Aldo Musacchio
Biographic Data
| ID | 540184 |
|---|---|
| NAME | Aldo Musacchio |
| GIVEN NAMES | Aldo |
| FAMILY NAME | Musacchio |
| SIGNATURE | MUSACCHIO A |
| AFFILIATIONS | National Bureau of Economic Research |
| ORCID | 0000-0003-3400-9938 |
| VERIFIED | Yes |
| TOTAL WORKS | 24 |
| TOTAL CITATIONS | 114 |
| AUTHOR COUNT | 24 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2006 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 7 |
State-owned enterprises as countercyclical instruments: Quasi-experimental evidence from the infrastructure sector
State-owned Development Banks
State-owned development banks are either seen as solving market imperfections or criticized for crowding out private lenders and encouraging politically motivated lending. We study six development banks—Chile’s Corfo, Brazil’s BNDES, Canada’s BDC, Germany’s KfW, Korea’s KDB, and China’s CDB, analyze the tools they use to address market failures, and create a typology according to their strategic focus. We identify two general strategic orientatio…
Short- and medium-run health and literacy impacts of the 1918 Spanish Flu pandemic in Brazil
We study the lasting repercussions of the 1918 influenza ('Spanish Flu') pandemic on health measures and literacy rates in São Paulo, Brazil, the most populous city in South America today, but significantly poorer a century ago. Leveraging temporal and spatial variation in district-level estimates of influenza-related deaths for the 1917-20 time period, combined with a unique database on demographic and literacy outcomes as well as a detailed set…
Influenza pandemics throughout Brazilian history
Brazil has experienced several major epidemics of influenza, and the most destructive was in 1918-1919. This article focuses on mortality, mitigation policies, and the consequences of pandemic influenza during the national period. We provide the first mortality estimates for the 1890-1894 influenza pandemic and correct figures for later epidemics. The 1918-1919 episode cost more lives than assumed, although some cities suffered less, possibly bec…
Leviathan as an inventor: An extended agency model of state-owned versus private firm invention in emerging and developed economies
O Leviatã como uma cura parcial? Oportunidades e armadilhas no uso do aparato estatal para responder à crise da Covid-19
While some argue that market forces are imperative to stimulate the increased supply of critical products and services to address the COVID-19 crisis, others contend that dealing with the pandemic requires coordination and rapid adjustments in supply that may be constrained by a host of factors. Although discussions have centered on policies to promote financial liquidity, we examine whether the state apparatus-not only state-owned enterprises bu…
Leviathan as a partial cure? Opportunities and pitfalls of using the state-owned apparatus to respond to the Covid-19 crisis
While some argue that market forces are imperative to stimulate the increased supply of critical products and services to address the COVID-19 crisis, others contend that dealing with the pandemic requires coordination and rapid adjustments in supply that may be constrained by a host of factors. Although discussions have centered on policies to promote financial liquidity, we examine whether the state apparatus-not only state-owned enterprises bu…
The Industrialization of South America Revisited: Evidence from Argentina, Brazil, Chile and Colombia, 1890-2010
We use new manufacturing GDP time series to examine the industrialization in Argentina, Brazil, Chile, and Colombia since the early twentieth century.We uncover variation across countries and over time that the literature on industrialization had overlooked.Rather than providing a single explanation of how specific shocks or policies shaped the industrialization of the region, our argument is that the timing of the industrial take off was linked …
New Varieties of State Capitalism: Strategic and Governance Implications
We analyze the new varieties of state capitalism in the 21st century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize state-owned enterprises' strategic behavior. Then we introduce a stylized distinction between four broad, new varieties of state capitalism—wholly owned state-owned enterprises, the state as a majority investor, the stat…
Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond
Focusing on a quantitative assessment of Brazil's economic performance 1976-2009, Aldo Musacchio and Sergio Lazzarini analyze the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms.
