This article analyzes the exchange rate misalignment in Brazil in the period between 1994 and the early 2008, exploring its causes and consequences. The method used was to adjust the exchange rate according to the economic fundamentals. The estimations led to an expected long-term exchange rate,...

This article analyzes the exchange rate misalignment in Brazil in the period between 1994 and the early 2008, exploring its causes and consequences. The method used was to adjust the exchange rate according to the economic fundamentals. The estimations led to an expected long-term exchange rate,...

The financial account of the balance of payments aggregates a set of heterogeneous flows, with marked differences in terms of purpose, risk, maturity and liquidity. With this perspective, the paper analyzes the factors that explain comparatively extreme events occurred in the flows of the three...

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...

The financial account of the balance of payments aggregates a set of heterogeneous flows, with marked differences in terms of purpose, risk, maturity and liquidity. With this perspective, the paper analyzes the factors that explain comparatively extreme events occurred in the flows of the three...

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...

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...