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Long-Term Finance and BNDES Tapering in Brazil

  One major policy issue in Brazil is how to boost productivity, while following a path of fiscal consolidation that will take at least a decade to bring the public-debt-to-GDP ratio back to 2000 levels (Canuto, 2016a). The productivity-boosting agenda includes not only the implementation of a full range of structural reforms, but also recovering […]

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Negative Rates Part 1: Beyond the Zero Bound

  Interest in negative rates, at least as can be judged from hyper activity from commentators, has diminished. But a number of European central banks still have negative official rates. The European Central Bank (“ECB”) deposit rate is minus 0.30%. Switzerland’s policy rate is minus 0.75%. Sweden’s policy rate is minus 0.35%. The Bank of […]

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Capital Flows and Domestic Responses

photo: Tax Credits The international impact of financial shocks became apparent during the global financial crisis. But how do financial flows affect economic conditions during non-crisis times? And are there ways to shelter the domestic economy from these flows? Some new evidence from the IMF seeks to answer these questions. IMF economists Bertrand Gruss, Malhar Nabar […]

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The Navigation Acts Are Still Alive: A Century of the Jones Act

  photo: Alexandra Zakharova American colonists resented the British Navigation Acts. Colonists smuggled, protested, and eventually revolted against the restrictions on trade. John Hancock, the most prominent signer of the Declaration of Independence, became one of the richest men in the Colonies by smuggling (John Hancock-Heritage). However, in 2017 in the independent United States of America, […]

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Why Is Gazprom’s Output on the Decline?

photo: Ricardo Cabral The monopoly is forced to adjust supplies against falling demand on the Russian and European markets. In the past year, Gazprom has set a new anti-record for gas production. Based on the results for the past 12 months, its production volume is set to 409.4 billion cubic metres in the wake of the company’s updated projections. Earlier this year, the company had anticipated that production would reach 417.2 billion cubic metres in 2016. Then,...

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