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| 008 | 071203s2003 bl ||||gr |0|| 0 por d | ||
| 100 | 1 |
_aFARIA, Lauro Vieira de _933194 |
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| 245 | 1 | 0 |
_aFinancial markets, external shocks and policy responses : _bthe case of Brasil 2001 |
| 260 |
_aSão Paulo : _bEditora 34, _cout./dez. 2003 |
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| 520 | 3 | _aThis paper evaluates the macroeconomic response of the Brazilian government in 2001 following the emergence of sharp negative events in both the external and internal sectors with particular focus on monetary and exchange rate policies. It points out that the kind of macroeconomic reaction depicted by the standard Mundell-Fleming model is of little practical importance in a small open economy engulfed in dollar denominated debts and experiencing a confidence crisis like Brazils. The Brazilian economy operates as if there were some sorts of ceilings for the exchange rate and for interest rates, in a clear departure from the assumptions embodied in the pure model. In this kind of environment another set of actions is required to fight a dangerous exchange rate overshooting and that is proven by the events of 2001. Whilst the actions taken by the monetary authorities proved successful at that moment the paper shows that they came with sizeable real and financial costs as collateral. Therefore, the paper argues in favour of another set of macroeconomic responses which should have been preferred if we were to avoid such costs | |
| 590 | _aRevista de Economia Política | ||
| 590 | _aOutubro-Dezembro 2003 | ||
| 590 | _av. 23 n. 4 (92) | ||
| 773 | 0 | 8 |
_tRevista de Economia Política = Brazilian Journal of Political Economy _g23, 4, p. 43-57 _dSão Paulo : Editora 34, out./dez. 2003 _xISSN 01013157 _w |
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_a20071203 _b1629^b _cMariana |
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_a20140204 _b1454^b _ckarina |
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_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c25158 _d25158 |
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