Comparison Period

Interest Rate-Selic

Crisis

Technical Efficiency

Allocative Efficiency

Economic Efficiency

Mar 01/Dec 01(1)

Increased

Energy crisis; Argentina crisis; Terrorist attack on United Sates.

Not Significant

Increased

Not Significant

Dec 01/Sep 02(2)

Reduced

Not Significant

Not Significant

Not Significant

Sep 02/Mar 03(3)

Increased

Electoral Crisis

Not Significant

Increased

Increased

Mar 03/Jun 04(4)

Reduced

Not Significant

Not Significant

Not Significant

Jun 04/Jun 05(5)

Increased

Not Significant

Not Significant

Not Significant

Jun 05/Dec 07(6)

Reduced

2008 Crisis

Not Significant

Reduced

Reduced

Dec 07/Dec 08(7)

Increased

Not Significant

Increased

Increased

Dec 08/Dec 09(8)

Reduced

Reduced

Not Significant

Reduced

Dec 09/Jun 11(9)

Increased

Increased

Reduced

Not Significant

Jun 11/Dec 12(10)

Reduced

Not Significant

Not Significant

Not Significant

Dec 12/Jun 14(11)

Increased

Increased

Not Significant

Not Significant