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A Economia Política Da Conversibilidade Do Real: Uma Crítica A Arida

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  • Fernando Ferrari-Filho
  • Frederico G. Jayme Jr.
  • Gilberto Tadeu Lima
  • José Luís Oreiro
  • Luiz Fernando de Paula

Abstract

This paper aims at discussing critically Pérsio Arida's proposal of adopting full currency convertibility in Brazil. Arida (2003a, 2003b, 2004) points out that currency convertibility would make for lower domestic interest rates in Brazil, as well as for lower interest rates for the Brazilian external bonds. Besides, currency convertibility would stabilize capital flows, as well as exchange rate volatility in Brazil. We argue in this paper that this proposal does not lead necessarily either to less exchange rate volatility, or to lower interest rates. Finally, we close the paper by presenting some alternatives in terms of capital controls in Brazil.

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Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] with number 021.

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Date of creation: 2004
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Handle: RePEc:anp:en2004:021

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