The role of international reserves on real exchange rate: a panel data analysis

Autores

  • Flavio Vilela Vieira Universidade Federal de Uberlândia
  • Cleomar Gomes da Silva Universidade Federal de Uberlandia

DOI:

https://doi.org/10.11606/1980-5330/ea180445

Palavras-chave:

reservas internacionais, taxa de câmbio real, painel ARDL

Resumo

Este artigo analisa o efeito da acumulação de reservas internacionais nas taxas reais de câmbio de 57 países. Para dados anuais de 1994 a 2017, as estimações via Painel ARDL mostramque níveismais elevados (baixos) de reservas causam apreciação (depreciação) cambial e reduzem (aumentam) sua volatilidade, no longo prazo. Quanto à correção de erros relacionados aos desvios de longo prazo, ajustes de curto prazo na volatilidade cambial ocorrem de forma mais rápida que correções no nível da taxa de câmbio. Efeito Balassa-Samuelson, inflação e diferencial da inflação também são relevantes. Já a independência monetária tem relevância parcial.

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Biografia do Autor

Cleomar Gomes da Silva, Universidade Federal de Uberlandia

Professor Adjunto do Instituto de Economia da Universidade Federal de Uberlandia

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Publicado

2022-06-01

Como Citar

Vieira, F. V., & Silva, C. G. da. (2022). The role of international reserves on real exchange rate: a panel data analysis. Economia Aplicada, 26(2), 221-238. https://doi.org/10.11606/1980-5330/ea180445

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