Determinantes macroecon??micos da entrada e sa??da de capitais na economia brasileira

• Autor(a) principal: Carvalho, Ana Maria Moreira de
• Data de Publicação: 2016
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da UCB
• Texto Completo: https://bdtd.ucb.br:8443/jspui/handle/tede/2080
• topic: Economia; Gastos do governo; Produtos totais; Oferta monet??ria; Cointegra????o; Modelo de Corre????o de Erros Vetorial; ECONOMIA MONETARIA E FISCAL::POLITICA FISCAL DO BRASIL

This study aimed to empirically investigate whether investments in stocks and bonds respond to changes in the levels of macroeconomic variables (government spending, total goods and money supply) in Brazil from 1995 to 2014. For this we use the extension of the model with n-assets of the theoretical work of Devereux and Sutherland (2008) that related government spending, total goods and money supply with investments in stocks and title on the development of the approach model for the portfolio balance computing. After identifying that the series studied were not stationary, it was decided to use the concept of cointegration and is estimated to Vector Error Correction Model. The estimated coefficients were statistically significant and showed the expected signs. The results show empirical evidence that capital movements are affected by government spending, output and money supply.