What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09
Colonial Institutions, Trade Shocks, and the Diffusion of Elementary Education in Brazil, 1889-1930
We study the initial expansion of public schooling across Brazilian states (1889-1930) and develop an alternative explanation of how colonial institutions may affect the provision of public goods in the long run. We find that states that exported commodities undergoing international booms, between 1889 and 1930, had significantly larger export tax revenues and could spend more on education, while other states lagged behind. Yet, such positive eff…
Does the law and finance hypothesis pass the test of history
For the body of work known as the law and finance literature, the development of financial markets and the concentration of ownership across countries is to a large extent the consequence of the legal system nations created or inherited decades or hundreds of years ago. Despite the seemingly historical nature of this explanation, most of the body of work supporting the law and finance hypothesis has been ahistorical. This paper summarises the bus…
Big BRICs, weak foundations: The beginning of public elementary education in Brazil, Russia, India, and China
Federal banking in Brazil: Policies and competitive advantages
Federal banking in Brazil: policies and competitive advantages, by Kurt E. von Mettenheim, London, Pickering & Chatto, 2010, xii + 228 pp., £60.00 (hardback), ISBN 978-1-84893-065-0 The recent rise
Autos and progress: The Brazilian search for modernity - By Joel Wolfe
Carlos Marichal, Bankruptcy of Empire: Mexican Silver and the Wars between Spain, Britain and France, 1760-1810
Americanae nace como un proyecto conjunto que surge dentro de la Red Europea de Información y Documentación sobre América Latina (REDIAL), y que ha afrontado la Biblioteca de la Agencia Española de Cooperación Internacional para el Desarrollo (AECID). Esta nueva biblioteca virtual hace más accesibles los libros digitales de tema americanista a los investigadores y usuarios interesados de cualquier parte del mundo
Drawing links between Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and the United States Circa 1910
Comment le développement des marchés financiers a-t-il modifié les interactions entre banques et grandes entreprises ? Cet article compare l’importance de l’imbrication des conseils d’administration entre grandes sociétés anonymes faisant appel au public ( corporations ) et banques au Brésil, au Mexique et aux Etats-Unis vers 1909. L’hypothèse testée est que le développement des marchés financiers et des institutions qui les accompagnait (notamme…
Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil
Does a legal tradition adopted in the distant past constrain a country's ability to provide the protection that investors need for financial markets to develop? I look at the relationship between legal origin and the development of bond markets and find too much variation over time in bond market size, creditor protections, and court enforcement of bond contracts to assume that the adoption of a legal system constrains future financial developmen…
Laws versus Contracts: Shareholder Protections and Ownership Concentration in Brazil, 1890–1950
This article examines some of the institutional conditions that facilitated the development of equity markets in Brazil. A critical factor was the addition to corporate bylaws of protections for investors, which enabled relatively large corporations in Brazil to attract investors in large numbers. By availing themselves of this strategy, the firms generated a relatively low concentration of ownership before 1910. Archival evidence, such as compan…
Bankers, Industrialists, and their Cliques: Elite Networks in Mexico and Brazil during Early Industrialization
The historiographies of Mexico and Brazil have implicitly stated that business networks were crucial for the initial industrialization of these two countries. Recently, differing visions on the importance of business networks have arisen. In the case of Mexico, the literature argues that entrepreneurs relied heavily on an informal institutional structure to obtain necessary resources and information. In contrast, the recent historiography of Braz…
Law and Finance in Historical Perspective: Politics, Bankruptcy Law, and Corporate Governance in Brazil, 1850-2002
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Brazil in the International Rubber Trade, 1870–1930
Bankers, Industrialists, and their Cliques: Elite Networks in Mexico and Brazil during Early Industrialization
Big BRICs, weak foundations: The beginning of public elementary education in Brazil, Russia, India, and China
Does the law and finance hypothesis pass the test of history
For the body of work known as the law and finance literature, the development of financial markets and the concentration of ownership across countries is to a large extent the consequence of the legal system nations created or inherited decades or hundreds of years ago. Despite the seemingly historical nature of this explanation, most of the body of work supporting the law and finance hypothesis has been ahistorical. This paper summarises the bus…
What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09
Bankers, Industrialists, and their Cliques: Elite Networks in Mexico and Brazil during Early Industrialization
The historiographies of Mexico and Brazil have implicitly stated that business networks were crucial for the initial industrialization of these two countries. Recently, differing visions on the importance of business networks have arisen. In the case of Mexico, the literature argues that entrepreneurs relied heavily on an informal institutional structure to obtain necessary resources and information. In contrast, the recent historiography of Braz…
Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil
Does a legal tradition adopted in the distant past constrain a country's ability to provide the protection that investors need for financial markets to develop? I look at the relationship between legal origin and the development of bond markets and find too much variation over time in bond market size, creditor protections, and court enforcement of bond contracts to assume that the adoption of a legal system constrains future financial developmen…
Colonial Institutions, Trade Shocks, and the Diffusion of Elementary Education in Brazil, 1889-1930
We study the initial expansion of public schooling across Brazilian states (1889-1930) and develop an alternative explanation of how colonial institutions may affect the provision of public goods in the long run. We find that states that exported commodities undergoing international booms, between 1889 and 1930, had significantly larger export tax revenues and could spend more on education, while other states lagged behind. Yet, such positive eff…
Laws versus Contracts: Shareholder Protections and Ownership Concentration in Brazil, 1890–1950
