Two research projects developed in Institute of Economics (IE) at Unicamp They won first place in the Master's and Doctoral categories of the 39th edition of the BNDES Economics Prize, one of the country's leading academic awards in the field. The result was announced by the National Bank for Economic and Social Development (BNDES), and the awards ceremony took place on December 17th, during the 53rd National Economics Meeting (Anpec 2025), held at Insper, in São Paulo.
In the Master's category, first place was awarded to the dissertation “Work in the time of financialization", Lucas Prata Feres, defended at IE/Unicamp, under the guidance of professors Hugo Miguel Oliveira Rodrigues Dias and Alex Wilhans Antonio Palludeto. In the Doctorate category, the winner was the thesis “Open macroeconomy in the short term and external restrictions: beyond the monetary policy trilemma", by Nathalie Tellez Marins, also developed at the Institute, under the guidance of professors Daniela Magalhães Prates and Rosângela Ballini.
Lucas Feres' dissertation investigates the impacts of the financialization of the economy on the labor market, focusing on the rise of precarious employment, informalization, and the growing dissociation between life time and work time. The research analyzes how the centrality of financial capital, shareholder logic, and valuation via the financial market has profoundly reconfigured labor relations in Brazil and other countries.
Commenting on the award, Lucas Feres highlighted the relevance of institutional recognition during a time of social and economic crisis. He currently works in the area of social impact at [organization name]. Studying Foundation.
In the Doctoral category, Nathalie Marins' thesis proposes a critical reinterpretation of the debate on monetary policy in open economies, questioning the so-called "monetary policy trilemma," according to which countries cannot simultaneously combine fixed exchange rates, free capital mobility, and monetary policy autonomy. The author argues that there is indeed room for maneuver in monetary policy, but that it is conditioned by external constraints, especially the balance of payments situation and the effects of interest rate decisions on exchange rates and risk perception.
According to the author, the thesis arose from an interest in understanding, in theoretical terms, the limits and possibilities of macroeconomic policy in financially integrated economies. Upon receiving the award, Nathalie highlighted the historical role of BNDES in stimulating economic research and the development of the country.
The 39th edition of the BNDES Economics Prize featured... 94 entries, being 63 master's dissertations e 31 doctoral theses, From 21 postgraduate centers from all over Brazil. The evaluation was conducted by an examining committee composed of nine members, including five representatives from BNDES and four external professors, all with doctoral degrees.
Created in 1977, the BNDES Economics Prize is awarded annually and recognizes research in the areas of Pure and Applied Economics, from a national, regional, or sectoral perspective. The initiative aims to recognize doctoral theses and master's dissertations that have not yet been fully published, as well as to encourage academic production focused on relevant economic topics. This is the 40th edition of the award. Registration is now open..
