cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.6084/m9.figshare.19964466
title: The Credit Rationing Model and the Novo-Keynesian Monetary Policy: A Critical Analysis

description: ABSTRACT The paper discusses and criticizes the credit rationing model (CRM) and its use to support the new-Keynesian approach to the monetary policy. After analyzing the working of the model in the different phases of the business cycle it is concluded that: (i) in the upward phase, demand rationing equilibrium - which is a condition for recommendation of counter-cyclical monetary policy in the CRM scope - is not plausible as a macroeconomic phenomenon, but only at microeconomic level; (ii) in the downward phase, although the demand rationing is a plausible equilibrium, it does not occur for the reason alleged by the CRM (the rigidity of the interest rate), neither it does act in favour of the transmission mechanism of monetary policy. These conclusions imply the rejection of the CRM as theoretical basis for monetary policy analysis, as well as of the new-Keynesian approach about this theme. Finally, it is argued that, at macroeconomic level, the unique theoretical contribution of the CRM is to justify “vertical” interventions of government in financial markets, through financing policies to sectors or projects which risks are more difficult to estimate, notably, in infra-structure, R&D and new-technology sectors.
DOI: 10.6084/m9.figshare.19964469
title: The Debate between Keynes and the “Classics” on Interest Rate Determinants: A Big Waste of Time?

description: ABSTRACT This article presents the debate between Keynes and the Classics relative to the determinants of the rate of interest, with the objective of analyze if there is any subject theoretically relevant under discussion. We demonstrate that, contrary to what has been said by many neoclassical scholars like Hicks, there is an important theoretical question being discussed between Keynes and the Classics, that is the mechanism according to which the plans of saving and investment have influence over the rate of interest. For the “Classics” these decisions have immediate influence over the rate of interest, i.e. the immediate impact of variations of saving and investment is over this variable. For Keynes, however, the immediate impact of these variations will be over the level of income and employment. As a result of this effect there will be a change in the level of interest rate. This same question reappears on the debate between Asimakopulos, Kregel and Davidson; but in a different context, that is the consideration of propensity to save as a financial restraint to investment decisions.
DOI: 10.6084/m9.figshare.19964469.v1
title: The Debate between Keynes and the “Classics” on Interest Rate Determinants: A Big Waste of Time?

description: ABSTRACT This article presents the debate between Keynes and the Classics relative to the determinants of the rate of interest, with the objective of analyze if there is any subject theoretically relevant under discussion. We demonstrate that, contrary to what has been said by many neoclassical scholars like Hicks, there is an important theoretical question being discussed between Keynes and the Classics, that is the mechanism according to which the plans of saving and investment have influence over the rate of interest. For the “Classics” these decisions have immediate influence over the rate of interest, i.e. the immediate impact of variations of saving and investment is over this variable. For Keynes, however, the immediate impact of these variations will be over the level of income and employment. As a result of this effect there will be a change in the level of interest rate. This same question reappears on the debate between Asimakopulos, Kregel and Davidson; but in a different context, that is the consideration of propensity to save as a financial restraint to investment decisions.
DOI: 10.6084/m9.figshare.19964467
title: The New Government Tax Reform Proposal: Limits of the Possible and Uncertainties Involved

description: ABSTRACT In late 1997, the Brazilian government announced the first version of a tax reform contemplating a complete overhaul of the indirect taxation in the country. Turn-over taxes were to be eliminated and the entailing loss of revenue compensated by a new federally coordinated broad-based VAT, that would replace the present incoherent state VATs and the largely mismanaged service tax imposed by local-governments. In this article, simulation models are used to study the consistency of the proposed reform and some of its possible consequences. A risk analysis framework is used to underline the most important uncertainties involved.
DOI: 10.6084/m9.figshare.19964467.v1
title: The New Government Tax Reform Proposal: Limits of the Possible and Uncertainties Involved

