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A dinâmica da taxa de câmbio face às operações swap no Brasil (2002-2015): uma interpretação pós-keynesiana
| Content Provider | Semantic Scholar |
|---|---|
| Author | Araújo, Leandro Vieira Lima Terra, Fábio Henrique Bittes |
| Copyright Year | 2018 |
| Abstract | Based on the Post-Keynesian theory, we investigate the relationship between the Brazilian Real exchange rate behavior and the Brazilian Central Bank swap interventions over 2002-2015. Initially, we analyze open market economy properties and present theoretical propositions on the exchange rate determination, highlighting features of the Brazilian foreign exchange market and of Brazil's position in the international monetary system. Then, we undertake empirical exams on the nominal and real-effective exchange rates determination using two statistical methods. In order to measure the volatility of the mentioned exchange rates, we estimate ARCH/ GARCH models, which reported volatility during 2002-2015. Furthermore, to measure the variance of exchange rates in relation to swaps, we estimate a VAR model. The relationship found is that swaps are responses to the behavior of the nominal exchange rate, although its effects are more noticed on the real effective exchange rate. |
| Starting Page | 745 |
| Ending Page | 777 |
| Page Count | 33 |
| File Format | PDF HTM / HTML |
| DOI | 10.1590/0103-6351/3615 |
| Volume Number | 28 |
| Alternate Webpage(s) | http://www.scielo.br/pdf/neco/v28n3/1980-5381-neco-28-03-0745.pdf |
| Alternate Webpage(s) | https://doi.org/10.1590/0103-6351%2F3615 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
