Empirical evidence of trade credit uses of brazilian publicly-listed companies

This research provides empirical evidence on the use of trade credit as either a substitution or a complement to bank debt for listed companies in Brazil, controlling for the firms reputation, as stated by Alphonse, Ducret and Séverin (2006). The sample consists of 263 publicly-listed companies for 2006. Our findings support all three hypotheses. We provide evidence that trade credit may be used as a signal for the firm’s quality.

Essays on the credit channel of monetary policy: a case study for Brazil

The onset of the financial crisis in 2008 and the European sovereign crisis in 2010 renewed the interest of macroeconomists on the role played by credit in business cycle fluctuations. The purpose of the present work is to present empirical evidence on the monetary policy transmission mechanism in Brazil with a special eye on the role played by the credit channel, using different econometric techniques. It is comprised by three articles. The first one presents a review of the literature of financial frictions, with a focus on the overlaps between credit activity and the monetary policy. It highlights how the sharp disruptions in the financial markets spurred central banks in developed and emerging nations to deploy of a broad set of non conventional tools to overcome the damage on financial intermediation. A chapter is dedicated to the challenge face by the policymaking in emerging markets and Brazil in particular in the highly integrated global capital market. This second article investigates the implications of the credit channel of the monetary policy transmission mechanism in the case of Brazil, using a structural FAVAR (SFAVAR) approach. The term “structural” comes from the estimation strategy, which generates factors that have a clear economic interpretation. The results show that unexpected shocks in the proxies for the external finance premium and the credit volume produce large and persistent fluctuations in inflation and economic activity – accounting for more than 30% of the error forecast variance of the latter in a three-year horizon. Counterfactual simulations demonstrate that the credit channel amplified the economic contraction in Brazil during the acute phase of the global financial crisis in the last quarter of 2008, thus gave an important impulse to the recovery period that followed. In the third articles, I make use of Bayesian estimation of a classical neo-Keynesian DSGE model, incorporating the financial accelerator channel developed by Bernanke, Gertler and Gilchrist (1999). The results present evidences in line to those already seen in the previous article: disturbances on the external finance premium – represented here by credit spreads – trigger significant responses on the aggregate demand and inflation and monetary policy shocks are amplified by the financial accelerator mechanism. Keywords: Macroeconomics, Monetary Policy, Credit Channel, Financial Accelerator, FAVAR, DSGE, Bayesian Econometrics

Crédito agrícola en la América Central = Agricultural credit in Central America

Incluye Bibliografía

Public administration problems in Latin America and solutions from the United Nations of America

Includes bibliography

Estudio económico de los Estados Unidos 1987 = Economic survey of the United States of America 1987

Incluye Bibliografía

Estudio económico de los Estados Unidos, 1988 = Economic survey of the United States of America, 1988

Incluye Bibliografía

Book Review of Twilight of the Mammoths: Ice Age Extinctions and the Rewilding of America</i> by Paul S. Martin

Applying ecological studies to the adaptations of prehistoric human hunter-gatherer groups has greatly increased our abilities to interpret effects of an ever-changing environment and our access to critical resources on these populations. The Pleistocene/Holocene transition, its climate and human genesis in the new world, draws intensive interest from a number of scientific communities. In Twilight of the Mammoths, Paul Martin adds his views, which are of no surprise, on the megafaunal extirpations during a cultural period referred to in North America as Clovis.