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Liberalização da conta de capital e fluxos de portfólio para o Brasil

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  • Veríssimo, Michele Polline
  • Brito, Márcio Holland de

Abstract

The present work seeks to investigate the dynamics of capital account liberalization and its impact on short run capital flows to Brazil in the period of 1995-2002, considering different segments such as the monetary, derivative and equity markets. This task is pursued by developing a comparative study of financial flows and examining how it is affected by the uncovered interest parity, country risk and the legislation on portfolio capital flows. The empirical framework is based on a vector autoregressive (VAR) analysis using impulse-response functions, variance decomposition and Granger causality tests. In general terms the results indicate a crucial role played by the uncovered interest parity and the country risk to explain portfolio flows, and a less restrictive (more liberalized) legislation is not significant to attract such flows.

Suggested Citation

  • Veríssimo, Michele Polline & Brito, Márcio Holland de, 2010. "Liberalização da conta de capital e fluxos de portfólio para o Brasil," Textos para discussão 220, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    • Handle: RePEc:fgv:eesptd:220
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