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...

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...

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...

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...

The paper uses the procedure developed first by Campbell (1987) to test, for the Brazilian economy, the proposition that the balance of the current account is negatively related to the present value of the future changes of the GDP net of the investment and consumption of the government. Within...

The aim of this article is to present a modified kaldorian cumulative causation model in order to discuss the effects of changes in the monetary policy rules and on the degree of openness in capital account over dynamic trajectories of growth rate of GDP, nominal interest rate, nominal and real...

In recent years, Brazilian economic performance has been influenced by increasingly volatile financial flows and episodes of capital flight, which have occurred mainly due to external events, out of control or influence of the domestic monetary authorities. This paper aims to measure the...