A vulnerabilidade externa decorrente da Posição Internacional de Investimentos e do fluxo de rendas da economia brasileira no período 2001-2010 [External vulnerability due to the International Investment Position and the income flows in Brazil from 2001 to 2010]

Paulo Van Noije and Bruno De Conti
Additional contact information
Paulo Van Noije: UNICAMP
Bruno De Conti: UNICAMP

Nova Economia, 2016, vol. 26, issue 1, 207-239

Abstract: This article presents Brazil's external financial vulnerability resulting from foreign stocks (International Investment Position) and flows of income. It analyses the Brazilian economy during the period 2001-2010 and concludes that: i) the reduction of the stock-vulnerability of the Brazilian economy, as demonstrated during the global crisis beginning in 2008, was due to a new composition of the International Investment Position, and an increase in international reserves and external liabilities denominated in the domestic currency, and these tend to suffer a double devaluation (price and exchange rates) in times of crisis; ii) net income sent abroad in this period amounted to US$ 273 billion, crystallizing the flow-vulnerability through dependence on external financing for the current account deficit; iii) variations in prices of external stocks is the most important variable in the changes of balances of the International Investment Position.

Keywords: International Investment Position; external vulnerability; balance of payments; current account; Brazilian economy (search for similar items in EconPapers)
JEL-codes: E44 F34 F49 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.scielo.br/pdf/neco/v26n1/1980-5381-neco-26-01-00207.pdf (application/pdf)
http://www.scielo.br/scielo.php?script=sci_arttext ... g=pt&nrm=iso&tlng=pt (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nov:artigo:v:26:y:2016:i:1:p:207-239

Ordering information: This journal article can be ordered from
Av. Antonio Carlos, 6627 - Predio da FACE Belo Horizonte, 31270-901 Brazil
https://revistas.fac ... dex.php/novaeconomia

Access Statistics for this article

Nova Economia is currently edited by Gustavo de Britto Rocha

More articles in Nova Economia from Economics Department, Universidade Federal de Minas Gerais (Brazil) Av. Antonio Carlos, 6627 - Predio da FACE Belo Horizonte, 31270-901 Brazil. Contact information at EDIRC.
Bibliographic data for series maintained by Lucas Resende de Carvalho ().