Coverart for item
The Resource Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves

Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves

Label
Is Brazil different? : risk, dollarization, and interest rates in emerging markets
Title
Is Brazil different?
Title remainder
risk, dollarization, and interest rates in emerging markets
Statement of responsibility
prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves
Creator
Contributor
Author
Subject
Genre
Language
eng
Summary
We investigate the role of financial dollarization in the determination of real interest rates in emerging economies. In a simple analytical model, we show that a strategy of "dedollarizing" the economy, if it fails to address fundamental macroeconomic risks, leads to higher domestic real interest rates. We confirm this prediction in an empirical model, but find that the effect is small after controlling for the risks of dilution and default. Brazil provides a natural case study given its low degree of financial dollarization and very high real interest rates. The estimated model is unable to explain the high interest rate levels in the aftermath of Brazil's 1994 inflation stabilization. However, since the adoption in 1999 of inflation targeting and floating exchange rates, Brazil's real interest rates are gradually converging to the model's predicted values. The estimation also shows that further drops in Brazil's real interest rates could be achieved more effectively through improvements in fundamentals that lead to investment-grade status rather than through financial dollarization
Member of
Action
digitized
Cataloging source
MERUC
http://bibfra.me/vocab/lite/collectionName
IMF eLibrary
http://library.link/vocab/creatorName
Bacha, Edmar Lisboa
Illustrations
illustrations
Index
no index present
LC call number
HG835
LC item number
.B33 2007 ONLINE
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Holland, Márcio
  • Gonçalves, Fernando M
  • International Monetary Fund
Series statement
IMF Working Paper
Series volume
WP/07/294
http://library.link/vocab/subjectName
  • Dollarization
  • Interest rates
  • Dollarization
  • Interest rates
  • Dollarisation
  • Taux d'intérêt
  • Dollarisation
  • Taux d'intérêt
  • Interest rates
  • Brazil
Label
Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves
Instantiates
Publication
Note
  • "December 2007."
  • At head of title: Western Hemisphere Department
Bibliography note
Includes bibliographical references (pages 23-25)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
560672823
Dimensions
unknown
Extent
1 online resource (25 pages)
Form of item
online
Isbn
9781283516051
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
(OCoLC)560672823
System details
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Label
Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves
Publication
Note
  • "December 2007."
  • At head of title: Western Hemisphere Department
Bibliography note
Includes bibliographical references (pages 23-25)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
560672823
Dimensions
unknown
Extent
1 online resource (25 pages)
Form of item
online
Isbn
9781283516051
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
(OCoLC)560672823
System details
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.

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