Movimentos Especulativos de Capitais e Comportamento da Taxa de Câmbio no Brasil
Fernando Neto () and
Joanílio Teixeira ()
Additional contact information
Fernando Neto: Banco Central do Brasil
No 321, Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia from Departamento de Economia da Universidade de Brasilia
This paper analyse the influences of speculative capital movements on exchange rate levels and its volatility in Brazil. Approaches based only in fundamentals are unable to explain some empirical regularity. The speculative behaviour needs to be considered. In particular, empirical works indicates that its fundamental value is a long run trend frequently shifted, suggesting that such rate is, at most, a sequence of temporary equilibria. Our extended model dealing with international arbitrage point out some difficulties of the Central Bank to manage the exchange rate in an environment of financial globalisation. To constrain capital flows may reduce volatility and to restore official possibility to control exchange rate.
Keywords: Speculative capital; Exchange rate; Macroeconomic policy (search for similar items in EconPapers)
JEL-codes: E60 F31 F36 (search for similar items in EconPapers)
Pages: 30 pages
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://vsites.unb.br/face/eco/cpe/TD/321nov2004Aquino.pdf First version, 2004 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to vsites.unb.br:80 (No such host is known. )
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:brs:wpaper:321
Access Statistics for this paper
More papers in Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia from Departamento de Economia da Universidade de Brasilia Universidade de Brasília UnB - Campus Universitário Darcy Ribeiro Asa Norte CEP 70910-900, Brasília, Brasil. Contact information at EDIRC.
Bibliographic data for series maintained by Luciano Póvoa ( this e-mail address is bad, please contact ).