English, Article edition: Exchange Rate Volatility and the Fear of Floating in Brazil Márcio Holland

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Exchange Rate Volatility and the Fear of Floating in Brazil
Author
  • Márcio Holland
Physical Description
  • article
Notes
  • Many emerging market economies (EMs) have adopted a floating exchange rate regime after currency crises. Since 1999 Brazil has experienced a floating regime combined with inflation targeting. The Central Bank varies the interest rates in order to reach the targeted inflation rates and consequently the variability of the interest rates has been higher than the variability of the exchange rates. According to some economists, this is a clear symptom of the fear of floating and Brazil can not be an exception among the EMs. After assessing the behavior of the exchange rates and interest rates associated with other macroeconomic variables, this paper concludes that Brazil has not suffered from the fear of floating and that the Brazilian Central Bank does not care about exchange rate dynamics as much as it does about inflation.
  • Exchange Rate Volatility, Monetary Policy, Exchange Rate Policy, Brazilian Central Bank, Fear of Floating
  • RePEc:anp:econom:v:7:y:2006:i:2:p:279-292
Language
  • English
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