This document discusses key considerations for Ohio businesses looking to export to Brazil, focusing on political, economic, social, and technological factors (PEST analysis). It outlines three main issues that could impact a Brazilian business strategy: organizational structure, labor issues, and regulation/taxation. Finally, it looks at infrastructure, inflation/currency, and future regulatory changes that Ohio businesses should consider in Brazil for 2012 and beyond.

1. Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond
EXPORTING OHIO TO
LATIN AMERICA: A
BRAZILIAN CASE STUDY
dwilsonjdmba
dwilson@keglerbrown.com
David M. Wilson, Kegler Brown

2. Exporting Ohio to Latin America: A
Brazilian Case Study
Brazil: The Basics
P E S T
-Facts
-Opportunities
-Risks
3 Issues that could Make or Break your Brazilian Business
Strategy
-Organizational Structure
-Labor
-Regulation & Tax
2012 & Beyond
-Infrastructure
-Inflation & Currency
-Regulation
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

3. Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

4. Brazil: The Basics
P E S T
What are the Political, Economic, Social and Technological
reasons to enter Brazil?
export, manufacture, distribute, design . . .

Political


Economic


Macro trends, Currency risks
Social


The ability of government to respond to and NOT create political
risk
The ability of stakeholders to identify vulnerabilities & apply
pressure to the company to change its behavior
Technological

Infrastructure, IP Protection, Government Incentives
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

5. Brazil: The Basics
P E S T
Political Risk
-The ability of government to respond to political risk
-The ability of government to NOT cause political risk




The unit of
measurement for
political risk is
STABILITY
Government Structure
Level of Corruption
Appropriation Concerns
Bureaucracy
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

6. Brazil: The Basics
P E S T
Political Risk
-The ability of government to respond to political risk
-The ability of government to NOT cause political risk

The unit of
measurement for
political risk is
STABILITY
Government Stability

Stable Republic Since 1985

Multiple Peaceful Elections

Democratic Constitution

Functioning Executive, Legislative and Judicial Branches

Multiple Party System

Increasingly developed services: Fire, Police, EMS
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

7. Brazil: The Basics
P E S T
The unit of
measurement for
political risk is
STABILITY
Political Risk
-The ability of government to respond to political risk
-The ability of government to NOT cause political risk

Level of Corruption

Transparency International 2010 CPI index



The abuse of entrusted power for private gain
Perception of corruption in public sector
2010 (most current

USA: 22 of 180


Brazil: 69 of 180


Apx. 62nd percentile
1995 (year 1 of CPI)

USA: 15 of 41


Apx. 63rd percentile
Denmark*
1st
USA
22nd
Brazil
69th
China
78th
India
87th
Russia
154th
Brazil: 36 of 41


Apx. 88th percentile
Apx .13th percentile
Rousseff Cleaning House

Jettisoned 5 cabinet members since June
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

8. Brazil: The Basics
P E S T
Political Risk
-The ability of government to respond to political risk
-The ability of government to NOT cause political risk

The unit of
measurement for
political risk is
STABILITY
Appropriation concerns


Long history of privatization & recent commitments
Talk of reviving old laws for a few categories


land restrictions on % of land in a district that foreigners may buy
1971 law found unconstitutional but is being revisited (no talk of taking
land)
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

9. Brazil: The Basics
P E S T
Political Risk
-The ability of government to respond to political risk
-The ability of government to NOT cause political risk

The unit of
measurement for
political risk is
STABILITY
Bureaucracy?
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

10. Brazil: The Basics

P E S T
Largest Latin American economy

7 largest in the World


Macro Trends
Developed financial markets
Young workforce

39.3%

United States
30.5%


Brazil
China
29.4%
Increasing domestic demand

Growing Middle Class

Over 35 million Brazilians entered the middle class from 2003 to 2009


estimates predict an additional 20 million will climb the ladder by 2014
Per Capita GDP larger than China or India

