Topics
Brazil
Monetary policy
Interest rates by decree: Lara Resende's theory vs. his plan
André Lara Resende is right that interest is what drives Brazil's public debt, but his plan depends on a 2.5% neutral rate, below what the Treasury, the market and the central bank itself point to. By the theory he invokes, forcing the Selic down without cutting spending ends in inflation; the road to lower rates runs through a larger surplus, which makes room for private investment and tends to lower the neutral rate.
Taxation
Brazil's 2027 VAT reform: revenue-neutral against which year?
Brazil's 2027 budget expects 19% more revenue from federal consumption taxes in the first year of a reform that promised not to raise taxes. The law measures neutrality against the 2012-2021 average, the increase falls mostly on service companies under the lucro presumido regime and in sectors kept at 3.65%, and prices take a one-time step up of 0.2% to 0.6%.
Politics
The comfort of stagnation
On the eve of Brazil's 2026 election, voters seem to say two things at once. In polls they declare themselves dissatisfied; at the ballot box they reaffirm the same old choice. That contradiction is the key to understanding the country.
Energy
The economics of solar in Brazil
Brazil is a unique country to live in. From its receptive people to its abundant natural resources, the country enjoys tremendous growth and diversity opportunities. One aspect that makes Brazil even more singular is…
Equity research
Tenda (TEND3) Research report
This report was developed to encompass all business areas of the construction company Tenda, listed in the Brazilian B3 index. It includes a business description, industry overview, competitive positioning, financial…