Healthcare and Policy: Center Stage for Geriatric Research

Center for Policy Research News & Research

Center for Research on Economic Development and Policy Reform

Following decades of protectionism and a powerful interventionist state, the Brazilian economy suddenly exposed itself to external competition and went through a fast process of privatization. The institutional reforms implemented in the nineties helped to stabilize the economy and create a friendlier environment for attracting investments and fostering growth. Despite of uncertainties that sti...

Center for Research on Economic Development and Policy Reform

Establishing a uniform 15% VAT rate for every good and service subject to this tax would generate additional fiscal resources of, at least, 81.2 billion pesos. The approximate cost of granting an exact compensation for the first three quartiles of the income distribution (in case of considering this as target population) for the impact of such measure—under the pessimistic assumption that 75% o...

Center for Research on Economic Development and Policy Reform

This paper examines the development of financial markets in Mexico after 1994 and finds that there has been a reduction in the depth of the traditional financial markets. Lending from commercial banks to the non-financial private sector shrank from 10% of GDP in 1994 to 0.3% in 2000. However, gross domestic investment recovered quickly. Key questions are: where are firms getting financing; are ...

Center for Research on Economic Development and Policy Reform

We review the arguments in the finance and open macroeconomics literature relevant for the Central Bank to set the level of the interest rate in an open economy. The two relevant risks are the currency and country risks. The country risk (Brazil Risk) is measured with different financials instruments and the (unobservable) currency risk is estimated via the Kalman Filter. We show that—besides t...