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BRICS: Exchange Rate policy in Context of Internal and External Equilibrium

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  • Jaroslava Durčáková
  • Ondřej Šíma
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    Abstract

    The article deals with the exchange rate policy of Brazil in period 1999 – 2012. The first part informs about the global development of the system of exchange rates and shows marked differences after 2008. This global course is supported in the case of Brazil. Next part is concentrated mostly on the interaction between exchange rate policy and internal and external equilibrium. Brazilian balance of payments seems to be suitable concept to catch these events, including often mentioned impacts of the so called unconventional monetary policy on emerging markets. Besides these effects the Brazilian economy was influenced by long-term changes in the global economy. Rising prices of Brazilian exported commodities belonged to the most important one. These prices influenced the exchange rate of the real. In authors´ point of view the recent development of Brazilian economy indicates the presence of the so called Dutch disease. The disease is closely connected to excessive (real) overvaluation of the currency and increasing volatility of terms of trade. To confirm this idea of the Dutch disease it is necessary to monitor forthcoming years very carefully.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Český finanční a účetní časopis.

    Volume (Year): 2013 (2013)
    Issue (Month): 4 ()
    Pages: 7-29

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    Handle: RePEc:prg:jnlcfu:v:2013:y:2013:i:4:id:348:p:7-29

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    Related research

    Keywords: Brazil; Exchange rate policy; Balance of payments; Brazílie; Kurzová politika; Platební bilance;

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    References

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    1. David Kupfer & Marta Castilho & Esther Dweck & Marcelo Nicoll, 2013. "Different Partners, Different Patterns: Trade and Labour Market Dynamics in Brazil's Post-Liberalisation Period," OECD Trade Policy Papers 149, OECD Publishing.
    2. Yongzhen Yu, 2011. "Identifying the Linkages Between Major Mining Commodity Prices and China’s Economic Growth-Implications for Latin America," IMF Working Papers 11/86, International Monetary Fund.
    3. International Monetary Fund, 2010. "When and Why Worry About Real Exchange Rate Appreciation? The Missing Link Between Dutch Disease and Growth," IMF Working Papers 10/271, International Monetary Fund.
    4. John C Bluedorn & Rupa Duttagupta & Jaime Guajardo & Petia Topalova, 2013. "Capital Flows are Fickle," IMF Working Papers 13/183, International Monetary Fund.
    5. International Monetary Fund, 2012. "The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa," IMF Working Papers 12/148, International Monetary Fund.
    6. Emanuel Kohlscheen, 2013. "Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions," BIS Working Papers 426, Bank for International Settlements.
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    8. Annamaria Kokenyne & Romain Veyrune & Karl Friedrich Habermeier & Harald Anderson, 2009. "Revised System for the Classification of Exchange Rate Arrangements," IMF Working Papers 09/211, International Monetary Fund.
    9. Frederick van der Ploeg, 2008. "Challenges and Opportunities for Resource Rich Economies," OxCarre Working Papers 005, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    10. João Barata R. B. Barroso & Luiz A. Pereira da Silva & Adriana Soares Sales, 2013. "Quantitative Easing and Related Capital Flows into Brazil: measuring its effects and transmission channels through a rigorous counterfactual evaluation," Working Papers Series 313, Central Bank of Brazil, Research Department.
    11. Sebastian Sosa & Gustavo Adler, 2011. "Commodity Price Cycles," IMF Working Papers 11/283, International Monetary Fund.
    12. Emanuel Kohlscheen, 2013. "Long-Run Determinants of the Brazilian Real: a closer look at commodities," Working Papers Series 314, Central Bank of Brazil, Research Department.
    13. Łukasz Rawdanowicz & Romain Bouis & Shingo Watanabe, 2013. "The Benefits and Costs of Highly Expansionary Monetary Policy," OECD Economics Department Working Papers 1082, OECD Publishing.
    14. Eva Kislingerová, 2013. "n/a," Ekonomika a Management, University of Economics, Prague, vol. 2013(2), pages 78-79.
    15. International Monetary Fund, 2010. "Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds," IMF Working Papers 10/9, International Monetary Fund.
    16. Emanuel Kohlscheen & Sandro C. Andrade, 2013. "Official Interventions through Derivatives: affecting the demand for foreign exchange," Working Papers Series 317, Central Bank of Brazil, Research Department.
    17. Leandro Medina, 2010. "The Dynamic Effects of Commodity Priceson Fiscal Performance in Latin America," IMF Working Papers 10/192, International Monetary Fund.
    18. Jonathan David Ostry & Atish R. Ghosh & Marcos Chamon, 2012. "Two Targets, Two Instruments," IMF Staff Discussion Notes 12/01, International Monetary Fund.
    19. Marcos Chamon & Marcio Garcia, 2013. "Capital controls in Brazil: effective?," Textos para discussão 606, Department of Economics PUC-Rio (Brazil).
    20. Matthew S Malloy, 2013. "Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets," IMF Working Papers 13/70, International Monetary Fund.
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