Mestrado Profissional em Economia
URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/3240
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5 resultados
Resultados da Pesquisa
- How car rental companies affect car prices?(2023) Molero, Lucas SenaThe car rental sector increased relevance for Brazilian automakers has raised questions on the trade-offs born out of this relationship. Using the covid-19 pandemic as a natural experiment setup and the differences in differences methodology we find that car models that are often sold to car rental companies faced higher depreciation relative to retail-oriented car models during the pandemic. We also find that new car prices behaved similarly for both groups. These results suggests that the trade-off for car manufacturers is limited.
- An Economic Analysis of the Regulation of Security Tokens in Brazil(2023) Savastano, Bruno Barreto MesianoEveryday new kinds of digital assets are created around the world, each of them for a specific purpose, under a specific set of rules. One of these kinds of assets is the security token. Their regulation in Brazil under the jurisdiction of the CVM is the object of this study, which aims to contribute to the discussion by (i) compiling a critical review of prominent works that tackle the matter of digital asset regulation under the scope of Law & Economics; (ii) discussing the definition of some of the terms used in recent regulation; (iii) providing an updated outline of what the digital asset regulatory framework looks like; and (iv) doing a game-theoretical exercise to understand how security tokens should be regulated by the CVM. Results suggest that digital asset prices, trading volume and market size are negatively affected by news of regulation in different jurisdictions, especially for security tokens; jurisdictions with inclusive political institutions tend to regulate the matter of digital assets more carefully, whereas jurisdiction with extractive political institutions tend to ban it or not regulate it; Brazilian regulators have started regulating the matter of digital assets service providers and the CVM has issued a guidance on how the matter of digital assets should be interpreted, particularly under its jurisdiction; there is a lack of unity on how the world defines digital assets and related terms, as well as on how different jurisdictions regulate the matter, which can cause confusion for investors, especially because of a general use of functional definitions; the CVM should consider giving an economic incentive to private investors to incentivize high compliance, and, in turn, passing soft regulation on the matter, which is being accomplished currently with the regulatory sandbox.
- Covered Interest Rate Parity on Latam Markets(2022) Saito, Lucas KenjiThis study analyses the deviations from Covered Interest Parity (CIP) in most developed markets in Latin America (Brazil, Chile, Colombia, and Mexico). Seeking for similarities between the countries’ basis behavior the correlation was not found. All the countries have high volatility on the basis, with Colombia statistically holding the CIP for a band and Brazil with a persistent high mean deviation. On the macro-financial determinants, broad Dollar strength shows relevance on the deviations, but the impact on each country differs. The local interest rate spread with the funding currency (USD) interest rate is the factor that affects all the countries similarly. Although both of these factors show relevance within other emerging and developed markets, not being exclusive to the region. The lack of correlation between the deviations and the risk factors not explaining the countries similarly may indicate that regional factors are less relevant, being idiosyncratic factors more important.
- Business cycles, 𝐂𝐎𝟐 emissions, and Pigouvian taxes(2022) Kury, FelipeThis paper uses the Dynamic Stochastic General Equilibrium (DSGE) model featuring a variable that captures energy produced from fossil fuels, in an economy with carbon tax applied under two tax rules scenarios: Laissez-Faire and Pigouvian tax rules. An externality, representing the energy produced from fossil fuel, is introduced in the baseline Real Business Cycle (RBC) model. Because of the added externality, an inefficient allocation takes place, and a Pigouvian tax rule is implemented as policy tool to manage overall fossil fuel energy consumption and effects. The study also explores the influences on macroeconomic aggregates under the two tax regimes proposed. Furthermore, the study provides an analysis of outcomes for both scenarios under two different shocks: Total Factor Productivity (TFP) and Price of energy produced from fossil fuel – Prices of WTI Crude Oil (West Texas Intermediate – US base Crude Oil) were used as a proxy to simulate price shocks on fossil fuels. Finally, the study shades a light on climate policies influence on outcomes over the business cycle and types of shock that matters for policy preference, it concludes with insights about the Pigouvian Tax implementation.
- Covid-19 and bank deposits in Brazil(2022) Carvalho, José Maria Ferreira Botelho deThis paper explores several perspectives on the surge in bank deposits experienced in Brazil during the COVID-19 pandemic. Using branch-level data on bank deposits, I test if the growth of each of the analyzed deposits (saving, demand and term deposits) and of total deposits are related to a higher county exposure to the pandemic or a higher incidence of cash transfers of the program “emergency financial aid”. I also study the importance of systemically important banks on the growth of deposits.