Download or read book Determinants of the Equilibrium Exchange Rate in the Brazilian Economy written by Mário Mesquita and published by . This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants of the Equilibrium Exchange Rate in the Brazilian Economy written by Mário Mesquita and published by . This book was released on 1996 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book External Adjustment and Equilibrium Exchange Rate in Brazil written by Claudio Paiva and published by International Monetary Fund. This book was released on 2006-10 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the factors behind the significant improvement in Brazil's external accounts and wide fluctuations of the real exchange rate since the floating of the real in 1999. Particular attention is devoted to the strong appreciation of the real from 2003-05. Econometric estimates of of behavioral equilibrium exchange rate (BEER) model for Brazil show that most of this appreciation was an equilibrium response to improved economic fundamentals.

Download or read book Exchange Rate Versus Tariff Policies in Brazil written by Marcelo Rocha and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the beginning of the 1990's Brazil has been experienced an opening process in the economy, which in turn has caused structural changes in the productive structure. In this work it is made an evaluation of the different impacts caused by changes in the exchange rate and in the tariffs over the Brazilian economy and its 5 macro regions. The study is done through the use of an interregional applied general equilibrium model, the MIBRA-USP. The results show that either a devaluation of the exchange rate or an increase in tariffs can cause a rise in the employment level as well as in the economic activity. However, there are differences between the policies, among which it is called attention for the real consumption of the families that decreases with the exchange rate devaluation and increases with higher tariffs.

Download or read book Cyclical Fluctuations in Brazil s Real Exchange Rate written by Mr. Alexander W. Hoffmaister and published by International Monetary Fund. This book was released on 1997-10-01 with total page 34 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 Exchange Rate Policy and Stabilization in Brazil written by Alvaro Antonio Zini and published by . This book was released on 1988 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Long run Determinants of the Real Exchange Rate written by Antonio Fiorencio and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model for the long-run determinants of the Brazilian real exchange rate for the period 1947/95. This is a simple representative agent model that links the exchange rate, external debt and net exports. It is assumed that: a) the country pays an interest rate on its debt which is an increasing function of the debt/GDP ratio; b) the real exchange rate is a control variable. The transitional dynamics of the model following different shocks is analysed. The model suggests that the relevant variables are the real exchange rate, external debt and net exports. A VEC model using these variables shows that the Brazilian data support the existence of one cointegrating relation among the three variables, which we interpret as the empirical counterpart of the long-run conditions of the theoretical model. Finally, we impose restrictions to identify shocks that could be interpreted as the non-observable exogenous variables of the theoretical model. The dynamics of the empirical model is estimated.

Download or read book Quo Vadis Real Estimating the Brazilian Real Exchange Rate Misalignment in Vector Error Correction Model with Structural Change written by Emerson Fernandes Marçal and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to estimate the equilibrium real exchange rate for the Brazilian economy. The equilibrium exchange rate is defined as the level of exchange rate that guarantees the stability of the net foreign asset position over time. An econometric model is estimated using a Vector Error Correction Model with structural breaks. The main conclusion of the paper is that the Brazilian exchange rate is below its long run values. The model also suggests that the improvement in fundamentals observed in the recent past is about to end. The level of misalignment is estimated at 18% in third quarter of 2009.

Download or read book The Fundamental Determinants of the Real Exchange Rate of the U S Dollar Relative to Other G 7 Currencies written by Mr.Jerome L. Stein and published by International Monetary Fund. This book was released on 1995-08-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Download or read book The Real Plan and the Exchange Rate written by Gustavo Henrique Barroso Franco and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Exchange Rate Misalignment in Developing Countries written by Sebastian Edwards and published by Johns Hopkins University Press. This book was released on 1988 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.

Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2014-12-28 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.

Download or read book Long Run Exchange Rate Dynamics written by Mr.Karl Friedrich Habermeier and published by International Monetary Fund. This book was released on 1999-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Long-run movements of real exchange rates are studied using a panel data set comprising 51 economies. The purchasing power parity hypothesis (PPP) is examined first using unit root tests. It is found that PPP does not hold for the full sample of countries, but it may hold for the advanced economies, as well as open and high-inflation economies. Using the recently developed mean group and pooled mean group estimators, the paper finds support for the Balassa-Samuelson hypothesis in both advanced and developing economies; and for the influence of shifts in the terms of trade.

Download or read book The Brazilian Economy Today written by Anthony Pereira and published by Springer. This book was released on 2016-01-26 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pereira and Mattei bring contributors together in this exciting volume to further understanding about the recent Brazilian Economic Development Model and discuss the related social conditions. The authors analyze both the political economy and social public policies to highlight new opportunities to create a sustainable development model.

Download or read book Developmental Macroeconomics written by Luiz Carlos Bresser-Pereira and published by Routledge. This book was released on 2014-09-04 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developmental Macroeconomics: Access to Demand, the Exchange Rate and Growth offers a new approach to development economics and macroeconomics. It is a Keynesian-structuralist approach to economics applied to middle income countries that emphasizes the strategic role of demand in creating investment opportunities that are essential to economic development. It also explores crucial links between short-term full employment and financial stability with medium term growth. While this book emphasizes the central role played by the exchange rate it does not ignore other macroeconomic prices (the interest rate, the inflation rate and the profit rate). It develops a group of concepts and models and blends them together in the model of the tendency to the cyclical overvaluation of the exchange rate in developing countries. According to this model, the exchange rate tends to be chronically overvalued. In so far that this is true the exchange rate ceases to be just a short-term problem to be treated by macroeconomics and becomes central to development economics and should be crucially oriented to manage the exchange rate and keep it competitive at the industrial equilibrium level. The book closes with the presentation of new developmentalism – a national development strategy based on the system of models previously discussed that is both an alternative to old national-developmentalism and to liberal orthodoxy or the Washington consensus.

Download or read book Studies in International Economic Relations written by and published by . This book was released on 1971 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Monetary Approach to the Balance of Payments written by Jacob Frenkel and published by Routledge. This book was released on 2013-07-18 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.