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A Economia Política Da Conversibilidade Do Real: Uma Crítica A Arida


  • Fernando Ferrari-Filho
  • Frederico G. Jayme Jr.
  • Gilberto Tadeu Lima
  • José Luís Oreiro
  • Luiz Fernando de Paula


This paper aims at discussing critically Pérsio Arida's proposal of adopting full currency convertibility in Brazil. Arida (2003a, 2003b, 2004) points out that currency convertibility would make for lower domestic interest rates in Brazil, as well as for lower interest rates for the Brazilian external bonds. Besides, currency convertibility would stabilize capital flows, as well as exchange rate volatility in Brazil. We argue in this paper that this proposal does not lead necessarily either to less exchange rate volatility, or to lower interest rates. Finally, we close the paper by presenting some alternatives in terms of capital controls in Brazil.

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  • Fernando Ferrari-Filho & Frederico G. Jayme Jr. & Gilberto Tadeu Lima & José Luís Oreiro & Luiz Fernando de Paula, 2004. "A Economia Política Da Conversibilidade Do Real: Uma Crítica A Arida," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 021, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2004:021

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    References listed on IDEAS

    1. Abreu, Marcelo de Paiva, 1974. "A missão Niemeyer," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 14(4), July.
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F02 - International Economics - - General - - - International Economic Order and Integration


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