This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 2004 and the third trimester of 2012, by applying the new Jeanne e Rancière (2011) framework, using different scenarios. The estimates of the optimal holdings of this asset are calculated...

This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 1998 and the same trimester of 2008, by applying the Jeanne e Ranciére (2006) framework, using different scenarios. We also estimate the fiscal costs of holding this asset, as well as the...

The present work seeks to investigate the dynamics of capital account liberalization and its impact on short run capital flows to Brazil in the period of 1995-2002, considering different segments such as the monetary, derivative and equity markets. This task is used by developing a comparative...

The paper uses the procedure developed first by Campbell (1987) to test, for the Brazilian economy, the proposition that the balance of the current account is negatively related to the present value of the future changes of the GDP net of the investment and consumption of the government. Within...

This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 1998 and the same trimester of 2008, by applying the Jeanne e Ranciére (2006) framework, using different scenarios. We also estimate the fiscal costs of holding this asset, as well as the...

This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 2004 and the third trimester of 2012, by applying the new Jeanne e Rancière (2011) framework, using different scenarios. The estimates of the optimal holdings of this asset are calculated...

This paper aims to reapproach the external vulnerability of the brazilian economy, based on the the theory and considering the new conditions of the world economy and the transformations that carachterized the Brazilian economy in this century, in the period or rapid growth (until 2010) as well...