$10,816

China
$4,382


Brazil
India
$1,371
Rich Commodities Base – Energy, Mining, Agribusiness

Vies with Australia as worlds largest exporter of iron ore

Fertile Land: 1/3rd global coffee, ½ of all global sugarcane exports, major world player in beef, poultry, soybeans and corn

Recent oil field discovery 15bn to 70-100bn barrels


NPV of this discovery is apx $500bn apx 20% of GDP
Rainforest, Hydro
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

11. Brazil: The Basics

P E S T
Currency

General

Weak exchange rate generally makes a country’s exports cheaper



Central banks in Japan, South Korea and Taiwan have recently
intervened to make their currencies cheaper
China continues to suppress the value of its currency to strengthen
exports
Brazilian Real


1.59 end of August, crossed 1.9 (intraday) September
Selling in September



Foreign investment attracted by high returns began to sell in September
largely due to fear of Greek crisis
 notably Japan
Central bank lowered benchmark rate by .5%
Many view the valuation as stabilizing after >45% increase since
2008
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

12. Brazil: The Basics

P E S T
Currency Risk

Transaction exposure – commitment to make payment at future date

Solutions:




Translation exposure – accounting based changes in consolidated FS


Taking the value on 1 day and reporting on your statements
Solutions:


Forward Contracts
Risk Sharing Agreements
Foreign Currency Options
Swap (assets, debts, and/or liabilities with someone else, e.g., a bank or another
company)
Economic exposure – non zero changes in expected cash flows due to
changes in currency (real not just nominal)

Solutions:

Diversification
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

13. Brazil: The Basics
P E S T
How substantive is the
stakeholder?
Social Risk
-The ability of stakeholders to identify vulnerabilities & apply
pressure to the company to change its behavior

Stakeholders


How intense is the threat?
Shareholders, NGOs, Interest Groups, Consumers, Local
Communities. . .
Factors

Cultural Norms, Languages




“Culture eats strategy for breakfast” – Oded Shenkar
Demographics
GINI index (inequality of income)
Ethnic Conflict
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

14. Brazil: The Basics

Geert Hofstede’s Cultural
Dimensions






P E S T
Power Distance
Individualism
Masculinity
Uncertainty Avoidance
Long-Term Orientation
www.geert-hofstede.com
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

15. Brazil: The Basics
P E S T
How substantive is the
stakeholder?
Social Risk
-The ability of stakeholders to identify vulnerabilities & apply
pressure to the company to change its behavior

How intense is the threat?
Solutions

Decouple your brands / products


Partner with NGOs


Charge premium on specific brands for CSR projects, not all
consumers
Reputational benefit, they understand the industry and may help keep
you up to date with shifts in pressure
Admit Wrongs

People are more likely to believe your CSR reports when you tell
them what you are doing wrong (and how you addressing it)
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

16. Brazil: The Basics
P E S T
How substantive is the
stakeholder?
Social Risk
-The ability of stakeholders to identify vulnerabilities & apply
pressure to the company to change its behavior

How intense is the threat?
Education
 Past
2000
- ½ Brazilian students graduated grade school
- 3 out of 4 adults were functionally illiterate
 Present
-Goal to reach OECD standard over next
decade
-75,000 scholarships to attend world’s top
universities (only 9,000 a few months ago)
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

17. Brazil: The Basics

P E S T
Technological

Infrastructure



Power
Public Health
IP Protection

Codified IP law protected by the Brazilian Constitution





Rights are enforceable



Industrial Property Law, Law No. 9279, as amended (May 15, 1996)(Braz).
Provides for contracts involving technology transfer, technical and scientific
services, franchising and protection against unfair competition
Instituto Nacional da Propriedade Industrial (INPI)
 Federal agency in charge of regulating and registering
patents, trademarks, industrial designs, approving licensing and other agreements
Copyright Law, Law No. 9610, as amended (Feb 20, 1998)(Braz).
 Regulates Brazilian Copyrights and some Software Law
Patent holder is entitled to prevent others from using, producing, selling, offering, or
importing a patented product or process
Patent holder is entitled to be indemnified for improper use
Government Incentives
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

