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Globalização Econômica e Investimentos no Brasil

Author

Listed:
  • Fernando de Aquino Fonseca Neto

    (Banco Central do Brasil)

  • Joanílio Rodolpho Teixeira

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

Abstract

This paper analyse the determinants of investment in Brazil in an environment of globalisation. To achieve a proper identification the economy is divided in three sectors: public, domestic private and international private. Since the growth of volatility is one of the main results of the globalisation, we deal with some theories of investment under uncertainty. The GARCH model to measure the volatility of exchange and prices is applied. Impulseresponse functions indicate the levels of demand as the main determinant of investment – Verdoorn Law mechanism – followed by exchange rate levels, while volatility has a systematic and significant influence.

Suggested Citation

  • Fernando de Aquino Fonseca Neto & Joanílio Rodolpho Teixeira, 2004. "Globalização Econômica e Investimentos no Brasil," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 322, Departamento de Economia da Universidade de Brasilia.
    • Handle: RePEc:brs:wpaper:322
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    File URL: http://vsites.unb.br/face/eco/cpe/TD/322nov2004Aquino.pdf
    File Function: First version, 2004
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    More about this item

    Keywords

    Globalisation; Investment; GARCH models; Impulse-response functions;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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