This paper examines the impact of the COVID-19 pandemic on the Brazilian supply chain using an innovative approach that leverages firm-to-firm payment data. Using a proprietary data set from the Central Bank of Brazil, comprising more than 370 million real-time transactions through Pix, wire transfers (TED), and billing documents (boletos), we reconstruct the country’s production network and estimate the propagation of pandemic-induced shocks. Through a difference-in-differences strategy, we show that inland firms more reliant on partners located in capital cities experienced sharper declines in transaction volumes, highlighting an asymmetric effect in which suppliers were more severely affected than customers. We also find evidence that firms adapt their trading relationships by shifting connections away from more exposed urban centers to inland regions. A complementary network analysis reveals that this reconfiguration resulted in a denser, more decentralized supply chain structure. These findings not only enhance our understanding of shock transmission in production networks but also provide actionable insights for designing effective industrial policies and improving supply chain resilience in future crises.
Purpose This article aims to analyze the impact of regulatory efficiency on the financial depth, financial access and financial efficiency of a set of 44 countries for the period from 2010 to 2019. Design/methodology/approach This article proposes an original measure of relative efficiency called regulatory efficiency, using data envelopment analysis that shows the optimal relationship between regulatory capital and credit in a group of countries. Furthermore, this article estimates through the S-GMM method the effects of regulatory efficiency on financial depth, financial access and financial efficiency. Findings The results indicate that countries whose financial system optimizes the capital-bank credit ratio have more financial depth, financial access and financial efficiency, which are very important for financial development and, therefore, are of interest to economic policies. Originality/value Faced with the dilemma of this trade-off, this article proposes an original measure of relative efficiency called regulatory efficiency that shows the optimal relationship between regulatory capital and credit, which are very important for financial development and, therefore, are of interest to economic policies.
[Propósito] O presente artigo investiga a adequação da regulação do Sistema Financeiro Nacional, levada a efeito pelo Banco Central do Brasil em seu âmbito de supervisão, sob o enfoque das Leis nº 4.595, de 31 de dezembro de 1964, e da Lei nº 13.506, de 13 de novembro de 2017, à Teoria da Regulação Responsiva e seus instrumentos e estratégias regulatórios, de forma a propor a introdução desse modelo regulatório apoiado na regulação baseada em risco utilizada pela Autoridade Monetária e apontar os desafios de sua implementação. [Metodologia/abordagem/design] A pesquisa adotada é de natureza exploratória, por meio da qual, após sucinta descrição do escopo e da técnica regulatória da Teoria da Regulação Responsiva, examinam-se os instrumentos e as estratégias adotadas pelo Banco Central do Brasil na regulação das instituições por ele autorizadas a funcionar, de forma a averiguar conexões entre a regulação efetiva e a Teoria da Regulação Responsiva. [Resultados] A regulação conduzida pelo Banco Central do Brasil adota estratégias e instrumentos que apontam para alguma responsividade. Entretanto, verifica-se a necessidade de aprimoramento da estratégia de supervisão e da cultura corporativa a ela associada, para que se possa implementar, de forma substancial, a Teoria da Regulação Responsiva. Nesse sentido, propugna-se, entre outros, uma melhor modulação das estratégias de constrangimento, o que pressupõe, inclusive, a transparência acerca do seu nível de conformidade. [Implicações práticas] O resultado da pesquisa aponta a insuficiência da regulação adotada pelo Banco Central do Brasil em termos de responsividade, o que demanda alterações a fim de obter a conformação colaborativa dos entes regulados, a partir da combinação de medidas intrusivas e de medidas de incentivo regulatório. Além da proposta de adaptação do modelo, demonstram-se os desafios da implementação da Teoria da Regulação Responsiva pelo Banco Central do Brasil. [Originalidade/relevância do texto] A pesquisa conduzida no presente artigo mostra-se relevante em função da necessidade de aprimoramento da aderência dos entes supervisionados ao arcabouço da regulação baseada em risco conduzida pelo Banco Central do Brasil. Ademais, impõe-se a otimização das técnicas e dos instrumentos de regulação, especialmente impactada pela constante aquisição de competências legais em detrimento da limitação orçamentária e de pessoal.
This dataset presents field observations collected in the municipality of Goiatuba, Goiás State, Brazil, a consolidated and representative agricultural frontier of the Brazilian Cerrado biome. The region presents diverse land use dynamics, including annual cropping systems, irrigated fields with up to three harvests per year, and pasturelands. We conducted a field campaign from 3 to 7 November 2025, corresponding to the beginning of the 2025/2026 Brazilian crop season, when crops were at distinct early phenological stages. To ensure representativeness, we delineated 117 reference fields prior to the field campaign, and an additional 463 plots were surveyed during work. Geographic coordinates, crop types, and photographic records were obtained using the GPX Viewer application, a handheld GPS receiver, and the QField 3.7.9 mobile GIS application running on a tablet uploaded with Sentinel-2 true-color imagery and the municipal road network. Plot boundaries were subsequently digitized in QGIS Desktop 3.34.1 software, following a conservative mapping strategy to minimize edge effects and internal heterogeneity associated with trees and water catchment basins. In total, more than 26,000 hectares of agricultural fields were mapped, along with additional land use and land cover polygons representing water bodies, urban areas, and natural vegetation fragments. All reference fields were labeled based on in situ observations and linked to Sentinel-2 mosaics downloaded via the Google Earth Engine platform. This dataset is well-suited for training, testing, and validation of remote sensing classifiers, benchmarking studies, and agricultural mapping initiatives focused on the beginning of the agricultural season in the Brazilian Cerrado.
Brazil’s rapidly expanding fintech sector has led the Central Bank of Brazil (BCB) to implement an adaptive regulatory approach. This article analyzes how the BCB has addressed the challenges of fintech growth by modernizing regulation and strengthening its risk-based supervisory framework. The findings indicate that proportional, principles-based, and adaptive regulation, combined with innovative initiatives, can enhance financial inclusion while preserving stability and consumer protection. However, the experience also reveals ongoing challenges, including emerging risks and capacity constraints. The Brazilian case offers analytical insights for other emerging economies seeking to balance innovation, inclusion, and financial stability within a coherent regulatory and supervisory framework.
