Pub Date : 2020-02-01DOI: 10.5935/0034-7140.20220007
Clóvis de Faro
For the case of the constant payments scheme of debt amortization, De-Losso, Giovannetti and Rangel (2013), proposed a multiple contracts variation that may imply, in terms of present values, substantial income tax reduction for the financial institutions granting the loans.
{"title":"The constant amortization scheme with multiple contracts","authors":"Clóvis de Faro","doi":"10.5935/0034-7140.20220007","DOIUrl":"https://doi.org/10.5935/0034-7140.20220007","url":null,"abstract":"For the case of the constant payments scheme of debt amortization, De-Losso, Giovannetti and Rangel (2013), proposed a multiple contracts variation that may imply, in terms of present values, substantial income tax reduction for the financial institutions granting the loans.","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45618419","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 : 2020-01-01DOI: 10.5935/0034-7140.20200021
Marco Antonio Montoya, E. B. Finamore
{"title":"Os recursos hídricos no agronegócio brasileiro: Uma análise insumo-produto do uso, consumo, eficiência e intensidade","authors":"Marco Antonio Montoya, E. B. Finamore","doi":"10.5935/0034-7140.20200021","DOIUrl":"https://doi.org/10.5935/0034-7140.20200021","url":null,"abstract":"","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":"74 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71263490","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 : 2020-01-01DOI: 10.5935/0034-7140.20200023
Luciana de Oliveira Rodrigues, E. Costa, V. Silva, Francisca Zilânia Mariano, Jaime de Jesus Filho
{"title":"Nota sobre diferenças de desempenho entre escolas urbanas e rurais no Brasil","authors":"Luciana de Oliveira Rodrigues, E. Costa, V. Silva, Francisca Zilânia Mariano, Jaime de Jesus Filho","doi":"10.5935/0034-7140.20200023","DOIUrl":"https://doi.org/10.5935/0034-7140.20200023","url":null,"abstract":"","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71263068","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 : 2020-01-01DOI: 10.5935/0034-7140.20200024
Aline Barreto dos Santos, Fernanda Finotti Cordeiro
{"title":"Uma Nota sobre os Efeitos da Lei nº 13.043/2014 no Mercado de Empréstimo de Ações","authors":"Aline Barreto dos Santos, Fernanda Finotti Cordeiro","doi":"10.5935/0034-7140.20200024","DOIUrl":"https://doi.org/10.5935/0034-7140.20200024","url":null,"abstract":"","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":"74 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71263075","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 : 2020-01-01DOI: 10.5935/0034-7140.20200019
R. Avelino
This paper examines the long-run performance of Brazilian IPOs based on a sample of 143 firms that went public between 2004 and 2013. There is no evidence that IPOs underperform the market in the 60 months after going public. An investor would have to put 12.6% more money in an investment that mimics the index than in the IPOs to achieve the same terminal wealth level five years later. IPOs with the highest initial returns have the worst aftermarket performance and there is mixed evidence that larger IPOs underperform the smaller IPOs in the five years subsequent to the offerings.
