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Increasingly, economists study narratives and their causal impact on economic processes. This paper proposes a new theoretical framework of narrative analysis that is based on the philosophy of language, especially speech act theory, motivated by the observation that, so far, the economic approaches focus on the representational function of narratives and tend to emphasize negative consequences of biased, distorted, and simplified representation. In contrast, we define narratives as a medium of distributed cognition and mediators of collective agency in networks of agents operating in an uncertain and complex world that is materially constituted by their actions. After sketching the theory, we introduce a case study on the role of central bank communication in recent economic developments in Brazil for illustrative purposes, focusing on the role of financial audiences and a specific narrative genre, the “austerity genre” induced by the Brazilian Central Bank. [ABSTRACT FROM AUTHOR]

In support of the global efforts to tackle climate change, policy makers in the past decades have been actively involved, exploring possible options for ensuring low-carbon pattern of development. This study contributes to this important stream of policy discussion by using a newly developed econometric technique, dynamic ARDL simulations, to estimate and simulate the impact of bank credit to the private sector on aggregate carbon emissions and carbon emission intensity in Brazil over the period 1971–2014. The examined empirical model is based on a framework that incorporates the impact of population, economic growth, fossil energy intensity of consumption, and economic globalization. The analysis produced interesting results. First, the estimates show that economic growth and fossil energy intensity of consumption have significant long-run increasing impact on CO2 emissions in Brazil. Second, bank credit to the private sector has significant short-run and long-run reducing effects on aggregate CO2 emission and carbon emission intensity in the economy. Overall, the results reflect the tendency of the economy to become less carbon-intensive as bank credit supply to the private sector increases. [ABSTRACT FROM AUTHOR]

The recent acquisition of the assets of ABN in Brazil is the latest step of the international expansion of Santander. The international career began in the Fifties in Latin America, continuing in Europe, strengthening the positions in Brazil, Mexico and Chile in the late 90's, consumer finance operations in other EU countries, later in the UK with Abbey and finally the USA with a stake in Sovereign and purchase of Drive. Santander would not be what it is without its experience in Latin America, and without a solid domestic base built up on operational efficiency, thanks to cost and risk control along with investment in innovation and technology. With Abbey, the group reached a geographic coverage, achieving a diversification of its revenue sources with operations in three currencies (euro, dollars and pounds). The Santander has never been closed to further evaluate opportunities provided they fit with the growth strategy and create shareholder value [ABSTRACT FROM PUBLISHER]