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  • 1
    Publication Date: 2019-01-24
    Description: This paper aims at analyzing the relationship between capital account liberalization,economic performance and macroeconomic stability in Brazil. For this purpose,besides a revision in the literature, the paper develops an empirical study on the effects of financial liberalization in Brazil on a set of macroeconomic variables usingtwo models: one with a de jure index of financial liberalization, and another with a defacto index of financial integration. In the first model, the study intends to evaluatethe proposal that the full convertibility of capital account in Brazil would result in the reduction of country-risk and, consequently, of the domestic interest rate. In the second one, it aims at assessing the hypothesis that financial liberalization has positive effect on economic growth and macroeconomic stability vis-à-vis the hypothesis of the critics of financial liberalization that support that it generates unstable effects on developing economies.
    Keywords: E32 ; F32 ; F43 ; ddc:330 ; Kapitalbilanz ; Kapitalverkehrskontrolle ; Finanzmarktregulierung ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 2
    Publication Date: 2019-01-24
    Description: Since the late 1990s, Science, Technology and Innovation (ST&I) policies have been operated in Brazil mainly through calls for proposals stately-financed by a number of sectorial funds. Each of these funds is named after the economic sector concentrating the tax revenue financing them. Respective calls are defined and managed by a commission integrated by Government officials, academics and professionals related to the funding sector. Nevertheless, calls do not necessarily focus on topics directly related to the corresponding sector. Even though, changes introduced in 2004 oblige the sixteen existing sectorial funds to designate at least 50% of their revenue to the socalled transversal calls. These are formulated and implemented by a higher instance controlled by bureaucrats. Government justified this novelty on the need to re-organise the funds in order to better achieve policy goals as stated in official documents. This paper analyses the role played by the transversal calls on the sectorial funds' resource re-allocation, as well as on the attraction of private funding and participation in the supported proposals. In particular, we examine to which extent they contributed to achieve one of the following targets: i) redirecting financial resources towards strategic topics not furthered by a specific sectorial fund; ii) redistributing monies among existing sectorial funds as a way to adjust their budgets to their current degree of priority in the official policy documents; iii) increasing the participation of firms in the approved proposals. We refer to official documents to identify strategic topics, fields and economic sectors and check whether or not transversal calls benefited them in terms of resource allocation. Private sector involvement is evaluated through firms' participation in approved proposals and by the amount of financial resources engaged on them. Results suggest that none of the pointed targets seems to be accomplished between 2004 and 2008 - and indicate that Brazilian public ST&I funding have been rather pulverised than rationalised in this period.
    Keywords: O38 ; L52 ; ddc:330 ; Forschungs- und Technologiepolitik ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 3
    Publication Date: 2019-01-24
    Description: This article describes the distribution of Science, Technology, Engineering and Mathematics (STEM) graduates in Brazil according to meso-regions of the 2000 and 2010 population censuses. Changes in the geographic distribution of these professionals over this period are presented, as well as the regions of the country that have a higher concentration of these professionals. Results show that STEM graduates became increasingly concentrated in high-income meso-regions of the South and Southeast in and in the metropolitan regions of the Northeast and North. These professionals show a greater tendency to work as formal-market employees and employer entrepreneurs, relative to other higher-education professionals, who are more likely to work in the informal market or work as non-employing small entrepreneurs. Construction, mining and information-technology industries have the highest percentages of STEM workers among higher-education personnel, and are also the industries in which these workers are more likely to work in typical STEM field occupations.
    Keywords: R23 ; ddc:330 ; STEM graduates ; human capital concentration ; job market for skilled labor
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 4
    Publication Date: 2019-01-24
    Description: This paper analyses the evolution of tertiary education in Brazil from 2000 to 2012, with particular focus on Science, Technology, Engineering and Mathematics (STEM) fields. Administrative data are used to build indicators on the demand for courses, number of places, enrolments and graduates, and field concentration of the system output. The quality of the graduates is also briefly discussed, using as parameters the flows of new engineers graduating from top universities as well as the performance of Engineering graduating students on standardized tests administrated by the federal government. The evolution of such indicators is reported for: a) universities x other institutions offering tertiary education, classifying both types in publicly and privately-administrated; b) doctoral-granting institutions, as adapted by Steiner (2005, 2006) from the original Carnegie Classification of Institutions of Higher Education. Higher education institutions classified by Carnoy et al. (2013) as "elite institutions" are also considered as a separate group when quality matters are debated. The major objective of these efforts is to examine the context, dimension and quality of STEM human capital formation in Brazil from 2000 to 2012. Results suggest that the flow of new STEM graduates is expanding year after year in Brazil, but these numbers are still near to the ground in international standards and are concentrated on low-quality higher education institutions.
    Keywords: I23 ; ddc:330 ; higher education ; STEM fields ; engineers ; Enade
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 5
    Publication Date: 2019-01-24
    Description: Research on population projections and estimates are well-developed worldwide. Nonetheless, methodological advances are still required when it comes to educationspecific population projections. This paper aims to contribute in this matter presenting a method to project specialised workforce in Brazil. The proposed method conjugates four different public databases which are easily accessible and can be used to project professionals with different higher education qualifications by sex and age. Moreover, the method is applied to estimate engineering workforce availability in Brazil up to 2020.
