1) MANAGER EDUCATION AND FIRM PRODUCTIVITY - EVIDENCE FROM BRAZIL
(with Marcelo Santos and Vitor Fancio)
abstract: We merge two important Brazilian datasets (RAIS and PIA) to produce firm-level total factor productivity estimates that control for workers’ human capital. Then we investigate the correlation between top managers’ education and firms’ TFP considering different levels of industry disaggregation. We find a positive, albeit small correlation for the industrial sector as a whole, and much higher correlations for some 2-digit industries. Also at the 2-digit level, we find that the positive correlation between firm TFP and manager schooling is lower for industries more dependent on external finance. Our results are robust to alternative, control function methods of TFP estimation, and to using different measures of manager education.
access: https://drive.google.com/file/d/1-2NemzrbqActsfkNLPDNtb5Q1sgKPAcr/view?usp=sharing
(this version = December 2022 - forthcoming at Economics Bulletin)
2) CRÉDITO DO BNDES, DEPENDÊNCIA DE FINANÇA EXTERNA E INTENSIDADE DE P&D NOS SETORES DA INDÚSTRIA BRASILEIRA (1998-2014)
BNDES credit, dependence on external finance, and R&D intensity in the Brazilian industry sectors (1998-2014)
(with Eduardo Mattos and Priscila Ribeiro)
Abstract: This paper tests if the BNDES (Brazilian National Development Bank) plays a role compensating
potential credit market imperfections, with regard to R&D investments. To do that, we use a regression
with interaction terms inspired in Maskus et al. (2012). We analyze data on 22 Brazilian
industrial sectors, having the PINTEC, the BNDES and PIA as the main data sources, and covering
6 triennia from 1998 to 2014. Our results give some support to the hypothesis that BNDES played
a positive role: BNDES loans are more positively correlated with R&D intensity in industrial sectors
and periods in which dependence on external finance is bigger.
access: https://www.revistas.usp.br/ee/article/view/158274
(published at Revista Estudos Econômicos, v.50, n.4 (2020) - DOI: https://doi.org/10.1590/0101-41615042epe )
3) O IMPACTO DO GASTO PÚBLICO E DA QUALIDADE POR NÍVEL DE ENSINO SOBRE O CRESCIMENTO DA RENDA DOS ESTADOS BRASILEIROS
THE IMPACT OF PUBLIC EXPENDITURE AND QUALITY BY EDUCATIONAL STAGE ON BRAZILIAN STATES’ PER CAPITA INCOME GROWTH
(with Naercio Menezes)
abstract: In this paper, we try to better understand the relation between the optimal allocation of educational
investments by the Brazilian states and their economic growth, inspired by Aghion et al.’s (2005)
model. The results show that, although educational expenditures have no significant impact, the
quality of high school education has a positive impact on per capita income growth for closer to
frontier states. Our estimates indicate that the quality of high school education becomes more
important than primary education’s for states with per capita income equal to or bigger than 60%
of the frontier.
access: https://ppe.ipea.gov.br/index.php/ppe/article/viewFile/2122/1331
(published at Revista PPE volume 50 | número 2 | agosto 2020 - DOI: http://dx.doi.org/10.38116/ppe50n2art2 )
4) INVESTIMENTO DIRETO ESTRANGEIRO E PRODUTIVIDADE NOS SETORES DA INDÚSTRIA BRASILEIRA
FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY IN BRAZILIAN INDUSTRIAL SECTORS
(with Lucas B. T. Pinto)
abstract: In this paper we analyze the impact of foreign direct investment on the productivity of 22 sectors of the Brazilian industry, from 1996 to 2008. Using data from the Industrial Annual Survey (PIA-IBGE) on variation in companies’ assets, and administrative data (all formal workers) from the Brazilian labor Ministry (RAIS) on employees’ schooling, we build physical and human capital controls at sectoral level. These controls allow us to isolate the specific impact of foreign direct investment on sectoral total factor productivity. Our results suggest that the impact of foreign direct investment may be negative in the short run, but is positive in the long run.
access: https://ppe.ipea.gov.br/index.php/ppe/article/view/1471/1170
(published at Revista PPE volume 45 | número 1 | abril 2015)
5) REPLACEMENT CYCLES, INCOME DISTRIBUTION AND DYNAMIC PRICE DISCRIMINATION
(with Jorge Chami Batista)
abstract: This paper analyses how income distribution, Intellectual Property Rights and other regulatory policies such as minimum quality standards determine pricing strategies in a dynamic context where a monopolist periodically introduces new generations or upgrades of a durable good. This paper differs from Inderst’s (2003) or Koh’s (2006) in that discrimination through quality and screening take place in a context where consumers buy several (not a single) versions of the durable good during a lifetime. It differs from Glass (2001) in that here an equilibrium may emerge in which different consumer types replace their durable generations with different frequencies. Our modelling is motivated by stylized facts from the last Brazilian POF (household budget survey).
