Liberalização da conta de capital e fluxos de portfólio para o Brasil
AbstractThe 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 220.
Date of creation: 25 Jun 2010
Date of revision:
Contact details of provider:
Postal: Rua Itapeva, 474, 13o andar, CEP 01332-000, São Paulo - SP
Phone: 55 (011) 3799-3350
Fax: 55 (011) 3799-3357
Web page: http://eesp.fgv.br
More information through EDIRC
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-10 (All new papers)
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Núcleo de Computação da EPGE).
If references are entirely missing, you can add them using this form.