Oportunidade: Webinário: Análise Econômica do Direito e Instituições: Reflexões sobre o contexto atual do Brasil

Mais informações aqui:


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Opoetunidade de emprego no King’s College London

Lectureship in ID: https://jobs.kcl.ac.uk/gb/en/job/014425/Lecturer-in-International-Development-Emerging-Economies

Lecturer in International Development (Emerging Economies) job in Strand Campus | Academic and teaching jobs at King’s College LondonApply for Lecturer in International Development (Emerging Economies) with King’s College London. Academic and teaching job at Strand Campus.jobs.kcl.ac.uk

Lectureship in Politics and Public Policy: https://jobs.kcl.ac.uk/gb/en/job/014484/Lecturer-in-Politics-and-Public-Policy-Emerging-Economies

Lecturer in Politics and Public Policy (Emerging Economies) job in Strand Campus | Academic and teaching jobs at King’s College LondonApply for Lecturer in Politics and Public Policy (Emerging Economies) with King’s College London. Academic and teaching job at Strand Campus.jobs.kcl.ac.uk
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Oportunidade: Online Social Choice Seminar Series

Em 2020, durante o período de confinamento, um grupo internacional iniciou um seminário online internacional sobre Escolha Social: 

O próximo seminário será dado por Rupert Freeman (Microsoft) em 12 de janeiro (1PM GMT). Em 2021 os coordenadores serão:

  – Danilo Coelho
 – Simona Fabrizi
 – Remzi Sanver
 – Youngsub Chun
 – Marcus Pivato
 – Jobst Heitzig
 – Arkadii Slinko
 – Piotr Faliszewski.

Nós gostaríamos que mais pessoas interessadas em Escolha Social da América do Sul participassem como palestrantes ou ouvintes. Os seminários serão sempre nas terças feiras e oferecemos três opções de horários para os palestrantes:

– 9AM GMT: 9AM London, 10AM Paris, 12AM Moscow, 6PM Seoul & Tokyo, 10PM Auckland – for European and Asian speakers
– 1PM GMT: 8 AM New York, 2PM  Paris, 4PM PM in Moscow, 10PM PM in Seoul, and 2 AM (next day) in Auckland
– 4PM GMT: 8AM San Francisco, 11AM New York, 1PM Rio de Janeiro, 5PM Paris, 7PM Moscow

Em qualquer caso, ficaria muito grato se você pudesse divulgar esta informação entre as partes interessadas. Para participar deverão enviar-me um email a pedir o ID da reunião e uma senha. Ou, em alternativa, podem pedir para serem colocados na nossa lista de correio.

Feliz Ano Novo,


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Oportunidade: Intercâmbio de pós-graduação na UnB

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Oportunidade: Seminar on Evidence-based Public Policies in the Brazilian Criminal Justice System

I Seminar on Evidence-based Public Policies in the Brazilian Criminal Justice System

The main objective of the event is to promote in-depth discussions on the theme of Public Policies in the Brazilian Criminal Justice System.

The seminar opens a wide space for discussion, where ideas will be disseminated by different actors and public policy analysts, based on methodological and scientific evidence. The program includes 12 presentations, of 40 minutes distributed in 4 thematic panels, during November 25 and 26. The “1st Seminar on Evidence-based Public Policies in the Brazilian Criminal Justice System” is a partnership between KAS Brazil and the Federal University of Ceará. The online transmission will be held on the Zoom platform and will have simultaneous translation Portuguese/English and English/Portuguese. Please register here: https://us02web.zoom.us/webinar/register/WN_rf9BcBgvQIyLe8bawp3vww

Link: https://www.kas.de/en/web/brasilien/veranstaltungen/detail/-/content/i-seminar-on-evidence-based-public-policies-in-the-brazilian-criminal-justice-system)

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Oportunidade: Participe do 2020 European Meeting of the Econometric Society – Virtual e gratuito (para membros da Econometric Society)

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Podcast about Gun Control in Brazil by Rodrigo Schneider

Listen here to the podcast by Rodrigo Schneider (Skidmore College and EPRG) regarding his paper on:

 Gun control in Brazil

Rodrigo Schneider interviewed by Tim Phillips, 30 October 2020

In 2003 Brazil enacted strict gun control legislation. Rodrigo Schneider tells Tim Phillips about the effects on crime and homicide, and whether we can assume there would be a similar impact in other countries.

