| dc.creator |
Agénor Pierre-Richard |
|
| dc.creator |
Hoffmaister Alexandre W. |
|
| dc.creator |
Medeiros Carlos |
|
| dc.date |
2002 |
|
| dc.date.accessioned |
2013-05-30T10:39:22Z |
|
| dc.date.available |
2013-05-30T10:39:22Z |
|
| dc.date.issued |
2013-05-30 |
|
| dc.identifier |
http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402002000100002 |
|
| dc.identifier |
http://www.doaj.org/doaj?func=openurl&genre=article&issn=00347140&date=2002&volume=56&issue=1&spage=47 |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/jspui/handle/123456789/4118 |
|
| dc.description |
This paper examines the behavoir of capital inflows and the real exchange rate in Brazil during the period 1988-95. The first part describes the analytical framework. The second part estimates (using monthly data) a near-VAR linking capital flows, changes in domestic and foreign nominal interest rates, changes in the expected depreciation rate, the government spending-output ratio, and changes in the real exchange rate. Generalized variance decompositions indicate that world interest rate shocks explain only a fraction of medium-term fluctuations in capital flows, whereas fluctuations in the real exchange rate are driven mostly by its own innovations. Generalized impulse response functions show that a reduction in the world interest rate leads on impact to a fall in domestic interest rates, a reduction in the rate of nominal exchange rate appreciation, a capital inflow, and a depreciation of the real exchange rate. |
|
| dc.publisher |
Fundação Getúlio Vargas |
|
| dc.source |
Revista Brasileira de Economia |
|
| dc.subject |
capital flows |
|
| dc.subject |
real exchange rate |
|
| dc.subject |
external shocks |
|
| dc.title |
Cyclical fluctuations in Brazil's real exchange rate: the role of domestic and external factors (1988-95) |
|