This article examines some of the institutional conditions that facilitated the development of equity markets in Brazil. A critical factor was the addition to corporate bylaws of protections for investors, which enabled relatively large corporations in Brazil to attract investors in large numbers. By availing themselves of this strategy, the firms generated a relatively low concentration of ownership before 1910. Archival evidence, such as compan…
The Industrialization of South America Revisited: Evidence from Argentina, Brazil, Chile and Colombia, 1890-2010
We use new manufacturing GDP time series to examine the industrialization in Argentina, Brazil, Chile, and Colombia since the early twentieth century.We uncover variation across countries and over time that the literature on industrialization had overlooked.Rather than providing a single explanation of how specific shocks or policies shaped the industrialization of the region, our argument is that the timing of the industrial take off was linked …
Short- and medium-run health and literacy impacts of the 1918 Spanish Flu pandemic in Brazil
We study the lasting repercussions of the 1918 influenza ('Spanish Flu') pandemic on health measures and literacy rates in São Paulo, Brazil, the most populous city in South America today, but significantly poorer a century ago. Leveraging temporal and spatial variation in district-level estimates of influenza-related deaths for the 1917-20 time period, combined with a unique database on demographic and literacy outcomes as well as a detailed set…
Carlos Marichal, Bankruptcy of Empire: Mexican Silver and the Wars between Spain, Britain and France, 1760-1810
Americanae nace como un proyecto conjunto que surge dentro de la Red Europea de Información y Documentación sobre América Latina (REDIAL), y que ha afrontado la Biblioteca de la Agencia Española de Cooperación Internacional para el Desarrollo (AECID). Esta nueva biblioteca virtual hace más accesibles los libros digitales de tema americanista a los investigadores y usuarios interesados de cualquier parte del mundo
Drawing links between Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and the United States Circa 1910
Comment le développement des marchés financiers a-t-il modifié les interactions entre banques et grandes entreprises ? Cet article compare l’importance de l’imbrication des conseils d’administration entre grandes sociétés anonymes faisant appel au public ( corporations ) et banques au Brésil, au Mexique et aux Etats-Unis vers 1909. L’hypothèse testée est que le développement des marchés financiers et des institutions qui les accompagnait (notamme…
Law and Finance in Historical Perspective: Politics, Bankruptcy Law, and Corporate Governance in Brazil, 1850-2002
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Brazil in the International Rubber Trade, 1870–1930
Bankers, Industrialists, and their Cliques: Elite Networks in Mexico and Brazil during Early Industrialization
Bankers, Industrialists, and their Cliques: Elite Networks in Mexico and Brazil during Early Industrialization
The historiographies of Mexico and Brazil have implicitly stated that business networks were crucial for the initial industrialization of these two countries. Recently, differing visions on the importance of business networks have arisen. In the case of Mexico, the literature argues that entrepreneurs relied heavily on an informal institutional structure to obtain necessary resources and information. In contrast, the recent historiography of Braz…
Law and Finance in Historical Perspective: Politics, Bankruptcy Law, and Corporate Governance in Brazil, 1850-2002
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil
Does a legal tradition adopted in the distant past constrain a country's ability to provide the protection that investors need for financial markets to develop? I look at the relationship between legal origin and the development of bond markets and find too much variation over time in bond market size, creditor protections, and court enforcement of bond contracts to assume that the adoption of a legal system constrains future financial developmen…
Laws versus Contracts: Shareholder Protections and Ownership Concentration in Brazil, 1890–1950
This article examines some of the institutional conditions that facilitated the development of equity markets in Brazil. A critical factor was the addition to corporate bylaws of protections for investors, which enabled relatively large corporations in Brazil to attract investors in large numbers. By availing themselves of this strategy, the firms generated a relatively low concentration of ownership before 1910. Archival evidence, such as compan…
Carlos Marichal, Bankruptcy of Empire: Mexican Silver and the Wars between Spain, Britain and France, 1760-1810
Americanae nace como un proyecto conjunto que surge dentro de la Red Europea de Información y Documentación sobre América Latina (REDIAL), y que ha afrontado la Biblioteca de la Agencia Española de Cooperación Internacional para el Desarrollo (AECID). Esta nueva biblioteca virtual hace más accesibles los libros digitales de tema americanista a los investigadores y usuarios interesados de cualquier parte del mundo
Drawing links between Corporate Governance and Networks: Bankers in the Corporate Networks of Brazil, Mexico, and the United States Circa 1910
Comment le développement des marchés financiers a-t-il modifié les interactions entre banques et grandes entreprises ? Cet article compare l’importance de l’imbrication des conseils d’administration entre grandes sociétés anonymes faisant appel au public ( corporations ) et banques au Brésil, au Mexique et aux Etats-Unis vers 1909. L’hypothèse testée est que le développement des marchés financiers et des institutions qui les accompagnait (notamme…
Autos and progress: The Brazilian search for modernity - By Joel Wolfe
Big BRICs, weak foundations: The beginning of public elementary education in Brazil, Russia, India, and China
Federal banking in Brazil: Policies and competitive advantages
Federal banking in Brazil: policies and competitive advantages, by Kurt E. von Mettenheim, London, Pickering & Chatto, 2010, xii + 228 pp., £60.00 (hardback), ISBN 978-1-84893-065-0 The recent rise
Does the law and finance hypothesis pass the test of history
For the body of work known as the law and finance literature, the development of financial markets and the concentration of ownership across countries is to a large extent the consequence of the legal system nations created or inherited decades or hundreds of years ago. Despite the seemingly historical nature of this explanation, most of the body of work supporting the law and finance hypothesis has been ahistorical. This paper summarises the bus…
Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond
Focusing on a quantitative assessment of Brazil's economic performance 1976-2009, Aldo Musacchio and Sergio Lazzarini analyze the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms.