description: ABSTRACT In late 1997, the Brazilian government announced the first version of a tax reform contemplating a complete overhaul of the indirect taxation in the country. Turn-over taxes were to be eliminated and the entailing loss of revenue compensated by a new federally coordinated broad-based VAT, that would replace the present incoherent state VATs and the largely mismanaged service tax imposed by local-governments. In this article, simulation models are used to study the consistency of the proposed reform and some of its possible consequences. A risk analysis framework is used to underline the most important uncertainties involved.
DOI: 10.6084/m9.figshare.19964472
title: Labor Values and Production Prices in a Sraffian Economic System with Extensive Income

description: ABSTRACT This article develops an extension of Sraffian’s approach, considering a model where the economy is divided into two sectors, the industrial and the agricultural. From a system in physical units it is possible to determine labour values and prices of production. The paper analyses the determination of labour values using Morishima’s suggestion, with linear programming. It is shown that in an economic system with land scarcity the existence of positive surplus-value is not a sufficient condition for positive profits.
DOI: 10.6084/m9.figshare.19964472.v1
title: Labor Values and Production Prices in a Sraffian Economic System with Extensive Income

description: ABSTRACT This article develops an extension of Sraffian’s approach, considering a model where the economy is divided into two sectors, the industrial and the agricultural. From a system in physical units it is possible to determine labour values and prices of production. The paper analyses the determination of labour values using Morishima’s suggestion, with linear programming. It is shown that in an economic system with land scarcity the existence of positive surplus-value is not a sufficient condition for positive profits.
DOI: 10.6084/m9.figshare.19964473
title: Megainstitutions and Financial Instability: The challenges for prudential regulation

description: ABSTRACT This paper analyses the recent process of the financial concentration in major industrialized countries. It reveals that the formation of large diversified financial conglomerates consolidates the so-called “full-service banking or financial supermarkets” in the United States and the Allfinaz in Europe. It also evaluates the role played by these megainstitutions in the intensification of financial instability due to increasing potential moral hazard and the systemic risk. Finally, it deals with difficulties faced by authorities in the supervision and control of these megabanks.
DOI: 10.6084/m9.figshare.19964473.v1
title: Megainstitutions and Financial Instability: The challenges for prudential regulation

description: ABSTRACT This paper analyses the recent process of the financial concentration in major industrialized countries. It reveals that the formation of large diversified financial conglomerates consolidates the so-called “full-service banking or financial supermarkets” in the United States and the Allfinaz in Europe. It also evaluates the role played by these megainstitutions in the intensification of financial instability due to increasing potential moral hazard and the systemic risk. Finally, it deals with difficulties faced by authorities in the supervision and control of these megabanks.
DOI: 10.6084/m9.figshare.19964475
title: The Nature of the Money Supply: Comments on Basil Moore’s Theory

description: ABSTRACT Basil Moore at recent work develops his conception of endogenous money. Into the implications, understand that his theory present incongruencies in relation to some parts the Keynes’ theory. This paper presents commentaries about horizontalist view, focalizing the incompatibility between liquidity preference and endogenous money, aimed for Moore.
DOI: 10.6084/m9.figshare.19964475.v1
title: The Nature of the Money Supply: Comments on Basil Moore’s Theory

description: ABSTRACT Basil Moore at recent work develops his conception of endogenous money. Into the implications, understand that his theory present incongruencies in relation to some parts the Keynes’ theory. This paper presents commentaries about horizontalist view, focalizing the incompatibility between liquidity preference and endogenous money, aimed for Moore.
DOI: 10.6084/m9.figshare.19964478.v1
title: The New Institutional Economics, Business Associations, and Development

