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The " Hot Money " Phenomenon in Brazil

Author

Listed:
  • Mylène Gaulard

    (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2)

Abstract

Because of its high interest rates, Brazil attracts more and more speculative capital flows, called " hot money " , under the form of foreign loans, direct or portfolio investments. Actually, the country is directly involved in a carry-trade strategy that tends to appreciate the real, what penalizes the Brazilian exportations of manufactured products. Moreover, capital inflows are extremely volatile, and their departure, causing a fall in loans granted to the Brazilian private banks, could provoke a dangerous burst of the speculative bubble they have contributed to form in the Brazilian real estate sector.

Suggested Citation

  • Mylène Gaulard, 2012. "The " Hot Money " Phenomenon in Brazil," Post-Print halshs-01811575, HAL.
    • Handle: RePEc:hal:journl:halshs-01811575
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    Cited by:

    1. Marcelo M. de Oliveira & Alexandre C. L. Almeida, 2014. "Testing for rational speculative bubbles in the Brazilian residential real-estate market," Papers 1401.7615, arXiv.org.

    More about this item

    Keywords

    Brazil; Carry-trade; Capital inflows; Speculative bubbles;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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