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Efeito Da Abertura Comercial Na Variação Da Taxa De Câmbio Real Em Episódios De Sudden Stop

  • Enrico Vasconcelos
  • Maria Cristina Terra
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    This paper investigates the relationship between trade openness and the current account reversal cost in economies that have experienced sudden stops. At the beginning of such episode, governments usually attempt to equilibrate the balance of payments spending international reserves, but sudden stops use to linger on up to a RER depreciation. A simple model shows more intense trade balance response to RER depreciation in more open economies. This stronger response makes the current account reversal less costly. We confirmed the model prediction for developing countries in an empirical exercise involving 53 countries' quarterly data series between 1970 and 2003.

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    File URL: http://www.anpec.org.br/encontro2005/artigos/A05A081.pdf
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    Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] with number 081.

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    Date of creation: 2005
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    Handle: RePEc:anp:en2005:081
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