Exchange rate dynamics in Brazil
Autor(a) principal: | |
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Data de Publicação: | 2010 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/6682 |
Resumo: | The paper aims to investigate on empirical and theoretical grounds the Brazilian exchange rate dynamics under floating exchange rates. The empirical analysis examines the short and long term behavior of the exchange rate, interest rate (domestic and foreign) and country risk using econometric techniques such as variance decomposition, Granger causality, cointegration tests, error correction models, and a GARCH model to estimate the exchange rate volatility. The empirical findings suggest that one can argue in favor of a certain degree of endogeneity of the exchange rate and that flexible rates have not been able to insulate the Brazilian economy in the same patterns predicted by literature due to its own specificities (managed floating with the use of international reserves and domestic interest rates set according to inflation target) and to externally determined variables such as the country risk. Another important outcome is the lack of a closer association of domestic and foreign interest rates since the new exchange regime has been adopted. That is, from January 1999 to May 2004, the US monetary policy has no significant impact on the Brazilian exchange rate dynamics, which has been essentially endogenous primarily when we consider the fiscal dominance expressed by the probability of default. |
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Vieira, Flávio VilelaBrito, Márcio Holland deEscolas::EESP2010-06-16T21:34:20Z2010-06-16T21:34:20Z2010-06-16http://hdl.handle.net/10438/6682The paper aims to investigate on empirical and theoretical grounds the Brazilian exchange rate dynamics under floating exchange rates. The empirical analysis examines the short and long term behavior of the exchange rate, interest rate (domestic and foreign) and country risk using econometric techniques such as variance decomposition, Granger causality, cointegration tests, error correction models, and a GARCH model to estimate the exchange rate volatility. The empirical findings suggest that one can argue in favor of a certain degree of endogeneity of the exchange rate and that flexible rates have not been able to insulate the Brazilian economy in the same patterns predicted by literature due to its own specificities (managed floating with the use of international reserves and domestic interest rates set according to inflation target) and to externally determined variables such as the country risk. Another important outcome is the lack of a closer association of domestic and foreign interest rates since the new exchange regime has been adopted. That is, from January 1999 to May 2004, the US monetary policy has no significant impact on the Brazilian exchange rate dynamics, which has been essentially endogenous primarily when we consider the fiscal dominance expressed by the probability of default.O artigo pretende investigar, sob o ponto de vista empírico e teórico, a dinâmica da taxa de câmbio no Brasil, sob regime de câmbio flutuante. A análise empírica examina o comportamento de curto e longo prazo da taxa de câmbio, dos juros (domésticos e externos) e do risco-país através de técnicas econométricas como decomposição de variância, causalidade de Granger, testes de cointegração, modelos de correção de erro, e um modelo GARCH para estimar a volatilidade da taxa de câmbio. Os resultados empíricos sugerem que se pode argumentar a favor da ocorrência de um certo grau de endogeneidade da taxa de câmbio e que a flutuação cambial não tem isolado a economia brasileira de choques da mesma maneira prevista pela literatura em função de suas próprias especificidades (flutuação administrada com o uso de reservas internacionais e juros guiado de acordo com a meta inflacionária) e do comportamento de variáveis externas como o risco-país. Outro importante resultado é a ausência de uma associação entre juros doméstico e externo a partir da implementação do novo regime cambial. Isto é, de Janeiro de 1999 a Maio de 2004, a política monetária norte-americana não afetou o comportamento da taxa de câmbio no Brasil, uma vez que este foi um fenômeno essencialmente endógeno, principalmente quando se considera a dominância fiscal expressa pela probabilidade de default.engTextos para Discussão;210Brazilian economyExchange rate dynamicsFloating exchange rate regimeEconomiaCâmbioEconomiaExchange rate dynamics in Brazilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD 210 - Marcio Holland; Flavio Vilela Vieira.pdfTD 210 - Marcio Holland; Flavio Vilela Vieira.pdfapplication/pdf400584https://repositorio.fgv.br/bitstreams/cd8a7df5-fa05-47f5-a43a-a6eabecfcbeb/downloadf0321c3488f9df96b1f53a5e92abe938MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Exchange rate dynamics in Brazil |
title |
Exchange rate dynamics in Brazil |
spellingShingle |
Exchange rate dynamics in Brazil Vieira, Flávio Vilela Brazilian economy Exchange rate dynamics Floating exchange rate regime Economia Câmbio Economia |
title_short |
Exchange rate dynamics in Brazil |
title_full |
Exchange rate dynamics in Brazil |
title_fullStr |
Exchange rate dynamics in Brazil |
title_full_unstemmed |
Exchange rate dynamics in Brazil |
title_sort |
Exchange rate dynamics in Brazil |
author |
Vieira, Flávio Vilela |
author_facet |
Vieira, Flávio Vilela Brito, Márcio Holland de |
author_role |
author |
author2 |
Brito, Márcio Holland de |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Vieira, Flávio Vilela Brito, Márcio Holland de |
dc.subject.eng.fl_str_mv |
Brazilian economy Exchange rate dynamics Floating exchange rate regime |
topic |
Brazilian economy Exchange rate dynamics Floating exchange rate regime Economia Câmbio Economia |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Câmbio Economia |
description |
The paper aims to investigate on empirical and theoretical grounds the Brazilian exchange rate dynamics under floating exchange rates. The empirical analysis examines the short and long term behavior of the exchange rate, interest rate (domestic and foreign) and country risk using econometric techniques such as variance decomposition, Granger causality, cointegration tests, error correction models, and a GARCH model to estimate the exchange rate volatility. The empirical findings suggest that one can argue in favor of a certain degree of endogeneity of the exchange rate and that flexible rates have not been able to insulate the Brazilian economy in the same patterns predicted by literature due to its own specificities (managed floating with the use of international reserves and domestic interest rates set according to inflation target) and to externally determined variables such as the country risk. Another important outcome is the lack of a closer association of domestic and foreign interest rates since the new exchange regime has been adopted. That is, from January 1999 to May 2004, the US monetary policy has no significant impact on the Brazilian exchange rate dynamics, which has been essentially endogenous primarily when we consider the fiscal dominance expressed by the probability of default. |
publishDate |
2010 |
dc.date.accessioned.fl_str_mv |
2010-06-16T21:34:20Z |
dc.date.available.fl_str_mv |
2010-06-16T21:34:20Z |
dc.date.issued.fl_str_mv |
2010-06-16 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/6682 |
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http://hdl.handle.net/10438/6682 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Textos para Discussão;210 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
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