Front Matter
Author:
Mr. Claudio A Paiva
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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

  • Collapse
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External Adjustment and Equilibrium Exchange Rate in Brazil
Author:
Mr. Claudio A Paiva