18. 3 Issues that can Make or Break
Your Brazilian Business Strategy
Entry Method & Organizational Structure
Labor
Regulation & Tax
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

19. Entry Method & Organizational
Structure
 Wholly
Owned Subsidiaries
 Non-Equity Alliance
 Licensing
agreements
 Supply agreements
 Distribution agreements
 Non-Equity joint venture

Stable Brazilian legal system
leads to fairly predictable results
– but you may not always like
them
Heads of Agreement (Similar to US Memo of
Understanding)
 Equity
 Joint
Alliance
venture
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

20. Entry Method & Organizational
Structure

Wholly owned subsidiary



Foreign capital in Brazil treated quite liberally
Current legislation does not distinguish between domestic & foreign
owned companies
Investments may be freely made & are not subject to any prior
approval, license or authorization from authorities


No max or min limit on investment amount



Levels if wish to employee non-Brazilians
No max or min term for the investment (repatriate anytime)
Amounts paid by a Brazilian company to a foreign investor are NOT
subject to any withholding tax


But must be registered with Central Bank’s online system
Amounts over the initial registration are generally treated as capital gains
and subject to 15% tax (25% if investor resides in a tax haven)
Foreign investors are free to use any of the available company
forms
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

21. Entry Method & Organizational
Structure
Sociedade Limitada (LTDA)
 Sociedade Anônima (SA)
 Sociedade Simples
 Sociedade em Nome Coletivo
 Sociedade em Comandita Simples
 Sociedade em Comandita por ações
 Sociedade em Comum
 Sociedade em conta de Participação
 Associações
 Fundações
 Cooperativas
 Consórcio

Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

22. Entry Method & Organizational
Structure

Sociedade Limitada (LTDA)

Similar to US LLC
 Liability limited to partner’s quotas





Simplicity & Flexibility
Reduced Maintenance Costs
Less Formal Requirements
 Must have at least 2 partners
 Brazilian partners are not required
 May be managed by one or more persons, partners or other entity



Quotas may be freely transferred according to the articles of association
May not be traded publicly
Manager must reside in Brazil
 If foreign manager, must possess a permanent Brazilian Visa with authorization to act as
manager of a specific company
Generally preferred for wholly owned subsidiaries
Sociedade Anônima (SA)





Similar to US Corporation
May issue securities, debentures and may be publicly held
Higher Maintenance Costs
More formal requirements
Generally preferred for ventures comprised of a large number of different shareholder
groups
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

23. Entry Method & Organizational
Structure

Distributorship & Agency Relationships


Brazilian agency relationships is governed by the Brazilian Civil Code
and by special legislation, Law n. 4.886/1965
Exclusivity is NOT presumed unless expressly established in an
agency agreement



However exclusivity is common and will likely be required by potential
agents
Exclusivity entitles the agent to compensation related to direct sales
made by the company without assistance of the agent
Termination




There are specific enumerated “just” reasons for the termination of an
agency agreement
Termination is typically both difficult & costly
Generally, an agent is entitled to no less that 1/12th of the total amount
received during the time of agency or an amount equal to the monthly
average compensation received multiplied by the remaining months left
in the agency contract term.
An agent is also generally entitled to reimbursement for
investments, such as office rent and equipment expenses
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

24. Entry Method & Organizational
Structure

Joint Venture

May be created with or without a joint company



Contractual joint ventures between your LTDA/SA and a
Brazilian company
Low cost entry and exit to new markets, industries and
industry segments
Opportunity for learning
Provides a contractual framework for operations without
generating the problems associated with an agency
relationship
 Enables each party to take full responsibility for its
contribution to the venture while minimizing the issues
associated with exclusivity
 Enables low cost entry and exit


May later evolve into equity alliance
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

25. Entry Method & Organizational
Structure

Should you vertically integrate?


