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Integração Financeira E Autonomia De Política Monetária: Investigando Relações De Causalidade Para A Economia Brasileira Em Época Recente


  • André M. Marques
  • Adelar Fochezatto


In the last two decades the financial integration between countries arose. In consequence appeared questions on different degrees of autonomy of monetary politics of these countries. The traditional sight is that interest rate is determined by offer and demand of loaned funds and that the monetary authority has no autonomy to fix different rates from those ones of the market. But an alternative sight defends that it is possible to define with autonomy the domestic interest rate, even in this context. This study wants to analysis the viability of this latest sight for Brazilian real situation. The results suggest it could be feasible and then the monetary authority could reduce the interest rate to make possible a virtuous circle of greater growing and stability.

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  • André M. Marques & Adelar Fochezatto, 2004. "Integração Financeira E Autonomia De Política Monetária: Investigando Relações De Causalidade Para A Economia Brasileira Em Época Recente," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 079, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2004:079

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    References listed on IDEAS

    1. Joshua Aizenman & Nancy Marion, 2004. "International Reserve Holdings with Sovereign Risk and Costly Tax Collection," Economic Journal, Royal Economic Society, vol. 114(497), pages 569-591, July.
    2. Bar-Ilan, Avner & Marion, Nancy P. & Perry, David, 2007. "Drift control of international reserves," Journal of Economic Dynamics and Control, Elsevier, vol. 31(9), pages 3110-3137, September.
    3. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November.
    4. John F. O. Bilson & Jacob A. Frenkel, 1979. "Dynamic Adjustment and the Demand for International Reserves," NBER Working Papers 0407, National Bureau of Economic Research, Inc.
    5. Robert P Flood & Nancy P. Marion, 2002. "Holding International Reserves in an Era of High Capital Mobility," IMF Working Papers 02/62, International Monetary Fund.
    6. Grimes, Arthur, 1993. "International Reserves under Floating Exchanges Rates: Two Paradoxes Explained," The Economic Record, The Economic Society of Australia, vol. 69(207), pages 411-415, December.
    7. Frenkel, Jacob A & Jovanovic, Boyan, 1981. "Optimal International Reserves: A Stochastic Framework," Economic Journal, Royal Economic Society, vol. 91(362), pages 507-514, June.
    8. Ramachandran, M., 2004. "The optimal level of international reserves: evidence for India," Economics Letters, Elsevier, vol. 83(3), pages 365-370, June.
    9. Ferhan Salman & Aslihan Salih, 1999. "Modeling the Volatility In the Central Bank Reserves In An Emerging Market Setting," Working Papers 9901, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F02 - International Economics - - General - - - International Economic Order and Integration


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