HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL

Detalhes bibliográficos
Autor(a) principal: Bittencourt, Mauricio Vaz Lobo
Data de Publicação: 2021
Outros Autores: Correa, Natássia Zanotto
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84331
Resumo: Given the adoption of a floating exchange rate, after Bretton Woods’ monetary system collapse, many countries started to face an increase on exchange ratevariability, with several consequences for their economies. The main objective of thisstudy consists on analyzing the effects of the exchange rate volatility on the Braziliantrade in a sectoral level, saying it differently, on the composition of Brazilian exports. For this purpose, the volume exported from Brazil to its main trading partners from 2001 to 2017 is considered, and, subsequently, the products are classified into three categories (basic, semi-manufactured and manufactured). From such a grouping, the composition of the exports is defined by the share of each product category in the total volume exported to the respective partners. Additionally, this variable was used as dependent in a gravity trade model, which was estimated by a pooled OLS, panel econometrics and PPML. Main results indicate that the exchange rate volatility has an adverse effect only on manufactured sector, with positive impact on exports of basic products and no significant impact on semi-manufactured exports.
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spelling HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZILCOMO A COMPOSIÇÃO DAS EXPORTAÇÕES É AFETADA PELA VOLATILIDADE CAMBIAL NO BRASILVolatilidadeTaxa de CâmbioComposição ComercialExportações setoriaisF1F14F19VolatilityExchange rateTrade compositionSectoral exportsF1F14F19Given the adoption of a floating exchange rate, after Bretton Woods’ monetary system collapse, many countries started to face an increase on exchange ratevariability, with several consequences for their economies. The main objective of thisstudy consists on analyzing the effects of the exchange rate volatility on the Braziliantrade in a sectoral level, saying it differently, on the composition of Brazilian exports. For this purpose, the volume exported from Brazil to its main trading partners from 2001 to 2017 is considered, and, subsequently, the products are classified into three categories (basic, semi-manufactured and manufactured). From such a grouping, the composition of the exports is defined by the share of each product category in the total volume exported to the respective partners. Additionally, this variable was used as dependent in a gravity trade model, which was estimated by a pooled OLS, panel econometrics and PPML. Main results indicate that the exchange rate volatility has an adverse effect only on manufactured sector, with positive impact on exports of basic products and no significant impact on semi-manufactured exports. Diante da adoção de um sistema de taxas de câmbio flutuante, após a quedado sistema monetário Bretton Woods, vários países passaram a experimentar o aumento da variabilidade da taxa de câmbio, com diversas consequências para as suas economias. O objetivo central deste estudo consiste em analisar o efeito da volatilidade dataxa de câmbio sobre o comércio brasileiro a nível setorial, dito diferentemente, sobre acomposição da pauta de exportação brasileira. Para tanto, considera-se o volume exportado do Brasil para seus principais parceiros comerciais no período de 2001 a 2017, e, posteriormente, realiza-se uma classificação dos produtos em três categorias (básicos, semimanufaturados e manufaturados). A par¬tir de tal agrupamento, a composição da pauta de exportação é definida pela participação de cada categoria de produto no total do volume exportado para os respectivos parceiros. Adicionalmente, essa variável éutilizada como dependente em um modelo gravitacional de comércio, o qual é estimado usando-se os métodos de mínimos quadrados ordinários agrupado, econometriade painel e Poisson pseudo maximum likelihood. Os resultados obtidos indicam que avolatilidade cambial tem um efeito adverso apenas sobre o setor de manufaturas, comefeito positivo nas exportações de produtos básicos e nenhum efeito significativo sobreo comércio de produtos semimanufaturados.  UFRGS2021-03-09info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/8433110.22456/2176-5456.84331Análise Econômica; Vol. 39 No. 78 (2021): Março/2021Análise Econômica; v. 39 n. 78 (2021): Março/20212176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84331/60878Copyright (c) 2021 Análise Econômicainfo:eu-repo/semantics/openAccessBittencourt, Mauricio Vaz LoboCorrea, Natássia Zanotto2021-03-12T15:22:12Zoai:seer.ufrgs.br:article/84331Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2021-03-12T15:22:12Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
COMO A COMPOSIÇÃO DAS EXPORTAÇÕES É AFETADA PELA VOLATILIDADE CAMBIAL NO BRASIL
title HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
spellingShingle HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
Bittencourt, Mauricio Vaz Lobo
Volatilidade
Taxa de Câmbio
Composição Comercial
Exportações setoriais
F1
F14
F19
Volatility
Exchange rate
Trade composition
Sectoral exports
F1
F14
F19
title_short HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
title_full HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
title_fullStr HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
title_full_unstemmed HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
title_sort HOW THE COMPOSITION OF EXPORTS IS AFFECTED BY THE EXCHANGE RATE VOLATILITY IN BRAZIL
author Bittencourt, Mauricio Vaz Lobo
author_facet Bittencourt, Mauricio Vaz Lobo
Correa, Natássia Zanotto
author_role author
author2 Correa, Natássia Zanotto
author2_role author
dc.contributor.author.fl_str_mv Bittencourt, Mauricio Vaz Lobo
Correa, Natássia Zanotto
dc.subject.por.fl_str_mv Volatilidade
Taxa de Câmbio
Composição Comercial
Exportações setoriais
F1
F14
F19
Volatility
Exchange rate
Trade composition
Sectoral exports
F1
F14
F19
topic Volatilidade
Taxa de Câmbio
Composição Comercial
Exportações setoriais
F1
F14
F19
Volatility
Exchange rate
Trade composition
Sectoral exports
F1
F14
F19
description Given the adoption of a floating exchange rate, after Bretton Woods’ monetary system collapse, many countries started to face an increase on exchange ratevariability, with several consequences for their economies. The main objective of thisstudy consists on analyzing the effects of the exchange rate volatility on the Braziliantrade in a sectoral level, saying it differently, on the composition of Brazilian exports. For this purpose, the volume exported from Brazil to its main trading partners from 2001 to 2017 is considered, and, subsequently, the products are classified into three categories (basic, semi-manufactured and manufactured). From such a grouping, the composition of the exports is defined by the share of each product category in the total volume exported to the respective partners. Additionally, this variable was used as dependent in a gravity trade model, which was estimated by a pooled OLS, panel econometrics and PPML. Main results indicate that the exchange rate volatility has an adverse effect only on manufactured sector, with positive impact on exports of basic products and no significant impact on semi-manufactured exports.
publishDate 2021
dc.date.none.fl_str_mv 2021-03-09
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/84331
10.22456/2176-5456.84331
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84331
identifier_str_mv 10.22456/2176-5456.84331
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84331/60878
dc.rights.driver.fl_str_mv Copyright (c) 2021 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 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. 39 No. 78 (2021): Março/2021
Análise Econômica; v. 39 n. 78 (2021): Março/2021
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
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