Um mundo em transformação: juros negativos em países desenvolvidos
31/07/2020
Leonardo Bennesby.
Orientador: Maria Cláudia Gomes Pereira Sarmiento Gutierrez.
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31/07/2020
Leonardo Bennesby.
Orientador: Maria Cláudia Gomes Pereira Sarmiento Gutierrez.
31/07/2020
João Rafael Rodrigues Santillo.
Orientador: Walter Novaes.
31/07/2020
João Paulo Vasques Sang.
Orientador: Luiz Roberto de Azevedo Cunha.
31/07/2020
Felipe Paixão Leonardo.
Orientador: Márcio Garcia.
31/07/2020
Gabriel Pech.
Orientador: Beatriu Canto Sancho.
31/07/2020
Renata Viveiros Arruda de Moraes Canini.
Orientador: Maína Celidônio de Campos.
31/07/2020
Felipe Tostes Newlands Freire.
Orientador: José Marcio Camargo.
30/07/2020
Fernanda Britz Gorodicht.
Orientador: Maria de Nazareth Maciel.
24/07/2020
Are there spillovers from foreign exchange sterilized intervention (FXI) across other economic variables? In this paper, we investigate the effect of an intervention in the forward exchange market on deviations from covered interest parity (CIP). We analyze a major program ruled by the Brazilian Central Bank, between 2013 and 2015. To estimate the effect, we build an artificial counterfactual. The results indicate that selling dollars in the forward market to damping the Brazilian real depreciation, leads to an increase in the CIP deviations.
Daniel Malvezzi Doine.
Orientador: Márcio Garcia.
Banca: Marcelo Medeiros. Marcos Chamon.
21/07/2020
In this study, we investigate whether the expansion of healthcare investments in Brazil, implemented through the Family Health Program (FHP), increased incumbent voting in local elections. We employ a regression discontinuity design by exploring discontinuities in funding that created a quasi-experimental assignment of FHP resources to municipalities. Using administrative data from various sources, we obtain information on program implementation, health outcomes, local-level facilities, and indicators of access, covering several aspects of the Brazilian health system to understand the evolution of underlying health conditions throughout this period. We provide evidence that FHP investments had significant effects on electoral support. We also show that possible mechanisms for these electoral effects were better access to primary care and consequent improved outcomes at birth. Overall, this paper contributes to a better understanding of the substantial changes the Brazilian health system has undergone and its potential electoral effects, opening many possibilities for future research.
Lia Lorena Kale Ribeiro Braga.
Orientador: Claudio Ferraz.
Banca: Gustavo Gonzaga. Rudi Rocha.
20/07/2020
Over the past two decades, the level of international reserves in emerging economies increased significantly. In Brazil, the 2019 level of around 360 billion dollars was considered high by some metrics, based on the precautionary motive. On the other hand, in addition to the opportunity cost, Latin America is also characterized by historically high costs of holding reserves, due to the payment of positive and high interest rates. Behind any model in the literature that studies the optimal level of reserves, there is a trade-off between the insurance benefits and the costs associated with the accumulation of reserves, so that a significant change in this rate is expected to be relevant in the optimization made by the Central Bank. In that sense, recently, the policy-related interest rate in Brazil (Selic) decreased considerably, from 14.25% until October 2016 to 2.25% until June 2020, an all-time low. Addressing this issue, this thesis studies the effect of this change in the direction of Brazil’s monetary policy in the management of foreign exchange reserves. Our counterfactual results show that the net FX reserves level —a benchmark adopted by the Central Bank since August 2019 —, would have fallen in this period, but the decline in the interest rates made it possible for the Central Bank to keep a roughly stable level until 2019.
Alice Oliveira Drumond.
Orientador: Márcio Garcia.
Banca: Marcelo Medeiros. Fabio Kanczuk.
Broadcast, Agência Estado, 17/07/2020
Márcio Garcia.
15/07/2020
Bruno Pereira Fischer.
Orientador: Claudio Cardoso Flores.
15/07/2020
Daniel Adriano Carvalho Barbosa.
Orientador: Gustavo Gonzaga.
07/07/2020
P2P Lending connects borrowers and lenders via an online platform,
cutting out traditional banking intermediation. By bearing the risk of
borrowers defaulting on their loans, investors rely on the debt collection
process. This paper investigates whether state debt collection laws affect
the ability of debt collectors to recover charged-off debts. Results show that
stricter regulation are linked with lower recovery rates, which in turn leads
to extension of credit to safer borrowers.
Felipe Chokin Tanaka Kotinda.
Orientador: Juliano Assunção.
Banca: Christiano Arrigoni Coelho. Gabriel de Abreu Madeira.
Economic Journal, v. 130,
p. 1541–1582, 2020
This article provides a theoretical framework to understand the tendency of non-governmental organisations (NGOs) to cluster and the circumstances under which such clustering is socially undesirable. NGOs compete through fundraising for donations and choose issues to focus their projects on. Donors have latent willingness-to-give that may differ across issues, but they need to be ‘awakened' to give. Raising funds focusing on the same issue creates positive informational spillovers across NGOs. Each NGO chooses whether to compete in the same market (clustering) with spillovers, or to face weaker competition under issue specialisation. We show that equilibrium clustering is more likely to occur when the share of multiple-issue donors is relatively large, and when the fundraising technology is sufficiently efficient. Moreover, this situation is socially inefficient when the cost of fundraising takes intermediate values and the motivation for donors’ giving is relatively high. We illustrate the mechanisms of the model with several case studies
G. Aldashev , M. Marini, Thierry Verdier.
03/07/2020
Bernardo Fernandes Faria.
Orientador: Eduardo Zilberman. Gabriel Leal de Barros.