Índice de controle de capitais: uma análise da legislação e seu impacto sobre o fluxo de capital no Brasil no período 1990-2000
DOI:
https://doi.org/10.1590/S0101-41612006000400003Keywords:
capital control, capital flowsAbstract
Cardoso and Goldfajn (1997) build an index of capital control for Brazil for the period 1988 to 1995, and they study the impact of the index on the capital flows. This paper computes the same index for the period 1990-2000 and analyzes, quantitavely, the impact of this index on capital flows. The period studied was characterized by the liberalization of capital flows, with a few sub-periods where restriction were imposed, specially to capital outflows. The empirical results show that the capital control index helps explaining the total capital flows between 1990 and 2000, together with deviation from covered interest parity, the Real Stabilization Plan, and the impact of the Mexican, Asian and Russian crises.Downloads
References
Banco Central do Brasil. Nota para imprensa. Diversos números, Brasília- DF.
Calvo, G. Capital inflows and macroeconomic management: tequila lessons. International
Journal of Finance and Economics, v. 1, julho 1996.
Calvo, G.; Leiderman, L.; Reinhart, C. Capital inflows and real exchange rate appreciation
in Latin America: the role of external factors. International Monetary
Fund, Paper nº 40, 1993.
Cardoso, E.; Goldfajn, I. Capital flows to Brazil: the endogeneity of capital controls.
International Monetary Fund, Paper nº 115, 1997.
Edwards, S. Capital flows, real exchange rates, and capital controls: some Latin
American experiences. NBER Working Paper 6800, 1998.
Edwards, S. Capital controls, sudden stops and current account reversals. NBER Working
Paper 11170, 2005.
Eichengreen, Barry. Crises financeiras: análise, prevenção e gestão. Rio de Janeiro:
Campus, 2003.
Fernández-Arias, E.; Montiel, J. P. The surge in capital inflows to developing countries:
analytical overview. Policy Research, Working Paper 1473, Washington:
World Bank, 1995.
Garcia, M. G. P.; Valpassos, M. V. F. Capital flows, capital controls and currency crisis:
the case of Brazil in the nineties. Texto para Discussão nº 345, PUC-Rio, 1998.
Goldfajn, I.; Minella, A. Capital flows and controls in Brazil: what have we learned?
In: Sebastian Edwards (ed.), International capital flows. NBER, 2005.
IMF Research Bulletin, v. 2, n. 4, dezembro 2001.
Kaminsky, G. Is there a peso problem? American Economic Review, junho 1993.
Kaplan, E.; Rodrik, D. Did the Malaysian capital controls work? Harvard University,
Mimeografado.
Lessar, D.; Williamson, J. Capital flight: the problem and policy responses. Institute
for International Economics, nº 23, novembro 1987.
Stiglitz, J. Globalization and its discontents. New York and London: W.W. Norton,
Valdes-Prieto, Salvador; Soto, Marcelo. Es el control selectivo de capitales efectivo
en Chile? Su efecto sobre el tipo de cambio real. Cuadernos de Economia, 33,
abril 1996.
Downloads
Published
Issue
Section
License
Copyright (c) 2006 Maria Cristina Terra, Elena Soihet
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
By submitting an article, the author authorizes its publication and attests that it has not been submitted to any other journal. The original article is considered final. Articles selected for publication are proofread for grammatical and orthographic errors. The journal does not pay rights for published articles. The Institute of Economic Research from the School of Economics, Business and Accounting of the University of São Paulo (Instituto de Pesquisas Econômicas da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo) owns the journal's copyright.