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
Resource Information
The item Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.This item is available to borrow from 1 library branch.
Resource Information
The item Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in University of San Diego Libraries.
This item is available to borrow from 1 library branch.
- 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
- Language
- eng
- Extent
- 1 online resource (25 pages)
- Note
-
- "December 2007."
- At head of title: Western Hemisphere Department
- Isbn
- 9781283516051
- 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
- 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
- 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
- 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
- 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
- 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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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.sandiego.edu/portal/Is-Brazil-different--risk-dollarization-and/a-E7i1wxOt8/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.sandiego.edu/portal/Is-Brazil-different--risk-dollarization-and/a-E7i1wxOt8/">Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.sandiego.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.sandiego.edu/">University of San Diego Libraries</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.sandiego.edu/portal/Is-Brazil-different--risk-dollarization-and/a-E7i1wxOt8/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.sandiego.edu/portal/Is-Brazil-different--risk-dollarization-and/a-E7i1wxOt8/">Is Brazil different? : risk, dollarization, and interest rates in emerging markets, prepared by Edmar L. Bacha, Márcio Holland, and Fernando M. Gonçalves</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.sandiego.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.sandiego.edu/">University of San Diego Libraries</a></span></span></span></span></div>
