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Crise Cambial Brasileira -Fundamentos vs. Ataque auto-realizavel -

Author

Listed:
  • Shoji Nishijima

    (Kobe University)

  • Eduardo Kiyoshi Tonooka

    (Kobe University and Sao Paulo University)

Abstract

This paper claims that the Brazilian currency crisis can be better understood within a framework which encompasses economic fundamentals analysis and self-fulfilling expectations. Insufficient fiscal adjustment and political uncertainties have caused a sudden shift in private expectations which lead to a run on the Brazilian real. Following Sachs, Tornell & Velasco (1996b), it is shown that the Brazilian economy was trapped in a multiple equilibria environment so that the crisis has just reflected the jump from an equilibrium without exchange devaluation to another equilibrium with devaluation.

Suggested Citation

  • Shoji Nishijima & Eduardo Kiyoshi Tonooka, 2000. "Crise Cambial Brasileira -Fundamentos vs. Ataque auto-realizavel -," Kobe Economic & Business Review, Research Institute for Economics & Business Administration, Kobe University, vol. 44, pages 15-51, February.
    • Handle: RePEc:kob:review:feb2000::v:44:p:15-51
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    More about this item

    Keywords

    Real Plan; currency crisis; exchange-rate policy; sulf-fulfilling attack;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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