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EESP - Textos para Discussão
Mostrando recursos 1 - 20 de 349
1.
Centralized allocation in multiple markets - Monte, Daniel; Tumennasan, Norovsambuu
We study the problem of centralized allocation of indivisible objects in multiple markets. We show that the set of allocation rules that are group strategy-proof and
Pareto-efficient are sequential dictatorships. Therefore, the solution of the joint al-location in multiple markets is significantly narrower than in the single-market case.
Our result also applies to dynamic allocation problems. Finally, we provide conditions
under which the solution of the single-market allocation coincides with the multiple-market case, and we apply this result to the study of the school choice problem with
sibling priorities
2.
Reformas ecônomicas, mudanças institucionais e crescimento na América Latina - Bandeira, Andrea Camara; Garcia, Fernando
A dissertação analisa os efeitos das reformas econômicas implementadas pelos paises da América Latina a partir da segunda metade dos anos 1980, as quais mudaram em definitivo o panorama da região. De forma a empreender tal investigação, partiu-se de uma base teórica de modelos neoclássicos de crescimento. Esse arcabouço conceitual foi complementado com elementos de modelos que incluem variáveis de natureza institucional no rol dos
determinantes do produto per capita. A análise econométrica desenvolvida com base em um
painel de 17 países latino-americanos, no período entre 1970 e 1995, revelou que as cinco áreas de reforma consideradas - abertura comercial, liberalização da...
3.
Os empresários industriais brasileiros depois do fim da hegemonia neoliberal - Diniz, Eli; Bresser-Pereira, Luiz Carlos
Os empresários industriais e a burocracia pública formaram um pacto político que foi dominante no Brasil desde os anos 1930 até os anos 1980. O nacional-desenvolvimento era a estratégia de desenvolvimento que esse grupo adotou. Entretanto, o desastre econômico e político que o Plano Cruzado (1986) representou e a hegemonia mundial do neoliberalismo desde os anos 1980 foram determinantes na sua perda de poder desde o início dos anos 1990. Nessa década, a FIESP e o IEDI não foram capazes de apresentar um discurso alternativo ao discurso então dominante neoliberal. Entretanto, desde meados dos anos 2000, porém, existem sinais de...
4.
Realized volatility: evidence from Brazil - Wink Junior, Marcos Vinício; Valls Pereira, Pedro L.
Using intraday data for the most actively traded stocks on the São
Paulo Stock Market (BOVESPA) index, this study considers two recently
developed models from the literature on the estimation and prediction of
realized volatility: the Heterogeneous Autoregressive Model of Realized
Volatility (HAR-RV), developed by Corsi (2009), and the Mixed Data
Sampling model (MIDAS-RV), developed by Ghysels et al. (2004). Using
measurements to compare in-sample and out-of-sample forecasts, better
results were obtained with the MIDAS-RV model for in-sample forecasts. For out-of-sample forecasts, however, there was no statistically signi cant
di¤erence between the models. We also found evidence that the use of
realized volatility induces distributions of standardized returns that...
8.
The new developmentalism as a weberian ideal type - Pereira, Luiz C. Bresser (Luiz Carlos Bresser)
New developmentalism may be seen as a specific set of policies (a national development strategy), or as a broader the theory behind (structuralist development economics) and the corresponding developmental state. Seen in the later sense, as Weberian ideal type, this paper compares new developmentalism with old developmentalism and with liberal orthodoxy. This paper was written in honor of Roberto Frenkel, in 70 years Festrischt.
9.
Evaluating the existence of structural change in the brazilian term structure of interest : evidence based on cointegration models with structural break - Marçal, Emerson Fernandes; Valls Pereira, Pedro L.
This paper investigates whether there is evidence of structural change in the Brazilian term structure of interest rates. Multivariate cointegration techniques are used to verify this evidence. Two econometrics models are estimated. The rst one is a Vector Autoregressive Model with Error Correction Mechanism (VECM) with smooth transition in the deterministic coe¢ cients (Ripatti and Saikkonen [25]). The second one is a VECM with abrupt structural change formulated by Hansen [13]. Two datasets were analysed. The rst one contains a nominal interest rate with maturity up to three years. The second data set focuses on maturity up to one year....
10.
Os determinantes do fluxo escolar entre o ensino fundamental e o ensino médio - Marçal, Emerson Fernandes; Valls Pereira, Pedro L.
This paper investigates whether there is evidence of structural change in the Brazilian term structure of interest rates. Multivariate cointegration techniques are used to verify this evidence. Two econometrics models are estimated. The first one is a Vector Autoregressive Model with Error Correction Mechanism (VECM) with smooth transition in the deterministic coefficients (Ripatti and Saikkonen [25]). The second one is a VECM with abrupt structural change formulated by Hansen [13]. Two datasets were analysed. The first one contains a nominal interest rate with maturity up to three years. The second data set focuses on maturity up to one year. The...
11.
Modelagem e previsão de volatilidade realizada: evidências para o Brasil - Wink Junior, Marcos Vinicio; Valls Pereira, Pedro L.
