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External Adjustment and Equilibrium Exchange Rate in Brazil

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Author Info

  • Claudio Paiva

Abstract

This paper investigates the factors behind the significant improvement in Brazil''s external accounts and wide fluctuations of the real exchange rate since the floating of the real in 1999. Particular attention is devoted to the strong appreciation of the real from 2003-05. Econometric estimates of of behavioral equilibrium exchange rate (BEER) model for Brazil show that most of this appreciation was an equilibrium response to improved economic fundamentals.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/221.

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Length: 22
Date of creation: 01 Oct 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/221

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Related research

Keywords: Exchange rates; Floating exchange rates; exchange rate; real effective exchange rate; reer; equilibrium exchange rate; real exchange rate; export market; exchange rate dynamics; unit labor costs; effective exchange rate; export prices; exchange rate peg; export volumes; current account balance; export growth; currency appreciation; export volume; floating exchange rate; floating exchange rate regime; exchange rate regime; export market shares; real exchange rates; foreign exchange; exchange rate fluctuations; exchange rate depreciation; export market share; expansion of export; trade surplus; import prices; exchange rate deviations; real exchange rate depreciation; economic indicators; exchange rate appreciation; exchange rate index; export activities; capital account liberalization;

References

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  1. Égert, Balázs, 2005. "Equilibrium exchange rates in Southeastern Europe, Russia, Ukraine and Turkey: Healthy or (Dutch) diseased?," BOFIT Discussion Papers 3/2005, Bank of Finland, Institute for Economies in Transition.
  2. Juan Zalduendo, 2006. "Determinants of Venezuela'S Equilibrium Real Exchange Rate," IMF Working Papers 06/74, International Monetary Fund.
  3. Martin Melecky & Lubos Komarek, 2005. "The Behavioral Equilibrium Exchange Rate of the Czech Koruna," International Finance 0504010, EconWPA.
  4. Julia Campos & Neil R. Ericsson, 2000. "Constructive data mining: modeling consumers' expenditure in Venezuela," International Finance Discussion Papers 663, Board of Governors of the Federal Reserve System (U.S.).
  5. Francisco Maeso-Fernandez & Chiara Osbat & Bernd Schnatz, 2002. "Determinants of the Euro Real Effective Exchange Rate: A BEER/PEER Approach," Australian Economic Papers, Wiley Blackwell, vol. 41(4), pages 437-461, December.
  6. Leslie Lipschitz & Donogh McDonald, 1991. "Real Exchange Rates and Competitiveness," IMF Working Papers 91/25, International Monetary Fund.
  7. Ronald MacDonald & Peter B. Clark, 1998. "Exchange Rates and Economic Fundamentals," IMF Working Papers 98/67, International Monetary Fund.
  8. Peter Isard & Hamid Faruqee, 1998. "Exchange Rate Assessment," IMF Occasional Papers 167, International Monetary Fund.
  9. Kakkar, Vikas & Ogaki, Masao, 1999. "Real exchange rates and nontradables: A relative price approach," Journal of Empirical Finance, Elsevier, vol. 6(2), pages 193-215, April.
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Citations

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Cited by:
  1. Emanuel Kohlscheen, 2013. "Long-Run Determinants of the Brazilian Real: a closer look at commodities," Working Papers Series 314, Central Bank of Brazil, Research Department.
  2. Rodrigo Caputo G. & Igal Magendzo, 2009. "Do Exchange Rate Regimes Matter For Inflation And Exchange Rate Dynamics? The Case Of Central America," Working Papers Central Bank of Chile 517, Central Bank of Chile.
  3. Sengül Dagdeviren & Ayla Ogu? Binatli & Niloufer Sohrabji, 2012. "Misalignment Under Different Exchange Rate Regimes: the Case of Turkey," Economie Internationale, CEPII research center, issue 130, pages 81-98.
  4. Rodrigo Caputo & Miguel Fuentes, 2012. "Government Spending and the Real Exchange Rate: a Cross - Country Perspective," Working Papers Central Bank of Chile 655, Central Bank of Chile.
  5. Eugenio Cerutti & Mario Mansilla, 2008. "Bolivia," IMF Working Papers 08/154, International Monetary Fund.
  6. Bassem Kamar & Jean-Etienne Carlotti & Russell C. Krueger, 2009. "Establishing Conversion Values for New Currency Unions," IMF Working Papers 09/184, International Monetary Fund.
  7. Rodrigo Caputo & Mariel Siravegna, 2014. "RER Appreciation After the Great Recession: Misalignment or Fundamental Correction?," Working Papers Central Bank of Chile 718, Central Bank of Chile.
  8. Moura, Marcelo, 2008. "Testing the Taylor Model Predictability for Exchange Rates in Latin America," Insper Working Papers wpe_119, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.

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