What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09
Colonial Institutions, Trade Shocks, and the Diffusion of Elementary Education in Brazil, 1889-1930
We study the initial expansion of public schooling across Brazilian states (1889-1930) and develop an alternative explanation of how colonial institutions may affect the provision of public goods in the long run. We find that states that exported commodities undergoing international booms, between 1889 and 1930, had significantly larger export tax revenues and could spend more on education, while other states lagged behind. Yet, such positive eff…
New Varieties of State Capitalism: Strategic and Governance Implications
We analyze the new varieties of state capitalism in the 21st century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize state-owned enterprises' strategic behavior. Then we introduce a stylized distinction between four broad, new varieties of state capitalism—wholly owned state-owned enterprises, the state as a majority investor, the stat…
The Industrialization of South America Revisited: Evidence from Argentina, Brazil, Chile and Colombia, 1890-2010
We use new manufacturing GDP time series to examine the industrialization in Argentina, Brazil, Chile, and Colombia since the early twentieth century.We uncover variation across countries and over time that the literature on industrialization had overlooked.Rather than providing a single explanation of how specific shocks or policies shaped the industrialization of the region, our argument is that the timing of the industrial take off was linked …
O Leviatã como uma cura parcial? Oportunidades e armadilhas no uso do aparato estatal para responder à crise da Covid-19
While some argue that market forces are imperative to stimulate the increased supply of critical products and services to address the COVID-19 crisis, others contend that dealing with the pandemic requires coordination and rapid adjustments in supply that may be constrained by a host of factors. Although discussions have centered on policies to promote financial liquidity, we examine whether the state apparatus-not only state-owned enterprises bu…
Leviathan as a partial cure? Opportunities and pitfalls of using the state-owned apparatus to respond to the Covid-19 crisis
While some argue that market forces are imperative to stimulate the increased supply of critical products and services to address the COVID-19 crisis, others contend that dealing with the pandemic requires coordination and rapid adjustments in supply that may be constrained by a host of factors. Although discussions have centered on policies to promote financial liquidity, we examine whether the state apparatus-not only state-owned enterprises bu…
Leviathan as an inventor: An extended agency model of state-owned versus private firm invention in emerging and developed economies
State-owned Development Banks
State-owned development banks are either seen as solving market imperfections or criticized for crowding out private lenders and encouraging politically motivated lending. We study six development banks—Chile’s Corfo, Brazil’s BNDES, Canada’s BDC, Germany’s KfW, Korea’s KDB, and China’s CDB, analyze the tools they use to address market failures, and create a typology according to their strategic focus. We identify two general strategic orientatio…
Short- and medium-run health and literacy impacts of the 1918 Spanish Flu pandemic in Brazil
We study the lasting repercussions of the 1918 influenza ('Spanish Flu') pandemic on health measures and literacy rates in São Paulo, Brazil, the most populous city in South America today, but significantly poorer a century ago. Leveraging temporal and spatial variation in district-level estimates of influenza-related deaths for the 1917-20 time period, combined with a unique database on demographic and literacy outcomes as well as a detailed set…
Influenza pandemics throughout Brazilian history
Brazil has experienced several major epidemics of influenza, and the most destructive was in 1918-1919. This article focuses on mortality, mitigation policies, and the consequences of pandemic influenza during the national period. We provide the first mortality estimates for the 1890-1894 influenza pandemic and correct figures for later epidemics. The 1918-1919 episode cost more lives than assumed, although some cities suffered less, possibly bec…
State-owned enterprises as countercyclical instruments: Quasi-experimental evidence from the infrastructure sector
Economics (19 works) · Political science (18 works) · Market economy (11 works) · Business (10 works) · Finance (9 works) · Finance (9 works) · Law (9 works) · Politics (8 works) · Corporate Finance and Governance (7 works) · Corporate governance (6 works)