Dispersed Creditors and the Collective Action Problem

Dispersed Creditors and the Collective Action Problem

Alternatives to facilitate the coordination of fixed-income creditors in times of crisis Pedro Castelar · Originally published in JOTA, July 2026 · Portuguese original In 1739, David Hume pointed to a distinctive trait of human nature: the difficulty of coordinating...
Book-Entry Duplicatas and the Capital Markets

Book-Entry Duplicatas and the Capital Markets

João Pedro Nascimento · Originally published in Valor Econômico, July 2026 The electronification of Brazilian credit has entered a decisive phase, one of direct interest to the capital markets. The book-entry duplicata (duplicata escritural) is one of the most...
The IMF and the New Frontier for Investment Funds

The IMF and the New Frontier for Investment Funds

João Pedro Nascimento · Originally published in Valor Econômico (Palavra do Gestor column), August 2026 In the last weeks of July, the International Monetary Fund (IMF) released, under the Financial Sector Assessment Program (FSAP) it conducts jointly with the World...