Publications

Selected publications in refereed journals:

1)  Mira, E., Maldonado, W. and Tourinho, O. A. F. "Testing for Bubbles in the Brazilian Commercial Real Estate Market". Economics Bulletin. Forthcoming, 2025.

2) Maldonado, W. and Barbosa, J. "Determinants of Agricultural Fires: An Aggregative Games Approach", The Australian Journal of Agricultural and Resource Economics , 69(3), pp. 556-565. 2025. http://doi.org/10.1111/1467-8489.70032 

3) Fiorini, L. and Maldonado, W.  "Effects of wage compensation and containment policies on labor supply during pandemics", Economic Modelling, 147, 107030, 2025. (https://authors.elsevier.com/sd/article/S0264-9993(25)00025-2 )

4) Freitas L. M. and Maldonado W.  "Quadratic Funding with Incomplete Information",  Social Choice and Welfare, 64, pp. 43-67, 2025. (https://rdcu.be/dzxuY)

5) Candido O., Maldonado W. and Araujo C. "Private or Public Enterprises? Cost Inefficiency Limits: An Application to Water Supply Companies in Brazil", The Empirical Economics Letters, 21(8), pp. 1-15. 2022

6) Araujo A., Maldonado W., Pinheiro D., Pinto A. and Choubdar M. "Refinement of Dynamic Equilibrium using Small Random Perturbations", International Journal of Economic Theory, v. 17(3), pp. 258-283, 2021 (DOI 10.1111/ijet.12257) 

7)  Cornes R., Fiorini L. and Maldonado W. "Expectational Stability in Aggregative Games", Journal of Evolutionary Economics, 31, pp. 235-249, 2021. (DOI 10.1007/s00191-020-00664-w) 

8) Maldonado W., Ribeiro J. and Tourinho O. A. F., "Testing Four Types of Bubbles in BRICS Exchange Rates", Emerging Markets Finance and Trade, 57, pp. 1103-1123,  2021. https://www.tandfonline.com/eprint/JSYHDY6ADEH9XEBMQ3WA/full?target=10.1080/1540496X.2019.1603542 

9) Maldonado W., Guillén J. and Ribeiro J. "An international reserves variation threshold to increase loan funding", International Economics and Economic Policy, 18, pp. 247-265, 2021 (DOI 10.1007/s10368-021-00491-9)  

10) Maldonado W., Egozcue J. J. and Pawlowsky-Glahn V., "No-Arbitrage Matrices of Exchange Rates: Some Characterizations", International Journal of Economic Theory, v. 17(4), pp. 375-389, 2021. (https://doi.org/10.1111/ijet.12249) 

11) Gomes A. and Maldonado W. "Mergers and acquisitions with conditional and unconditional offers", International Journal of Game Theory, 49(3), pp. 773-800, 2020  (https://link.springer.com/article/10.1007/s00182-020-00720-6)

12) Maldonado W., Cândido O. and Pereira L. F., "Accuracy of Policy Function Approximations for Strongly Concave Recursive Problems", International Journal of Economic Theory, v.  15(3), pp. 249-267, 2019 (https://onlinelibrary.wiley.com/doi/abs/10.1111/ijet.12171)

13) Maldonado W. and Severino L., "Productivity of acquirers and target firms: An analysis of financial and non-financial mergers and acquisitions in Brazil", The Empirical Economics Letters, v. 18(2), pp. 139-151, 2019

14) Maldonado W., Tourinho O. A, F. and de Abreu J. A., "Cointegrated Periodically Collapsing Bubbles in the Exchange Rate of BRICS", Emerging Markets Finance and Trade, v. 54(1), pp. 54-70, 2018. http://dx.doi.org/10.1080/1540496X.2016.1229179.