Transaction Costs



Is the exchange subject to high threats of opportunism due
to high transaction specific investments?
Is the exchange subject to high threats of opportunism due
to uncertainty and complexity?
Capabilities


Some or all of the value chain, acquire rather than joint
venture
Do you have valuable, rare and costly to imitate
resources?
Real Options

To retain flexibility: exchanges characterized by high levels
For additional information on
of uncertainty should Jay B. Barney, this topic please reference: Gaining & Sustaining Competitive Advantage
vertically integrated
Third Edition, not be 2007
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

26. Labor – It’s more than just the 13th
salary
Labor rights are outlined in the Brazilian Constitution, as well
as laws, decrees, provisional measures, ordinances and
regulations, international conventions and treaties (ratified by
the Brazilian government), company policies, Supreme Court
decisions, Superior Labor Court decisions and customs
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

27. Labor – It’s more than just the 13th
salary

Basic Principals


Worker Protection: the worker is considered the weaker
party in the relationship
In labor-related conflicts, at any level or
jurisdiction, whenever there is a doubt regarding
evidence, the court’s decision will favor the worker







The law most favorable to the worker will be applied
The conditions most favorable to the worker will be presumed
Actual facts prevail over written documents
Protected salary (generally cannot lower an employee’s
salary)
Defense of workers honor and ethical code
Nondiscriminatory practices
Continuity of employment relationship
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

28. Labor – It’s more than just the 13th
salary

Direct agreements between employees and employers to resolve
conflicts are not valid


The Brazilian constitution provides the right to sue as an individual
guarantee
There are ways to settle



Every 12 months employees are entitled to 30 calendar days paid
vacation


Arbitration, union conciliation commissions. . .
but they do NOT prevent the right of individual claims
In addition to the 13th salary (Christmas bonus equal to 1/12 the salary
for each month of that year)
Every month employer must deposit an amount = to 8% of
employees salary into Unemployment Fund


If employee is dismissed without cause, the employee may withdraw the
amount
Employer must pay a penalty equal to 40% of the amount and an
additional 10% to the government
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

29. Labor – It’s more than just the 13th
salary

Not at will


30 days prior notice (some agreements may require longer period of time)
Notice shall specify whether the 30 days must be worked or not worked


If worked may be absent for 7 consecutive days or may leave 2 hours early every day
For cause if:






A dishonest act
Improper conduct
Regularly doing business on behalf of himself or for a third party
Criminal conviction
Inadequate discharge of duty
Habitual drunkenness






Currently debate on this cause; many courts consider it a social problem and not a just
cause
Violation of trade secrets
Act of disobedience or insubordination
Abandonment of employment
Injurious act to the honor of any person during working hours (except in self defense)
Persistent gambling
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

30. Labor – It’s more than just the 13th
salary

Brazilian v. Non-Brazilian

Staff of companies with three or more employees
must be 2/3 Brazilian



And, at least 2/3rds of the payroll must be paid to Brazilians
Salaries paid to employees in Brazil cannot be based
on foreign currency
Federal, State and Municipal Taxes

Contribution for Financing Social Security COFINS


7.6% calculated based on gross revenue from the sale of
goods or services
Contribution to the Social Integration Plan PIS
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

31. Regulation & Tax
 Import
Export Process
 Minimum Wage
 Privatization
 Recent Tax & Regulation Changes
“If you’re honest and want to comply with the tax
code, you need an accountant and a tax lawyer for life”
-The Economist, September 24, 2011 quoting a São Paulo based
economist
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

32. Regulation & Tax

Import Export Process

Register with the governmental registration system



Obtain importing license if required



Automatic
Non-Automatic (process may take several months)
 ANVISA, IBAMA, MAPA, DECEX, CNEN, ANP, ANEEL, DPF, COMEX, MCT .
..
Radar