description: ABSTRACT With the demise of development economics in the 1970s, the academic discipline of economics had little specific theorizing on development to offer practioners and proffered instead universal, liberal nostrums of free trade and free markets (Wing, 1990). These universal prescriptions evolved into the first catalogued Washington consensus in the 1980s on the urgency of market-oriented reforms in developing countries (Williamson, 1990). In the 1990s, a new connection formed between an emerging institutionalist subfield in economics and the next consensus in Washington after the first generation of market-oriented reforms. The opening of the third annual meetings of the International Society for New Institutional Economics (ISNIE) at World Bank headquarters in Washington, D.C. in September 1999 symbolized this new connection.
DOI: 10.6084/m9.figshare.19964478
title: The New Institutional Economics, Business Associations, and Development

description: ABSTRACT With the demise of development economics in the 1970s, the academic discipline of economics had little specific theorizing on development to offer practioners and proffered instead universal, liberal nostrums of free trade and free markets (Wing, 1990). These universal prescriptions evolved into the first catalogued Washington consensus in the 1980s on the urgency of market-oriented reforms in developing countries (Williamson, 1990). In the 1990s, a new connection formed between an emerging institutionalist subfield in economics and the next consensus in Washington after the first generation of market-oriented reforms. The opening of the third annual meetings of the International Society for New Institutional Economics (ISNIE) at World Bank headquarters in Washington, D.C. in September 1999 symbolized this new connection.
DOI: 10.6084/m9.figshare.19964488
title: Public policies and sectorial targets The effects of the new industrial policy on the Brazilian automobile sector

description: ABSTRACT This article examines the new conditions created by the Brazilian Automotive Regime since the second semester of 1995. First, it discusses the main controversies surrounding the implementation of a new modality of industrial policy on the part of the federal government and the incentives granted by the state governments to the companies of the automobile sector in Brazil. Second, this article sketches a picture of the situation of this industrial sector, with emphasis on the changes that are happening in the relationships between assembling industry and auto parts industry. ln the context of the new climate of competition created by the tendencies towards globalization of markets and by the new guidelines of the industrial politics in place, this article shows that new modes of governance in the relations between the local “montadoras” and their providers are replacing the old competitive strategies.
DOI: 10.6084/m9.figshare.19964488.v1
title: Public policies and sectorial targets The effects of the new industrial policy on the Brazilian automobile sector

description: ABSTRACT This article examines the new conditions created by the Brazilian Automotive Regime since the second semester of 1995. First, it discusses the main controversies surrounding the implementation of a new modality of industrial policy on the part of the federal government and the incentives granted by the state governments to the companies of the automobile sector in Brazil. Second, this article sketches a picture of the situation of this industrial sector, with emphasis on the changes that are happening in the relationships between assembling industry and auto parts industry. ln the context of the new climate of competition created by the tendencies towards globalization of markets and by the new guidelines of the industrial politics in place, this article shows that new modes of governance in the relations between the local “montadoras” and their providers are replacing the old competitive strategies.
DOI: 10.6084/m9.figshare.19964491
title: Living with a Floating Exchange Rate

description: ABSTRACT Since the implementation of a floating exchange system by the Brazilian economic authorities in mid-1999, the trajectory of the real exchange rate has been characterized by extreme volatility, inherent in such a system. The Brazilian financial market, however, has the advantage to possess a reasonably liquid derivative market which can contribute to a less turbulent ‘relationship’ with a floating exchange regime. Nevertheless, any possible benefits from this market to the Brazilian economy would require: the routine use of financial derivatives by economic agents in their business management, the elimination of any restriction to access to derivative markets by foreign investors, and the improvement of supervisory and regulatory mechanisms.
DOI: 10.6084/m9.figshare.19964491.v1
title: Living with a Floating Exchange Rate

description: ABSTRACT Since the implementation of a floating exchange system by the Brazilian economic authorities in mid-1999, the trajectory of the real exchange rate has been characterized by extreme volatility, inherent in such a system. The Brazilian financial market, however, has the advantage to possess a reasonably liquid derivative market which can contribute to a less turbulent ‘relationship’ with a floating exchange regime. Nevertheless, any possible benefits from this market to the Brazilian economy would require: the routine use of financial derivatives by economic agents in their business management, the elimination of any restriction to access to derivative markets by foreign investors, and the improvement of supervisory and regulatory mechanisms.
DOI: 10.6084/m9.figshare.19964493
title: Measurement of Market Power Using Trademark Data: models, limitations and applications

