Working Papers Series

From Central Bank of Brazil, Research Department
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541: Bank Loan Forbearance: evidence from a million restructured loans

Frederico Mourad, Rafael Schiozer and Toni Ricardo dos Santos

540: Regulatory Banking Leverage: what do you know?

Douglas München and Herbert Kimura

539: Commodity Prices and Global Economic Activity: a derived-demand approach

Angelo Duarte, Wagner Gaglianone, Osmani Guillén and João Issler

538: Government Banks, Household Debt, and Economic Downturns: the case of Brazil

Gabriel Garber, Atif Mian, Jacopo Ponticelli and Amir Sufi

537: Countercyclical Liquidity Policy and Credit Cycles: evidence from macroprudential and monetary policy in Brazil

João Barroso, Rodrigo Gonzalez, Jose-Luis Peydro and Bernardus Van Doornik

536: Effects of Monetary Policy News on Financial Assets: evidence from Brazil on a bivariate VAR-GARCH model (2006-17)

Tarciso Silva, Osmani Guillén, George Morcerf and Andre Modenesi

535: What is the Importance of a Country's Banking Market for Financial Development?

Cláudio Moraes, José Antunes and Márcio Coutinho

534: Labor and Finance: the effect of bank relationships

Patrick Behr, Lars Norden and Raquel Oliveira

533: Financial Intermediation, Human Capital Development and Economic Growth

Emerson Schmitz and Thiago Silva

532: Financial Development and Labor Markets: evidence from Brazil

Julia Fonseca and Bernardus Van Doornik

531: Economic Resilience: spillovers, courts, and vertical integration

Dimas Fazio, Thiago Silva and Janis Skrastins

530: Forward Guidance Matters: disentangling monetary policy shocks

Leonardo Ferreira

529: Short-Term Predictability of Stock Market Indexes following Large Drawdowns and Drawups

Vinicius Brandi

528: Medidas de Núcleo de Inflação para o Brasil baseadas no Método Wavelets?

Nelson Silva

527: Is the Equity Risk Premium Compressed in Brazil?

Alexandre Carvalho and Thiago Trafane Oliveira Santos

526: RegGae: a toolkit for macroprudential policy with DSGEs

Eduardo Castro

525: Long-term stock returns in Brazil: volatile equity returns for U.S.-like investors

Eurilton Araújo, Ricardo Brito and Antonio Sanvicente

524: A General Characterization of the Capital Cost and the Natural Interest Rate: an application for Brazil

Thiago Trafane Oliveira Santos

523: Unemployment Insurance as a Subsidy to Risky Firms

Bernardus Van Doornik, Dimas Fazio, David Schoenherr and Janis Skrastins

522: Housing Collateral Reform and Economic Reallocation

Dimas Fazio and Thiago Silva

521: Creditor's Protection and Bank Loans: market power and bankruptcy reform's effects

Leonardo Alencar, Rodrigo Andrade and Klenio Barbosa

520: Equality and Responsibility in Financial Crisis: an ethical approach to the regulation of bail-outs, moral hazards and accountability

Ramiro Peres

519: Effects of State-Owned Banks’ Programs to Stimulate Credit: evidence from Brazil

Emerson Schmitz

518: Monetary Policy Surprises and Employment: evidence from matched bank-firm loan data on the bank lending-channel

Rodrigo Gonzalez

517: Investors’ Behavior and Mutual Fund Portfolio Allocations in Brazil during the Global Financial Crisis

Fernando Linardi

516: A Data-Rich Measure of Underlying Inflation for Brazil

Vicente Machado, Raquel Nadal and Fernando Kawaoka

515: Option-Based Risk Aversion Indicators for Predicting Currency Crises in Emerging Markets

Jaqueline Marins

514: Monetary Policy and Reserve Requirements in a Small Open Economy

Carlos Haraguchi and Jose Angelo Divino

513: Efficient Solutions for Pricing and Hedging Interest Rate Asian Options

Allan Silva, Jack Baczynski and José Vicente

512: Informational Switching Costs, Bank Competition and the Cost of Finance

Jose Ornelas, Marcos Silva and Bernardus Van Doornik

511: Is There Help Indeed, if There is Help in Need? The case of credit unions during the global financial crisis

Leila Aghabarari, Andre Guettler, Mahvish Naeem and Bernardus Van Doornik

510: Crédito Cooperativo e Desenvolvimento Econômico Regional no Estado do Paraná

Marcos Meneghini

509: Hedger of Last Resort: evidence from Brazilian FX interventions, local credit, and global financial cycles

Rodrigo Gonzalez, Dmitry Khametshin, Jose-Luis Peydro and Andrea Polo

508: Bank Competition, Cost of Credit and Economic Activity: evidence from Brazil

Gustavo Joaquim, Bernardus Van Doornik and Jose Ornelas

507: Credit Shock Propagation in Firm Networks: evidence from government bank credit expansions

Gustavo Cortes, Thiago Silva and Bernardus Van Doornik

506: The Finance-Growth Nexus: the role of banks

Thiago Silva, Benjamin Tabak and Marcela Laiz

505: Earmarked Credit and Monetary Policy Power: micro and macro considerations

Pedro Castro

504: Bailing in Banks: costs and benefits

Sergio Souza, Thiago Silva and Carlos Almeida

503: Sectoral Countercyclical Buffers in a DSGE Model with a Banking Sector

Marcos Castro

502: A Volatility Smile-Based Uncertainty Index

José Vicente and Jaqueline Marins

501: Elections, Heterogeneity of Central Bankers and Inflationary Pressure: the case for staggered terms for the president and the central banker

Maurício Bugarin and Fabia Carvalho

500: Loss Aversion and Search for Yield in Emerging Markets Sovereign Debt

Ricardo Sabbadini

499: Efeitos de Mudanças Regulatórias no Microcrédito sobre os Desempenhos Financeiro e Social das Cooperativas de Crédito

Ana Santos, Lucas Barros, Tony Takeda and Lauro Gonzalez

498: Growth and Activity Diversification: the impact of financing non-traditional local activities

Thiago Silva and Benjamin Tabak

497: Expectations Anchoring Indexes for Brazil using Kalman Filter: exploring signals of inflation anchoring in the long term

Fernando Oliveira and Wagner Gaglianone

496: International Reserves Management in a Model of Partial Sovereign Default

Ricardo Sabbadini

495: Fiscal Risk and Financial Fragility

Thiago Silva, Solange Guerra and Benjamin Tabak

494: “Still" an Agnostic Procedure to Identify Monetary Policy Shocks with Sign Restrictions

Bruno Perdigão

493: Breakeven Inflation Rate Estimation: an alternative approach considering indexation lag and seasonality

Flávio Val and Gustavo Araujo

492: Implied Volatility Term Structure and Exchange Rate Predictability

Jose Ornelas and Roberto Mauad