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

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Published: Oct 1, 2011
Keywords:
exchange rate misalignment economic growth the Brazilian economy

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José Luis Oreiro
professor do Departamento de Economia da Universidade de Brasília, pesquisador Nível I do CNPq e diretor da Associação Keynesiana Brasileira.
https://orcid.org/0000-0001-8955-8868
Lionello Punzo
Professor da Universidade de Siena, Itália.
https://orcid.org/0000-0002-1377-9514
Eliane Araújo
Professora do Departamento de Economia da Universidade Estadual de Maringá.
https://orcid.org/0000-0001-5104-2508
Gabriel Squeff
Técnico de Planejamento e Pesquisa do IPEA.
https://orcid.org/0000-0002-4709-9330

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.

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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://periodicos.fgv.br/bjpe/article/view/95532.
Issue
Vol. 31 No. 4 (2011): Oct-Dec / 2011
Section
Review