Usando dados intradiários dos ativos mais negociados do BOVESPA, este trabalho considerou dois modelos recentemente desenvolvidos na literatura de estimação e previsão de volatilidade realizada. São eles; Heterogeneous Autorregressive Model of Realized Volatility (HAR-RV), desenvolvido por Corsi (2009) e o Mixed Data Sampling (MIDAS-RV), desenvolvido por Ghysels et al. (2004). Através de medidas de comparação de previsão dentro e fora da amostra, constatou-se resultados superiores do modelo MIDAS-RV apenas para previsões
dentro da amostra. Para previsões fora da amostra, no entanto, não houve diferença estatisticamente
significativa entre os modelos. Também encontram-se evidências que a utilização da volatilidade realizada induz distribuições dos...
12.
Análise da estrutura de dependência da volatilidade entre setores durante a crise do subprime - Valls Pereira, Pedro L.; Arruda, Bruno Pontes de
Este estudo testa a hipótese de contágio entre setores da economia dos Estados Unidos durante a crise do Subprime. A metodologia econométrica baseia-se em modelos de correlações condicionais dinâmicas e na aplicação de testes LM robustos para testar a presença de quebras estruturais na estrutura de dependência das séries. Eventos considerados relevantes para o desfecho da crise do Subprime, assim como interações entre
momentos das próprias séries foram utilizados para identificar as quebras de interesse.
A principal conclusão deste trabalho é que houve contágio relacionado a praticamente todos os indicadores entre os setores dos Estados Unidos. Desta forma, temos que a estrutura...
14.
A defesa comercial dos BICs : Brasil, Índia e China - Thorstensen, Vera; Ramos, Daniel; Muller, Carolina
O objetivo do presente artigo é de analisar a Política de Defesa Comercial dos BICs nos últimos 15 anos, destacando semelhanças e contrastes. Após exame dos principais elementos da regulação dos instrumentos de defesa, como apresentados no GATT e na OMC, é avaliada a evolução das investigações iniciadas e das medidas aplicadas para cada um dos parceiros dos BICs. Tendo em vista a importância das decisões do mecanismo de solução de controvérsias na área, são também examinados os principais painéis abertos pelos BICs, bem como os painéis em que foram acionados. O artigo é concluído com algumas implicações da análise...
16.
Demand aggregation and credit risk effects in pooled procurement: evidence from the Brazilian public purchases of pharmaceuticals and medical supplies - Barbosa, Klenio de Souza; Fiuza, Eduardo
Pooled procurement has an important role in reducing acquisition prices of goods. A pool of buyers, which aggregates demand for its members, increases bargaining power and allows suppliers to achieve economies of scale and scope in the production. Such aggregation demand e ect lowers prices paid for buyers. However, when a buyer with a good reputation for paying suppliers in a timely manner is joined in the pool by a buyer with bad reputation may have its price paid increased due to the credit risk e ect on prices. This will happen because prices paid in a pooled procurement should...
17.
US real interest rates and default risk in emerging economies - Foley-Fisher, Nathan; Guimarães, Bernardo
This paper empirically investigates the impact of changes in US real interest rates on sovereign default risk in emerging economies using the method of identification through heteroskedasticity. Policy-induced increases in US interest rates starkly raise default risk in emerging market economies. However, the overall correlation between US real interest rates and the risk of default is negative, demonstrating that the effects of other variables dominate the anterior relationship
18.
Informal wages in an economy with active labor courts - Araujo, Luis; Ponczek, Vladimir P.
In most developing countries, job regulations and the justice branch interfere on several aspects of labor contracts. Inspired by this fact, we build a model that explores the role of labor courts in the determination of the di¤erence between formal and informal wages. We show that the presence of active labor courts in an environment where labor relations are subject to asymmetries of information reproduces features documented by the empirical literature. The main implications of our model are tested using Brazilian data.
19.
The impact of structured teaching methods on the quality of education - Leme, Maria Carolina da Silva; Lozano, Paula; Ponczek, Vladimir P.; Souza, André Portela
This paper estimates the impact of the use of structured methods on the quality of education of the students in primary public school in Brazil. Structure methods encompass a range of pedagogical and managerial instruments applied to the education system. In recent years, several municipalities in the State of São Paulo have contracted out private educational providers to implement these structured methods in their schooling system.
Their pedagogical proposal involves structuring curriculum contents, elaboration and use of teachers and students textbooks, and training and supervision of the teachers and instructors. Using a difference in differences estimation strategy, we find that the...
20.
The impact of daycare attendance on math test scores for a cohort of 4th graders in Brazil - Rodrigues, Clarissa G.; Pinto, Cristine Campos de Xavier; Santos, Daniel D.
We estimate the impact of having attended center-based daycare institutions during early childhood on Math test scores at the 4th grade of elementary school. Because enrollment in daycare centers may depend on unobservable character-istics of the family and the child, we build and estimate a structural model of endogeneous choice of school to deal with the selectivity problem. We nd that attendance to daycare institutions is associated with a gain of approximately 0,04 standard deviation in Math test scores. This result is important to the extent our OLS results as well as most of the studies for Brazil nd no...
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