CONSEQÜÊNCIAS DA LIBERALIZAÇÃO DA CONTA DE CAPITAIS PARA A INFLAÇÃO BRASILEIRA: A EXPERIÊNCIA DURANTE O REGIME DE CÂMBIO FIXO

In the 1990s the idea that capital account liberalization represented a mechanism for disciplining the conduction of the monetary policy in the search for price stability was developed. Based on this argument a new version of Gruben e McLeod's (2001) model and an empirical analysis were made for the Brazilian case with the objective of evaluating if the increase in the capital account liberalization after the introduction of the Real Plan contributed to price stability. The findings denote that an increase in the capital account liberalization is capable of attenuating inflationary pressure. Notwithstanding, the relation found is valid only in the short run.