cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.6084/m9.figshare.14319600.v1
title: The second Washington consensus and the quasi-stagnation of the Brazilian economy

description: ABSTRACT While in the social and ethical realms the Cardoso administration (1995-2002) was successful, its economic outcomes were frustrating. In these eight years the in- vestment rate did not increase and income per capita growth lagged, while public and foreign debts increased substantially. This poor economic performance may be explained by three chained causes: a mistake in agenda setting, the adoption of the Second Washington Consensus, and the alienation of elites. The decision of setting high inflation as the major problem to be tackled instead of achieving equilibrium in foreign accounts represented a major macroeconomic mistake, which can be explained by the Second Washington Consensus. This consensus proposed in the 1990s that highly indebted countries should grow counting on foreign savings, although this is not the experience among OECD countries. The outcome was to evaluate the real, to increase artificially wages and consumption, so that instead of growth we have been increasing indebtedness. Why this flopped strategy was adopted? Rich countries’ interests are not difficult to guess. On the part of Brazil, the only explanation is Brazilian elites’ alienation in relation to the country’s national interest. As a final outcome, the Cardoso administration ends with another balance of payments crisis.
DOI: 10.6084/m9.figshare.14319603
title: The three dimensions of social work and the hree opportunities for calculating added value

description: ABSTRACT The study of added value and its three calculation forms is usually taken independently from the three dimensions of social labour, where it comes from. The aim of this paper is to bridge the gaps which start from the appraisal and classification of the different dimensions assumed by social labour, its three circuits of measurement and the transition between labour value and added value. Its main concern is to attempt to clarify these relations, as well as to serve as an instrument to continue the discussion of the research programme associated with the value theory.
DOI: 10.6084/m9.figshare.14319603.v1
title: The three dimensions of social work and the hree opportunities for calculating added value

description: ABSTRACT The study of added value and its three calculation forms is usually taken independently from the three dimensions of social labour, where it comes from. The aim of this paper is to bridge the gaps which start from the appraisal and classification of the different dimensions assumed by social labour, its three circuits of measurement and the transition between labour value and added value. Its main concern is to attempt to clarify these relations, as well as to serve as an instrument to continue the discussion of the research programme associated with the value theory.
DOI: 10.6084/m9.figshare.14319605.v1
title: Notes on the Brazilian Crisis of 1997-99

description: ABSTRACT This paper deals with the Brazilian crisis of 1997-98 that lead to the exchange rate floating of January 1999. It starts by showing how exchange rate policy evolved since the Real Plan of 1994 and how the exchange rate regime became a critical issue when the crisis started in 1997. It discusses monetary policy during the crisis, the IMF program, the endogenous diagonal band and the decision to float as an alternative to capital controls and default. This five-year drama ended surprisingly well with a benign float, but it is useful to know its details, with the usual mix of economic de- bate, personality clashes and historical fatality.
DOI: 10.6084/m9.figshare.14319605
title: Notes on the Brazilian Crisis of 1997-99

description: ABSTRACT This paper deals with the Brazilian crisis of 1997-98 that lead to the exchange rate floating of January 1999. It starts by showing how exchange rate policy evolved since the Real Plan of 1994 and how the exchange rate regime became a critical issue when the crisis started in 1997. It discusses monetary policy during the crisis, the IMF program, the endogenous diagonal band and the decision to float as an alternative to capital controls and default. This five-year drama ended surprisingly well with a benign float, but it is useful to know its details, with the usual mix of economic de- bate, personality clashes and historical fatality.
DOI: 10.6084/m9.figshare.14319609
title: Still on the convertibility

