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Determinantes Da Taxa De Câmbio Real No Brasil: 1971-2002

Author

Listed:
  • Giordano Bruno Braz de Pinho Matos
  • Marco Flávio da Cunha Resende
Abstract
The theoretical and empirical international trade literature suggests that there is long-term valuation/devaluation of the real exchange rate in the developed/undeveloped economies. We argue that the real exchange rate is affected by: i) intercountry differentials of the services sector development; and, ii) non-neutral characteristic of the international financial system, demonstrated in the Post-Keynesian approach. An equation for the Brazilian real exchange rate was estimated in this paper (1971-2002) and the international liquidity variable and a proxy variable for the differentials of the services sector development were included in the equation. The econometric procedures were based on the Engle-Granger and Johansen methods. The results do not reject the hypothesis put forward in this paper.

Suggested Citation

  • Giordano Bruno Braz de Pinho Matos & Marco Flávio da Cunha Resende, 2005. "Determinantes Da Taxa De Câmbio Real No Brasil: 1971-2002," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33rd Brazilian Economics Meeting] 069, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    • Handle: RePEc:anp:en2005:069
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    File URL: http://www.anpec.org.br/encontro2005/artigos/A05A069.pdf
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    More about this item

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

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