... 1335-1365 Converging European Transitions Jorge Braga de Macedo, Jorge Braga de Macedo OECDSearch for more papers by this author Jorge Braga de Macedo, Jorge Braga de Macedo OECDSearch for more papers by this author First ...
Tópico(s): Global Financial Crisis and Policies
2000 - Wiley | World Economy
... Marc, The geography of the gold standard, in, Macedo, Jorge Braga de et al. (eds.), Currency convertibility. The gold standard and beyond, Routledge 1996. 3Try, Hans, To kulturer - en stat, volume XI in Mykland, Knut (ed.) Norges historie, Cappelen 1979, 306–7. 4Rygg, Nikolai, Norges Banks historie, volume II, Oslo 1954, 51–8. 5Milward, Alan S., Origins of the gold standard, in Macedo, Jorge de, Eichengreen, Barry and Reis, Jaime, Currency convertibility. ...
Tópico(s): Global Financial Crisis and Policies
2006 - Taylor & Francis | Scandinavian Economic History Review
Produção Nacional
Revisado por pares
R. N. Costa Filho, João Philipe Macedo Braga, Jorge H. de Lira, José S. Andrade,
A translation operator acting in a space with a diagonal metric is introduced to describe the motion of a particle in a quantum system. We show that the momentum operator and, as a consequence, the uncertainty relation now depend on the metric. It is also shown that, for any metric expanded up to second order, this formalism naturally leads to an extended uncertainty principle (EUP) with a minimum momentum dispersion. The Ehrenfest theorem is modified to include an additional term related to a tidal ...
Tópico(s): Quantum Mechanics and Non-Hermitian Physics
2016 - Elsevier BV | Physics Letters B
Jorge Braga de Macedo, Joaquim Oliveira Martins, Bruno Rocha,
This paper investigates the impact of complementarity reforms on growth and how it depends on GDP per capita. Based on reform data for six policy areas compiled from various sources during the period 1994–2006 for over 100 countries, we compute composite indicators of reform level and complementarity. We provide qualitative justification for the existence of pair-wise complementarities among policy areas. We then use cross-section and panel data estimates to test the effect of reform level and complementarity ...
Tópico(s): Taxation and Compliance Studies
2013 - Elsevier BV | Journal of Comparative Economics
... anonymous referee, Iain Hardie, Adrienne Heritier, David Howarth Jorge Braga de Macedo, Waltraud Schelkle, Chiara Zilioli and other participants in ...
Tópico(s): Global Financial Regulation and Crises
2013 - Taylor & Francis | Journal of European Integration
Jorge Braga de Macedo, Joaquim Oliveira Martins,
Abstract In order to assess the growth implications of policy complementarities, this paper applies second‐best results to reform indicators. During the transition from central planning to EU integration, which corresponds to a policy cycle, a complementarity index based on structural indicators compiled by the European Bank for Reconstruction and Development (EBRD) decreases and then increases while the level of reforms tends to rise throughout. Corrected for initial conditions, the extent of macroeconomic ...
Tópico(s): Regional Development and Policy
2008 - Wiley | Economics of Transition
Federico Bonaglia, Jorge Braga de Macedo, Maurizio Bussolo,
Globalisation, governance and economic performance affect each other in very complex mutual relationships. In this paper, we establish a clear and well-circumscribed hypothesis: “is there an effect of globalisation on governance?” To test this hypothesis or, even more specifically, to test how openness can affect the quality of domestic institutions, we survey available theoretical explanations of causal relationships between globalisation and governance. Microeconomic theory helps us identify trade ...
Tópico(s): Economic Growth and Development
2001 - | OECD Development Centre working papers
... Community's southern frontier. Edited by Christopher Blissand Jorge Braga de Macedo. Cambridge: Cambridge University Press for Centre for Economic ...
Tópico(s): EU Law and Policy Analysis
1991 - Oxford University Press | International Affairs
In the classic analysis of smuggling importers choose the optimal mix of legal and illegal trade, given trade taxes and the technology of detection. This paper introduces an inconvertible currency in the framework, so that illegal trade is valued at a rate higher than the (fixed) official exchange rate. Sections 2 and 3 show how the smuggling ratio and the domestic price markup for the import and export good are simultaneously determined. With balanced legal and illegal trade, changes in the (long- ...
