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Determinantes da taxa de câmbio real no Brasil: 1971-2002

Author

Listed:
  • Marco Flávio da Cunha Resende

    (Cedeplar-UFMG)

  • Giordano Bruno Braz de Pinho Matos

Abstract

The theoretical and empirical international trade literature suggests that there is long-term valuation/devaluation of the real exchange rate in the developed/undeveloped economies. We argue that the real exchange rate is affected by: i) intercountry differentials of the services sector development; and, ii) non-neutral characteristic of the international financial system, demonstrated in the Post-Keynesian approach. An equation for the Brazilian real exchange rate was estimated in this paper (1971-2002) and the international liquidity variable and a proxy variable for the differentials of the services sector development were included in the equation. The econometric procedures were based on the Engle-Granger and Johansen methods. The results do not reject the hypothesis put forward in this paper.

Suggested Citation

  • Marco Flávio da Cunha Resende & Giordano Bruno Braz de Pinho Matos, 2005. "Determinantes da taxa de câmbio real no Brasil: 1971-2002," Textos para Discussão Cedeplar-UFMG td252, Cedeplar, Universidade Federal de Minas Gerais.
    • Handle: RePEc:cdp:texdis:td252
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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20252.pdf
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    More about this item

    Keywords

    real exchange rate; purchasing-power parity; international liquidity;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

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