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Capital Flows and Controls in Brazil: What Have We Learned?

  • Ilan Goldfajn
  • André Minella

This paper analyzes the relationship between capital account liberalization and macroeconomic volatility using Brazil as a case study. The paper provides several stylized facts regarding the evolution of capital flows and controls in Brazil in the last three decades. We conclude that, notwithstanding the financial crises and macroeconomic volatility of the recent past, capital account liberalization and the floating exchange regime have led to a more resilient economy. Further liberalization of the capital account is warranted and should be accompanied by a broad range of reforms to improve and foster stronger institutions.

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File URL: http://www.nber.org/papers/w11640.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11640.

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Date of creation: Sep 2005
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Publication status: published as Capital Flows and Controls in Brazil: What Have We Learned? , Ilan Goldfajn, André Minella. in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences , Edwards. 2007
Handle: RePEc:nbr:nberwo:11640
Note: IFM
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  1. Gustavo Barroso Franco & Demosthenes Madureira de Pinho Neto, 2004. "A desregulamentação da conta de capitais: limitações macroeconômicas e regulatórias," Textos para discussão 479, Department of Economics PUC-Rio (Brazil).
  2. Marcio G. P. Garcia & Alexandre Barcinski, 1996. "Capital flows to Brazil in the nineties: Macroeconomic aspects and the effectiveness of capital controls," Textos para discussão 357, Department of Economics PUC-Rio (Brazil).
  3. Sebastian Edwards, 2005. "Capital Controls, Sudden Stops and Current Account Reversals," NBER Working Papers 11170, National Bureau of Economic Research, Inc.
  4. Maurice Obstfeld and Kenneth Rogoff., 1994. "The Intertemporal Approach to the Current Account," Center for International and Development Economics Research (CIDER) Working Papers C94-044, University of California at Berkeley.
  5. Akira Ariyoshi & Andrei Kirilenko & Inci Ötker & Bernard Laurens & Jorge Iván Canales Kriljenko & Karl Friedrich Habermeier, 2000. "Capital Controls: Country Experiences with Their Use and Liberalization," IMF Occasional Papers 190, International Monetary Fund.
  6. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, June.
  7. Eliane A. Cardoso & Ilan Goldfajn, 1997. "Capital Flows to Brazil: The Endogeneity of Capital Controls," IMF Working Papers 97/115, International Monetary Fund.
  8. Márcio gomes Pinto Garcia & Marcus Vinicius Ferrero Valpassos, 1998. "Capital flows, capital controls and currency crisis: the case of Brazil in the nineties," Textos para discussão 389, Department of Economics PUC-Rio (Brazil).
  9. Barry P. Bosworth & Susan M. Collins, 1999. "Capital Flows to Developing Economies: Implications for Saving and Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 143-180.
  10. Fernando Ferrari-Filho & Frederico G. Jayme Jr & Gilberto Tadeu Lima & José Luís Oreiro & Luiz Fernando de Paula, 2004. "Uma avaliação crítica da proposta de conversibilidade plena do real," Textos para Discussão Cedeplar-UFMG td235, Cedeplar, Universidade Federal de Minas Gerais.
  11. Sims, Christopher A & Stock, James H & Watson, Mark W, 1990. "Inference in Linear Time Series Models with Some Unit Roots," Econometrica, Econometric Society, vol. 58(1), pages 113-44, January.
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