Independência do banco central e equilíbrio fiscal: algumas observações para o caso brasileiro

The objective of this paper is to analyze the main theoretical arguments for the analysis of the conduction of monetary policy on the fiscal side. Besides this, an analysis is made of the possible effects on the fiscal balance from the conduction of the monetary policy in the search for price stability after the Real Plan and due to an increase in the central bank independence (CBI) in the Brazilian case. The findings denote that the strategy for the conduction of the adopted monetary policy and the increase in the degree of CBI did not contribute to an imrovement in the fiscal balance.

Macroeconomic trouble and policy challenges in the wake of the financial bust

Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures, alone, could deliver full economic recovery, at least in the countries that had been involved in the financial turmoil. Indeed, the collapse of the "state of confidence" and the negative effects of private debts on consumption and investment decisions have fed depressive forces and policy challenges which could hold for a while, even once the financial sector is made safe. On the one hand, the economic slowdown and the direct and indirect assistance provided by the governments to the private sectors are having a heavy impact on public finances, meanwhile, on the other hand, the massive amounts of money which artificially inflated the prices of housing and financial products could produce inflationary pressures in the post-crisis period, unless a new assets bubble is allowed for. Authorities could therefore be facing high unemployment in a damaged context of public deficits and inflationary pressures. The paper aims at discussing these new challenges. The inadequacy of inflation targets and fiscal orthodoxy in a depressed economy is emphasized, and the outlines of a Post Keynesian alternative policy are examined.

Institutions, credibility and crisis: the inconsistencies of Argentine exchange rate policy (1991-2006)

The purpose of this article is twofold. The first is to explain the time inconsistencies of the convertibility regime that led to the 2001 crisis. The argument suggests that the credibility requirements for convertibility induced a dynamic of legal, fiscal, financial and external commitments that increased exit costs and time inconsistencies. The second objective is to explain the tensions of the floating regime that replaced convertibility in 2002. We describe the effects of a floating exchange rate on macroeconomic imbalance and the growing tension between competitiveness and inflation.

Going Global: an organizational study of Brazilian foreign policy

This study analyzes the impact of globalisation on the organization and strategies outlined by the Brazilian Ministry of Foreign Affairs. The study intends to understand how countries from the periphery deal with new institutional challenges resulting from globalization, using the case of the Brazilian diplomatic service.

Brazilian foreign policy towards South America during the Lula administration: caught between South America and Mercosur

The aim of this article is to analyze Brazil's foreign policy towards the South American region during President Lula's administration. As such, the article intends to highlight two specific dimensions: the extent to which foreign policy during this period has differed from previous periods and the relative importance granted by Brazilian diplomacy to recent cooperation and integration efforts, more specifically the Unasur and Mercosur. The article argues that the Lula administration has behaved differently from its predecessors by prioritizing the building up of Brazilian leadership in South America on several different fronts, especially by strengthening multilateral institutions in the region

The new Africa and Brazil in the Lula era: the rebirth of Brazilian Atlantic Policy

In the post-Cold War world, Africa has been an important focus of Brazilian foreign policy. Having a significant historical weight in building our nation, African countries are also part of the moves adopted by Brazil's foreign policy. The main purpose of the present text is to show this relevant regional dimension regarding Brazil's international insertion during the Lula era. The work is divided in two parts: the first part approaches Africa's international insertion throughout recent years and the second analyses the dimension occupied by African affairs in Brazil during the Lula era. The main argument is that the new role played by Africa in the international scene coincides with a global Brazil

Brazilian foreign policy under President Lula (2003-2010): an overview

Foreign Minister of Brazil since 2003, Ambassador Celso Amorim outlines the main guidelines and accomplishments of Brazil's foreign policy under President Luiz Inácio Lula da Silva. The article provides a full-fledged, although not exhaustive, narrative of a number of diplomatic initiatives championed by Brazil over the last eight years: from the gathering of the group of developing countries in a World Trade Organization (WTO) meeting in Cancun to the negotiations that led to the Declaration of Tehran, as well as the challenges the country has been facing as its international weight grows.

Climate paradox of the G-8: legal obligations, policy declarations and implementation gap

This article analyzes the climate policy performance of the G-8 from 1992 to 2012 based on their legal commitments (Annex-1 and Annex-B countries) under the UNFCCC (1992) and the Kyoto Protocol (1997) and their policy declarations on their GHG reduction goals until 2050. A climate paradox has emerged due to a growing implementation gap in Canada, USA and Japan, while Russia, Germany, UK, France and Italy fulfilled their GHG reduction obligation.

An overview of domestic aspects in US climate policy

The article shows how domestic aspects influence the United States national and international climate policy. To accomplish the task, the authors analyzes the discussions when Bill Clinton was ruling the country, a time during which global discussions were forwarded. The paper recalls the debate in the Bush administration and the growing polarization since Barack Obama took office.

Chinese energy policy progress and challenges in the transition to low carbon development, 2006-2013

If the world is not to jeopardize the chances for human life on Earth, climate change must be mitigated; therefore, achieving low carbon development is crucial. China is the world's greatest GHG emitter, energy producer and energy consumer; investigating its energy-climate policy developments and international positions are of utmost importance to understand and tackle current stumbling blocks of the global energy and climate governance.

Reviewing horizontalization: the challenge of analysis in Brazilian foreign policy

Abstract This article presents the increasing demands over the Brazilian Ministry of Foreign Affairs (Itamaraty) for opening its doors to other actors. This discussion will be followed by relevant theoretical and methodological analysis. We will defend the need to overcome problems related to: 1) conceptual vagueness about what the concept of participation means; 2) lack of clarity in the baseline to which comparisons are made; 3) fragile empirical basis; 4) limitations on the use of sources; and 5) how to understand the impact exerted by systemic forces.