Vol. 13 No. 3 (1993): Jul-Sep / 1993


Vol. 13 No. 3 (1993)

Jul-Sep / 1993
Published July 1, 1993

Article


Dolarização, âncora nominal e reservas internacionais
Paulo Nogueira Batista Jr.
Brazilian Journal of Political Economy

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Reforma financeira - aspectos gerais e análise do projeto de lei complementar
Rubens Penha Cysne
Brazilian Journal of Political Economy


The Brazilian Constitution enacted in 1988 demands a complementary law to regulate the financial system in Brazil. This paper analyses the existing official project focusing on macroeconomic stabilization and independence of thc Central Bank.



Privatização de estradas no Brasil: comentário sobre a viabilidade financeira
Jorge Ernesto Sánchez Ruiz
Brazilian Journal of Political Economy


In this article, the author discusses financial questions deemed as key issues, and that should be carefully analyzed in highway privatization projects within the Brazilian reality. Expected returns, compared tariffs, costs, demand and capital structure are the core on this work. The author performs a simulation exercise based on one of the cases most frequently remembered as a candidate to privatization in the State of São Paulo: the system comprising the Anchieta and the Imigrantes Highways, which make a connection between the City of São Paulo and the City of Santos, on the coast. The author’s conclusions indicate that it is a feasible undertaking, provided that some restrictions/innovations are included in its design.



Valor e moeda em Marx: crítica da crítica
Maria de Lourdes Rollemberg Mollo
Brazilian Journal of Political Economy


This article analyses the critical statements of French authors like Carlo Benetti and Jean Cartelier on Marxist theory of value and money. It consists of a critical research of the standpoints presented to deny the commodity character of the labor force and of the money, as well as the positive proposal presented by them.



Canje de deuda por naturaleza: la necesidad de una nueva agenda
Robert Devlin
Brazilian Journal of Political Economy


Debt for nature swaps generally involve significant fiscal costs. As for the benefits for the developing country and its government, they are potentially ambiguous. The projects financed by the swaps typically involve the protection of exotic flora and fauna in which a considerable part of the social returns are externalized to the rest of the world. This, coupled with high social rates of discount in crisis-ridden developing countries, could mean that thc benefits accrued to the international community actually end up exceeding those perceived by the population at large in debtor country! Hence the need to reorient the international agenda for swaps so that the environmental projects financed by them have a more direct impact on local population, e.g., control of urban air pollution and sewerage and industrial contamination of rivers and seas. Meanwhile, in view of the great international externalities involved, the protection of exotic flora and fauna could be financed through straight donations that do not involve fiscal costs for the debtor country.



Fatores determinantes das exportações brasileiras para a CE - uma análise prospectiva dos impactos da ampliação do espaço econômico
Winston Fritsch, João Roberto Teixeira
Brazilian Journal of Political Economy


The article discusses the impacts the unification of EC markets from 1993 may have upon Brazilian manufactured exports. Although the focus falls on the impact of Europe92, the analysis also encompasses the effects of the broader process of expansion of the European economic space, with the formation of the European Economic Zone (EEZ), between the EC and EFTA, as well as EC’s inevitable integration with Eastern Europe. The main finding is that the reduction of NBTs stemming both from Europe-92 and the formation of the EEZ will have a net positive effect on Brazilian manufactured exports. However, it is also argued that Brazil is threatened both by indirect effects derived from some aspects of policy harmonization, as well as by the possibility of being discrimi-nated against by more favoured EC partners of the ACP and the periphery of Europe.



The scope for industrial policy in a free trade environment
José Tavares de Araujo Jr.
Brazilian Journal of Political Economy

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Comments


Sobre a endogenia da oferta de moeda: réplica ao professor Nogueira da Costa
Fernando Cardim de Carvalho
Brazilian Journal of Political Economy

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Busca e inflação
Marco Antonio Bonomo
Brazilian Journal of Political Economy

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Indexação e dispersão de preços relativos: análise do caso brasileiro (1975-1991)
Edward Amadeo, Elena Landau
Brazilian Journal of Political Economy

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Reflexões sobre A Crise do Estado
Leonel Mazzali
Brazilian Journal of Political Economy

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Os trinta anos de A Inflação Brasileira, de Ignácio Rangel
José Maria Pereira
Brazilian Journal of Political Economy

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