International reserves and interest rate in Brazil between 1999-2020

Detalhes bibliográficos
Autor(a) principal: Lima Paiva, Miriã
Data de Publicação: 2023
Outros Autores: Bornacki de Mattos, Leonardo, da Silva Souza, Rodrigo
Tipo de documento: Artigo
Idioma: por
Título da fonte: Economia Ensaios
Texto Completo: https://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/64806
Resumo: During the 2000s, Brazilian international reserves increased significantly. The literature points out that part of this growth was excessive and costly. However, the cost of carrying the reserves decreased due to the large reduction in the interest rate. Considering the wide range of variation in the Brazilian interest rate between 1999-2020, it is possible that international reserves are non-linearly related to the interest rate. To verify this, descriptive statistics analysis, linear regression, and threshold regression models were used. The result indicated that the response of reserves to an interest rate variation is lower when the interest rate is at a historically low level than when it is at high levels.
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spelling International reserves and interest rate in Brazil between 1999-2020Reservas internacionais e taxa de juros no Brasil entre 1999-2020Reservas internacionaisTaxa de jurosRegressão com ThresholdInternational reservesInterest rateThreshold regressionDuring the 2000s, Brazilian international reserves increased significantly. The literature points out that part of this growth was excessive and costly. However, the cost of carrying the reserves decreased due to the large reduction in the interest rate. Considering the wide range of variation in the Brazilian interest rate between 1999-2020, it is possible that international reserves are non-linearly related to the interest rate. To verify this, descriptive statistics analysis, linear regression, and threshold regression models were used. The result indicated that the response of reserves to an interest rate variation is lower when the interest rate is at a historically low level than when it is at high levels.Durante a década de 2000, as reservas internacionais brasileiras aumentaram significativamente. A literatura aponta que parte desse crescimento foi excessivo e custoso. No entanto, o custo de carregamento das reservas diminuiu devido à grande redução na taxa de juros. Considerando a grande faixa de variação da taxa de juros brasileira entre 1999-2020, é possível que as reservas internacionais se relacionem de maneira não-linear com a taxa de juros. Para verificar isso, foram utilizadas análises de estatísticas descritivas, estimados modelos de regressão linear e de regressão com threshold. O resultado indicou que a resposta das reservas a uma variação na taxa de juros é menor quando a taxa de juros está em um patamar historicamente baixo do que quando está em níveis elevados.EDUFU2023-04-26info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/6480610.14393/REE-v38n1a2023-64806Revista Economia Ensaios; Vol. 38 No. 1 (2023)Revista Economia Ensaios; v. 38 n. 1 (2023)1983-19940102-2482reponame:Economia Ensaiosinstname:Universidade Federal de Uberlândia (UFU)instacron:UFUporhttps://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/64806/35997Copyright (c) 2023 Revista Economia Ensaiosinfo:eu-repo/semantics/openAccessLima Paiva, MiriãBornacki de Mattos, Leonardoda Silva Souza, Rodrigo2023-04-26T16:18:31Zoai:ojs.www.seer.ufu.br:article/64806Revistahttps://seer.ufu.br/index.php/revistaeconomiaensaiosPUBhttps://seer.ufu.br/index.php/revistaeconomiaensaios/oai||ecoensaios@ufu.br|| ecoensaios@ufu.br1983-19940102-2482opendoar:2023-04-26T16:18:31Economia Ensaios - Universidade Federal de Uberlândia (UFU)false
dc.title.none.fl_str_mv International reserves and interest rate in Brazil between 1999-2020
Reservas internacionais e taxa de juros no Brasil entre 1999-2020
title International reserves and interest rate in Brazil between 1999-2020
spellingShingle International reserves and interest rate in Brazil between 1999-2020
Lima Paiva, Miriã
Reservas internacionais
Taxa de juros
Regressão com Threshold
International reserves
Interest rate
Threshold regression
title_short International reserves and interest rate in Brazil between 1999-2020
title_full International reserves and interest rate in Brazil between 1999-2020
title_fullStr International reserves and interest rate in Brazil between 1999-2020
title_full_unstemmed International reserves and interest rate in Brazil between 1999-2020
title_sort International reserves and interest rate in Brazil between 1999-2020
author Lima Paiva, Miriã
author_facet Lima Paiva, Miriã
Bornacki de Mattos, Leonardo
da Silva Souza, Rodrigo
author_role author
author2 Bornacki de Mattos, Leonardo
da Silva Souza, Rodrigo
author2_role author
author
dc.contributor.author.fl_str_mv Lima Paiva, Miriã
Bornacki de Mattos, Leonardo
da Silva Souza, Rodrigo
dc.subject.por.fl_str_mv Reservas internacionais
Taxa de juros
Regressão com Threshold
International reserves
Interest rate
Threshold regression
topic Reservas internacionais
Taxa de juros
Regressão com Threshold
International reserves
Interest rate
Threshold regression
description During the 2000s, Brazilian international reserves increased significantly. The literature points out that part of this growth was excessive and costly. However, the cost of carrying the reserves decreased due to the large reduction in the interest rate. Considering the wide range of variation in the Brazilian interest rate between 1999-2020, it is possible that international reserves are non-linearly related to the interest rate. To verify this, descriptive statistics analysis, linear regression, and threshold regression models were used. The result indicated that the response of reserves to an interest rate variation is lower when the interest rate is at a historically low level than when it is at high levels.
publishDate 2023
dc.date.none.fl_str_mv 2023-04-26
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.ufu.br/index.php/revistaeconomiaensaios/article/view/64806
10.14393/REE-v38n1a2023-64806
url https://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/64806
identifier_str_mv 10.14393/REE-v38n1a2023-64806
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/64806/35997
dc.rights.driver.fl_str_mv Copyright (c) 2023 Revista Economia Ensaios
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 Revista Economia Ensaios
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv EDUFU
publisher.none.fl_str_mv EDUFU
dc.source.none.fl_str_mv Revista Economia Ensaios; Vol. 38 No. 1 (2023)
Revista Economia Ensaios; v. 38 n. 1 (2023)
1983-1994
0102-2482
reponame:Economia Ensaios
instname:Universidade Federal de Uberlândia (UFU)
instacron:UFU
instname_str Universidade Federal de Uberlândia (UFU)
instacron_str UFU
institution UFU
reponame_str Economia Ensaios
collection Economia Ensaios
repository.name.fl_str_mv Economia Ensaios - Universidade Federal de Uberlândia (UFU)
repository.mail.fl_str_mv ||ecoensaios@ufu.br|| ecoensaios@ufu.br
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