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Câmbio, juros e o movimento de reservas: Faz sentido o uso de um "quebra-molas"?

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  • Dionísio Dias Carneiro

    (Department of Economics PUC-Rio)

  • Thomas Wu

Abstract

We examine the relationship between international reserves variation and the exchange rate and interest rate movements for the past years of the Brazilian economy. The empirical evidence obtained for the international reserves variation captures the distinction between the two exchange rate regimes after stabilization and that the international reserves movements has been affected by the movements of the interest rate and of the exchange rate (the observed exchange rate as a proxy of the expected exchange rate). Furthermore, the results suggest a reason for the Central Bank conservative behavior in keeping the interest rate high in order to avoid excessive movements of the international reserves.

Suggested Citation

  • Dionísio Dias Carneiro & Thomas Wu, 2002. "Câmbio, juros e o movimento de reservas: Faz sentido o uso de um "quebra-molas"?," Textos para discussão 459, Department of Economics PUC-Rio (Brazil).
    • Handle: RePEc:rio:texdis:459
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    Cited by:

    1. Francisco Eduardo Pires de Souza & Cecília Rutkoski Hoff, 2003. "O Regime Cambial Brasileiro: Flutuação Genuína ou Medo de Flutuação?," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31st Brazilian Economics Meeting] c60, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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