avoid this problem, we proposed that the dynamic of each rate be modeled in conjunction with the macroeconomic factors, thus eliminating the no-arbitrage restrictions. This attempt produced superior forecasting results. Finally, the macro factors were inserted in the model proposed by Diebold and Li (2006).","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"235 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121669567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-03-24DOI: 10.12660/BRE.V33N12013.4076
Rodrigo Octávio Orair, Wesley J. Silva
There are many problems involved in estimating high frequency series for subnational governments. Space State Model (SSM) is a framework capable of handling some of these problems. The techniques that emerge from this approach are used to estimate monthly series for capital investments by subnational governments in Brazil during 2002-2011. SSM are also used to analyze the dynamic properties of time series. One of the most interesting results is the newly evidence of electoral cycles on investments of both municipalities and states in Brazil. These techniques might be easily generalized for other relevant series. The main objective of this work is to present a methodological framework for estimating and analyzing the development of high frequency series for Brazilians subnational governments. It offers a useful instrument for monitoring fiscal policy and for applied macroeconomic research.
{"title":"Subnational Government Investment in Brazil: Estimation and Analysis by State Space Models","authors":"Rodrigo Octávio Orair, Wesley J. Silva","doi":"10.12660/BRE.V33N12013.4076","DOIUrl":"https://doi.org/10.12660/BRE.V33N12013.4076","url":null,"abstract":"There are many problems involved in estimating high frequency series for subnational governments. Space State Model (SSM) is a framework capable of handling some of these problems. The techniques that emerge from this approach are used to estimate monthly series for capital investments by subnational governments in Brazil during 2002-2011. SSM are also used to analyze the dynamic properties of time series. One of the most interesting results is the newly evidence of electoral cycles on investments of both municipalities and states in Brazil. These techniques might be easily generalized for other relevant series. The main objective of this work is to present a methodological framework for estimating and analyzing the development of high frequency series for Brazilians subnational governments. It offers a useful instrument for monitoring fiscal policy and for applied macroeconomic research.","PeriodicalId":332423,"journal":{"name":"Brazilian Review of Econometrics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122255406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：