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A ECONOMIA POLÍTICA DA CONVERSIBILIDADE DO REAL: UMA CRÍTICA A ARIDA

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

Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: This paper aims at discussing critically Pérsio Arida's proposal of adopting full currency convertibility in Brazil. Arida (2003a, 2003b, 2004) points out that currency convertibility would make for lower domestic 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. Finally, we close the paper by presenting some alternatives in terms of capital controls in Brazil.

JEL-codes: E42 F02 F32 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:anp:en2004:021

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