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Conseqüências Da Liberalização Da Conta De Capitais Para A Inflação Brasileira: A Experiência Durante O Regime De Câmbio Fixo

Author

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  • Helder Ferreira de Mendonça
  • Manoel Carlos de Castro Pires

Abstract

In the 1990s the idea that capital account liberalization represented a mechanism for disciplining the conduction of the monetary policy in the search for price stability was developed. Based on this argument a new version of Gruben e McLeod's (2001) model and an empirical analysis were made for the Brazilian case with the objective of evaluating if the increase in the capital account liberalization after the introduction of the Real Plan contributed to price stability. The findings denote that an increase in the capital account liberalization is capable of attenuating inflationary pressure. Notwithstanding, the relation found is valid only in the short run.

Suggested Citation

  • Helder Ferreira de Mendonça & Manoel Carlos de Castro Pires, 2004. "Conseqüências Da Liberalização Da Conta De Capitais Para A Inflação Brasileira: A Experiência Durante O Regime De Câmbio Fixo," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 068, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    • Handle: RePEc:anp:en2004:068
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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