description: ABSTRACT This paper analyzes the main models used to measure market power by means of brand data and verifies the advantages of the model developed by Cotterill, Franklin and Ma over the others. This is a very flexible model which can be used to any conjectural assumptions and allows the measurement of both unilateral and collusive market power. Several ways of application are suggested, and very promising perspectives are recognized for this type of study.
DOI: 10.6084/m9.figshare.19964493.v1
title: Measurement of Market Power Using Trademark Data: models, limitations and applications

description: ABSTRACT This paper analyzes the main models used to measure market power by means of brand data and verifies the advantages of the model developed by Cotterill, Franklin and Ma over the others. This is a very flexible model which can be used to any conjectural assumptions and allows the measurement of both unilateral and collusive market power. Several ways of application are suggested, and very promising perspectives are recognized for this type of study.
DOI: 10.6084/m9.figshare.19964411
title: DataBase_PAMCO2

description: Data for the project accepted for publication in Biogeochemistry. The second tab contains the metadata of the dataset. <br> <br>
DOI: 10.6084/m9.figshare.19964411.v1
title: DataBase_PAMCO2

description: Data for the project accepted for publication in Biogeochemistry. The second tab contains the metadata of the dataset. <br> <br>
DOI: 10.6084/m9.figshare.19964496
title: A model of NAIRU for Brazil

description: ABSTRACT In this article we present some estimates for the Non-Accelerating Inflation Rate of Unemployment (NAIRU) using Brazilian Data. Two different models, Nishizaki (1997) and Debelle and Laxton (1997), are used. The NAIRU is estimated using both the IBGE and DIEESE data. The results show a linear Phillips curve for Brazil and allow a good estimate of the NAIRU. For the IBGE data we obtain a time varying NAIRU while for the DIEESE data best estimate generates a fixed NAIRU. Our results are in line with the acceleration of inflation during the eighties and the price stability that follow the Real Plan.
DOI: 10.6084/m9.figshare.19964496.v1
title: A model of NAIRU for Brazil

description: ABSTRACT In this article we present some estimates for the Non-Accelerating Inflation Rate of Unemployment (NAIRU) using Brazilian Data. Two different models, Nishizaki (1997) and Debelle and Laxton (1997), are used. The NAIRU is estimated using both the IBGE and DIEESE data. The results show a linear Phillips curve for Brazil and allow a good estimate of the NAIRU. For the IBGE data we obtain a time varying NAIRU while for the DIEESE data best estimate generates a fixed NAIRU. Our results are in line with the acceleration of inflation during the eighties and the price stability that follow the Real Plan.
DOI: 10.6084/m9.figshare.19964497
title: Auctions of Public Debt Securities by the Central Bank of Brazil: A Study of the Factors of the Dispersion of Proposals for BBCs

description: ABSTRACT We aim at obtaining a simple econometric model that allows us to build a confidence interval for the dispersion of the bids made by financial institutions at the central bank weekly auctions of short-term securities in Brazil. Under competitive conditions (e. g., no coalition between a few financial institutions) we assume that the bids’ dispersion is associated with the volatility of the daily interest rate futures prices and the daily interest rates that had prevailed during the days prior to the auction. Based on that assumption, our model succeeds in separating the two auctions with extremely high volatility. ln one of them, the high dispersion could be predicted using the other interest rate markets’ data; in the other the dispersion fell outside the confidence interval for the predicted dispersion. This can be used as empirical evidence of an attempt to comer the market that has indeed occurred at that date.
DOI: 10.6084/m9.figshare.19964497.v1
title: Auctions of Public Debt Securities by the Central Bank of Brazil: A Study of the Factors of the Dispersion of Proposals for BBCs

