| 000 | 02385naa a2200277uu 4500 | ||
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| 001 | 5043015313544 | ||
| 003 | OSt | ||
| 005 | 20190211181403.0 | ||
| 008 | 150430s2015 bl ||||gr |0|| 0 eng d | ||
| 100 | 1 |
_aNASSIF, André _933374 |
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| 245 | 1 | 0 |
_aOvervaluation trend of the Brazilian currency in the 2000s : _bempirical estimation |
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_aSão Paulo : _bEditora 34, _cJan./Mar. 2015 |
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| 520 | 3 | _aThe aim of this paper is to discuss the trend of overvaluation of the Brazilian currency in the 2000s, presenting an econometric model to estimate the real exchange rate (RER) and which should be a reference level of the RER to guide longterm economic policy. In the econometric model, we consider long-term structural and short-term components, both of which may be responsible for explaining overvaluation trend of the Brazilian currency. Our econometric exercise confirms that the Brazilian currency had been persistently overvalued throughout almost all of the period under analysis, and we suggest that the long-term reference level of the real exchange rate was reached in 2004. In July 2014, the average nominal exchange rate should have been around 2.90 Brazilian reais per dollar (against an observed nominal rate of 2.22 Brazilian reais per dollar) to achieve the 2004 real reference level (average of the year). That is, according to our estimates, in July 2014 the Brazilian real was overvalued at 30.6 per cent in real terms relative to the reference level. Based on these findings we conclude the paper suggesting a mix of policy instruments that should have been used in order to reverse the overvaluation trend of the Brazilian real exchange rate, including a target for reaching a real exchange rate in the medium and the long-run which would favor resource allocation toward more technological intensive sectors | |
| 590 | _aISSN eletrônico: 18094538 | ||
| 650 | 4 |
_aPolítica Monetária _912053 |
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| 650 | 4 |
_aCambio _913714 |
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| 650 | 4 |
_aAnálise _915049 |
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| 700 | 1 |
_aFEIJÓ, Carmem _951995 |
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| 700 | 1 |
_aARAÚJO, Eliane _938510 |
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| 773 | 0 | 8 |
_tRevista de Economia Política = Brazilian Journal of Political Economy _g35, 1 (138), p. 3-27 _dSão Paulo : Editora 34, Jan./Mar. 2015 _xISSN 01013157 _w |
| 856 | 4 | 2 |
_uhttp://www.rep.org.br/PDF/138-1.PDF _yAcesso |
| 942 | _cS | ||
| 998 |
_a20150430 _b1531^b _cFabio |
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| 998 |
_a20160317 _b0927^b _cLarissa |
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| 999 |
_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c48356 _d48356 |
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| 041 | _aeng | ||