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External Adjustment and Equilibrium Exchange Rate in Brazil
Author:
Mr. Claudio A Paiva
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Series:
IMF Working Papers
Volume/Issue:
Volume 2006: Issue 221
Language:
English
Publication Date:
01 Oct 2006
DOI:
https://doi.org/10.5089/9781451864816.001
ISBN:
9781451864816
ISSN:
1018-5941
Pages:
22
Keywords:
WP; exchange rate; Brazil; terms of trade
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund