Efeitos da taxa de câmbio na poupança internaanálise teórica e evidências empíricas para o caso brasileiro
Bresser-Pereira, Luiz Carlos; Gala, Paulo Sérgio de Oliveira Simões; Araújo, Eliane Cristina de
O documento é disponibilizado pela fonte de origem, que mantém a versão integral e as condições de uso.
Resumo
This paper provides theoretical and empirical elements to analyze the relation between real exchange rates and domestic savings. We show from a theoretical perspective how a competitive exchange rate may stimulate domestic savings by avoiding consumption booms based on currency overvaluation and by increasing profits in the tradable sector. Our baseline model shows from a short run perspective how a competitive exchange rate may stimulate investment, exports, profits and thus domestic savings. We also present econometric evidence for the Brazilian case which shows a robust connection between real exchange rates and domestic savings as a share of GDP. The econometric analysis carried out for the Brazilian economy between indicates that there is a stable relationship between long-term exchange rate and domestic savings, and depreciation on the real exchange rate have positive and significant impact on domestic savings in this period. Furthermore, the results confirm that foreign savings has a degree of displacement in domestic savings
Ficha do documento
- Tipo
- Estudo
- Ano
- 2010
- Instituição
- Fundação Getulio Vargas
- Fonte
- Repositório da FGV
- Idioma
- Inglês
- Acesso
- Não informado
- Identificador
- oai:repositorio.fgv.br:10438/6625
Conteúdos relacionados
- OutroNível da taxa de câmbio, poupança interna, investimento e desenvolvimento econômicoFundação Getulio Vargas · 2009
- Artigo científicoPor que a poupança externa não promove crescimentoEditora 34 · 2007
- Artigo científicoThe value of the exchange rate and the dutch diseaseFundação Getulio Vargas · 2013
- Artigo científicoEconomic growth regimes in BrazilFundação Getulio Vargas · 2012