description: ABSTRACT The paper introduces a 2x2 taxonomy of exchange rate regimes in terms of convertibility restrictions (yes or no) and the form of price determination (floating versus managed exchange rates). It is argued that the convertibility is an important signal to private agents. Free convertibility in presence of fixed exchange rates reinforces the credibility of the peg; the presence of restrictions to convertibility in face of floating exchange rates reveals lack of confidence of Central Bank on the stability of the monetary standard. The former was the case of Argentina before the demise of the Cavallo plan; the latter is the case of Brazil today. The consolidation of monetary stability in present circumstances requires a sustained fiscal effort; a pre-announced process of gradual lifting of convertibility restrictions, however, may somehow alleviate such effort, thereby rendering it politically feasible.
DOI: 10.6084/m9.figshare.14319609.v1
title: Still on the convertibility

description: ABSTRACT The paper introduces a 2x2 taxonomy of exchange rate regimes in terms of convertibility restrictions (yes or no) and the form of price determination (floating versus managed exchange rates). It is argued that the convertibility is an important signal to private agents. Free convertibility in presence of fixed exchange rates reinforces the credibility of the peg; the presence of restrictions to convertibility in face of floating exchange rates reveals lack of confidence of Central Bank on the stability of the monetary standard. The former was the case of Argentina before the demise of the Cavallo plan; the latter is the case of Brazil today. The consolidation of monetary stability in present circumstances requires a sustained fiscal effort; a pre-announced process of gradual lifting of convertibility restrictions, however, may somehow alleviate such effort, thereby rendering it politically feasible.
DOI: 10.6084/m9.figshare.14319611.v1
title: The elusive quest for the rule of law: promoting judicial reform in Latin America

description: ABSTRACT While there exists a consensus on the centrality of the rule of law both for economic development and democratic consolidation, the political economy of legal and judicial reform remains largely under-theorized. The review essay underscores the tensions and trade-offs between the different strategies and objectives of judicial reform in Latin America. Contrasting the experiences of Argentina and Brazil, it high- lights the delicate balance between independence and accountability. It also assesses the role of donor institutions, and in particular the multilateral development banks, in promoting judicial reform. It argues for a more realistic approach to judicial governance, focusing on feasible reforms.
DOI: 10.6084/m9.figshare.14319611
title: The elusive quest for the rule of law: promoting judicial reform in Latin America

description: ABSTRACT While there exists a consensus on the centrality of the rule of law both for economic development and democratic consolidation, the political economy of legal and judicial reform remains largely under-theorized. The review essay underscores the tensions and trade-offs between the different strategies and objectives of judicial reform in Latin America. Contrasting the experiences of Argentina and Brazil, it high- lights the delicate balance between independence and accountability. It also assesses the role of donor institutions, and in particular the multilateral development banks, in promoting judicial reform. It argues for a more realistic approach to judicial governance, focusing on feasible reforms.
DOI: 10.6084/m9.figshare.14319614
title: A New Consensus on Monetary Policy?

description: ABSTRACT By analyzing the documents issued by the Bank of Canada, an original monetary policy can be seen. The Canadian monetary policy tries to maintain its autonomy, whilst at the same time respecting floating exchange rates. The numerous innovations are the foundation of a New Consensus on monetary policy. Far from the dilemma rule versus discretion of the former Monetarist and Keynesian methods, a new dilemma will be the focus: that of credibility versus confidence. Here, the anticipations of the economic agents, the behavior of financial markets and the price of assets play a dominating role. Based on the innovative experiment of the Bank of Canada during the 1990s, the characteristics of the New Consensus will be explained. Far from making independent central banks some high-powered institutions, it shows them instead to be “statues with feet of clay”.
DOI: 10.6084/m9.figshare.14319614.v1
title: A New Consensus on Monetary Policy?

