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Liberalização da conta de capital e fluxos de portfólio para o Brasil


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  • Polline Veríssimo, Michele
  • Brito, Marcio Holland de


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

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Paper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 220.

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Date of creation: 25 Jun 2010
Date of revision:
Handle: RePEc:fgv:eesptd:220

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