The current financial crisis has deepened during the end of 2008. The multinational corporations (MNCs) are trying to adapt themselves, the international organizations are debating possible solutions, and the governments are increasing their capacity to intervene in the economy. This work...

The current financial crisis has deepened during the end of 2008. The multinational corporations (MNCs) are trying to adapt themselves, the international organizations are debating possible solutions, and the governments are increasing their capacity to intervene in the economy. This work...

This paper makes an empirical analysis about the importance of nominal shocks and real disturbances on the Brazilian/USA real exchange rate (TCR) during the period of January of 1999 to December of 2003. Based in the Mundell-Flemming-Obstfeld model and data base obtained from the IPEA ,...

This paper makes an empirical analysis about the importance of nominal shocks and real disturbances on the Brazilian/USA real exchange rate (TCR) during the period of January of 1999 to December of 2003. Based in the Mundell-Flemming-Obstfeld model and data base obtained from the IPEA, different...

We thoroughly describe the workings of the Brazilian interbank exchange rate market: agents, products, regulation, operation and risks. We analyse the recent evolution of the exchange rate market and came to a negative evaluation of the current exchange rate trading system, thereby suggesting an...

We thoroughly describe the workings of the Brazilian interbank exchange rate market: agents, products, regulation, operation and risks. We analyse the recent evolution of the exchange rate market and came to a negative evaluation of the current exchange rate trading system, thereby suggesting an...

This study aims to examine the theoretical literature concerning exchange-rate and balance-of-payments determination, in order to investigate how an exchange rate change may affect one country's foreign trade flows. Therefore, we analyze the different categories of balance-of-payments models -...

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...

This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 2004 and the third trimester of 2012, by applying the new Jeanne e Rancière (2011) framework, using different scenarios. The estimates of the optimal holdings of this asset are calculated...

This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 1998 and the same trimester of 2008, by applying the Jeanne e Ranciére (2006) framework, using different scenarios. We also estimate the fiscal costs of holding this asset, as well as the...