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Exportação de Bens Primários e Apreciação do Câmbio Real: Há Uma Ligação?

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  • Nelson Marconi
  • Marcos Rocha

Abstract

A taxa real de câmbio real (TCR) pode ser considerada um dos mais relevantes preços relativos da economia, dada a influência que exerce sobre inúmeros outros preços e variáveis, e pode estar sobrevalorizada, dentre outros fatores, como sintoma da existência de um processo de Doença Holandesa. Assim, buscando comprovar esta última afirmação, investigou-se neste trabalho se há uma relação entre concentração da pauta de exportações em commodities e apreciação da TCR. Para isso, foi construído, a partir de um painel cointegrado para 102 países, um índice de desalinhamento da TCR, com o intuito de relacioná-lo ao tipo de pauta de exportação dos países. Primeiramente foram feitos testes para definir os determinantes da TCR de longo prazo e, posteriormente, para identificar aqueles que concorrem para a sua sobreapreciação. Os resultados demonstram que uma pauta de exportações concentrada em produtos primários contribui para apreciar a TCR, enquanto uma pauta com maior participação de manufaturados não exerce o mesmo efeito, o que é condizente com os efeitos esperados pelos modelos teóricos de Doença Holandesa. The real exchange rate (RER) can be considered one of the most important relative price of economics, given the influence it exerts on many other prices and variables, and may be overvalued, among other factors, as a symptom of the existence of a Dutch disease process. Thus, seeking to prove that assertion, this study investigated whether there is a relationship between the concentration of exports in commodities and appreciation of the real exchange rate. We constructed an index of RER misalignment from a cointegrated panel of 102 countries, in order to relate it to the type of export basket of countries. At first tests were undertaken to define the determinants of long-term real exchange rate and, subsequently, to identify those that contribute to its overvaluation. The results demonstrate that an export basket focused on primary products contributes to appreciate the real exchange rate, while an export basket with a higher share of manufactured products does not have the same effect, which is consistent with the effects expected by the theoretical models of Dutch disease.

Suggested Citation

  • Nelson Marconi & Marcos Rocha, 2014. "Exportação de Bens Primários e Apreciação do Câmbio Real: Há Uma Ligação?," Discussion Papers 1921, Instituto de Pesquisa Econômica Aplicada - IPEA.
  • Handle: RePEc:ipe:ipetds:1921
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    References listed on IDEAS

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