On the determinants of Brazil's manufactured exports : an empir. analysis.

Industriegüteraußenhandel; Internationaler Wettbewerb; Außenwirtschaftspolitik; Brasilien;

Currency substitution, portfolio diversification and money demand

We extend the Thomas (1985) dynamic optimising model of money demand and currency substitution to the case in which the individual has restricted or no access to foreign currency denominated bonds. In this case Currency Substitution decisions and Asset Substitution decisions are not separable. The results obtained suggest that the significance of an expected exchange rate depreciation term in the demand for domestic money provides a valid test for the presence of currency substitution. Applying this approach to six Latin American countries, we find evidence of currency substitution in Colombia, Dominican Republic and Venezuela, but not in Brazil and Chile

Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries

The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some preliminary conclusions on their contribution to enhance fiscal management. The outcome so far of their experience has been mixed, with differences among countries reflecting the variety of objectives attached to the funds, the challenges in adhering to established rules, the institutional set-up. and the soundness of the overall fiscal discipline in each country (or state).Oil;Oil exports;fiscal indicators, oil prices, central government fiscal, oil revenues, fiscal policy, oil market, fiscal surpluses, government revenue, fiscal management, oil sector, fiscal discipline, government expenditure, government spending, fiscal position, fiscal stance, fiscal deficit, oil production, fiscal surplus, fiscal policies, petroleum company, oil exporting countries, government budget, gasoline prices, petroleum products, budget surplus, fiscal developments, oil producing, capital expenditure, oil export revenues, fiscal outcome, expenditure increases, budget deficit, budget support, fiscal strategy, foreign capital, nonrenewable resources, fiscal accounts, budget deficits, fiscal revenue, world oil prices, budget process, fiscal revenues, fiscal balance, public debt, windfall oil revenues, oil producing countries, fiscal performance, budget revenues, social expenditure, oil company, oil exporter