Exchange-rate management in Brazil

This paper examines four hypotheses: (i) in Brazil, as in other peripheral countries in the post-crisis context, a policy choice appears to have been made for a flexible exchange rate within a currency band ("dirty float"); (ii) the underlying reasons for this policy appear to have more to...

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Veröffentlicht in:Vereinte Nationen. Economic Commission for Latin America and the Caribbean CEPAL review
1. Verfasser: Prates, Daniela Magalhães (VerfasserIn)
Weitere Verfasser: Cunha, André Moreira (VerfasserIn), Lélis, Marcos Tadeu Caputi (VerfasserIn)
Format: UnknownFormat
Sprache:eng
Veröffentlicht: 2009
Schlagworte:
Wechselkurssystem > Flexibler Wechselkurs > Brasilien > Kreditpolitik > Geldpolitik > Wechselkurs > Wechselkurspolitik > Internationales Währungssystem > Währungspolitik > Währungsreserve > Ökonometrie > Wirtschaftsindikator > Sozialer Indikator > Geldpolitik/Kreditpolitik > Aufsatz in Zeitschrift
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Beschreibung
Zusammenfassung:This paper examines four hypotheses: (i) in Brazil, as in other peripheral countries in the post-crisis context, a policy choice appears to have been made for a flexible exchange rate within a currency band ("dirty float"); (ii) the underlying reasons for this policy appear to have more to do with pass-through of exchange-rate variations and precautionary demand for reserves than with the maintenance of a competitive real exchange rate; (iii) in the country's peculiar situation, considerable capital mobility is conjoined with large and liquid financial derivatives markets and a reserves build-up policy that carries a high fiscal cost; (iv) until April 2006, reserves accumulated in much the same way under the floating exchange-rate system as they had under the currency band regime; there have been changes since then owing to the rapid growth of reserves. (CEPAL Rev/GIGA)
Beschreibung:graph. Darst.
ISSN:0251-2920