Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data

Detalhes bibliográficos
Autor(a) principal: Gonçalves,Fernando M.
Data de Publicação: 2007
Outros Autores: Holland,Márcio, Spacov,Andrei D.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402007000100004
Resumo: This paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.
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spelling Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel dataReal Interest RatesJurisdictional UncertaintyInstitutionsCredit MarketsCapital ControlsCurrency ConvertibilityThis paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.Fundação Getúlio Vargas2007-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402007000100004Revista Brasileira de Economia v.61 n.1 2007reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402007000100004info:eu-repo/semantics/openAccessGonçalves,Fernando M.Holland,MárcioSpacov,Andrei D.eng2007-09-04T00:00:00Zoai:scielo:S0034-71402007000100004Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2007-09-04T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
spellingShingle Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
Gonçalves,Fernando M.
Real Interest Rates
Jurisdictional Uncertainty
Institutions
Credit Markets
Capital Controls
Currency Convertibility
title_short Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_full Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_fullStr Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_full_unstemmed Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_sort Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
author Gonçalves,Fernando M.
author_facet Gonçalves,Fernando M.
Holland,Márcio
Spacov,Andrei D.
author_role author
author2 Holland,Márcio
Spacov,Andrei D.
author2_role author
author
dc.contributor.author.fl_str_mv Gonçalves,Fernando M.
Holland,Márcio
Spacov,Andrei D.
dc.subject.por.fl_str_mv Real Interest Rates
Jurisdictional Uncertainty
Institutions
Credit Markets
Capital Controls
Currency Convertibility
topic Real Interest Rates
Jurisdictional Uncertainty
Institutions
Credit Markets
Capital Controls
Currency Convertibility
description This paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.
publishDate 2007
dc.date.none.fl_str_mv 2007-03-01
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=S0034-71402007000100004
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402007000100004
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402007000100004
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 Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.61 n.1 2007
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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