Liberalização financeira, performance econômica e estabilidade macroeconômica no Brasil: uma avaliação do período 1994-2007 [Financial liberalization, economic performance and macroeconomic stability in Brazil: an evaluation of the 1994-2007 period]

Luiz Fernando de Paula, Manoel Carlos de Castro Pires (), João Adelino de Faria and Tiago Rinaldi Meyer
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Luiz Fernando de Paula: FCE/UER
João Adelino de Faria: UERJ/CNPq
Tiago Rinaldi Meyer: ELETROBRÁS

Nova Economia, 2012, vol. 22, issue 3, 561-596

Abstract: This paper aims to analyze the relationship between capital account liberalization, economic performance and macroeconomic stability in Brazil. For this purpose, besides a review of the literature, the paper makes an empirical study of the effects of financial liberalization in Brazil on a set of macroeconomic variables with the VAR methodology, using two models: one with a de jure index of financial liberalization (ILF) and another with a de facto index of financial integration (IIF). In the first model, the study intends to evaluate the proposal that financial liberalization results in a reduction of country-risk and, consequently, of the domestic interest rate. In the second case, it aims to assess the hypothesis that financial liberalization has a positive effect on economic growth and macroeconomic stability vis-à-vis the view of critics of financial liberalization that this generates unstable effects in developing economies.

Keywords: liberalization of the capital account; economic growth; Brazilian economy (search for similar items in EconPapers)
JEL-codes: E21 F32 F40 (search for similar items in EconPapers)
Date: 2012
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