As minidesvalorizações brasileiras: política cambial adequada com choques de oferta?
DOI:
https://doi.org/10.11606/1980-53571813aazjAbstract
The paper examines the Brazilian CrawlingPeg policy of exchange rate management and its theoretical basis, the relative Purchasing Power Parity. The policy was successful in curbing speculative attacks on the currency and in reducing the variance of the real exchange rate in a context of chronic inflation. But the frequent small devaluations obscured the need to devalue the currency in real terms in the mid- 1970's and early 1980's an adjustment that was called forth by the adverse external shocks that hit the economy. The paper argues that by allowing the currency to become misaligned, the policy is partly to blame for Brazil's external sector crisis. The policy flaw is traced back to the PPP doctrine and is illustrated for the Brazilian case by examining different indicators of the real effective exchange rate and the performance of the external accounts.
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