Find more about Rodrigo’s paper Crime and political effects of a right-to-carry ban in Brazil , presented at the 72nd Economic Policy Panel Meeting.


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Oportunidade: Introdução à Teoria dos Jogos por Bárbara Guerra

Atenção: Curso de Introdução à Teoria os Jogos em realização, terceira aula em 30/10.

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What if the New Normal Included Using Payment Data to Support Under-Documented Firms? by DANIEL GERSTEN REISS and JOÃO MANOEL PINHO DE MELLO

What if the New Normal Included Using Payment Data to Support Under-Documented Firms?



October 20, 2020

The lack of supporting documents has been reported as a significant obstacle to micro, small, and even medium-sized enterprise (MSME) receiving credit. As MSMEs have relatively weaker controls, they are unable to produce reliable data about their activity to a larger extent. When they are able to produce data, these data are usually not easily verifiable. The wider information failure narrows the odds that MSMEs will obtain bank lending. The traditional response to this fact is to resort to qualitative information, requiring a much closer relationship between banks and credit candidates. Policies, therefore, usually focus on strengthening credit unions and niche banks.

At the same time, central banks utilize a wide variety of data to forecast the economy, aim monetary policy management, and monitor the financial system’s soundness. In the pursuit of these objectives, central banks develop unique databases, which are frequently composed of data collected by the central banks themselves. What if these data were used to tackle the MSMEs’ shortcomings?

For over a decade, collected credit information has been made available by the Brazilian regulator to banks for the purpose of analyzing clients’ credit [1]. However, the outstanding credit balance helps only to determine the client’s available credit capacity. It is of little help for underdocumented MSMEs, as determining their credit capacity is itself the core issue.

Necessary safety measures for guaranteeing community health against COVID-19 have been in place for several weeks in most jurisdictions, causing atypical economic suspensions. Dealing with these suspensions made governments implement rescue programs. If during regular times, reaching smaller businesses is a case for development, during the pandemic, it became a significant challenge to be beaten.

In Brazil, the consequences of the COVID-19 fight were no different than everywhere else, and the government took the stage by adopting economic measures. Alongside many other responses, the Peac-Maquininhas program focused on supporting the recovery of micro and small firms by better enabling the extension of credit to them [2]. In a nutshell, the program consists of government lending, distributed via traditional credit contracts signed between clients and banks. The previous, long-time challenge then presented itself – how to reach these firms and assess their credit capacity? How to collateralize their operations? Payment solutions were the answers provided to both questions; we focus here on the answer to the former [3].

The Operational Answer

Card payments have been centrally cleared and settled in Brazil since 2017. Following international standards, the central bank monitors the privately-owned system that settles these transactions and, as a result, accumulates a large amount of data. These data include acquiring banks’ payments to merchants — that is, the firms’ sales history of card-related payments.

Of the 2.6 million micro and small firms receiving card payments, roughly one-third consist of mom-and-pop shops [4]. The distribution of these firms by their main economic activity is shown in the following graph. 

The detailed figures confirm the link between card payments and less sophisticated firms, which we assume to result from limited access to credit due to the under-documentation argument presented above. Seventy percent of the potential borrowers consists of retail shops or restaurants. Automotive and personal services, health care, extracurricular education, and sports activities follow, consisting of the next 14%. The remaining 17% is spread among 260 different activities. These activities are expected to make up the previously discussed target group.