15) Baigorri C. and Maldonado W., "Stimulating Broadband Adoption: State-Owned Companies versus Tax Exemptions – The Brazilian Case", Journal of Economic Studies, v. 45, pp. 738-759, 2018 (https://www.emerald.com/insight/content/doi/10.1108/JES-05-2016-0113/full/html)

16) Fiorini L., Maldonado W. and Rodrigues-Neto J. A., "Competitive Equilibrium with Restricted Participation: the Case of Circular Trade", Journal of Institutional and Theoretical Economics, v. 174, pp. 514-547,). 2018 (DOI 10.1628/093245617X15096094637995 )

17) Candido O., Maldonado W. and Ronzani A., "Goodness-of-fit versus significance: a CAPM selection with dynamic betas applied to the Brazilian stock Market", International Journal of Financial Studies, 5, 33; doi:10.3390/ijfs5040033. 2017

18) Maldonado W. and Ribeiro J., "Construction of a dividend index with all the distributed revenues'', Economics Bulletin, 37(2), p.A69. 2017

19) Maldonado W. and Rodrigues-Neto J.A., "Beliefs and Public Goods with Anonymous Contributors", Journal of Public Economic Theory, 18(5), pp. 691-708. 2016. ( https://doi.org/10.1111/jpet.12161 )

20) Jorge M. V. and Maldonado W., "Price Differentiation and Menu Costs in Credit Card Payments", Journal of Economic Studies, 43(2). pp. 178-202, 2016.

21) Divino J. A., Maldonado W., Mazali R. and Miranda B. T., "Finance, Banking and Regulation in Emerging Economies: An Overview", Emerging Markets Finance and Trade, 51(6), p. S1-S2. 2015. 

22) Baigorri C. and Maldonado W., "A note on the Leased Lines supply and the foreclosure in the Brazilian broadband market", (in Portuguese) Revista Brasileira de Economia, 69(4), p.423-436. 2015.

23) Gamboa F. and Maldonado W., "Feasibility and optimality of the initial capital stock in the Ramsey vintage capital model". Journal of Mathematical Economics, 52, p. 40-45, 2014. (https://doi.org/10.1016/j.jmateco.2014.03.005 )

24) Baigorri C. and Maldonado W., "Optimal mobile termination rate: the brazilian mobile market case". Telecommunications Policy, 38, p. 86-95,   2014.

25) Maldonado W., Tourinho O.A.F. and Valli M., “Exchange rate bubbles: fundamental value estimation and rational expectations test”. Journal of International Money and Finance , v. 31, p. 1033-1059. 2012. (https://doi.org/10.1016/j.jimonfin.2011.12.009 )

26) Cajueiro D. and Maldonado W., “The role of optimization in the human dynamics of tasks execution”, Physical Review. E, Statistical, Nonlinear and Soft Matter Physics, v. 77, p. 035101(R), 2008. (https://doi.org/10.1103/PhysRevE.77.035101)

27) Maldonado W. and Svaiter B., “Holder continuity of the policy function approximation in the value function approximation”. Journal of Mathematical Economics, v. 43, p. 629-639, 2007. (https://doi.org/10.1016/j.jmateco.2007.01.004)

28) Maldonado W., Tourinho O.A.F. and Valli M., “Endogenous foreign capital flow in a CGE model for Brazil: The role of the foreign reserves”. Journal of Policy Modeling, v. 29, p. 259-276, 2007.

29) Maldonado W. and Orrillo J., “Collateral or Utility Penalties?”. International Journal of Economic Theory, v. 3, p. 95-111, 2007.

30) Maldonado W. and Humberto Moreira . “Solving Euler Equations: Classical Methods and the C1 Contraction Mapping Method Revisited”. Revista Brasileira de Economia, v. 60, No. 2, p. 167-178, 2006.

31) Cysne R., Maldonado W. and Monteiro P.K., “Inflation and Income Inequality: A Shopping-Time Approach”. Journal of Development Economics, v. 78, p. 2516-528,  2005. (https://doi.org/10.1016/j.jdeveco.2004.09.002)

32) Maldonado W. and Moreira H., “A contractive method for computing the stationary solution of the Euler equation”. Economics Bulletin v. 3, No. 1, 1-14, 2003.

