Taxa de câmbio de equilíbrio e desalinhamento cambial: evidências para o Brasil (1994-2011)
This paper estimates the equilibrium real effective exchange rate and the exchange rate misalignment for Brazil from 1994Q3 to 2011Q4. The paper contributes in three aspects: i) it calculates the real effective exchange rate series considering the twenty major trade partners; ii) the determinants of...
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| Formato: | article |
| Idioma: | por |
| Publicado em: |
2018
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| Texto completo: | https://doi.org/10.11606/1980-5330/ea169439 |
| País: | Brasil |
| Oai: | oai:revistas.usp.br:article/169439 |
| Resumo: | This paper estimates the equilibrium real effective exchange rate and the exchange rate misalignment for Brazil from 1994Q3 to 2011Q4. The paper contributes in three aspects: i) it calculates the real effective exchange rate series considering the twenty major trade partners; ii) the determinants of the real effective exchange rate are calculated relative to those of the twenty major trade partners; iii) it calculates a measure of current and total misalignment. The evidence indicates: overvalued exchange rate for the rigid exchange rate regime (1994Q3 to 1998Q4); undervaluation for the flexible exchange rate regime (1999Q1 to 2011Q4); undervaluation for the post subprime crisis (2008Q3 to 2011Q4) period; and an exchange rate overvaluation in 2011. |
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