Agenor, Pierre-Richard
[VerfasserIn]
;
Hoffmaister, Alexander W.
[Sonstige Person, Familie und Körperschaft];
Medeiros, Carlos
[Sonstige Person, Familie und Körperschaft]
Cyclical Fluctuations in Brazil's Real Exchange Rate
: The Role of Domestic and External Factors
Erschienen in:IMF Working Paper, Vol. , pp. 1-32, 1997
Umfang:
1 Online-Ressource (32 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.882679
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 1997 erstellt
Beschreibung:
This paper examines the effects of capital inflows and domestic factors on Brazil`s real exchange rate. It describes the analytical framework, and then estimates a near-VAR model linking capital flows, interest rate differentials, government spending, money-base velocity, and the temporary component of the real exchange rate (TCRER). Generalized variance decompositions indicate that world interest rate shocks largely explain medium-term fluctuations in capital flows and the TCRER. Generalized impulse response functions show that a reduction in the world interest rate (and, to a lesser extent, an increase in government spending) have significant effects on the TCRER and capital flows