description: ABSTRACT By analyzing the documents issued by the Bank of Canada, an original monetary policy can be seen. The Canadian monetary policy tries to maintain its autonomy, whilst at the same time respecting floating exchange rates. The numerous innovations are the foundation of a New Consensus on monetary policy. Far from the dilemma rule versus discretion of the former Monetarist and Keynesian methods, a new dilemma will be the focus: that of credibility versus confidence. Here, the anticipations of the economic agents, the behavior of financial markets and the price of assets play a dominating role. Based on the innovative experiment of the Bank of Canada during the 1990s, the characteristics of the New Consensus will be explained. Far from making independent central banks some high-powered institutions, it shows them instead to be “statues with feet of clay”.
DOI: 10.5281/zenodo.4636561
title: Little evidence that Eurasian jays (Garrulus glandarius) protect their caches by responding to cues about a conspecific's desire and visual perspective

description: Datasets and statistical analyses (R scripts) of a study investigating whether Eurasian jays can protect their caches by responding to cues about the visual perspective and current desire of an observing conspecific. Five experiments were conducted. Experiments 1 and 2 tested whether jays can integrate the two types of social cues to most effectively limit the risk of cache loss. Experiments 3 and 4 attempted to replicate the previous finding by Legg & Clayton (2014) that Eurasian jays prefer to cache behind an opaque barrier over a clear barrier when observed by a conspecific than when caching in private. Experiment 5 further investigated the previous finding by Ostojic et al. (2017) that jays preferentially cache a type of food that had been eaten to satiety by a conspecific over a food that had not been eaten by the conspecific.
DOI: 10.5281/zenodo.4636560
title: Little evidence that Eurasian jays (Garrulus glandarius) protect their caches by responding to cues about a conspecific's desire and visual perspective

description: Datasets and statistical analyses (R scripts) of a study investigating whether Eurasian jays can protect their caches by responding to cues about the visual perspective and current desire of an observing conspecific. Five experiments were conducted. Experiments 1 and 2 tested whether jays can integrate the two types of social cues to most effectively limit the risk of cache loss. Experiments 3 and 4 attempted to replicate the previous finding by Legg & Clayton (2014) that Eurasian jays prefer to cache behind an opaque barrier over a clear barrier when observed by a conspecific than when caching in private. Experiment 5 further investigated the previous finding by Ostojic et al. (2017) that jays preferentially cache a type of food that had been eaten to satiety by a conspecific over a food that had not been eaten by the conspecific.
DOI: 10.6084/m9.figshare.14319617
title: Financial Markets, External Shocks and Policy Responses: The Case of Brazil 2001

description: ABSTRACT This paper evaluates the macroeconomic response of the Brazilian government in 2001 following the emergence of sharp negative events in both the external and internal sectors with particular focus on monetary and exchange rate policies. It points out that the kind of macroeconomic reaction depicted by the standard Mundell-Fleming model is of little practical importance in a small open economy engulfed in dollar denominated debts and experiencing a confidence crisis like Brazil’s. The Brazilian economy operates as if there were some sorts of ceilings for the exchange rate and for interest rates, in a clear departure from the assumptions embodied in the “pure” model. In this kind of environment another set of actions is required to fight a dangerous exchange rate overshooting and that is proven by the events of 2001. Whilst the actions taken by the monetary authorities proved successful at that moment the paper shows that they came with sizeable real and financial costs as collateral. Therefore, the paper argues in favour of another set of macroeconomic responses which should have been preferred if we were to avoid such costs.
DOI: 10.6084/m9.figshare.14319617.v1
title: Financial Markets, External Shocks and Policy Responses: The Case of Brazil 2001

description: ABSTRACT This paper evaluates the macroeconomic response of the Brazilian government in 2001 following the emergence of sharp negative events in both the external and internal sectors with particular focus on monetary and exchange rate policies. It points out that the kind of macroeconomic reaction depicted by the standard Mundell-Fleming model is of little practical importance in a small open economy engulfed in dollar denominated debts and experiencing a confidence crisis like Brazil’s. The Brazilian economy operates as if there were some sorts of ceilings for the exchange rate and for interest rates, in a clear departure from the assumptions embodied in the “pure” model. In this kind of environment another set of actions is required to fight a dangerous exchange rate overshooting and that is proven by the events of 2001. Whilst the actions taken by the monetary authorities proved successful at that moment the paper shows that they came with sizeable real and financial costs as collateral. Therefore, the paper argues in favour of another set of macroeconomic responses which should have been preferred if we were to avoid such costs.
DOI: 10.6084/m9.figshare.14319618
title: Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us?