33) Maldonado W. and Svaiter B., “On the accuracy of the estimated policy function using the Bellman contraction method”. Economics Bulletin v. 3, No. 15, 1 – 8, 2001.

34) Maldonado W., “Cycles, steady states and sunspot equilibrium in models with memory”, Brazilian Review of Econometrics, v. 20, No. 2, 189-199, 2001.

35) Araujo A. and Maldonado W., “Ergodic chaos, learning and sunspot equilibrium”. Economic Theory v. 15, No. 1, p. 163-184, 2000. (https://www.jstor.org/stable/25055259)

36) Maldonado W., “Approximations by finite horizons of the undiscounted one-sector growth model”. Economic Theory v. 14, No. 2, p. 473-478, 1999. (https://www.jstor.org/stable/25055228)

Other Publications in refereed journals:

1) Candido O., Maldonado W. and Peres V. M., "Seguros de automóvel no Brasil: Concentração e demanda de mercado". Revista de Contabilidade & Finanças, forthcoming 2019

2) Maldonado W., Marques I. and da Silva O., “A dynamic model of education level choice: application to Brazilian States". Revista Brasileira de Economia, v. 66, No. 2, p. 225-245. 2012.

3) Maldonado W., Sachsida A., “Group characteristics evolution arising from asymmetric information". Economia,v. 13-2, p. 247-269. 2012.

4) Maldonado W. and Silva W.. "International Reserves Accumulation and the Foreign Capital Flow", Revista de Analise Economica, v. 58, p.29-52. 2012.

5) Maldonado W. and Oliveira A., “Consumption habits and the rigidity of the interest rate”. Estudos Econômicos, v. 41, No. 3, p. 537-550, 2011.

6) Maldonado W. and Orrillo J., “Two-Sided Altruism in an OLG Model with Incomplete Markets and Default”. Brazilian Review of Econometrics, v. 26, p. 291-308, 2006.

Book chapters:

"Compositional Analysis of Exchange Rates" (with Egozcue J. J. and Pawlowsky-Glahn, V.) In: Advances in Contemporary Statistics and Econometrics. Abdelaati Daouia and Anne Ruiz-Gazen (Org.). Springer International Publishing, 2021, pp. 489-507.

"An Interpretable Orthogonal Decomposition of Positive Square matrices" (with Egozcue J. J.). In Advances in Compositional Data Analysis. P. Filzmoser and J. A. Martín-Fernández (Org.). Springer International Publishing, 2021, pp. 1-18.

“The Dynamics of Expectations” (with Isabel Marques). In: Dynamics Games and Sciences. Maurício Peixoto, David Rand and Alberto Pinto Editors, Springer - Verlag. 2011, v. 1, p. 637-650.

"Solución del problema de programación dinámica: Métodos de estimación y sus precisiones”. In: Economia Dinámica, Economia Aplicada y Teoria de Juegos. Ensayos en Homenaje a Ramón Gracía-Cobián. César Martinelli; Loretta Gasco. (Org.). Lima - Perú: Pontificia Universidad Católica del Perú, 2006,  p. 49-68.

“Impactos da ALCA e do acordo comercial com a UE na economia brasileira: O papel das reservas internacionais” (with Octávio Tourinho and Marcos Valli Jorge). In: A ALCA e o Brasil: Uma contribuição ao debate. Edited by Renato Baumann. IPEA / CEPAL (2003), p. 39-64

“Learning in intertemporal equilibrium models and the sunspot case” (with Aloisio Araujo). In General Equilibrium: Problems and Prospects. Edited by Fabio Petri e Frank Hahn. London and New York: Routledge & Francis Group, (2002), p. 58 – 73.

Elementos para el Calculo Actuarial, Editorial HOZLO S.R.L. Lima-Peru (2008). p. 1-54.