Sem medo de flutuar? O regime cambial brasileiro pós-1998

Resumo

The aim of this paper is to assess the exchange rate arrangement adopted in Brazil since January 1999. We use indicators of the Calvo-Reinhart type to evaluate if the monetary authorities in this country show fear of floating as compared to the cases of a number of other emerging economies as well as developed economies. Our results indicate that the Brazilian authorities intervene more intensively in the foreign exchange market than free floaters do. On the other hand, we can show, through an analysis period by period, that in the absence of strong external shocks, the Brazilian exchange rate arrangement looks like a pure floating one. Moreover, the empirical evidence suggests that monetary authorities seems to be more concerned about a large misalignment of the real exchange rate, than about volatility.

Ficha do documento

Tipo

Artigo científico

Ano

2005

Instituição

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

Fonte

Estudos Econômicos

Idioma

Português

Acesso

Não informado

DOI

10.1590/S0101-41612005000300005

Identificador

oai:revistas.usp.br:article/35851

Licença

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

Temas

Dados

Palavras-chave

regime cambial brasileiroflutuação cambialmedo da flutuaçãoarranjos cambiaisexchange rate arrangementsfloating exchange ratefear of floatingBrazilian exchange rate regime