UID:
kobvindex_DGP163376477X
Format:
graph. Darst., Tab., Lit. S. 114-115
ISSN:
0251-2920
Content:
This paper examines four hypotheses: (i) in Brazil, as in other peripheral countries in the post-crisis context, a policy choice appears to have been made for a flexible exchange rate within a currency band ("dirty float"); (ii) the underlying reasons for this policy appear to have more to do with pass-through of exchange-rate variations and precautionary demand for reserves than with the maintenance of a competitive real exchange rate; (iii) in the country's peculiar situation, considerable capital mobility is conjoined with large and liquid financial derivatives markets and a reserves build-up policy that carries a high fiscal cost; (iv) until April 2006, reserves accumulated in much the same way under the floating exchange-rate system as they had under the currency band regime; there have been changes since then owing to the rapid growth of reserves. (CEPAL Rev/GIGA)
In:
Vereinte Nationen. Economic Commission for Latin America and the Caribbean, CEPAL review, New York, NY : Comm., 1984, (2009), 99, Seite 95-115, 0251-2920
Language:
English
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