Real exchange rate, exchange rate misalignment and economic growth in Brazil: 1994-2007

Vol. 31 No. 4 (2011)

Oct-Dec / 2011
Published October 1, 2011
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Oreiro, José Luis, Lionello Punzo, Eliane Araújo, and Gabriel Squeff. 2011. “Real Exchange Rate, Exchange Rate Misalignment and Economic Growth in Brazil: 1994-2007”. Brazilian Journal of Political Economy 31 (4):551-62. https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/420.

Real exchange rate, exchange rate misalignment and economic growth in Brazil: 1994-2007

José Luis Oreiro
professor do Departamento de Economia da Universidade de Brasília, pesquisador Nível I do CNPq e diretor da Associação Keynesiana Brasileira.
Lionello Punzo
Professor da Universidade de Siena, Itália.
Eliane Araújo
Professora do Departamento de Economia da Universidade Estadual de Maringá.
Gabriel Squeff
Técnico de Planejamento e Pesquisa do IPEA.
Brazilian Journal of Political Economy, Vol. 31 No. 4 (2011), Oct-Dec / 2011, Pages 551-562

Abstract

 In this article we argue that the Brazilian economy presented in the period 1994-2007 a tendency of real exchange rate appreciation with respect to its equilibrium value, mainly from 2005. This exchange rate misalignment has worked to reduce the growth of Brazilian economy and is the root of the re-emergence of current account deficits.

JEL Classification: F14; F31; F43.


Keywords: exchange rate misalignment economic growth the Brazilian economy