Armando Castelar Pinheiro

Learn More
This paper investigates the political determinants of government decisions that benefit special interests, and specifically government decisions to deal with banking crises. I find that governments make smaller fiscal transfers to the financial sector and are less likely to exercise forbearance in dealing with insolvent financial institutions the more(More)
Until 1994, when inflation was brought down from the sky-high levels that had prevailed since the mid seventies, the financial system in Brazil was almost entirely geared towards maximizing float income, which answered for close to half of the overall earnings of commercial banks. In that environment, being efficient in processing transactions, such as the(More)
Rio de Janeiro, December 1998 * This paper was prepared as part of the research project “Institutional Arrangements to Ensure Willingness to Pay in Financial Markets: A Comparative Analysis of Latin America and Europe”, conducted in Brazil by the Centro de Estudos de Reforma do Estado (Ceres/EPGE/ FGV), in the context of the Inter-American Development(More)
and Maria Kasilag, for their help and comments. The views expressed are those of the authors, and do not represent official views of the World Bank. We estimate that the FTAA, the EU-MERCOSUR agreement and multilateral trade policy changes will all be beneficial for Brazil. The Brazilian government strategy of simultaneously negotiating the FTAA, the(More)
This paper reviews the macroeconomic environment and institutional framework of the Brazilian Privatization Program since the early 1980s. It discusses the original rationale for privatization and how it gradually changed in response to developments in the economic situation. Despite the importance of changes in political perceptions, it shows that the(More)
Chromium(iii) complexes [CrCl2(L)(THF)] based on monoanionic tridentate ligands [, L = {2-(C4H3N-2'-CH[double bond, length as m-dash]N)C2H4NHPh}; , L = {5-tert-butyl-2-(C4H2N-2'-CH[double bond, length as m-dash]N)C2H3NHPh}; , L = {2-(C4H3N-2'-CH[double bond, length as m-dash]N)C2H4OPh}] have been prepared. Complexes and were converted into the monomeric(More)
1 The authors would like to thank Rodrigo Fuentes, Túlio Japelli, Rubens Cysne and Marco Pagano for their comments to earlier versions of the paper; Ericson C. Costa and other Central Bank officials for providing aggregate data on credit markets; and for explaining rules and practices in Brazilian credit markets. Obviously, the usual disclaims apply.