A crise cambial e o ajuste fiscal
The balance-of-payment crisis literature can offer the basis to understand the current economic turmoil in Brazil. According to the author's calculations, the real exchange rate requires a 15% to 20% devaluation so as to assure that the intertemporal balance-of-payments constraint is not violat...
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| Veröffentlicht in: | Brazilian journal of political economy |
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| 1. Verfasser: | |
| Format: | UnknownFormat |
| Sprache: | por |
| Veröffentlicht: |
1999
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Tag hinzufügen | Zusammenfassung: | The balance-of-payment crisis literature can offer the basis to understand the current economic turmoil in Brazil. According to the author's calculations, the real exchange rate requires a 15% to 20% devaluation so as to assure that the intertemporal balance-of-payments constraint is not violated. Such appreciated currency imposes a heavy burden on monetary policy: Covered interest parity implies high real domestic interest rates in order to finance the current account. Yet the existence of a large budget deficit imposes objective limits on the use of interest rates as a means to defend the currency. (Rev Econ Polit/DÜI) |
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| Beschreibung: | In: Revista de economia política |
| Beschreibung: | Graph. Darst 8 Tab., 8 graph. Darst. |
| ISSN: | 0101-3157 |