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Capitais internacionais: complementares ou substitutos?


  • Araújo, Carlos Hamilton Vasconcelos
  • Flôres Junior, Renato Galvão


This paper presents a theoretical and empirical analysis of the substitutability of international private capital flows. Both univariate and multivariate investigations of the capital movements related to the Brazilian economy during the period 1991-1998 are conducted. Contrary to other studies, we find an equilibrium relationship linking the flows. We also find support for the complementarity hypothesis in the long term and for the substitutability hypothesis in the short term.

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  • Araújo, Carlos Hamilton Vasconcelos & Flôres Junior, Renato Galvão, 2003. "Capitais internacionais: complementares ou substitutos?," FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) 506, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil).
  • Handle: RePEc:fgv:epgewp:506

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