INSTITUTIONAL CHANGE AND ECONOMIC TRANSFORMATION IN BRAZIL, 1945-2004 - FROM INDUSTRIAL CATCHING-UP TO FINANCIAL FRAGILITY

This paper tries to explain the dynamics of Brazilian industrial catch-up in the last 60 years by discussing its background institutional conditions as well as its main macroeconomic features. After a brief introduction, the second section describes how after the institutional innovations introduced during the Vargas's and Kubitschek's administrations, a Brazilian version of the Developmental State was created, releasing the growth potential of the economy during the 1950s. The third section analyses the inflationary crisis and institutional inertia of the mid-1960s, and its solution through the introduction of a new of wave of institutional innovations and conflict management devices, which lead to the Brazilian growth miracle, until the debt crisis of early 1980s signaled its end. The fourth section analyses why the financial crisis, coupled with ineffective institutional changes and unsuccessful macroeconomic stabilization plans lead growth to a halt. It also includes an analysis of the pro-market reforms from the early 1990s onwards. The fifth section concludes the paper offering a brief sketch on how the analytical narrative fits the conceptual framework within which it was carried.

Formation, function and development of the banking system of Ukraine

Financial sector reform has proved to be one of the greatest challenges facing the members of the former Soviet Union in their transition to a market economy. Their central banks have played a vital role in this reform—mainly shaping developments, but also being shaped by them. The Ukrainian experience is by no means unique. Banking was given priority in the reform process in Ukraine. By granting loans on the basis of profitability criteria, strengthened, sound banks are to encourage companies to operate according to free-market principles and to assist the economic recovery process. After independence in 1991 Ukraine begin to develop its own banking system. There has not yet been a comprehensive study dealing with formation and function of the banking system of Ukraine and this thesis aims to remedy this omission. The major objective of this thesis is to examine and analyse the development of the banking system of Ukraine, its operation and its implications for a market economy. It also focuses upon the transformation' process necessary to bring about the required changes. The thesis presents an overview of the Ukrainian economy and its underlying principles; these are the cornerstone for transformation to a market economy. Subsequent chapters focus on Ukrainian banking and the experience of other postcommunist states. A major part of the thesis is the unique access to and interviews with a substantial number of senior Ukrainian bankers. The research shows that Ukrainian banks developed despite the burden of Soviet structures, inept monetary control and managements unprepared for market based banking. The ultimate decline of the "system" banks and the rise of commercial banks is highlighted and the expectations as Ukrainian banking begins the new millennium are outlined

Financing an Increased State Role in Funding K-12 Education: An Analysis of Issues and Options

This report presents an analysis of replacing school property tax with alternative state revenue sources. FRC Report 11

Development Banks from the BRICS

The BRIC acronym was created at the beginning of the 2000s to represent a group of four fast-growing economies – Brazil, Russia, India and China – and was changed to BRICS in December 2010 with the inclusion of South Africa. At its fifth annual summit in Durban at the end of March 2013, the group announced the future establishment of a New Development Bank (NDB) to meet infrastructure investment needs in the developing world. At their sixth annual summit in Fortaleza the following year (July 2014), the BRICS finally agreed on the broader arrangements for the bank – an initial US$50bn fund – and coupled this achievement with the launch of the Contingency Reserve Arrangement (CRA) – US$100bn to be accessed to alleviate members’ financial difficulties (US$41bn from China, US$5bn from South Africa and US$18bn from each of the others). The Bank will start lending in 2016. Despite this achievement, commentators estimate that even if the NDB eventually increases its capital to US$100bn with injections from non-BRICS states and institutions (up to a maximum capital share from non-BRICS countries of 45 per cent), most infrastructure needs in the developing world will remain unmet. Compared to the World Bank and Asian Development Bank – whose subscribed capital is US$223bn and US$162bn respectively – the additional capital available from the NDB is too small to fill the financing gap (Spratt 2014). According to World Bank estimates, South Asia alone requires US$2.5tn over the next ten years, while overall the BRICS states are estimated to need a total of more than US$4.5tn over the next five years for infrastructure development. In consideration of the limited amount of lending that the NDB may provide, the bank may create ‘special funds’ – i.e. separately funded and managed mechanisms – designed to get round this capital constraint (Spratt 2014).UK Department for International Developmen

The Esthonian economic bulletin

Digiteeritud Euroopa Regionaalarengu Fondi rahastusel, projekti "Eesti teadus- ja õppekirjandus" (2014-2020.12.03.21-0848) raames.https://www.ester.ee/record=b1450697*es