Tópico(s): Global Financial Crisis and Policies
1987 - Elsevier BV | Journal of Development Economics
In the framework of continuous-time finance theory, this paper derives the dynamic optimal consumption and portfolio rules for a risk-averse international investor who consumes in fixed proportions goods produced in N different countries and holds the respective N currencies. Restricting the processes generating N currency prices and exchange rates to follow Brownian motion, optimal portfolios of eight major currencies are presented, showing substantial departures from the expenditure shares and ...
Tópico(s): Financial Markets and Investment Strategies
1983 - Elsevier BV | Journal of Economic Dynamics and Control
The paper analyzes exchange rate dynamics in a world where the domestic currency is inconvertible into foreign currency and there is a ‘black market’ for foreign exchange. The official exchnage rate is thus set by policy but the black market rate is determined by portfolio balance. The stock of domestic money changes with the reported current account and the stock of foreign assets of the private sector changes with smuggling and other unreported current account transactions. The effects of capital ...
Tópico(s): Complex Systems and Time Series Analysis
1982 - Elsevier BV | Journal of International Economics
Pentti J.K. Kouri, Jorge Braga de Macedo, Walter S. Salant, Marina von Neumann Whitman,
Tópico(s): Global Financial Crisis and Policies
1978 - | Brookings Papers on Economic Activity
Jorge Braga de Macedo, Joaquim Oliveira Martins,
This paper discusses the design of structural policies by relating second-best results and the complementarity of reforms. It computes a complementarity index based on structural reform indicators compiled by the EBRD for transition countries, assuming that the run-up to EU integration corresponds to a nearly complete policy cycle. Using econometric panel estimates, the level of reforms and changes in their complementarity are found to be positively related to output growth, corrected for endogeneity, ...
Tópico(s): Regional Development and Policy
2006 - RELX Group (Netherlands) | SSRN Electronic Journal
Jorge Braga de Macedo, Luís Brites Pereira, Afonso Mendonça Reis,
Tópico(s): Banking stability, regulation, efficiency
2008 - Springer Science+Business Media | Open Economies Review
Tópico(s): Natural Resources and Economic Development
1982 - Elsevier BV | Journal of Development Economics
This study examines the role of monetary and fiscal policies in Portuguese economic regime change, which culminated in the entry of the escudo into the ERM (Exchange Rate Mechanism) of the EMS (European Monetary System) in 1992. It measures trends in nominal and real convergence and attributes the current divergence to the resilience of the fiscal constitution. In addition, it discusses the structural changes achieved during the period of convergence and those still needed for Portugal to avoid suffering ...
Tópico(s): International Development and Aid
2003 - Taylor & Francis | South European Society & Politics
Pentti J.K. Kouri, Jorge Braga de Macedo,
Tópico(s): Global Financial Crisis and Policies
1978 - | Brookings Papers on Economic Activity
In a previous analysis of the West African Monetary Union, Macedo (1985a), size is taken to be a major structural characteristic of a country in the sense that large countries are not affected by disturbances originating in small countries but small countries are affected by large countries' domestic disturbances.In this paper, we generalize some of the results and present the structure of the model in more detail.Using a four-country, two-tier macroeconomic model, it is shown that the pseudo-exchange ...
Tópico(s): Monetary Policy and Economic Impact
1986 - Elsevier BV | Journal of Economic Dynamics and Control
Jorge Braga de Macedo, Luís C. Nunes, Luís Brites Pereira,
For Portugal, the transition to the Euro began in September 1989 and featured three successive institutional arrangements related to the Exchange Rate Mechanism of the European Monetary System: shadowing it, belonging to it with 6% and then with 15% fluctuation bands. Using daily data, we study how the degree of mean reversion of the exchange rate and central bank intervention reflect the change in economic regime towards stability and convertibility. Our Markov regime-switching framework with an ...
Tópico(s): Economic Policies and Impacts
2003 - RELX Group (Netherlands) | SSRN Electronic Journal
The procedures governing exchange rate policy among EU members in the early 1990s, whilst largely unwritten, provided convergence and cohesion across the region. Suitably adapted, this ERM code of conduct might help developing, emerging and transition countries face the challenge of globalisation. The perspective on international financial architecture proposed in this paper assumes that the same forms of peer pressure that brought about the euro will also sustain the required institutional change ...
