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Globalização Econômica e Investimentos no Brasil

Fernando Neto () and Joanílio Teixeira ()
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Fernando Neto: Banco Central do Brasil

No 322, Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia from Departamento de Economia da Universidade de Brasilia

Abstract: This paper analyse the determinants of investment in Brazil in an environment of globalisation. To achieve a proper identification the economy is divided in three sectors: public, domestic private and international private. Since the growth of volatility is one of the main results of the globalisation, we deal with some theories of investment under uncertainty. The GARCH model to measure the volatility of exchange and prices is applied. Impulseresponse functions indicate the levels of demand as the main determinant of investment – Verdoorn Law mechanism – followed by exchange rate levels, while volatility has a systematic and significant influence.

Keywords: Globalisation; Investment; GARCH models; Impulse-response functions (search for similar items in EconPapers)
JEL-codes: C32 E22 F02 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2004-11
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Persistent link: https://EconPapers.repec.org/RePEc:brs:wpaper:322

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