Liberalização da Conta de Capitais e Inflação: A Experiência Brasileira no Período Pós-Real
Helder Ferreira de Mendonça
Manoel Carlos de Castro Pires
In the 1990s the idea that capital account liberalization represented a mechanism fordisciplining the conduction of the monetary policy in the search for price stabilitywas developed. Based on this argument, a new version of Gruben e McLeod?s (2001)model applying a dynamic public debt constraint to the monetary authority?s utilityfunction is made. Furthermore, an empirical analysis (through application of VAR)was made for the Brazilian case with the objective of evaluating if the increase in thecapital account liberalization after the introduction of the Real Plan contributed toprice stability. The findings denote that a decrease in the capital accountliberalization is capable of attenuating inflationary pressure and that the duration ofthis effect depends on the exchange regime used.
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