Controlling the public sector deficit is critically important for the formulation and implementation of macroeconomic policy in Brazil. At one level, the deficit2 has become a key variable for the assessment of the stance and effectiveness of economic policy by international organizations, foreign lenders and investors and domestic agents. At another level, it is often claimed that lower deficits are essential for intertemporal macroeconomic stability in the country. In this context, the public sector borrowing requirement (PSBR) has become increasingly relevant.
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A Reavaliação da Dívida Pública Federal Brasileira
Memorando de Entendimento Técnico
Mensuração do Déficit Público
Necessidade de Financiamento do Setor Publico: Bases para a Discussäo do Ajuste Fiscal no Brasil — 1991/96
Impactos Näo-Fiscais no Cálculo da Necessidade de Financiamento do Setor Publico no Brazil
Poster Full-text available September 2012
The Location Riskiness Index (LRI) indicates a location’s score based on its riskiness level. It is a product of input from 393 expatriates living in Malaysia. A research shows that other than country attractiveness which attract foreigners to settle in Malaysia under the Malaysia My Second Home (MM2H) programme, country riskiness acts as a moderating variable in their decision making, thus
... [Show full abstract] prompting this LRI. LRI does not intend to downgrade a location but rather to reduce the perceived risk of a location, making a location more competitive. In reducing the level of perceived risk, Malaysia could rise further in the Global Peace Index. The country has seen its peacefulness index steadily rise from 2007 to 2011 (from number 37th to 19th place). LRI is a combination of the controllable attributes and uncontrollable attributes that can measure riskiness of a particular location and thus indicates the riskiness as a negative factor . It is formulated as: LRI = ∑wiIi The indicators Ii are conceptualized as the generic and specific factors whilst the weights represent the importance attached to the indicator. Thus the two major steps involved are: Identification of the indicators, and assessment of the weights attached to the identified indicators. Formulation LRI = 0.088UC1A(x) + 0.90UC2A(x) + 0.45C1A(x) UC1 : Safety & security risk UC2 : Property risk C1 : Social risk A : Percentage Multiplying Factor [ 20 / 1.438 ] Rating The usage of the LRI will give a rating of the following: 80 – 100 Very high risk 60 – 79 High risk 40 – 59 Moderate 20 – 39 Low risk 0 – 19 Very low risk View full-text June 2002 · Economics Letters
The paper develops an international macroeconomic model of FDI flows with a unique feature: a hands-on management ability to react in real time to changing economic environments. Anticipating this advantage, foreign direct investors can outbid other investors in a certain industry in which they specialize in the source country. The model can explain both two-way FDI flows among developed
... [Show full abstract] countries and one-way FDI flows from developed to developing countries. The unique gains from FDI to the host country stem from the increased efficiency of domestic investment. Read more
This study searches historical records for the formulation and implementation of public health policies in Brazil, focusing on those referent to family planning. Initial conclusions show that the policies were geared toward international controlling interests. Family planning today, though officially recognized as an inalienable right of every citizen, still reflects the contradictory political,
... [Show full abstract] economic and ideological interests of the ruling power. Read more Article Full-text available
Using a data set that provides unprecedented details on the stockholders of Swedish listed companies, we investigate whether small investors are less likely to invest in companies where controlling shareholders are expected to extract more private benefits. We identify the companies where shareholders' value is less likely to be maximized by using the difference between control and cash flow
... [Show full abstract] rights of the principal shareholder. We find that all the categories of small investors (domestic and foreign; institutional and individual investors) are reluctant to invest in companies where the ratio of control to cash flow rights is larger. Interestingly, large individual investors and wealthy individuals behave differently. They do not care about the expected extraction of private benefits or even prefer to invest in firms where there is more room for it. View full-text June 2000 · Journal of Accounting and Public Policy
This paper examines the value relevance of Local Accounting Standards (LAS) earnings and their voluntarily disclosed reconciliations to the International Accounting Standards (IAS). The empirical evidence is from Finland where, as discussed in our paper, restricted shares (available only to domestic investors) and unrestricted shares (available to both foreign and domestic investors) were listed
... [Show full abstract] separately during 1984–1992. The findings suggest that LAS earnings have significant value relevance to both domestic and foreign investors. After controlling for LAS earnings, the aggregate reconciliation of LAS to IAS earnings does not provide significant value relevance to either investor group. Tests of the individual reconciling items suggest that adjustments relating to untaxed reserves and consolidation differences have significant value relevance to both domestic and foreign investors. Overall, our findings indicate little difference between these investor groups with respect to the value relevance of LAS earnings and their reconciliations to IAS. Read more
Thesis (Ph. D.)--Georgetown University, 1996. Includes bibliographical references (leaves 276-295). Photocopy.
