Fiscal and quasi - fiscal deficits, nominal and real : measurement and policy issues

The paper reviews alternative definitions of the non-financialpublic sector deficit. Important points giving rise to different definitions are the problem of foreign exchange losses, the appropriateness of including net government lending to the private sector and the distinction between nominal and real deficits. The paper also introduces alternative definitions of quasi-fiscal deficit, and discusses the same issues in the context of these definitions. Foreign exchange losses and the distinction between nominal and real deficits are discussed in greater detail, since these issues are even more relevant in the case of the central bank. The authors also merge the accounts of the non-financial and financial public sector into a consolidated budget constraint. Then the analysis of fiscal and quasi-fiscal deficits are illustrated through a detailed examination of some stylized cases. Finally, the authors provide a summary of major issues and some conclusions are derived from them.Economic Stabilization,Economic Theory&Research,Macroeconomic Management,Banks&Banking Reform,Environmental Economics&Policies

Post-acquisition Changes Beyond the Dyad: Power at the Net Level in Cross-Border Acquisitions(1)

A common feature of the literature on post-acquisition changes is its dyadic feature, i.e. the emphasis is placed on the actors directly involved in the acquisition, often represented by the acquiree and the acquirer. Accordingly, actors outside the dyad, such as suppliers and buyers, are usually disregarded. There is, however, a relevant exception in this literature. Recently, some Nordic authors have claimed that if actors other than the acquiree and the acquirer are not taken into account, the existing literature may only present a partial view of changes following acquisitions. Consequently, they have suggested that changes following this type of operation can be analysed fruitfully at the network level. Our article adds to the efforts of these scholars to understand post-acquisition changes at a broader level by bringing to the fore two issues that have received scarce attention in the literature: i) nets rather than the network level appears to be the locus where post-acquisition changes beyond the dyad take place; ii) relational power can be regarded as an independent variable in post-acquisitionchanges beyond the dyad. These arguments are illustrated by three brief case studies of cross-border acquisitions

A tributação em Minas Gerais no século 18

"E porque tive informação de que no tempo em que os quintos se pagaram por via de contribuição repartida pelos moradores, houve queixas dos povos contra os que cotizaram para que no caso de haver em alguns anos falta na soma do ouro que ficar nas casas de fundição, e nos resíduos...

Estado, turismo e finanças públicas

Discute o papel do Estado atualmente no Brasil, face às medidas de modernização e privatização da economia, e as relações entre Estado e Turismo, no âmbito de: incentivos fiscais, especialmente a nível de hotelaria, e incentivos públicos básicos, como o caso de aeroportos, com vistas à criação de novos portões de entrada para o Turismo Internacional. Analisa o Estado apoiando o Turismo e vice-versa. sob a forma de geração de divisas, renda e emprego; quais as novas atribuições do Estado e quais os níveis de Governo que têm mais responsabilidades e/ou são mais beneficiados com o Turismo. Ressalta as questões de segurança e proteção do meio-ambiente como prioritárias, e situa os Estados e Municípios como devendo ter maiores responsabilidades, sendo, portanto, os mais favorecidos pelas atividades deste importante setor sociai-produtivo do País.This work examines the role of State nowadays in Brazil, in the presence of the measures of modernization and privatization of Economy, and the relationship between State and Tourism, in the scope of fiscal incentives, mainly in the hotels sector, and basic public incentives, like the case of airports, viewing the creation of new entrance gates to the international tourism. It analysis the State supporting Tourism and conversely, under the form of generation of exchange value, income and employment; the new attributions of State and the levels of govemment that have most responsibilities and or are most improved with tourism. It distinguishes the environment safety and protection questions as priorities, and places the States and cities as owing larger responsibilities, and so being the most favoured by the activities of this important social-productive sector of the country

Do Not Close My School : Facebook, Occupations and Demonstrations for Promoting Social Change

This article describes how secondary education students from the state of São Paulo, Brazil, protested against the closure of ninety-four schools of public educational system. The movement named ‘Do not close my school’ was a combination of online protest, using Facebook pages, occupy-type protest, in which students occupied more than 200 schools, and demonstrations, which occurred in different cities of the state. It was a movement organized by the students, with no official support of school managers, and lasted more than two months. We analyse the activities involved in the ‘Do not close my school’ movement under a Cultural-Historical Activity Theory framework, and we discuss how the concept of collaborative agency is important for the development of such a protest. As data, we use the content of pages on Facebook from fifty-six groups related to the school occupation and 111 official pages, also on Facebook, from the schools. We performed a multimodal and network analysis of the data in order to understand how the movement developed which results were obtained by the students. Our findings suggest that by acting collaboratively students were able to reach satisfactory results from their protests. In addition, they expanded the activities in their groups on Facebook to other contexts, like organizing events in their schools or using them for other social movements.Peer reviewe

Modelando a mudança estrutural do consumo e da renda agregados no Brasil : fatos estilizados a partir de um modelo de cointegração com parâmetros variando no tempo

O trabalho tem como objetivo analisar a relação entre consumo e renda agregados das famílias no Brasil para os últimos 60 anos. Para realizar esta análise, foi utilizado a metodologia econométrica construída por Bierens e Martins (2010), que consiste na estimação de Vetor Autoregressivo com Mecanismo de Correção de Erros (VECM) similar ao modelo proposto por Johansen (1988), porém permitindo que o vetor de cointegração varie ao longo do tempo. Este modelo estimado mostrou-se melhor comparado a análise tradicional de Johansen (1988). Os resultados obtidos neste trabalho sugerem que a dinâmica do consumo e da renda variou ao longo do período amostral e que o consumo brasileiro parece não ser bem descrito por um passeio aleatório.