description: ABSTRACT Some authors have advocated that shifting from fixed exchange rates to floating regimes has not delivered better economic outcomes to developing countries. As the argument goes, pervasive fear of floating in these economies has prevented drops in real interest rates and, more importantly, has been a hindrance in the way towards more monetary policy autonomy. This paper presents evidence suggesting this may not be the case for Brazil. More precisely, there are signs that fear of floating was less acute here (presumably due to low exchange rate pass-through) than elsewhere, and also that policymakers are now targeting monetary policy principally to domestic objectives.
DOI: 10.6084/m9.figshare.14319618.v1
title: Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us?

description: ABSTRACT Some authors have advocated that shifting from fixed exchange rates to floating regimes has not delivered better economic outcomes to developing countries. As the argument goes, pervasive fear of floating in these economies has prevented drops in real interest rates and, more importantly, has been a hindrance in the way towards more monetary policy autonomy. This paper presents evidence suggesting this may not be the case for Brazil. More precisely, there are signs that fear of floating was less acute here (presumably due to low exchange rate pass-through) than elsewhere, and also that policymakers are now targeting monetary policy principally to domestic objectives.
DOI: 10.6084/m9.figshare.14319620.v1
title: Elements for a political economy of the reforms in Lula Government

description: ABSTRACT Under the hypothesis that structural reforms are positive for the economy, it is argued that, in a government of the “right”, there exists stable political economy equilibrium: some reforms are made and the economy has a median performance. In a government of the “left”, such median equilibrium is unstable. A situation of double equilibria is characterized: the government either succeeds fully or it fails miserably. The conclusion is that the success of Lula’s government will depend on the result of a race between the drop of his popularity, on one hand, and the improvement of the economy, on the other.
DOI: 10.6084/m9.figshare.14319620
title: Elements for a political economy of the reforms in Lula Government

description: ABSTRACT Under the hypothesis that structural reforms are positive for the economy, it is argued that, in a government of the “right”, there exists stable political economy equilibrium: some reforms are made and the economy has a median performance. In a government of the “left”, such median equilibrium is unstable. A situation of double equilibria is characterized: the government either succeeds fully or it fails miserably. The conclusion is that the success of Lula’s government will depend on the result of a race between the drop of his popularity, on one hand, and the improvement of the economy, on the other.
DOI: 10.6084/m9.figshare.14319621
title: Politics and fiscal reforms in recent Brazil

description: ABSTRACT This study focuses on the economic and political framework in which fiscal changes took place in Brazil in the past two decades, in the general context of the State reform. Emphasis is given to the Cardoso government’s reforms which are examined not only from a macroeconomic perspective but also from the viewpoint of democratic accountability. Without disregarding the role of critical conjunctures, the article also stresses the incremental nature of these reforms and indicates that successful ones take place gradually and that each step taken has influence on the path ahead.
DOI: 10.6084/m9.figshare.14319621.v1
title: Politics and fiscal reforms in recent Brazil

description: ABSTRACT This study focuses on the economic and political framework in which fiscal changes took place in Brazil in the past two decades, in the general context of the State reform. Emphasis is given to the Cardoso government’s reforms which are examined not only from a macroeconomic perspective but also from the viewpoint of democratic accountability. Without disregarding the role of critical conjunctures, the article also stresses the incremental nature of these reforms and indicates that successful ones take place gradually and that each step taken has influence on the path ahead.
DOI: 10.6084/m9.figshare.14319623.v1
title: Escaping the debt constraint on growth: a suggested monetary policy for Brazil

