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, Marcio, Spacov, Andrei
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/1015
Resumo: This paper tests the assertion, popularized by Arida, Bacha, and Lara-Resende (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 DataPode a incerteza jurisdctional e os controles de capitais explicarem as altas taxas reais de juros no Brasil?This paper tests the assertion, popularized by Arida, Bacha, and Lara-Resende (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.Esse paper testa a hipόtese, popularizada por Arida, Bacha, e Lara-Resende (2005), de que riscos associados à incerteza jurisdicional e incoversibilidade da moeda nacional são importantes determinantes dos altos níveis da taxa básica de juros no Brasil. Os resultados dos testes são bastante desfavoráveis não apenas a essa hipotese, mas também a variantes dela. Os resultados também indicam que fatores tradicionais fiscais e monetários são bem mais relevantes para explicar o nível da taxa básica de juros, em comparação ao par incerteza jurisdicional/incoversibilidade da moeda.EGV EPGE2007-08-14info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/1015Revista Brasileira de Economia; Vol. 61 No. 1 (2007); 49-76Revista Brasileira de Economia; v. 61 n. 1 (2007); 49-761806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVengporhttps://periodicos.fgv.br/rbe/article/view/1015/211https://periodicos.fgv.br/rbe/article/view/1015/495Gonçalves, Fernando MHolland, MarcioSpacov, Andreiinfo:eu-repo/semantics/openAccess2007-08-14T22:43:04Zoai:ojs.periodicos.fgv.br:article/1015Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:02:59.152080Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
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
Pode a incerteza jurisdctional e os controles de capitais explicarem as altas taxas reais de juros no Brasil?
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
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, Marcio
Spacov, Andrei
author_role author
author2 Holland, Marcio
Spacov, Andrei
author2_role author
author
dc.contributor.author.fl_str_mv Gonçalves, Fernando M
Holland, Marcio
Spacov, Andrei
description This paper tests the assertion, popularized by Arida, Bacha, and Lara-Resende (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 2007-08-14
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1015
url https://periodicos.fgv.br/rbe/article/view/1015
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1015/211
https://periodicos.fgv.br/rbe/article/view/1015/495
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 61 No. 1 (2007); 49-76
Revista Brasileira de Economia; v. 61 n. 1 (2007); 49-76
1806-9134
0034-7140
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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