SciELO - Scientific Electronic Library Online

 
vol.61 número1Perfil da exportações, produtividade e tamanho das firmas no BrasilEfeitos perversos de fusões acima de qualquer suspeita: um modelo de integração de produtores de bens complementares índice de autoresíndice de materiabúsqueda de artículos
Home Pagelista alfabética de revistas  

Revista Brasileira de Economia

versión impresa ISSN 0034-7140

Resumen

GONCALVES, Fernando M.; HOLLAND, Márcio  y  SPACOV, Andrei D.. Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data. Rev. Bras. Econ. [online]. 2007, vol.61, n.1, pp. 49-75. ISSN 0034-7140.  http://dx.doi.org/10.1590/S0034-71402007000100004.

This paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.

Palabras llave : Real Interest Rates; Jurisdictional Uncertainty; Institutions; Credit Markets; Capital Controls; Currency Convertibility.

        · resumen en Portugués     · texto en Inglés     · pdf en Inglés