access: https://www.tandfonline.com/doi/abs/10.1080/00036846.2015.1013616
(published at Applied Economics, Volume 47, 2015 - Issue 31 )
6) FDI, LICENSING, E CRESCIMENTO DA PRODUTIVIDADE TOTAL DE FATORES
FDI, LICENSING, AND TFP GROWTH
(with Ana Flavia Bonzanini e Leonardo Melo)
abstract: We analyze the impacts of two international technology transfer channels, foreign direct investment (FDI) and licensing, on total factor productivity (TFP) growth in a sample of 88 countries for the period 1980-2006. Comparing with Pessoa (2008), we bring here three original contributions: we include in the econometric model specification a variable which captures the composition of foreign capital flows; our sample comprises poor and developing countries too, not only OECD’s; we offer a treatment for the typical endogeneity problem found in growth regressions which have as explanatory variables measures like countries’ “financial openness”.
access: https://bibliotecadigital.fgv.br/ojs/index.php/rbe/article/view/3867
(published at RBE - revista brasileira de economia, vol. 67, No.1, 2013 - DOI 10.1590/S0034-71402013000100002 )
R&D expenditure and market power: theory and evidence for Brazil
(with Rodrigo Moita)
abstract: Desde Schumpeter (1950), até trabalhos mais recentes como Aghion et al. (2002), existe uma ampla literatura devotada à análise da relação entre inovação e poder de mercado. Este artigo segue essa tradição e analisa a relação entre gasto em pesquisa e desenvolvimento (P&D) e poder de mercado na indústria brasileira. Usamos uma base de dados nova: a pesquisa IBMEC-Sensus 2008. Essa base tem como principal diferencial o fato de incorporar em seu questionário uma estimativa da elasticidade da demanda da firma, variável que usamos como instrumento exógeno para o poder de mercado. Usamos o modelo de Aghion et al. (2002), que propõe a existência de uma relação na forma de U-invertido entre P&D e poder de mercado – medido pelo índice de Lerner (IL) – para fornecer uma justificativa teórica para a especificação econométrica adotada. Os resultados obtidos não rejeitam a hipótese de uma relação entre P&D e poder de mercado na forma de U-invertido. Porém, quando estimamos o modelo usando o inverso da elasticidade da demanda como um instrumento para IL, essa relação perde significância, indicando que a relação entre P&D e poder de mercado pode simplesmente ser fruto da determinação simultânea das duas variáveis, não havendo uma relação de causalidade entre elas.
access: https://ppe.ipea.gov.br/index.php/ppe/article/viewFile/1222/1087
(published at pesquisa e planejamento econômico | ppe | v. 41 | n. 1 | abr. 2011 )
8) TRIPS, TRADE AND GROWTH: WHEN COMPARATIVE ADVANTAGES BREAK DOWN
(with Jorge Chami Batista)
abstract: In this paper we combine a model of Ricardian comparative advantages as in Dornbusch et al. (1977) with Grossman and Helpman's (1991) quality ladder model and derive the consequences of asymmetric IPRs protection for the pattern of trade and the world rate of growth through innovation. Our analysis differs from that already made by Taylor (1994) in that final goods and research technologies do not go exactly along together, so the impossibility of doing licensing under asymmetric protection will here bring forth an infringement of comparative advantages which we call “the invasion effect”.
access: https://www.sciencedirect.com/science/article/abs/pii/S0954349X11000440
(published at Structural Change and Economic Dynamics Volume 22, Issue 4, December 2011)
9) ECONOMIC INTEGRATION IN THE QUALITY LADDER MODEL
abstract: Here we perform the same kind of "integration experiments" as in Rivera-Batiz and Romer (1991), this time in the context of a "quality ladder model", where international trade integration is not enough to prevent redundancy of R&D efforts. Thus a further kind of integration is analysed: "financial market integration". We adopt as a setup the Simple Schumpeterian Model in Aghion and Howitt (2005), whose innovation technology differs sharply from the ones conceived by Rivera-Batiz and Romer in that it displays decreasing returns to scale.
access: https://www.scielo.br/j/ee/a/nY35D3BJgnBgCDJb3XqCgQc/?lang=en
(published at Revista Estudos Econômicos, vol. 38(4), Dec. 2008 - https://doi.org/10.1590/S0101-41612008000400006 )