Análise empírica do endividamento externo brasileiro em moeda
Keywords:
Foreign debt, Monetary policy, Foreign lending, Foreign capitalsAbstract
This is a study of the factors affecting the Brazilian debt in foreign currencies. We look at the behavior of foreign debt of the public and of the private sectors; the total (public plus private) debt is also considered. Quarterly data from 1974 to 1982 are analyzed. A theoretical framework taking account of the special features of the Brazilian economy is designed, starting from the portfolio model of Kouri and Porter. We conclude that there is less than perfect international capital mobility in the Brazilian case. Monetary policy was only partially neutralized by international capital flows and so there was room for a partially independent monetary policy. Another conclusion is that there is a statistical significant relationship between foreign indebtedness of the public and of the private sectors and the domestic rate of interest and the cost of foreign credit operations. A similar relationship holds for the aggregate (public plus private) foreign indebtedness. Thus we may state the conclusion that the public sector as well as the private sector was sensitive to market factors in choosing between domestic and foreign sources for securing means to finance its activities.
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Copyright (c) 1989 Jesus Santos Dubra
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