{"title":"A Note on Brazilian IPOs Performance in the Long Run","authors":"R. Avelino","doi":"10.5935/0034-7140.20200019","DOIUrl":"https://doi.org/10.5935/0034-7140.20200019","url":null,"abstract":"This paper examines the long-run performance of Brazilian IPOs based on a sample of 143 firms that went public between 2004 and 2013. There is no evidence that IPOs underperform the market in the 60 months after going public. An investor would have to put 12.6% more money in an investment that mimics the index than in the IPOs to achieve the same terminal wealth level five years later. IPOs with the highest initial returns have the worst aftermarket performance and there is mixed evidence that larger IPOs underperform the smaller IPOs in the five years subsequent to the offerings.","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71263435","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 : 2020-01-01DOI: 10.5935/0034-7140.20200020
M. Bugarin, F. A. D. Carvalho
This paper analyzes a signaling model of monetary policy when inflation targets are not set by the monetary authority. The most important implication of the model’s solution is that a higher ex-ante dispersion in central bankers’ preferences, referred to as heterogeneity in policy orientation, increases the signaling cost of commitment to inflation targets. The model allows for a comparison of two distinct institutional arrangements regarding the tenure in office of the central banker and the head of government. We find that staggered terms yield superior equilibria when opportunistic political business cycles can arise from presidential elections. This is a consequence of a reduction of information asymmetry about monetary policy and gives theoretic support to the observed practice of staggered terms among independent central banks
{"title":"Elections, Heterogeneity of Central Bankers and Inflationary Pressure: The case for staggered terms for the president and the central banker","authors":"M. Bugarin, F. A. D. Carvalho","doi":"10.5935/0034-7140.20200020","DOIUrl":"https://doi.org/10.5935/0034-7140.20200020","url":null,"abstract":"This paper analyzes a signaling model of monetary policy when inflation targets are not set by the monetary authority. The most important implication of the model’s solution is that a higher ex-ante dispersion in central bankers’ preferences, referred to as heterogeneity in policy orientation, increases the signaling cost of commitment to inflation targets. The model allows for a comparison of two distinct institutional arrangements regarding the tenure in office of the central banker and the head of government. We find that staggered terms yield superior equilibria when opportunistic political business cycles can arise from presidential elections. This is a consequence of a reduction of information asymmetry about monetary policy and gives theoretic support to the observed practice of staggered terms among independent central banks","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":"74 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71263478","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 : 2020-01-01DOI: 10.5935/0034-7140.20200022
Luciano Nakabashi
{"title":"A importância da qualidade institucional no desenvolvimento das regiões brasileiras","authors":"Luciano Nakabashi","doi":"10.5935/0034-7140.20200022","DOIUrl":"https://doi.org/10.5935/0034-7140.20200022","url":null,"abstract":"","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":"74 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71263500","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 : 2019-12-19DOI: 10.5935/0034-7140.20190023
M. A. Cavalcanti, Luciano Vereda, Rafael Zanderer, M. Rabelo
O trabalho analisa os impactos macroeconomicos da explicitacao e regularizacao, ao longo de 2015, de despesas publicas nao contabilizadas no passado, a partir de um modelo DSGE adequado ao caso brasileiro com setor publico detalhado. A gradual explicitacao da existencia e magnitude desses passivos fiscais configurou uma serie de “choques informacionais” para os agentes privados. Resultados de simulacao indicam que esses choques - e o ajuste fiscal implementado para contrabalanca-los - teriam gerado efeitos macroeconomicos relevantes, com queda do produto e aumento da inflacao, e que a protelacao do ajuste - ou a adocao de um ajuste mais “brando” no curto prazo - teriam prejudicado ainda mais o desempenho economico.
{"title":"Impactos macroeconômicos do choque fiscal de 2015: A regularização de despesas públicas não contabilizadas","authors":"M. A. Cavalcanti, Luciano Vereda, Rafael Zanderer, M. Rabelo","doi":"10.5935/0034-7140.20190023","DOIUrl":"https://doi.org/10.5935/0034-7140.20190023","url":null,"abstract":"O trabalho analisa os impactos macroeconomicos da explicitacao e regularizacao, ao longo de 2015, de despesas publicas nao contabilizadas no passado, a partir de um modelo DSGE adequado ao caso brasileiro com setor publico detalhado. A gradual explicitacao da existencia e magnitude desses passivos fiscais configurou uma serie de “choques informacionais” para os agentes privados. Resultados de simulacao indicam que esses choques - e o ajuste fiscal implementado para contrabalanca-los - teriam gerado efeitos macroeconomicos relevantes, com queda do produto e aumento da inflacao, e que a protelacao do ajuste - ou a adocao de um ajuste mais “brando” no curto prazo - teriam prejudicado ainda mais o desempenho economico.","PeriodicalId":52490,"journal":{"name":"Revista Brasileira de Economia","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42467164","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}
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