BRICS: Exchange Rate policy in Context of Internal and External Equilibrium
The article deals with the exchange rate policy of Brazil in period 1999 - 2012. The first part informs about the global development of the system of exchange rates and shows marked differences after 2008. This global course is supported in the case of Brazil. Next part is concentrated mostly on the interaction between exchange rate policy and internal and external equilibrium. Brazilian balance of payments seems to be suitable concept to catch these events, including often mentioned impacts of the so called unconventional monetary policy on emerging markets. Besides these effects the Brazilian economy was influenced by long-term changes in the global economy. Rising prices of Brazilian exported commodities belonged to the most important one. These prices influenced the exchange rate of the real. In authors´ point of view the recent development of Brazilian economy indicates the presence of the so called Dutch disease. The disease is closely connected to excessive (real) overvaluation of the currency and increasing volatility of terms of trade. To confirm this idea of the Dutch disease it is necessary to monitor forthcoming years very carefully.
Volume (Year): 2013 (2013)
Issue (Month): 4 ()
|Contact details of provider:|| Postal: nam. W. Churchilla 4, 130 67 Praha 3|
Phone: (02) 24 09 51 11
Fax: (02) 24 22 06 57
Web page: http://www.vse.cz/
More information through EDIRC
|Order Information:|| Postal: Český finanční a účetní časopis, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3|
Web: http://www.vse.cz/cfuc/ Email:
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sebastian Sosa & Gustavo Adler, 2011. "Commodity Price Cycles; The Perils of Mismanaging the Boom," IMF Working Papers 11/283, International Monetary Fund.
- Chamon, Marcos & Garcia, Márcio, 2016.
"Capital controls in Brazil: Effective?,"
Journal of International Money and Finance,
Elsevier, vol. 61(C), pages 163-187.
- Frederick van der Ploeg, 2008.
"Challenges and Opportunities for Resource Rich Economies,"
OxCarre Working Papers
005, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
- van der Ploeg, Frederick, 2006. "Challenges and Opportunities for Resource Rich Economies," CEPR Discussion Papers 5688, C.E.P.R. Discussion Papers.
- Emanuel Kohlscheen, 2014.
"Long‐Run Determinants Of The Brazilian Real: A Closer Look At Commodities,"
International Journal of Finance & Economics,
John Wiley & Sons, Ltd., vol. 19(4), pages 239-250, October.
- 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.
- João Barata R. B. Barroso & Luiz A. Pereira da Silva & Adriana Soares Sales, 2013.
"Quantitative Easing and Related Capital Flows into Brazil: measuring its effects and transmission channels through a rigorous counterfactual evaluation,"
Working Papers Series
313, Central Bank of Brazil, Research Department.
- Barroso, João Barata R.B. & da Silva, Luiz A. Pereira & Sales, Adriana Soares, 2016. "Quantitative easing and related capital flows into Brazil: Measuring its effects and transmission channels through a rigorous counterfactual evaluation," Journal of International Money and Finance, Elsevier, vol. 67(C), pages 102-122.
- Emanuel Kohlscheen & Sandro C. Andrade, 2013. "Official Interventions through Derivatives: affecting the demand for foreign exchange," Working Papers Series 317, Central Bank of Brazil, Research Department.
- Janet Gale Stotsky & Manuk Ghazanchyan & Olumuyiwa S Adedeji & Nils Ã˜vind Maehle, 2012. "The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa," IMF Working Papers 12/148, International Monetary Fund.
- Jonathan David Ostry & Atish R. Ghosh & Marcos d Chamon, 2012.
"Two Targets, Two Instruments; Monetary and Exchange Rate Policies in Emerging Market Economies,"
IMF Staff Discussion Notes
12/01, International Monetary Fund.
- Ghosh, Atish R. & Ostry, Jonathan D. & Chamon, Marcos, 2016. "Two targets, two instruments: Monetary and exchange rate policies in emerging market economies," Journal of International Money and Finance, Elsevier, vol. 60(C), pages 172-196.
- David Kupfer & Marta Castilho & Esther Dweck & Marcelo Nicoll, 2013. "Different Partners, Different Patterns: Trade and Labour Market Dynamics in Brazil's Post-Liberalisation Period," OECD Trade Policy Papers 149, OECD Publishing.
- International Monetary Fund, 2010. "When and Why Worry About Real Exchange Rate Appreciation? The Missing Link Between Dutch Disease and Growth," IMF Working Papers 10/271, International Monetary Fund.
- Eva Kislingerová, 2013. "Faktory prosperity podniků v lokálním a globálním prostředí optikou roku 2013," Ekonomika a Management, University of Economics, Prague, vol. 2013(2), pages 78-79.
- Aaron Howard Clifford Brown & Michael G Papaioannou & Iva Petrova, 2010. "Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds," IMF Working Papers 10/9, International Monetary Fund.
- John C Bluedorn & Rupa Duttagupta & Jaime Guajardo & Petia Topalova, 2013. "Capital Flows are Fickle; Anytime, Anywhere," IMF Working Papers 13/183, International Monetary Fund.
- Annabelle Mourougane, 2011. "Refining Macroeconomic Policies to Sustain Growth in Brazil," OECD Economics Department Working Papers 899, OECD Publishing.
- Leandro Medina, 2010. "The Dynamic Effects of Commodity Prices on Fiscal Performance in Latin America," IMF Working Papers 10/192, International Monetary Fund.
- Emanuel Kohlscheen, 2013.
"Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions,"
BIS Working Papers
426, Bank for International Settlements.
- Emanuel Kohlscheen, 2012. "Order Flow and the Real: Indirect Evidence of the Effectiveness of Sterilized Interventions," Working Papers Series 273, Central Bank of Brazil, Research Department.
- Annamaria Kokenyne & Romain M Veyrune & Karl F Habermeier & Harald J Anderson, 2009. "Revised System for the Classification of Exchange Rate Arrangements," IMF Working Papers 09/211, International Monetary Fund.
- Yongzhen Yu, 2011. "Identifying the Linkages between Major Mining Commodity Prices and Chinaâ€™s Economic Growthâ€”Implications for Latin America," IMF Working Papers 11/86, International Monetary Fund.
- Å ukasz Rawdanowicz & Romain Bouis & Shingo Watanabe, 2013. "The Benefits and Costs of Highly Expansionary Monetary Policy," OECD Economics Department Working Papers 1082, OECD Publishing.
- Matthew S Malloy, 2013. "Factors Influencing Emerging Market Central Banksâ€™ Decision to Intervene in Foreign Exchange Markets," IMF Working Papers 13/70, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:prg:jnlcfu:v:2013:y:2013:i:4:id:348:p:7-29. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Frantisek Sokolovsky)
If references are entirely missing, you can add them using this form.