Ajuste das contas externas e demanda precaucional por reservas no Brasil

Authors

  • André Moreira Cunha
  • Daniela Magalhães Prates
  • Marcos Tadeu Caputi Lélis

Keywords:

politica cambial, banco central

Abstract

Over the last few years the Brazilian economy has experienced a remarkable external accounts adjustment. After a decade of huge current account deficits the country has had surpluses. External debt has diminished and liquidity and solvency external indicators have improved. At the same time, Central Bank has adopted more interventionist strategies in foreign exchange markets, despite a de jure free-floating regime. This seems to reflect a defensive precautionary reserves accumulation strategy. Theoretical and empirical literature has argued that precautionary reserves demand can be a rational strategy in a world of financial instability. We found evidences that Brazilian Central Bank has adopted such kind of strategy.

Issue

Section

Artigos de Conjuntura