A tendência à sobreapreciação da taxa de câmbio

Luiz Carlos Bresser-Pereira ()

No 183, Textos para discussão from FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil)

Abstract: In developing countries there is a tendency to the overvaluation of the exchange rate. It has two structural causes: the Dutch disease and the attraction that higher profit and interest rates usually prevailing in developing countries exert on foreign capitals, and four policy causes: the policy of growth with foreign savings, the control of inflation to exchange rate anchors, the policy of 'capital deepening', and exchange rate populism. Either the country neutralizes this tendency and grows fast, or does not and will suffer cyclical balance of payment crises.

Date: 2009-04-13
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