Uma avaliação crítica da proposta de conversibilidade plena do real

Fernando Ferrari-Filho (), Frederico Jayme (), Gilberto Tadeu Lima (), José Luís da Costa Oreiro () and Luiz Fernando de Paula ()
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Fernando Ferrari-Filho: UFRGS
Gilberto Tadeu Lima: USP
Authors registered in the RePEc Author Service: Fernando Ferrari Filho ()

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: This paper aims at discussing critically Pérsio Arida’s proposal of adopting currency convertibility in Brazil. Arida (2003a, 2003b, 2004) points out that currency convertibility would make for lower interest rates in Brazil, as well as for lower interest rates for the Brazilian external bonds. Besides, currency convertibility would stabilize capital flows, as well as exchange rate volatility in Brazil. We argue in this paper that this proposal does not lead necessarily either to less exchange rate volatility, or to lower interest rates. Besides, we close the paper by presenting some alternatives to capital controls in Brazil.

Keywords: financial liberalization; convertibility; Brazilian economy; Brazil (search for similar items in EconPapers)
JEL-codes: E44 F34 (search for similar items in EconPapers)
Date: 2004-07
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