description: ABSTRACT We aim at obtaining a simple econometric model that allows us to build a confidence interval for the dispersion of the bids made by financial institutions at the central bank weekly auctions of short-term securities in Brazil. Under competitive conditions (e. g., no coalition between a few financial institutions) we assume that the bids’ dispersion is associated with the volatility of the daily interest rate futures prices and the daily interest rates that had prevailed during the days prior to the auction. Based on that assumption, our model succeeds in separating the two auctions with extremely high volatility. ln one of them, the high dispersion could be predicted using the other interest rate markets’ data; in the other the dispersion fell outside the confidence interval for the predicted dispersion. This can be used as empirical evidence of an attempt to comer the market that has indeed occurred at that date.
DOI: 10.6084/m9.figshare.19964499.v1
title: Los Determinantes del Nível de Precios en México: Un Enfoque Heterodoxo

description: ABSTRACT The objective of this essay is to analyze the effects of the minimal nominal wage, a monetary aggregate and the exchange rate on the price level using the Johansen procedure for co-integration. The empirical evidence indicates the existence of a long-term relationship among these variables and the price level that can be interpreted as a price equation. The econometric model allows establishing the specific weights of each of these variables on the price level. Furthermore, the empirical evidence rejects the weak exogeneity hypothesis that confirms the existence of a feedback between these variables. This information was used to build an econometric model in order to simulate and forecast the dynamic of prices in Mexico with satisfactory statistical properties and structural stability.
DOI: 10.6084/m9.figshare.19964499
title: Los Determinantes del Nível de Precios en México: Un Enfoque Heterodoxo

description: ABSTRACT The objective of this essay is to analyze the effects of the minimal nominal wage, a monetary aggregate and the exchange rate on the price level using the Johansen procedure for co-integration. The empirical evidence indicates the existence of a long-term relationship among these variables and the price level that can be interpreted as a price equation. The econometric model allows establishing the specific weights of each of these variables on the price level. Furthermore, the empirical evidence rejects the weak exogeneity hypothesis that confirms the existence of a feedback between these variables. This information was used to build an econometric model in order to simulate and forecast the dynamic of prices in Mexico with satisfactory statistical properties and structural stability.
DOI: 10.6084/m9.figshare.19964500
title: The Dialectic Values and Prices

description: ABSTRACT Most of the debate about the so-called “transformation problem”; which stems from Böhm-Bawerck’s criticism of the third volume of Capital, has a frame of reference that attributes presuppositions and a methodology to Marx that are more suitable to the Walrasian theory. This article discusses that question aiming at two different goals. It points the problematic consequences to the Marxist theory of values and prices of the acceptance of the presuppositions of the equilibrium approach. On the other hand, it offers an argument for tackling the “transformation problem” from a strictly dialectical point of view.
DOI: 10.6084/m9.figshare.19964500.v1
title: The Dialectic Values and Prices

description: ABSTRACT Most of the debate about the so-called “transformation problem”; which stems from Böhm-Bawerck’s criticism of the third volume of Capital, has a frame of reference that attributes presuppositions and a methodology to Marx that are more suitable to the Walrasian theory. This article discusses that question aiming at two different goals. It points the problematic consequences to the Marxist theory of values and prices of the acceptance of the presuppositions of the equilibrium approach. On the other hand, it offers an argument for tackling the “transformation problem” from a strictly dialectical point of view.
DOI: 10.6084/m9.figshare.19964502.v1
title: Revenue Sharing: A Problem of Federalism in Brazil

description: ABSTRACT This paper shows that the extension and inefficiency of federalism in Brazil is mostly associated with gaps in the competence to tax, as well as to distortions in the system of transfers to States and Local Governments, respectively known as State Participation Fund - SPF and Municipal Participation Fund - MPF. We discuss the concepts of fiscal federalism and decentralization and suggest changes that could contribute to a better distribution of resources and to fiscal discipline.