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Liberalização Da Conta De Capital E Fluxos De Portfólio Para O Brasil No Período Recente

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Author Info
Michele Polline Veríssimo
Márcio Holland de Brito

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Abstract

The present work seeks to investigate the dynamics of capital account liberalization and its impact on short run capital flows to Brazil in the period of 1995-2002, considering different segments such as the monetary, derivative and equity markets. This task is used by developing a comparative study of financial flows and examining how it is affected by the uncovered interest parity, country risk and the legislation on portfolio capital flows. The empirical framework is based on a vector autoregressive (VAR) analysis using impulse-response functions, variance decomposition and Granger causality tests. In general terms the results indicate a crucial role played by the uncovered interest parity and the country risk to explain portfolio flows, and a less restrictive (more liberalized) legislation is not significant to attract such flows.

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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 069.

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Date of creation: 2004
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Handle: RePEc:anp:en2004:069

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Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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This page was last updated on 2009-12-13.

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