Balança comercial e taxa de câmbio real: uma análise de co-integração

Vol. 14 No. 1 (1994)

Jan-Mar / 1994
Published January 1, 1994
PDF
PDF

How to Cite

Nunes, João Marcus Marinho. 1994. “Balança Comercial E Taxa De câmbio Real: Uma análise De Co-integração”. Brazilian Journal of Political Economy 14 (1):53-62. https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1269.

Balança comercial e taxa de câmbio real: uma análise de co-integração

João Marcus Marinho Nunes
Brazilian Journal of Political Economy, Vol. 14 No. 1 (1994), Jan-Mar / 1994, Pages 53-62

Abstract


This paper utilizes the methodology of co-integration to test the theoretical proposition that there is a long run relationship between the trade balance and the real exchange rate. Several of the commonly used definitions of the real exchange rate were tested but none showed co-integration with the trade balance. The only measure of the real exchange rate that was co-integrated with the trade balance was the one defined by the relative price of tradeables and non-tradeables. The evidence is not inconsistent with the observation that the direction of causality runs from the real exchange rate to the trade balance.