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Long-run determinants of the real exchange rate : Brazil : 1947/95

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dc.contributor.authorFiorencio, Antonio
dc.contributor.authorMoreira, Ajax Reynaldo Bello
dc.coverage.spatialBrasilpt_BR
dc.coverage.temporal1947-1995pt_BR
dc.date.accessioned2015-10-16T19:41:07Z
dc.date.available2015-10-16T19:41:07Z
dc.date.issued2015-01
dc.date.portal2015-01
dc.description.abstractApresenta um modelo dinâmico de determinantes de longo prazo da taxa de câmbio real no Brasil, período de 1947/95. O modelo considera variáveis relevantes a taxa de câmbio real, dívida externa e lucro líquido das exportações. A dinâmica do modelo é analisada através da identificação de choques.pt_BR
dc.description.abstractalternativeThis paper presents a model for the long-run determinants of the Brazilian real exchange rate for the period 1947/95. This is a simple representative agent model that links the exchange rate, external debt and net exports. It is assumed that: a) the country pays an interest rate on its debt which is an increasing function of the debt/GDP ratio; b) the real exchange rate is a control variable. The transitional dynamics of the model following different shocks is analysed. The model suggests that the relevant variables are the real exchange rate, external debt and net exports. A VEC model using these variables shows that the Brazilian data support the existence of one cointegrating relation among the three variables, which we interpret as the empirical counterpart of the long-run conditions of the theoretical model. Finally, we impose restrictions to identify shocks that could be interpreted as the non-observable exogenous variables of the theoretical model. The dynamics of the empirical model is estimated.pt_BR
dc.description.other21 p. : il.pt_BR
dc.description.otherSérie monográfica: Discussion Paper ; 72pt_BR
dc.description.otherPossui bibliografiapt_BR
dc.description.otherSérie: Originally published by Ipea in December 1997 as number 537 of the series Texto para Discussãopt_BR
dc.identifier.urihttp://repositorio.ipea.gov.br/handle/11058/4833
dc.language.isoengpt_BR
dc.location.countryBRpt_BR
dc.publisherInstituto de Pesquisa Econômica Aplicada (Ipea)pt_BR
dc.relation.referenceshttp://repositorio.ipea.gov.br/handle/11058/2012pt_BR
dc.rightsAcesso Abertopt_BR
dc.rights.holderInstituto de Pesquisa Econômica Aplicada (Ipea)pt_BR
dc.rights.licenseReproduction of this text and the data it contains is allowed as long as the source is cited. Reproductions for commercial purposes are prohibitedpt_BR
dc.rights.typeLicença Comumpt_BR
dc.subject.keywordTaxa de câmbio realpt_BR
dc.subject.keywordDívida externapt_BR
dc.subject.keywordLucro líquido das exportaçõespt_BR
dc.subject.keywordDeterminantes de longo prazopt_BR
dc.subject.keywordPolítica cambialpt_BR
dc.subject.vcipeaComércio Internacionalpt_BR
dc.subject.vcipeaPolítica Econômicapt_BR
dc.subject.vcipeaSistema Monetário Internacionalpt_BR
dc.titleLong-run determinants of the real exchange rate : Brazil : 1947/95pt_BR
dc.title.alternativeDiscussion Paper 72 : Long-run determinants of the real exchange rate : Brazil : 1947/95pt_BR
dc.title.alternativeDeterminantes de longo prazo da taxa de câmbio real : Brasil : 1947-1995pt_BR
dc.typeWorking paperpt_BR
dspace.entity.typePublication
ipea.classificationComércio Internacionalpt_BR
ipea.classificationEconomia. Desenvolvimento Econômicopt_BR

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