Arguably, merchants’ banks would also have information on a given firm’s cash flow and would be able to direct government-subsidized credit. This argument does not hold, as a merchant’s data is frequently split across financial institutions. Having a relationship with more than one bank is not uncommon even among smaller firms, and migration across institutions is also not uncommon. In addition to this setup, the private clearinghouse that settles card payments do not provide data aggregation services to end-users, nor is any open banking initiative yet in place.

Therefore, the compilation of card payment history from oversight data must have fulfilled the credit documentation gap within the program’s model. It supported the targeted micro and small firms with a reliable source of information for credit analysis.

The Central Bank of the Future

Big data, when related to central banks, has been treated as being under the SupTech brand. The Bank for International Settlement’s Financial Stability Institute considers SupTech to be the use of modern technology by regulators to support their own work [5]. The data used in the SupTech context have a broader potential. The operational answer provided during COVID-19 is an example of how these data can contribute to mitigating one financial access challenge.

By taking data which are used in the central banks’ traditional oversight role and using it to achieve competition or inclusiveness goals, a discussion follows regarding the additional roles central banks may play. This debate requires discussing whether such roles exceed central banks’ traditional macroeconomic responsibilities and pushes monetary authorities towards microeconomic duties.

Improving micro and small business credit documentation, as was done with Peac-Maquininhas, results in neglectable additional costs, as this solution builds on an existing communication infrastructure between the regulator and the banks. When contrasted with the potential outcomes of broader credit access and potential additional market competition, the benefits outweigh the costs. Nonetheless, the expansion of central bank activities’ scope shall always require caution, as cohesion is fundamental to any organization, including central banks.


Program results are yet to come and to be assessed. Undeniably though, a new use for central bank oversight data has been established. A step through which better extension of financial products to smaller agents has been provided.

Daniel Gersten Reiss is Advisor to the Deputy Governor for Licensing and Resolution at the Central Bank of Brazil and a researcher at the Economics and Politics Research Group, University of Brasilia.

João Manoel Pinho de Mello is the Deputy Governor for Licensing and Resolution for the Central Bank of Brazil, and a full professor with Insper.


[1] Data sharing is always subject to prior and specific client’s consent.

[2] Peac-Maquininhas is a combination of the Portuguese acronym for Emergency Program for Credit Access (Peac) with the word Maquininhas, which relates to the POS terminals used for card sales.

[3] The collateralization solution resorted to the new framework for cards’ receivables and has already been scheduled for November 2020. Repayments are to be automatically handled as acquiring institutions shall pay bank loans directly according to daily card sales. This exciting mechanism is beyond the scope of this post.

[4] Approximately 90% of micro and small firms receive card payments through a scheme that settles via the clearing system. Some schemes – mostly e-money wallets – are exempt from clearing on a firm-by-firm basis. The remaining 10% of firms, for which there is no firm-level oversight data, receive through these systems and are not able to access the government aid.

[5] Simone Di Cartri, et al, FSI Insights on Policy Implementation No. 19: The Suptech Generations, Bank for Int’l Settlements (2019), https://www.bis.org/fsi/publ/insights19.pdf.

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Oportunidade: Free webinar: 72nd Economic Policy Panel

72nd Economic Policy Panel

The October 2020 Economic Policy Panel Meeting, due to take place in Berlin, will instead be held online. One big theme for the conference is the economics of climate change – but there are also new studies of the sustainability of public debt, house prices, gun laws and European banks’ provisioning against non-performing loans.

Fiscal standards for Europe
Olivier Blanchard, Alvaro Leandro, Jeromin Zettelmeyer

Exporting pollution
Itzhak Ben-David, Yeejin Jang, Stefanie Kleimeier, Michael Viehs

Rising UK house prices
David Miles, Victoria Monro

The policy panel on “Fiscal Standards for Europe” will kick off at 5pm CET on Oct. 22. Live stream will be available on this page and you can register here:


Rodrigo Schneider, Skidmore & EPRG, will present the paper: Law, Guns and Money in Brazil on Thursday

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