description: ABSTRACT Existing interest rates imply explosive debt dynamics for Brazil. It also faces rising inflation from earlier currency depreciations, which could trigger future depreciation. These conditions impose a policy contradiction. Brazil needs lower interest rates for debt sustainability, but tight monetary policy to avoid exchange rate depreciation and inflation. The paper develops a strategy to escape this contradiction. Policy must bolster investor confidence to lower external interest rates, lower domestic interest rates to reduce debt service burdens, and implement domestic credit creation controls to control inflation.
DOI: 10.6084/m9.figshare.14319623
title: Escaping the debt constraint on growth: a suggested monetary policy for Brazil

description: ABSTRACT Existing interest rates imply explosive debt dynamics for Brazil. It also faces rising inflation from earlier currency depreciations, which could trigger future depreciation. These conditions impose a policy contradiction. Brazil needs lower interest rates for debt sustainability, but tight monetary policy to avoid exchange rate depreciation and inflation. The paper develops a strategy to escape this contradiction. Policy must bolster investor confidence to lower external interest rates, lower domestic interest rates to reduce debt service burdens, and implement domestic credit creation controls to control inflation.
DOI: 10.6084/m9.figshare.14319626
title: Selected efficiency: a neo-Schumpeterian evolutionaryperspective on normative economic issues

description: ABSTRAC This paper intends to address an almost completely disregarded field in Neo-Schumpeterian Evolutionary economics: that of normative theory and competition policy issues. The amount of both modeling and appreciative theorizing that has been produced under this approach is already impressive, but it lacks a corresponding effort on normative implications of the theory. After discussing the limitations of the static Pareto-efficiency tools for competition analysis and policy, especially in antitrust, some scarce contributions towards dynamic efficiency and related concepts are briefly reviewed. Finally, an alternative dynamic efficiency concept labeled “selective efficiency”, focusing on the efficiency of the market as a selective environment (apud Nelson & Winter), is introduced and the basic lines of a possible analytical framework for its application are suggested.
DOI: 10.6084/m9.figshare.14319626.v1
title: Selected efficiency: a neo-Schumpeterian evolutionaryperspective on normative economic issues

description: ABSTRAC This paper intends to address an almost completely disregarded field in Neo-Schumpeterian Evolutionary economics: that of normative theory and competition policy issues. The amount of both modeling and appreciative theorizing that has been produced under this approach is already impressive, but it lacks a corresponding effort on normative implications of the theory. After discussing the limitations of the static Pareto-efficiency tools for competition analysis and policy, especially in antitrust, some scarce contributions towards dynamic efficiency and related concepts are briefly reviewed. Finally, an alternative dynamic efficiency concept labeled “selective efficiency”, focusing on the efficiency of the market as a selective environment (apud Nelson & Winter), is introduced and the basic lines of a possible analytical framework for its application are suggested.
DOI: 10.6084/m9.figshare.14319629
title: Currency union in Mercosul

description: ABSTRACT Nowadays, influenced by the European experience, several Brazilian economists have given special attention to the possibility of a currency union among the countries of Mercosur. This paper makes a brief analysis of the main theoretical aspects that represent the basis for the proposition of a currency area. Besides this, the paper shows two distinct views in the national literature concerning the hypothesis of the creation of a currency area for the Mercosur. The main conclusion of this article is that the proposal mentioned above is not feasible, because the costs of macroeconomic coordination are too high.
DOI: 10.6084/m9.figshare.14319629.v1
title: Currency union in Mercosul

description: ABSTRACT Nowadays, influenced by the European experience, several Brazilian economists have given special attention to the possibility of a currency union among the countries of Mercosur. This paper makes a brief analysis of the main theoretical aspects that represent the basis for the proposition of a currency area. Besides this, the paper shows two distinct views in the national literature concerning the hypothesis of the creation of a currency area for the Mercosur. The main conclusion of this article is that the proposal mentioned above is not feasible, because the costs of macroeconomic coordination are too high.