Secretary of Foreign Trade SECEX, SISCOMEX system
Subject to significant variability
Simplified
Ordinary
Tax / Duty

Generally all imports are subject to import duty, IPI, ICMS, PIS and COFINS
 Import duty is calculated on the total CIF (cost, insurance & freight)
 Are charged based on the tariff classification of the product


Import Tariffs rage from 0 – 35% with an average applied tariff rate of 11.5%
The import duty rate for machinery and equipment not produced local MAY be
reduced to 2% upon request of the importer to the competent authorities
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

33. Regulation & Tax
 MERCOSUL


southern common market
Free from import duty with certificate of origin
However Exceptions to Common External Tariff (CET)
 Brazil is permitted 93 exceptions to the CET
 June, 2009 the trade minister raised several import duty
rates:
 August, 2009 MERCOSUL members approved tariff
increases on hundreds of products within the CET
 Primarily dairy, textiles, bags, backpacks, suitcases up
to the bound level apx 31.4%
Member
Countries
Brazil
Argentina
Uruguay
Paraguay
Applied
Venezuela
Not yet ratified by
Paraguay
Associate
Member
Bolivia
Chile
Columbia
Ecuador
Peru
Observer of
Agreement
Mexico
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

34. Regulation & Tax

Recent Tax Changes

July, 2011


August, 2011


1% tax on foreign derivatives
Three prong plan to continue to spur economic growth
September, 2011

30% Increase in industrial product tax on cars (37-55%)
 Exempt if 65% domestic parts (Brazil, Mexico or
Mercosul country)
 Oct 6, 2011 Renault SA announced plans to increase its
Brazilian production capacity by 100,000 vehicles
 Brazil will be the companies 2nd largest market after France
 Expects sales of 3 million vehicles annually by 2013 with
25% from Brazil

October 10, 2011 Chinese auto maker JAC announced it
would build a factory in Brazil – output set to begin in
2014
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

35. Regulation & Tax

Minimum Wage
 January
2012 increases 14%
 Currently
R$ 545 per month x 13 (US$ 12,540)
 Likely to reach R$ 817 per month by 2015
(US$18,800)
 54

million Brazilians at min wage level
Increased domestic demand
 Likely

increases consumption
Risks
 Some
industries may see significant increases in
3 Make or
Brazil: The
2012 and
Break
COGS
Basics
Beyond
Issues

36. Regulation & Tax

Privatization



Infrastructure Need
Auction method
Airports



São Gonçalo do Amarante Airport – R$ 170 million (3x reserve)
3 more by end of 2011
Oilfield Rights
The Brazilian President’s office emphasized, “[t]he government does not
intend to get involved in these investments. These investments are going
to be a long-term, private sector affair. The private sector must play a key
role.”
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

37. 2012 & Beyond



Infrastructure
Currency Rally & Inflation
Regulation
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

38. Infrastructure

Unlike the United States, Brazil is only beginning to develop
its infrastructure capabilities




Domestic Growth
2014 World Cup
2016 Olympics
President Rousseff

Infrastructure background

Lula’s Program for Accelerated Growth Coordinator and is known for
her technical analysis


History of funding with private capital
Opportunities exist for


US companies with capabilities to assist in infrastructure
development
US companies that already possess the ability to
design, develop, manufacture or deliver goods
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

39. Infrastructure

Logistics

Rail

ALL



ANTT road & rail regulator


Creating and paving many connecting routes
Air

Privatization


Recent concessions changes enables competitors to pay ALL an
access fee
Road


Monopoly on rail concessions it operates
Excess capacity (profitable lines at near full capacity
Operations, construction opportunities
Telecom

30% of households have broadband
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

