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The purpose of this paper is to study the impact of the real exchange rate on investment in the Brazilian manufacturing industry.

The authors develop an investment model that considers the effect of changes in the real exchange rate, taking into account that the effect of the real exchange rate on the Brazilian manufacturing investment operates through demand and cost channels. The composition of these effects varies across manufacturing sectors, with different repercussions on investment decisions, depending on sectoral characteristics. A panel data analysis is applied to estimate the model for the Brazilian manufacturing sectors from 1996 to 2010.

One main result is that the responsiveness of the Brazilian manufacturing investment to real exchange rate varies considerably across manufacturing sectors. Overall, the results contribute to a better understanding of the relationship between exchange rate dynamics, manufacturing investment and industrial development, thus unveiling important empirical elements for the debate on industrial policies to stimulate manufacturing investment and production.

As the (scant) empirical literature on real exchange rate and investment in Brazil has invariably been using aggregate data, this paper contributes to the literature by obtaining sectoral estimates of the responsiveness of manufacturing investment to exchange rate fluctuations that further the understanding of the complex relationship between these economic variables.

The purpose of this paper is to analyze and compare the regulations and public policies for the universalization of telecommunications services taken by OECD countries and by Brazil.

This analysis was mainly based on OECD reports, on the legislation of the Brazilian telecommunication sector and on scientific articles and news related to the theme.

In accordance with the initiatives taken by OECD countries and with recent innovations arising from next generation networks, mainly based on internet protocols platforms, Brazil has also included broadband services in its universalization regulatory agenda. At the same time, the country has established several public programs aimed at expanding access to those services.

Nevertheless, it is pointed out that there are still many challenges to an increase in Brazilian broadband penetration rates.

Therefore, it is suggested that, in Brazil's case, some of these problems could be overcome through a direct government intervention in association with competition and industrial policies.

The paper emphasizes that, although in line with the regulatory measures taken by developed countries, Brazilian telecom policies must be adapted taking into consideration the idiosyncrasies of this underdeveloped country.