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

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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

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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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Publisher Info
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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Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General

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