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Uma avaliação crítica da proposta de conversibilidade plena do real

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Author Info

  • Fernando Ferrari-Filho

    ()
    (UFRGS)

  • Frederico G. Jayme Jr

    ()
    (Cedeplar-UFMG)

  • Gilberto Tadeu Lima

    ()
    (USP)

  • José Luís Oreiro

    ()
    (UFPR)

  • Luiz Fernando de Paula

    ()
    (UERJ)

Abstract

This paper aims at discussing critically Pérsio Arida’s proposal of adopting currency convertibility in Brazil. Arida (2003a, 2003b, 2004) points out that currency convertibility would make for lower 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. Besides, we close the paper by presenting some alternatives to capital controls in Brazil.

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Bibliographic Info

Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td235.

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Length: 22 pages
Date of creation: Jul 2004
Date of revision:
Handle: RePEc:cdp:texdis:td235

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Related research

Keywords: financial liberalization; convertibility; Brazilian economy; Brazil;

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Cited by:
  1. Sérgio F. Meyrelles-Filho & Frederico G. Jayme Jr, 2010. "Capital mobility, balance of payments constraints, and economic growth: an empirical dynamic analysis," Textos para Discussão Cedeplar-UFMG, Cedeplar, Universidade Federal de Minas Gerais td411, Cedeplar, Universidade Federal de Minas Gerais.
  2. Iquiapaza, Robert & Amaral, Hudson, 2007. "Reflexões do Impacto da Corrupção no Desenvolvimento Econômico: Uma Revisão na Economia Brasileira
    [Reflections on the Impact of Corruption on Economic Development: a literature review in the
    ," MPRA Paper 1818, University Library of Munich, Germany.
  3. Luiz Fernando Rodrigues de Paula & Tiago Rinaldi Meyer & JoãoAdelino de Faria Júnior & Manoel Carlos de Castro Pires, 2011. "FinancialLiberalization, Economic Performance and Macroeconomic Stability inBrazil: an assessment of the recent period," Anais do XXXVII Encontro Nacional de Economia [Proceedings of the 37th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of 100, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  4. Ilan Goldfajn & André Minella, 2005. "Capital Flows and Controls in Brazil: What Have We Learned?," NBER Working Papers 11640, National Bureau of Economic Research, Inc.
  5. Cesar Rodrigues van der Laan & André Moreira Cunha & Tiago Wickstrom Alves, 2010. "External financial liberalization and growth in emerging countries: a panel data estimation using a new index (1990-2004)," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 33(2), pages 307-332, January.
  6. André Nassif, 2007. "National Innovation System And Macroeconomic Policies: Brazil And India In Comparative Perspective," UNCTAD Discussion Papers, United Nations Conference on Trade and Development 184, United Nations Conference on Trade and Development.

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