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Uma Investigação Dos Efeitos Da Abertura Da Conta De Capital Brasileira Sobre Variáveis Macroeconômicas: 1990 À 2012

Author

Listed:
  • Antoniele D`Lean Pereira

    (FACE-UFG, Ciências Econômicas)

  • Antonio Marcos de Queiroz

    (FACE-UFG, Ciências Econômicas)

  • Sabrina Faria de Queiroz

    (FACE-UFG, Ciências Econômicas)

  • Sérgio Fornazier Meyrelles Filho

    (FACE-UFG, Ciências Econômicas)

Abstract

This paper aims to analyze empirically the relationship between the degree of capital mobility and Brazilian economic performance from 1999 to 2012. This is summarized through analysis of economic growth, interest and inflation rates behavior. Primarily, a brief overview is presented regarding the problems involved in capital mobility measurement, as well as a review of empirical literature about its potential impacts over long term economic growth considering different periods and country samples. Subsequently, methodological aspects and the central results of this proposed investigation are detailed. Upon econometric estimation of vector autoregressions (VAR) through a Financial Integration indicator based on the sum of total capital in and out flows, the results of this study provide limited evidence that more capital mobility is, in Brazilian case, associated to an effective improvement in macroeconomic performance. When it comes to this conclusion, no variables analyzed seem to have a positive and robust relationship as compared with variation in financial integration degree of the economy.

Suggested Citation

  • Antoniele D`Lean Pereira & Antonio Marcos de Queiroz & Sabrina Faria de Queiroz & Sérgio Fornazier Meyrelles Filho, 2014. "Uma Investigação Dos Efeitos Da Abertura Da Conta De Capital Brasileira Sobre Variáveis Macroeconômicas: 1990 À 2012," Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG 046, Curso de Ciencias Economicas da Universidade Federal de Goias - FACE.
    • Handle: RePEc:ufb:wpaper:046
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    Keywords

    International Financial Integration. Capital Controls. Macroeconomic Performance;

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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