Policymaking in crises: Pick your poison

Kristin Forbes, Michael W Klein, 24 December 2013

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In 2010, the Brazilian finance minister Guido Mantenga declared a ‘currency war’ because of the harmful effects of the strengthening of the real. He blamed the currency’s appreciation on easy money in advanced countries, and to a lesser extent on reserve accumulation in some emerging markets.

Topics: Exchange rates, Macroeconomic policy
Tags: Brazil, capital controls, currency war, exchange rates, foreign exchange reserves, global financial crisis, India, Indonesia

Should Brazil’s central bank be selling foreign reserves?

Márcio Garcia, 25 September 2013

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The US dollar’s rise in August and the Brazilian Central Bank’s (BCB) interventions in forex markets have started a debate about whether the BCB should keep on intervening as it has been doing, mostly via currency derivatives markets, or if it should also be selling its international reserves.

Topics: Exchange rates, International finance
Tags: Brazil, capital flows, Central Banks, derivatives, exchange rates

The BRICs party is over

Anders Åslund, 4 September 2013

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After a decade of infatuation, investors have suddenly turned their backs on emerging markets. In the BRIC countries – Brazil, Russia, India and China – growth rates have quickly fallen and current-account balances have deteriorated.1 The surprise is not that the romance is over but that it could have lasted for so long.

Topics: Development, International trade
Tags: Brazil, BRIC, BRICs, China, commodities, India, protectionism, Russia

What drives protests in Brazil? Corruption, ineptitude and elections

Nauro F Campos, 23 July 2013

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The conventional wisdom is that Brazilians are a laid-back people who can always find a way (‘jeitinho’) even if that involves dribbling the rules. If that was actually true, political protest would be extremely rare in Brazil.

Topics: Development, Politics and economics
Tags: Brazil, protest

Brazil: Did inward capital controls work?

Márcio Garcia, 1 March 2013

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As the developed economies struggle to revive growth and create jobs, the debate about currency wars has come to forefront, with generalised quantitative easing, an EU Tobin tax, and confusing comments from G7 official regarding the effects of Abenomics on the yen.

Topics: Global governance, International trade
Tags: Brazil, capital controls

Capital controls: Gates versus walls

Michael W Klein, 17 January 2013

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Capital controls are no longer considered rogue policies.

Topics: Macroeconomic policy
Tags: Brazil, capital controls, China, South Korea

Monetary policy in Latin America: Where are we going?

Christian Daude, 10 December 2012

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Inflation targeting has served countries in Latin America well . They have achieved macroeconomic stability by reducing inflation and the pass-through of external shocks such as oil price and exchange rate fluctuations (cf. Mishkin and Schmidt-Hebbel 2007).

Topics: Macroeconomic policy, Monetary policy
Tags: Brazil, Central Banks, Chile, Colombia, foreign exchange, inflation targeting, Latin America, Mexico, Peru

How effective were the 2008-2011 capital controls in Brazil?

Yothin Jinjarak, Ilan Noy, Huanhuan Zheng, 22 November 2012

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Controls on capital inflows have seen a renaissance since the beginning of the global financial crisis in 2008 (Williamson, Jeanne, and Subramanian 2012) and many countries, including Thailand, South Korea, Peru, Indonesia, Brazil and Iceland, have imposed controls.

Topics: Global governance, International trade
Tags: Brazil, capital controls

International rules for capital controls

John Williamson, Olivier Jeanne, Arvind Subramanian, 11 June 2012

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Although economists generally agree that countries can derive substantial gains from international economic integration, the extent to which they should open themselves to international capital flows remains a controversial issue. There is still, 20 years after the rise of emerging markets finance, a wide diversity of approaches to capital account policies.

Topics: Global governance, International trade
Tags: Brazil, capital controls, China

Trade and inequality: From theory to estimation

Oleg Itskhoki, Marc Muendler, Stephen Redding, Elhanan Helpman, 20 May 2012

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Until recently, research on the labour market effects of international trade has been heavily influenced by traditional theories such as the Heckscher-Ohlin and Specific Factors models. Those theories provide predictions about relative wages across skill groups or across occupations and sectors.

Topics: International trade, Poverty and income inequality
Tags: Brazil, Inequality, liberalisation, trade

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