Download or read book Capital Flows to Brazil written by Mr.Ilan Goldfajn and published by International Monetary Fund. This book was released on 1997-09-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper creates an index of capital controls to analyze the determinants of capital flows to Brazil, accounting for the endogeneity of capital controls by considering a government that sets controls in response to capital flows. It finds that the government reacts strongly to capital flows by increasing controls on inflows during booms and relaxing them in moments of distress. The paper estimates a vector autoregression with capital flows, controls, and interest differentials. It shows that controls have been temporarily effective in altering levels and composition of capital flows but have had no sustained effects in the long run.
Download or read book Capital Flows to Brazil in the Nineties written by Marcio G. P. Garcia and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The resumption of capital flows to developing countries in the nineties is intertwined in the Brazilian case with the attempts to achieve inflation stabilization. A very restrictive monetary policy has, since the last Quarter of 1991, offered probably the world's highest yield to fixed income investments. The huge interest rate differential constituted the main determinant of capital inflows to Brazil. The magnitude of those flows exacerbated two main macroeconomic problems: an increase in the quasi-fiscal deficit due to the interest payments on the debt used to sterilize the inflows, and, after the Real Plan. also the overvaluation of the currency. The restrictions to capital inflows are described and analyzed, as well as the main "financial engineering" strategies used to circumvent the restrictions. Given the advanced stage of domestic financial markets-including a powerful derivatives market-the restrictions imposed have not been effective in preventing the inflows of foreign capital to invest in the high-yield-public debt. Given the small progress achieved so far in the fiscal side of the reforms, it is also doubtful that the capital inflows' restrictions have been effective in a broader sense, that of allowing the government to buy time to implement the essential structural reforms. By reducing the urgency of the politically costly structural reforms aimed at increasing domestic savings, capital inflows are believed to have detrimental incentive effects on the government's resolve to push forward the stabilization plan.
Download or read book Private International Capital Flows to Brazil written by Dionísio Dias Carneiro Netto and published by . This book was released on 1995 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flows and Controls in Brazil written by Ilan Goldfajn and published by . This book was released on 2005 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between capital account liberalization and macroeconomic volatility using Brazil as a case study. The paper provides several stylized facts regarding the evolution of capital flows and controls in Brazil in the last three decades. We conclude that, notwithstanding the financial crises and macroeconomic volatility of the recent past, capital account liberalization and the floating exchange regime have led to a more resilient economy. Further liberalization of the capital account is warranted and should be accompanied by a broad range of reforms to improve and foster stronger institutions.
Download or read book Capital Flows in Brazil written by Thais Cardoso and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Private International Capital Flows to Brazil written by Dionísio Dias Carneiro and published by . This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cyclical Fluctuations in Brazil s Real Exchange Rate written by Mr.Carlos I. Medeiros and published by International Monetary Fund. This book was released on 1997-10-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of capital inflows and domestic factors on Brazil’s real exchange rate. It describes the analytical framework, and then estimates a near-VAR model linking capital flows, interest rate differentials, government spending, money-base velocity, and the temporary component of the real exchange rate (TCRER). Generalized variance decompositions indicate that world interest rate shocks largely explain medium-term fluctuations in capital flows and the TCRER. Generalized impulse response functions show that a reduction in the world interest rate (and, to a lesser extent, an increase in government spending) have significant effects on the TCRER and capital flows.
Download or read book Capital Flows Monetary Instability and Financial Sector Reform in Brazil written by Alvaro Antônio Zini Júnior and published by . This book was released on 1994 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flows Crisis and Adjustment written by Paulo Mansur Levy and published by . This book was released on 1998 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flows Capital Controls and Currency Crisis written by Marcio G. P. Garcia and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The resumption of capital flows to developing countries in the nineties is intertwined in the Brazilian case with the attempts to achieve inflation stabilization. A very restrictive monetary policy has offered probably the world's highest yield to fixed income investments. In the context of favorable external factors to capital flows, the huge interest rate differential caused massive short term capital inflows to Brazil. After 1995, foreign direct investment, mainly associated with the privatization process, has became more important as a source of foreign capital. During the first period, the magnitude of those flows exacerbated two main macroeconomic problems: an increase in the quasi-fiscal deficit due to the interest payments on the debt used to sterilize the inflows, and, after the Real Plan, also the overvaluation of the currency. The restrictions to capital inflows are described and analyzed, as well as the main "financial engineering" strategies used to circumvent the restrictions. Given the advanced stage of domestic financial markets--including a powerful derivatives market--the restrictions imposed have not been fully effective in preventing the inflows of short term foreign capital to invest in the high-yield-public debt, but they probably had a temporary effect. Given the small progress achieved so far in the fiscal side of the reforms, it is also doubtful that the capital inflows' restrictions have been effective in a broader sense, that of allowing the government to buy time to implement the essential structural reforms. By reducing the urgency of the politically costly structural reforms aimed at increasing domestic savings, capital inflows have detrimental incentive effects on the government's resolve to push forward the stabilization plan, as shown by the lack of commitment in carrying out the fiscal package promised during the Asian crisis. If the external finance package is successful in deterring the current daily losses of foreign reserves and in regaining the market's confidence, it remains to be seen if the current crisis was strong enough to make the newly reelected Brazilian government live up to its renewed promise of fiscal austerity.
Download or read book Brazil s Capital Market written by Mr.Joonkyu Park and published by International Monetary Fund. This book was released on 2012-09-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance.
Download or read book International Capital Flows written by Peter Nunnenkamp and published by . This book was released on 1992 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flows and Controls in Brazil what Have Learned written by Ilan Goldfajn and published by . This book was released on 2005 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Brazil written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2013-06-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Download or read book Private international capital flows to Brazil written by Dionisio Dias Carneiro and published by . This book was released on 1995 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flows and Brazilian Economic Performance written by Dionísio Dias Carneiro Netto and published by . This book was released on 1997 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Controls written by Jonathan David Ostry and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis and its aftermath saw boom-bust cycles in cross-border capital flows of astounding magnitude. Issues of capital account liberalization and the imposition of capital controls are back in the headlines, and on researchers' agendas. This comprehensive and timely volume is the first collection of influential papers by leading scholars in the field that is representative of the various debates on this topic, and illustrative of how thinking and research have evolved.
