Crises cambiais x fundamentos macroeconomicos : a experiencia brasileira sob o regime de cambio flutuante (1999-2002)

AUTOR(ES)

Andres Cristian Machuca Westphal

DATA DE PUBLICAÇÃO

2005

RESUMO

This work analyzes, from an alternative not-conventional approach (heterodox), the exchange rate crises in the emerging market economies, during the 1990s, and the Brazilian exchange rate crises of 2001 and 2002. In contraposition to the currency crises models developed in the 1980s and 1990s, it discards the deterministic character of the economic fundamentals on them and analyzes how the US$ dollar (central currency), the free mobility of capitals and the hierarchic and anti-symmetrical character of the international monetary-financial system subordinates the emerging market economies to the unstable dynamic of this system. It concludes that objective and subjective factors of these economies, with or without direct relation with the economic fundamentals, determine the eclosion of the exchange rate crises, independently of the effective exchange rate regime

ASSUNTO(S)

cambio - crise economica politica cambial - brasil

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