Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us?
Autor(a) principal: | |
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Data de Publicação: | 2004 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000100030 |
Resumo: | ABSTRACT Some authors have advocated that shifting from fixed exchange rates to floating regimes has not delivered better economic outcomes to developing countries. As the argument goes, pervasive fear of floating in these economies has prevented drops in real interest rates and, more importantly, has been a hindrance in the way towards more monetary policy autonomy. This paper presents evidence suggesting this may not be the case for Brazil. More precisely, there are signs that fear of floating was less acute here (presumably due to low exchange rate pass-through) than elsewhere, and also that policymakers are now targeting monetary policy principally to domestic objectives. |
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Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us?Exchange ratefloating exchange ratemonetary policyABSTRACT Some authors have advocated that shifting from fixed exchange rates to floating regimes has not delivered better economic outcomes to developing countries. As the argument goes, pervasive fear of floating in these economies has prevented drops in real interest rates and, more importantly, has been a hindrance in the way towards more monetary policy autonomy. This paper presents evidence suggesting this may not be the case for Brazil. More precisely, there are signs that fear of floating was less acute here (presumably due to low exchange rate pass-through) than elsewhere, and also that policymakers are now targeting monetary policy principally to domestic objectives.Centro de Economia Política2004-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000100030Brazilian Journal of Political Economy v.24 n.1 2004reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/0101-31572004-1636info:eu-repo/semantics/openAccessGONÇALVES,CARLOS EDUARDO SOARESeng2020-06-15T00:00:00Zoai:scielo:S0101-31572004000100030Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2020-06-15T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? |
title |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? |
spellingShingle |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? GONÇALVES,CARLOS EDUARDO SOARES Exchange rate floating exchange rate monetary policy |
title_short |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? |
title_full |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? |
title_fullStr |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? |
title_full_unstemmed |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? |
title_sort |
Monetary policy independence and floating exchange rates: what does the Brazilian evidence tell us? |
author |
GONÇALVES,CARLOS EDUARDO SOARES |
author_facet |
GONÇALVES,CARLOS EDUARDO SOARES |
author_role |
author |
dc.contributor.author.fl_str_mv |
GONÇALVES,CARLOS EDUARDO SOARES |
dc.subject.por.fl_str_mv |
Exchange rate floating exchange rate monetary policy |
topic |
Exchange rate floating exchange rate monetary policy |
description |
ABSTRACT Some authors have advocated that shifting from fixed exchange rates to floating regimes has not delivered better economic outcomes to developing countries. As the argument goes, pervasive fear of floating in these economies has prevented drops in real interest rates and, more importantly, has been a hindrance in the way towards more monetary policy autonomy. This paper presents evidence suggesting this may not be the case for Brazil. More precisely, there are signs that fear of floating was less acute here (presumably due to low exchange rate pass-through) than elsewhere, and also that policymakers are now targeting monetary policy principally to domestic objectives. |
publishDate |
2004 |
dc.date.none.fl_str_mv |
2004-03-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000100030 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572004000100030 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.1590/0101-31572004-1636 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.24 n.1 2004 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
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1754122480024289280 |