Tópico(s): Fiscal Policies and Political Economy
2001 - Akadémiai Kiadó | Acta Oeconomica
... p. 472-475 Discussion DISCUSSION JORGE BRAGA DE MACEDO, JORGE BRAGA DE MACEDOPrinceton University.Search for more papers by this author JORGE BRAGA DE MACEDO, JORGE BRAGA DE MACEDOPrinceton University.Search for more papers by this ...
Tópico(s): Auditing, Earnings Management, Governance
1983 - Wiley | The Journal of Finance
Jorge Braga de Macedo, Luís Brites Pereira, José Mário Lopes,
We assess the determinants of Chinese direct investment in Africa compared with those of global FDI. We find that economic size and macroeconomic stability are positively correlated with Chinese and global FDI in Africa. Institutional variables, such as accountability and rule of law, are not significant in either case and the same can be said about FDI-aid complementarities. The presence of oil is a determinant of Chinese FDI but not of global FDI into Africa. Conversely, the openness of the economy ...
Tópico(s): Economic Growth and Development
2009 - RELX Group (Netherlands) | SSRN Electronic Journal
Jorge Braga de Macedo, Helmut Reisen,
The so-called “accession economies” preparing to enter the European Union are experiencing increased inward capital flows based upon positive interest spreads and expectations of currency appreciation. While the authorities of these countries have tried to manage these flows and to prevent unjustified appreciation of their currencies, the policy mix they may be tempted to apply can benefit from experiences elsewhere.Episodes of heavy capital inflows are well known to emerging markets and have often ...
Tópico(s): Fiscal Policies and Political Economy
2003 - | OECD Development Centre working papers
In a previous analysis of the West African Monetary Union, Macedo(1985a), size is taken to be a major structural characteristic of a country in the sense that large countries are not affected by disturbances originating in small countries but small countries are affected by large countries' domestic disturbances. In this paper, we generalize some of the results and present the structure of the model in moredetail. Using a four-country, two-tier macroeconomic model, it is shown that the pseudo-exchange ...
Tópico(s): Monetary Policy and Economic Impact
1985 - RELX Group (Netherlands) | SSRN Electronic Journal
No abstract provied by author.
Tópico(s): International Development and Aid
2010 - RELX Group (Netherlands) | SSRN Electronic Journal
Jorge Braga de Macedo, Luís Brites Pereira,
This paper studies the credibility of the currency peg of Cape Verde (CV) by assessing the impact of economic fundamentals, our explanatory variables, on the stochastic properties of Exchange Market Pressure (EMP), the dependent variable, using EGARCH-M models. Our EMP descriptive analysis finds a substantial reduction in the number of crisis episodes and of (unconditional) volatility after the peg's adoption. Moreover, our estimation results suggest that mean EMP is driven by fundamentals and that ...
Tópico(s): Market Dynamics and Volatility
2006 - RELX Group (Netherlands) | SSRN Electronic Journal
... thank Rui Pedro Esteves, Marc Flandreau, David Laidler, Jorge Braga de Macedo, Perry Mehrling, Jaime Reis, and two anonymous referees ...
Tópico(s): Economic Theory and Institutions
2004 - Duke University Press | History of Political Economy
Jorge Braga de Macedo, Manuel Sebastiao,
Tópico(s): Corporate Taxation and Avoidance
1989 - Elsevier BV | European Economic Review
Jorge Braga de Macedo, José Braz, Luís Brites Pereira, Luís C. Nunes,
In this study, we assess the credibility of the currency board arrangement (CBA) of the Macau Special Administrative Region by studying the relationship between exchange market pressure (EMP) and the anchors of a rule-based CBA, namely, interest rate arbitrage, exchange rate arbitrage and economic discipline. A pure CBA signals its credibility by allowing the first two anchors to function automatically and by pursuing sound fiscal policies. The analysis' results suggest that Macau's CBA has been characterised ...
Tópico(s): Fiscal Policies and Political Economy
2006 - RELX Group (Netherlands) | SSRN Electronic Journal
William H. Branson, Jorge Braga de Macedo,
This paper derives optimal weights for current-account and reserve indicators for adjusting the exchange rate (a ‘crawling peg’). Kenen (1975) showed that use of a current account indicator alone would not stabilize reserves, while a reserve indicator results in unstable fluctuations in the exchange rate. This paper builds on the framework of Phillips (1954) to analyze the problem in terms of optimal control. We show that in all cases the optimal combination is a weighted average. With a fairly low ...
Tópico(s): Economic Policies and Impacts
1982 - Elsevier BV | Journal of International Money and Finance