DETERMINANTES DA TAXA DE CÂMBIO REAL NO BRASIL: 1971-2002Giordano Bruno Braz de Pinho Matos and Marco Flávio da Cunha Resende Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] Abstract: The theoretical and empirical international trade literature suggests that there is long-term valuation/devaluation of the real exchange rate in the developed/undeveloped economies. We argue that the real exchange rate is affected by: i) intercountry differentials of the services sector development; and, ii) non-neutral characteristic of the international financial system, demonstrated in the Post-Keynesian approach. An equation for the Brazilian real exchange rate was estimated in this paper (1971-2002) and the international liquidity variable and a proxy variable for the differentials of the services sector development were included in the equation. The econometric procedures were based on the Engle-Granger and Johansen methods. The results do not reject the hypothesis put forward in this paper. JEL-codes: C32 E12 F31 F37 (search for similar items in EconPapers) Downloads: (external link) Related works: Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] |
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