Rigidez comercial, movimentos de capital e crise cambial




This work aims to develop a theoretical model of the role that rigidities in the trade balance, as well as a limited capacity of absorption of financial capital, play in exchange rate crisis in developing countries. The model is specifically framed in the light of the experience of exchange rate crisis in Latin America, especially that of Brazil (1999) and Mexico (1994). The model includes key features of the Latin American economies which have been neglected or taken into aecount only partially in the current literature on extemal crisis. In particular, it is argued that recent speculative attacks on some Latin American currencies are related - along with the financial aspects usually highlighted by the existing literature - to competitiveness and technological development. It is discussed how growth and technology influence the exchange rate dynamics in a context of trade rigidity and increasing risk in the markets for financial assets in developing countries


politica comercial cambio balança comercial politica economica

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