Read more January 2000 · Journal of Financial Economics
Using data from Finland, this study analyzes the extent to which past returns determine the propensity to buy and sell. It also analyzes whether these differences in past-return-based behavior and differences in investor sophistication drive the performance of various investor types. We find that foreign investors tend to be momentum investors, buying past winning stocks and selling past losers.
... [Show full abstract] Domestic investors, particularly households, tend to be contrarians. The distinctions in behavior are consistent across a variety of past-return intervals. The portfolios of foreign investors seem to outperform the portfolios of households, even after controlling for behavior differences. Read more
Teaching foreign policy demands that instructors make the complexity of making and implementing foreign policy both real and understandable for students. It also requires instructors to teach students how to think about the formulation, implementation, and outcomes of foreign policy in bilateral settings, and this inevitably demands attention to the constraints and opportunities imposed by two
... [Show full abstract] distinct levels of analysis and operation – the international and the domestic. And at the domestic level, instructors must introduce students to two, often very different policy environments; at home and within the foreign target country. Effective policymaking and analysis obviously must take into account the international setting, shaped by the global distribution of power, interdependencies, institutions, and norms, within which any bilateral relationship must operate. But it also must explicitly consider the limits imposed on policy-making by the domestic milieu and on policy implementation and outcomes created by the internal make-up of the target country. While teaching the interplay among multiple variables operating at different levels of analysis and in distinct policy settings is inevitably challenging, the thorniest aspect of this task is getting students to comprehend the policy-relevant peculiarities of the domestic context within a foreign target country. This paper will present a new model for dealing with this pedagogic challenge: How to teach students about the domestic dynamics of a foreign setting, how they are apt to shape foreign policy implementation and outcomes, and how and why the effective formulation of foreign policy in a bi-national context must take this into account. Read more February 1989 · Australian Economic Papers
Expectations play an important role in the recent literature on the theory of macroeconomic policy. Rather than approaching the problem of macroeconomic policy formulation from the point of view of a policymaker mechanically controlling an economy, the recent literature has focussed on the strategic interaction of policymaking and private sector behaviour. It has also focussed on the role and
... [Show full abstract] interaction of political and economic institutions in understanding the theory of macroeconomic policy. A useful device for examining the many issues has been the application of game theory. The purpose of this paper is to present the insights from this rapidly developing literature in a unified framework and in a less technical way than the original contributions. Read more Article Full-text available June 2001 · Journal of Industry Competition and Trade
This Paper studies empirically the effects of European antidumping actions on import diversion from importers ‘named’ in an antidumping investigation, and potentially subject to protectionist measures, to countries ‘not named’ in the investigation. For this purpose we use a unique data set at the 8-digit product level. The amount of import diversion can be regarded as an indication of the
... [Show full abstract] effectiveness of antidumping policy, which is used to protect the home industry from foreign imports. We find that trade diversion in the European Union caused by antidumping actions - in contrast to the US - is limited, suggesting that the EU’s antidumping policy is more effective in keeping imports out. This result holds even after controlling for selection-bias in the antidumping investigation procedure. A number of explanations for this difference in trade diversion as a result of antidumping policy between the EU and US are formulated. View full-text January 1984
In contrast to the relatively recent recognition of the “domestic sources” of foreign policy by scholars and policy formulators, the influence of external factors on foreign policy formation has long been acknowledged. It was a widely held notion, until not many decades ago, that foreign policy is in essence a state’s reaction to events and forces beyond its borders. Today it is a truism that the
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This paper examines the determinants of differential employment restrictions applied to foreign versus domestic firms. We develop a model of employment regulation and test its implications using data from the World Bank's World Business Environment Survey, conducted in 1999/2000. We find that while democratic accountability, corruption, and British legal origin reduce the extent of government
... [Show full abstract] intervention in firms' employment decision, they give greater advantage to domestic relative to foreign investors. Rule of law, on the other hand, has a more even effect. Better investment opportunities in the country enhance the government's bargaining power vis-á-vis investors and increase employment intervention, especially in foreign firms engaged in less tradable sectors. We also identify a host of other factors that influence employment restrictions, though none of them entail a differential impact on foreign investors. We find that after controlling for other factors, foreign investors in Latin America face a greater regulatory disadvantage vis-á-vis locals compared to other regions of the world, though this is partly counterbalanced by other effects captured in the model. Read more Last Updated: 05 Jul 2022 Looking for the full-text?
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