    Keywords: J11 ; J22 ; J82 ; ddc:330 ; Bevölkerungsprognose ; Arbeitskräftepotenzial ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 6
    Publication Date: 2019-01-24
    Description: Is Brazil facing or likely to face a shortage of specialized workers? This question has been in the national agenda of government, industry and the press in recent years. The problem shall be larger if affecting science & technology careers, as these are usually positively correlated to income per capita. Contrary to the common sense, however, there is hardly any supporting empirical evidence for economy-wide shortage scenarios, at least not concerning engineering professionals. If that was the case, wages should continuously increase more for engineers than to other qualified professionals, but this trend reversed in 2009. Moreover, the education sector has been producing a number of new graduates greater than the marginal demand observed in the labor market. Where does the problem lie, after all? This article aims to organize this debate and summarize key questions and data in an attempt to shed light on what may actually lie beneath the generalized perception that Brazil lacks engineers. A major finding comes from the national population census. The evolution of the age pyramid for engineering-degree holders suggests that this career was much less attractive in the 1980s and 1990s. As a result, Brazil seems to nowadays face a relatively reduced availability of mid-career engineering-professionals. This may be imposing significant barriers for the firms to adequately fulfill vacancies demanding experienced engineers for leadership positions. In addition to other constraints related to quality and mobility matters, the relatively reduced supply of 35-59 years-old engineers is likely to be behind many of the recent complains of workforce shortage in Brazil.
    Keywords: J21 ; J44 ; ddc:330 ; workforce shortage ; engineering professionals
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 7
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    Brasília: Instituto de Pesquisa Econômica Aplicada (IPEA)
    Publication Date: 2019-01-24
    Keywords: H83 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 8
    Publication Date: 2019-01-24
    Description: The contemporary debate on postsecondary student funding involves two key issues: a) fiscally responsible ways to allocate more resources to public institutions, as by increasing student participation on the costs of their studies in a manner that avoids additional barriers to access; b) design of student aid programs emphasizing equity goals, while limiting the amount of public subsidies. These are usually poorly discussed topics in the Brazilian context. Nonetheless, the current scenario of fiscal restriction and deteriorating economic indicators may bring to light topics such as cost sharing in public universities and the provision of income contingent loans (ICL). This paper presents a literature review on ICL, which are little known in Brazil, and discusses possible ways to implement them in the Brazilian context. The major objective is twofold: i) to introduce a research agenda on cost sharing in public higher education institutions; ii) to propose a reformulation of the existing federal student aid program designed for low-income students enrolled in private institutions. Besides that, ICL and equity-like financial instruments are briefly discussed as alternatives to: iii) expand the availability and decrease the costs of loans to finance student living costs; iv) finance professional certificates and postgraduate courses. This paper is an initial approach to these issues, yet to be further developed in future studies.
    Keywords: I22 ; H81 ; H52 ; ddc:330 ; student funding ; postsecondary education ; Brazil ; income contingent loans
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 9
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    Brasília: Instituto de Pesquisa Econômica Aplicada (IPEA)
    Publication Date: 2019-01-24
    Description: This text analyzes the evolution of the cognitive abilities of Brazilian youth as measured by Programme for International Student Assessment (Pisa). Our results are quite positive. In spite of an increase of youth eligible for the PISA universe and, therefore, a reduction in selectivity, Brazil's average score increased 33 points over the last decade. Brazil's position also improved when compared to that of other countries as its average score increased from 75% to 80% of the average of the original Pisa 2000 country group. In distributive terms, the greatest score increases were observed at the lower tail of the cognitive ability distribution. The upper tail of the mathematics distribution saw its average score increase by nearly 30 points, while at the lower tail the increase was close to 70 points.
    Keywords: I21 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 10
    Publication Date: 2019-01-24
    Description: The home bias is observed in the composition of portfolios of different classes of financial assets. The literature offers conflicting arguments about the rationality of this behavior in the case of the portfolios invested in short-term securities, commonly known as currency deposits. In the context of an economy subject to strong volatility, the conventional wisdom suggests that conservative investors should concentrate these deposits on domestic bonds. However, these instruments can be very risky for a long-term investor due to uncertainty about the future short-term interest rate. Not least important, under the assumption of uncovered interest parity, it may be optimal for this investor to maintain foreign currency deposits as a hedge against a deterioration of the domestic investment opportunities. On the root of this argument is the fact that the lower expected return on domestic bonds, as it stimulates the outflow of capital, it is accompanied by real depreciation of the domestic currency. Therefore, the foreign currency deposits reduce the volatility of future wealth as the size of current wealth tends to increase when its expected return decreases. This work evaluates the effectiveness of the foreign currency deposits as an intertemporal hedge for Brazilian long-term investors. The main conclusion is that fairly conservative investors should allocate significant part of these deposits in dollars, pounds and ienes.
    Keywords: G11 ; G15 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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