EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY

Detalhes bibliográficos
Autor(a) principal: Silva, Guilherme Ricardo dos Santos Souza e
Data de Publicação: 2013
Outros Autores: Curado, Marcelo Luiz
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17145
Resumo: The aim of this paper is to analyze the behavior of the exchange rate in Brazil and its relation to the interest rate. The model used to analyze the relationship between the variables is an adaptation of the uncovered interest parity. The results for the period between January 2003 and March 2008, suggest that the exchange rate and the lagged change in the risk premium were the main determinants of exchange rate fluctuations. Thus, monetary policy would have less influence in the period considered by the study. The influence of the risk premium indicates the relevance of the international situation and the macroeconomic variables to the understanding of exchange rate changes.
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spelling EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITYCOMPORTAMENTO DA TAXA DE CÂMBIO NO BRASIL: UMA ANÁLISE A PARTIR DA PARIDADE DESCOBERTA DA TAXA DE JUROSExchange rateUncovered interest parityCountry riskC32F31Taxa de câmbioParidade descoberta da taxa de jurosC32F31The aim of this paper is to analyze the behavior of the exchange rate in Brazil and its relation to the interest rate. The model used to analyze the relationship between the variables is an adaptation of the uncovered interest parity. The results for the period between January 2003 and March 2008, suggest that the exchange rate and the lagged change in the risk premium were the main determinants of exchange rate fluctuations. Thus, monetary policy would have less influence in the period considered by the study. The influence of the risk premium indicates the relevance of the international situation and the macroeconomic variables to the understanding of exchange rate changes.O objetivo central deste artigo é analisar o comportamento da taxa de câmbio no Brasil e sua relação com a taxa de juros. O modelo adotado para analisar a relação entre as variáveis é uma adaptação da paridade descoberta da taxa de juros. Os resultados obtidos, para o período compreendido entre janeiro de 2003 e março de 2008, sugerem que a variação cambial defasada e a variação do prêmio de risco foram os principais determinantes das flutuações na taxa de câmbio. Dessa forma, a política monetária teria menor influência no período considerado pelo estudo. A influência do prêmio de risco indica a relevância da situação internacional e das variáveis macroeconômicas para o entendimento das variações cambiais.UFRGS2013-04-03info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/1714510.22456/2176-5456.17145Análise Econômica; Vol. 31 No. 59 (2013): março de 2013Análise Econômica; v. 31 n. 59 (2013): março de 20132176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17145/24670Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessSilva, Guilherme Ricardo dos Santos Souza eCurado, Marcelo Luiz2013-09-13T18:21:11Zoai:seer.ufrgs.br:article/17145Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2013-09-13T18:21:11Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
COMPORTAMENTO DA TAXA DE CÂMBIO NO BRASIL: UMA ANÁLISE A PARTIR DA PARIDADE DESCOBERTA DA TAXA DE JUROS
title EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
spellingShingle EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
Silva, Guilherme Ricardo dos Santos Souza e
Exchange rate
Uncovered interest parity
Country risk
C32
F31
Taxa de câmbio
Paridade descoberta da taxa de juros
C32
F31
title_short EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
title_full EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
title_fullStr EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
title_full_unstemmed EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
title_sort EXCHANGE RATE BEHAVIOR IN BRAZIL: AN ANALYSIS FROM THE UNCOVERED INTEREST PARITY
author Silva, Guilherme Ricardo dos Santos Souza e
author_facet Silva, Guilherme Ricardo dos Santos Souza e
Curado, Marcelo Luiz
author_role author
author2 Curado, Marcelo Luiz
author2_role author
dc.contributor.author.fl_str_mv Silva, Guilherme Ricardo dos Santos Souza e
Curado, Marcelo Luiz
dc.subject.por.fl_str_mv Exchange rate
Uncovered interest parity
Country risk
C32
F31
Taxa de câmbio
Paridade descoberta da taxa de juros
C32
F31
topic Exchange rate
Uncovered interest parity
Country risk
C32
F31
Taxa de câmbio
Paridade descoberta da taxa de juros
C32
F31
description The aim of this paper is to analyze the behavior of the exchange rate in Brazil and its relation to the interest rate. The model used to analyze the relationship between the variables is an adaptation of the uncovered interest parity. The results for the period between January 2003 and March 2008, suggest that the exchange rate and the lagged change in the risk premium were the main determinants of exchange rate fluctuations. Thus, monetary policy would have less influence in the period considered by the study. The influence of the risk premium indicates the relevance of the international situation and the macroeconomic variables to the understanding of exchange rate changes.
publishDate 2013
dc.date.none.fl_str_mv 2013-04-03
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17145
10.22456/2176-5456.17145
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17145
identifier_str_mv 10.22456/2176-5456.17145
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17145/24670
dc.rights.driver.fl_str_mv Copyright (c) 2019 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 31 No. 59 (2013): março de 2013
Análise Econômica; v. 31 n. 59 (2013): março de 2013
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
_version_ 1799766266997637120

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