Front Matter Page
IMF Institute
Authorized for distribution by Enrica Detragiache
Contents
I Introduction
II The External Adjustment
III The Equilibrium Exchange Rate in Brazil
A. The Variables: Motivation and Definition
B. The Data
C. Empirical Modeling
IV. Concluding Remarks
References
Tables
1. Stationarity Tests: ADF Statistics
2. VEC Models for the Real Effective Exchange Rate
3. Relative Contribution of Fundamentals to the BEER Appreciation, 2003–05
Figures
1. Brazil: The Real Effective Exchange Rate, Jan 1994–Dec 2005
2. Brazil: Current Account Balance and Net Foreign Assets, 1994–2005
3. Brazil: Exports, Imports, and the Trade Balance, 1994–2005
4. Brazil: 12-month Growth of Export Volumes and Export Prices 1994–2006
5. Brazil: Export Market Share (index number), 1994:4–2006:1
6. Brazil: Installed Capacity in Manufacturing, (index number), 1994–2005
7. Brazil: Saving, Investment, and the Current Account (% GDP), 1994–2005
8. Brazil: National, Private, and Public Saving (% of GDP), 1994–2005
9. Brazil: Debt Indicators, 1995–2006
10. Brazil EMBI and Overall EMBI, 2002:1–2006:5
11. Relative Unit Labor Costs, Brazil and Main Partners, 1994–2005
12. Actual and Equilibrium Real Effective Exchange Rate, 1970–2005