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Author: Ms.Agnes Belaisch
Publisher: International Monetary Fund
ISBN: 1451856202
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
In the last two years the real has undergone a large depreciation and the central bank has missed its inflation target in 2002 for the second year in a row. Inflation, however, has increased much less than the rate of currency depreciation and the pickup in inflation in the last quarter of 2002 raises the question of whether the exchange rate passthrough has finally risen. This paper argues that the passthrough in Brazil has fallen compared with estimates in other studies on earlier time periods, and remains low when compared with the passthrough in other Latin American countries. Indeed the passthrough is more comparable with that of G-7 countries—although in Brazil the effect on prices appears to be faster.
Author: Ms.Agnes Belaisch
Publisher: International Monetary Fund
ISBN: 1451856202
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
In the last two years the real has undergone a large depreciation and the central bank has missed its inflation target in 2002 for the second year in a row. Inflation, however, has increased much less than the rate of currency depreciation and the pickup in inflation in the last quarter of 2002 raises the question of whether the exchange rate passthrough has finally risen. This paper argues that the passthrough in Brazil has fallen compared with estimates in other studies on earlier time periods, and remains low when compared with the passthrough in other Latin American countries. Indeed the passthrough is more comparable with that of G-7 countries—although in Brazil the effect on prices appears to be faster.
Author: Agnès Belaisch
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Rafael Martins de Souza
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this paper we propose a Gaussian state space model to estimate the exchange rate pass-through of the Brazilian Real against the American Dollar with a estimation procedure adapted to deal with endogeneity. The model formulation is suitable to accomplish the stylized fact that the exchange rate pass-through is varying over time in Brazil. We also impose and test restrictions over the time varying coefficients to decide whether the producer currency pricing (PCP) or the local currency pricing (LCP) hypothesis are acceptable for some Brazilian Wholesale Price Index, General Origin, IPA-OG. Our preliminary results suggest that both hypothesis are not supported by the data. Moreover, we still observe the aggregation of index prices effect over the estimates, since we estimate the model for 3 different levels of the Brazilian IPA-OG aggregation.
Author: Luan Lima Mugarte
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Exchange rate pass through (ERPT) has been a major determinant of domestic inflation in Brazil after the adoption of the floating exchange rate regime in 1999. This paper investigates whether there is asymmetry in the magnitude and speed of adjustment of the inflation rate when there is an nominal exchange rate shock, comparing moments of currency depreciation and appreciation. We use the Local Projections method to analyze this asymmetry in ERPT for the Brazilian case from January 2000 to January 2020. Our main finding suggests that ERPT is significantly higher and faster when the currency depreciates compared to when it appreciates. The results were robust to other specifications and different variables used.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513573691
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
Author: Mr.Claudio Paiva
Publisher: International Monetary Fund
ISBN: 1451856148
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
This paper provides econometric estimates of trade elasticities for Brazil obtained through cointegration and vector auto regression models and controlling for the effects of exchange rate volatility, capacity utilization, and changes in import tariffs. The results suggest that (i) recent market expectations may have been unduly pessimistic regarding the responsiveness of Brazil's trade flows to the real exchange rate, but (ii) the GDP growth rates targeted by the new government may put downward pressure on the exchange rate and thus render the achievement of official inflation targets considerably more difficult if structural reforms are not implemented.
Author: Mr.Carlos I. Medeiros
Publisher: International Monetary Fund
ISBN: 145193548X
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
This paper examines the effects of capital inflows and domestic factors on Brazil’s real exchange rate. It describes the analytical framework, and then estimates a near-VAR model linking capital flows, interest rate differentials, government spending, money-base velocity, and the temporary component of the real exchange rate (TCRER). Generalized variance decompositions indicate that world interest rate shocks largely explain medium-term fluctuations in capital flows and the TCRER. Generalized impulse response functions show that a reduction in the world interest rate (and, to a lesser extent, an increase in government spending) have significant effects on the TCRER and capital flows.
Author: Claudio Paiva
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
This paper investigates the factors behind the significant improvement in Brazil's external accounts and wide fluctuations of the real exchange rate since the floating of the real in 1999. Particular attention is devoted to the strong appreciation of the real from 2003-05. Econometric estimates of of behavioral equilibrium exchange rate (BEER) model for Brazil show that most of this appreciation was an equilibrium response to improved economic fundamentals.
Author: Philip Arestis
Publisher: Springer
ISBN: 3319648853
Category : Business & Economics
Languages : en
Pages : 383
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Book Description
This book examines the performance of the Brazilian economy since the Great Financial Crisis of 2007/2008 with focus on both the productive and financial dimensions, along with distributional and social issues. The book will bring to light the causes of the fast recovery over 2009-2010 as well as of the slowdown after 2011. The chapters use econometric approaches and traditional Keynesian and post-Keynesian theories to empirically analyse the macro scenario. They explore monetary policy, fiscal policy, alongside discussion of investments and the exchange rate market, and an analysis of social policy and its impact on the economy.
Author: Bernhard E. Wuethrich
Publisher:
ISBN:
Category :
Languages : en
Pages : 308
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Book Description
