IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/21116_5.html
   My bibliography  Save this book chapter

The role of capital flow management measures when the bubble bursts: the Brazilian experience in the global financial crisis and in the COVID-19 pandemic

In: Central Banks and Monetary Regimes in Emerging Countries

Author

Listed:
  • Luiza Peruffo
  • Pedro Perfeito da Silva
  • André Moreira Cunha

Abstract

Contrasting the performance of the Brazilian economy during the 2007-2009 Global Financial Crisis and during the ongoing COVID-19 pandemic, this chapter discusses the role of capital flows management measures (CFMs) to (i) manage the global financial cycle in developing and emerging economies (DEEs) and to (ii) create policy space for them to fight crises. It investigates the relation between the degree of financial integration and macroeconomic performance by looking at CFMs employed by Brazil before, during and after the two crises. It argues that Brazil's economic performance can be attributed both to a structural component of the international monetary and financial system (IMFS) and to Brazil's domestic policy decisions. Building on the Brazilian experience, this chapter reasons that CFMs are important not just when the bubble bursts, but rather as a perennial macroeconomic tool to reduce the negative effects of the global financial cycle to DEEs in a hierarchical IMFS.

Suggested Citation

  • Luiza Peruffo & Pedro Perfeito da Silva & André Moreira Cunha, 2023. "The role of capital flow management measures when the bubble bursts: the Brazilian experience in the global financial crisis and in the COVID-19 pandemic," Chapters, in: Fernando Ferrari-Filho & Liuz Fernando de Paula (ed.), Central Banks and Monetary Regimes in Emerging Countries, chapter 5, pages 82-102, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21116_5
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/edcoll/9781802203981/9781802203981.00011.xml
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Development Studies; Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:21116_5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.