Exchange rate management: the case of Brazil

Detalhes bibliográficos
Autor(a) principal: Mello Jr., Luiz R. de
Data de Publicação: 1999
Outros Autores: Carneiro, Francisco Galrão
Tipo de documento: Artigo
Idioma: por
Título da fonte: Estudos Econômicos (São Paulo)
Texto Completo: https://www.revistas.usp.br/ee/article/view/161513
Resumo: The paper develops an exchange rate regime choice problem in a general asset-pricingset-up. The government has been considered the main optimising agent in the modelwhereby regime switches may occur because the government can exercise discretion inexchange rate management. Empirical estimates for the case of Brazil suggest that regimeswitches are determined by the behaviour of wages and inflation. Overall, the resultssuggest that price fundamentals have a more significant impact on the exchange rate inthe short run. It is not until the long run that domestic expenditure variables play a part inexchange rate determination.
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spelling Exchange rate management: the case of Brazilexchange ratesprobit modelsBraziltaxas de câmbiomodelos probitBrasilThe paper develops an exchange rate regime choice problem in a general asset-pricingset-up. The government has been considered the main optimising agent in the modelwhereby regime switches may occur because the government can exercise discretion inexchange rate management. Empirical estimates for the case of Brazil suggest that regimeswitches are determined by the behaviour of wages and inflation. Overall, the resultssuggest that price fundamentals have a more significant impact on the exchange rate inthe short run. It is not until the long run that domestic expenditure variables play a part inexchange rate determination.O artigo apresenta um problema de escolha do regime de taxa de câmbio numa estrutura geral de precificação de títulosUniversidade de São Paulo. Faculdade de Economia, Administração e Contabilidade1999-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ee/article/view/161513Estudos Econômicos (São Paulo); v. 29 n. 4 (1999); 457-4741980-53570101-4161reponame:Estudos Econômicos (São Paulo)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/ee/article/view/161513/155452Copyright (c) 1999 Luiz R. de Mello Jr., Francisco Galrão Carneirohttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessMello Jr., Luiz R. deCarneiro, Francisco Galrão2021-02-10T13:30:19Zoai:revistas.usp.br:article/161513Revistahttps://www.revistas.usp.br/eePUBhttps://www.revistas.usp.br/ee/oaiestudoseconomicos@usp.br||aldrighi@usp.br1980-53570101-4161opendoar:2021-02-10T13:30:19Estudos Econômicos (São Paulo) - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Exchange rate management: the case of Brazil
title Exchange rate management: the case of Brazil
spellingShingle Exchange rate management: the case of Brazil
Mello Jr., Luiz R. de
exchange rates
probit models
Brazil
taxas de câmbio
modelos probit
Brasil
title_short Exchange rate management: the case of Brazil
title_full Exchange rate management: the case of Brazil
title_fullStr Exchange rate management: the case of Brazil
title_full_unstemmed Exchange rate management: the case of Brazil
title_sort Exchange rate management: the case of Brazil
author Mello Jr., Luiz R. de
author_facet Mello Jr., Luiz R. de
Carneiro, Francisco Galrão
author_role author
author2 Carneiro, Francisco Galrão
author2_role author
dc.contributor.author.fl_str_mv Mello Jr., Luiz R. de
Carneiro, Francisco Galrão
dc.subject.por.fl_str_mv exchange rates
probit models
Brazil
taxas de câmbio
modelos probit
Brasil
topic exchange rates
probit models
Brazil
taxas de câmbio
modelos probit
Brasil
description The paper develops an exchange rate regime choice problem in a general asset-pricingset-up. The government has been considered the main optimising agent in the modelwhereby regime switches may occur because the government can exercise discretion inexchange rate management. Empirical estimates for the case of Brazil suggest that regimeswitches are determined by the behaviour of wages and inflation. Overall, the resultssuggest that price fundamentals have a more significant impact on the exchange rate inthe short run. It is not until the long run that domestic expenditure variables play a part inexchange rate determination.
publishDate 1999
dc.date.none.fl_str_mv 1999-12-01
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://www.revistas.usp.br/ee/article/view/161513
url https://www.revistas.usp.br/ee/article/view/161513
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://www.revistas.usp.br/ee/article/view/161513/155452
dc.rights.driver.fl_str_mv Copyright (c) 1999 Luiz R. de Mello Jr., Francisco Galrão Carneiro
http://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 1999 Luiz R. de Mello Jr., Francisco Galrão Carneiro
http://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade
publisher.none.fl_str_mv Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade
dc.source.none.fl_str_mv Estudos Econômicos (São Paulo); v. 29 n. 4 (1999); 457-474
1980-5357
0101-4161
reponame:Estudos Econômicos (São Paulo)
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Estudos Econômicos (São Paulo)
collection Estudos Econômicos (São Paulo)
repository.name.fl_str_mv Estudos Econômicos (São Paulo) - Universidade de São Paulo (USP)
repository.mail.fl_str_mv estudoseconomicos@usp.br||aldrighi@usp.br
_version_ 1787713833009152000

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