40. Inflation, Currency, Macro
Trends

Inflation

Analyst’s views very on inflation: 2012-2013 Range: low 3% to
high 6%


Factors


Disagreements largely relate to labor productivity and fiscal accounts
Significant FDI lured by high interest rates and growth
Government Focus

Education



Increases in productivity
Increases in the pool of educated labor decreases wage pressure
which reduces inflation concerns
Reduce Costs

Eliminated Payroll taxes for labor intensive industries like furniture
and textiles in August
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

41. Inflation, Currency, Macro
Trends

GDP Projections: mid to high single digit growth in 2013
 GDP Gap
Min wage increase .6% + reduction in tax revenues from new industrial
policies .4% = 1% GDP gap from expenditures & decrease of tax revenues
 New Oil fields provide wealth to help fund infrastructure investment
 Involvement of private sector capital in infrastructure development may reduce
need for Government infrastructure expenditures (Increased privatization and
licensing likely)
Many analysts agree that the
main risk for the Brazilian
economy is not local, rather
the potential deterioration of
Impact of E.U.
the E.U.
 Greek debt default and general credit drop of the EU which triggers a regional
recession will likely also reduce growth in the US and China




This reduction in global demand will likely lead to decreased commodity prices
The impact of external noise would likely be smoothed by Brazilian fiscal and
monetary counter cyclical policies; however, GDP growth would likely
decrease to 2-3% in 2013
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

42. Inflation, Currency, Macro
Trends

Currency
 Largely
dependent on EU crisis
 If
no EU recession and developed banks print more
money this increased liquidity will likely keep rates low
for several years. This will likely lead to increased
Brazilian Real appreciation

Many analysts project as strong as BR$1.5 to US$1
 If
global distress then Brazilian Real could likely
weaken to 1.7 or worse
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

43. Inflation, Currency, Macro
Trends

Macro Trends
 Min Wage
2012, 14% min wage increase – 54 million
receive min wage
 Should support consumption and prevent downside
demand pressures
 January
Even if EU recession, unlikely that Brazil will experience
recession
 Consumption is a high % of the Brazilian economy

 May
impact cost of labor and COGS in your industry
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

44. Regulation

A Bigger Brazil:
 US$
16 Billion in tax breaks (over 2 years)
 Eliminate

 Buy
3 prong plan to continue to spur economic growth
payroll taxes for labor intensive industries
Software, Textiles, Shoes, Furniture
Brazil Initiative
 Allows
government agencies to pay up to 25% more
for locally produced products than similar foreign
goods

Particularly when purchasing for defense, health, or high
tech communications equipment
 Subsidized
Loan Programs
Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond

45. Brazil: The
Basics
3 Make or
Break
Issues
2012 and
Beyond
EXPORTING OHIO TO
LATIN AMERICA: A
BRAZILIAN CASE STUDY
dwilsonjdmba
dwilson@keglerbrown.com
David M. Wilson, Kegler Brown

46. Additional Sources











UBS Investment Research: Emerging Economic Focus, UBS, August 29, 2011
A Closer Look at Brazil’s Credit Boom, Deutsche Bank EM Special Publication, July
22, 2011
Anchoring, De-Anchoring, Re-Anchoring, Bradesco Corretora Economics BBI Equity
Research, September 6, 2011
Economic Outlook: Brazil, BBVA, Third Quarter 2011
Brazil Auctions Rights to Airport, WSJ, August 23, 2011
The Geopolitics of Brazil: An Emergent Power’s Struggle with
Geography, STRATFOR, July 14, 2011
The Aging World, Ned Davis Research Inc, July 21, 2011
Japanese Dump Real Funds at Fastest Pace Since Earthquake: Brazil
Credit, Bloomberg, September, 30, 2011
First they went for the currency, now for the land, The Economist, September
24, 2011
Gaining & Sustaining Competitive Advantage Third Edition, Jay B. Barney, 2007
Privatization and the Distribution of Assets and Income in Brazil, Economic Reform
Project: Global Policy Program, July, 2000