This paper analyzes Brazilian vulnerability to changes in international state of expectations as a result from the nature of its insertion in the external scenario and from institutional changes in foreign exchange market and financial account convertibility. For that purpose, it evaluates the...

This paper analyzes Brazilian vulnerability to changes in international state of expectations as a result from the nature of its insertion in the external scenario and from institutional changes in foreign exchange market and financial account convertibility. For that purpose, it evaluates the...

This paper aims at analyzing the relationship between capital account liberalization,economic performance and macroeconomic stability in Brazil. For this purpose,besides a revision in the literature, the paper develops an empirical study on the effects of financial liberalization in Brazil on a...

This paper aims at analyzing the relationship between capital account liberalization,economic performance and macroeconomic stability in Brazil. For this purpose,besides a revision in the literature, the paper develops an empirical study on the effects of financial liberalization in Brazil on a...

One of the basic features of last decade was the formation of groups of emerging economies, as well as the acceptance of their role as important players in the determination of global growth. Recent years have shown, however, a fall in the rate of growth of these economies. In this article we...

One of the basic features of last decade was the formation of groups of emerging economies, as well as the acceptance of their role as important players in the determination of global growth. Recent years have shown, however, a fall in the rate of growth of these economies. In this article we...

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 balance of payments' financial account aggregates a very heterogeneous set of capital flows. Among other features, these investments differ in terms of maturity, risk, liquidity and receptor. From this viewpoint, this paper analyzes comparatively the behavior of the main components of the...