Liberalização da Conta de Capitais e Inflação: A Experiência Brasileira no Período Pós-Real
In the 1990s the idea that capital account liberalization represented a mechanism fordisciplining the conduction of the monetary policy in the search for price stabilitywas developed. Based on this argument, a new version of Gruben e McLeod?s (2001)model applying a dynamic public debt constraint to the monetary authority?s utilityfunction is made. Furthermore, an empirical analysis (through application of VAR)was made for the Brazilian case with the objective of evaluating if the increase in thecapital account liberalization after the introduction of the Real Plan contributed toprice stability. The findings denote that a decrease in the capital accountliberalization is capable of attenuating inflationary pressure and that the duration ofthis effect depends on the exchange regime used.
|Date of creation:||Oct 2005|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.ipea.gov.br
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Maurice Obstfeld & Alan M. Taylor, 1997.
"The Great Depression as a Watershed: International Capital Mobility over the Long Run,"
NBER Working Papers
5960, National Bureau of Economic Research, Inc.
- Maurice Obstfeld & Alan M. Taylor, 1998. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 353-402 National Bureau of Economic Research, Inc.
- Obstfeld, Maurice & Taylor, Alan M., 1997. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," CEPR Discussion Papers 1633, C.E.P.R. Discussion Papers.
- Leonardo Bartolini & Allan Drazen, 1996.
"Capital Account Liberalization as a Signal,"
NBER Working Papers
5725, National Bureau of Economic Research, Inc.
- Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
- Carmen M. Reinhart, 2000. "Mirage of Floating Exchange Rates," American Economic Review, American Economic Association, vol. 90(2), pages 65-70, May.
- Robert J. Barro & David B. Gordon, 1983.
"Rules, Discretion and Reputation in a Model of Monetary Policy,"
NBER Working Papers
1079, National Bureau of Economic Research, Inc.
- Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
- Reinhart, Carmen, 2000. "The mirage of floating exchange rates," MPRA Paper 13736, University Library of Munich, Germany.
- Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2001.
" Central Bank Independence: An Update of Theory and Evidence,"
Journal of Economic Surveys,
Wiley Blackwell, vol. 15(1), pages 3-40, February.
- Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2000. "Central Bank Independence: An Update of Theory and Evidence," CEPR Discussion Papers 2353, C.E.P.R. Discussion Papers.
- Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995.
"Two Cases for Sand in the Wheels of International Finance,"
Royal Economic Society, vol. 105(428), pages 162-72, January.
- Barry Eichengreen, James Tobin, and Charles Wyplosz., 1994. "Two Cases for Sand in the Wheels of International Finance," Center for International and Development Economics Research (CIDER) Working Papers C94-045, University of California at Berkeley.
When requesting a correction, please mention this item's handle: RePEc:ipe:ipetds:1121. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fabio Schiavinatto)
If references are entirely missing, you can add them using this form.