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This paper investigates the effects of the Brazilian Central Bank (BCB) credibility on the outcomes of its monetary policy. In this sense, we seek to characterize periods in which the central bank can be categorized as strong (high credibility) or weak (low credibility) through a VAR methodology with an endogenously estimated threshold parameter. The econometric model includes the credibility variable, which defines the regimes, along with the output gap, inflation, 12 months ahead inflation expectations, the policy interest rate, and a long-term interest rate. Our dataset spans from 2003 to 2022, with monthly data. The estimations suggest a significant threshold parameter at 1%, with a value of 1.75 percentage points. Thus, we highlight that the BCB operates in a low credibility regime when inflation expectations exceed the tolerance bands around the inflation target. In fact, this occurred in 19% of the considered sample, equivalent to 46 months. Despite the relatively low frequency of periods in which the Brazilian Central Bank operated in a low credibility context, such a regime should be diligently avoided, as our evidence demonstrates that this regime is associated with a substantial reduction in the effectiveness of monetary policy in the country. We show, for example, that with low credibility, the BCB practically loses the ability to affect productive activity and the dynamics of prices (inflation and inflation expectations). When examining the possible causes of the reduction in the effectiveness of monetary policy conditional on the credibility regimes, we show that this variable can affect the existing trade-off between output and inflation in the economy. In other words, our results suggest that credibility regimes can influence the observed inclinations in the country's Phillips curve. Specifically, we point out that in a low credibility regime, inflation shocks generate recessionary effects on output, and inflation becomes more responsive to increases in inflation expectations, thereby reducing the degree of price rigidity. In conclusion, monetary policy in Brazil has effects that systematically depend on the credibility regime in operation. Therefore, maintaining a high credibility regime should remain a priority for the BCB, as it facilitates the achievement of favorable outcomes, including meeting inflation targets. [ABSTRACT FROM AUTHOR]

Objectives: nearly 50% of people in developing countries suffer from extreme poverty. Consequently, a debate has emerged about the potential of ICT to improve socio-economic conditions prevailing in impoverished nations. This discussion has given rise to a burgeoning field of research known as ICT for development (ICT4D). However, most academics in the ICT4D arena do not come from developing countries, nor do they reside in these regions -- the main beneficiaries of ICT4D initiatives. This is the case of Brazil, a country characterized by significant socioeconomic disparities, where this field of study has aroused little interest among the scientific community and thus continues to be largely under-researched. Thus, the objective of this paper is to make sense of that phenomenon. Provocations: as most of the ICT4D knowledge base has been generated either by academics who are not originally from developing countries or by academics native to developing countries who currently reside in developed countries, a provocation can be made, namely, considering that ICT4D initiatives can improve the quality of life of people, why haven't Brazilian scholars prioritized research in this area? Conclusion: as a provocative paper, our main objective is to debate on the aforementioned issue. For this, we should listen to the Brazilian Academy of Management -- mainly the academics of the ANPAD's Information Management division -- to address and solve this puzzle, so that ICT4D research in Brazil can be encouraged with a view to causing a real impact on our society. [ABSTRACT FROM AUTHOR]

The paper contributes to the growing literature on the relationship between relatedness, complexity and regional diversification. It explores regional diversification in an emerging economy, focusing on diversification opportunities of regions with distinct levels of local capabilities. We investigate the importance of relatedness and economic complexity for sectoral and technological diversification in all regions of Brazil during the period 2006–2019. Regions tend to diversify in sectors/technologies requiring similar capabilities to those already available locally. In general, the higher the sector/technology complexity, the lower the probability of diversification. However, in high‐complex regions, complexity reverses into a positive force for diversification. Our analysis shows diversification prospects vary widely across different types of regions in Brazil. [ABSTRACT FROM AUTHOR]

Looking at Brazilian privatisations between 1991 and 2018, we investigate how net privatisation prices react to restructuring policies that are implemented before the sale as well as to private ownership structures that emerge at the sale. We innovate by accounting for restructuring and ownership at the same time and also by exploring a unique dataset that covers 139 transactions, mainly built through fieldwork. The paper provides policymakers with a "do's and don'ts" checklist to extract higher value from the sale. The checklist can be used as a policy guideline for new privatisations in Brazil and potentially in other emerging economies. • An empirical study on net privatisation prices arising from auctions is conducted. • A unique dataset of Brazilian privatisations between 1991 and 2018 is explored. • Bidding strategies are sensitive to restructuring policies implemented before the sale. • Revenues react to private ownership structures that emerge at the sale. • Policy prescriptions for privatisations in emerging markets are proposed. [ABSTRACT FROM AUTHOR]

Brazil is a case of the achievement of a high share of wind energy integration to an interconnected power system in an emerging market. A series of successful energy supply programmes and a strong renewable-oriented finance framework implemented since 2002, have promoted alternative renewables – wind installed capacity increased over 22-fold from 927 MW in 2011 to 21 GW in 2022, reaching 11.77% of total procured power. From this, about 90% are concentrated in Brazil's least developed region, the Northeast, where wind investment should create jobs and propel socioeconomic development. Despite that, there is no studies specific assessing the regional and economy-wide effects of those programmes, gap that this paper aims to fill by applying the regional Computable General Equilibrium (CGE) model TERM-BR10. We assess that by modelling an alternative scenario for the period 2010-19 based on an official electricity matrix built in 2010, that projected 3.4 additional GW of wind power while not considering all the success of renewable policies, against the observed installed capacity expansion, where wind power was 3.7 times higher than what had been planned. Our results show that in the absence of renewable policies, Brazil would have faced economic losses such as GDP (−0.27%) and investment (−4.76%). The Northeast region would have been the most impacted in terms of GDP (−1.3%), real wage (−2.99%) and employment creation (−0.1%). We propose that such socioeconomic co-benefits are incorporated in energy planning, which could promote regional equality through renewable energy expansion. • Wind power capacity increased over 20-fold from 2011 to 2022. • 90% are in the poorest region where policies propel development and job creation. • Policy absence would entail a GDP loss of 0.27% nationally and of 1.3% in the region. • Negative impacts to labour market are mostly over skilled jobs. [ABSTRACT FROM AUTHOR]