Ancoragem cambial em ambiente de elevada mobilidade internacional do capitalalcance, limites e soluções

Resumo

External fragility, reflected in rising external debt and current account deficits, has becomea common feature of developing countries that recently (1980-90 decades) hasexperienced stabilization programs based on nominal exchange rate anchor. The (new)financial-institucional enviroment of developed contries - creditors of this debt -characterized by the liberalization process and rising levels of capital mobility, acts as an"externality" that can aggravate this situation and, hence, implies a permanent concern.The article discusses two alternative strategies ofmacroeconomic adjustments of theeconomies emerging from exchange rate anchor plans: i) adapting (submiting) the shortrun policy, maintaining the fixed exchange rate regime; and ii) adjusting (flexibilizing) theexchange rate regime itself. The difficulties involved in the first way point out the secondone as the more efficient and less risky strategy.

Ficha do documento

Tipo

Artigo científico

Ano

1999

Instituição

Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária

Fonte

Estudos Econômicos

Idioma

Português

Acesso

Não informado

DOI

10.11606/1980-53572942jh

Identificador

oai:revistas.usp.br:article/161515

Licença

http://creativecommons.org/licenses/by-nc/4.0

Temas

Mobilidade

Palavras-chave

estabilizaçãoregimes cambiaismobilidade de capitalstabilizationexchange rate regimecapital mobility