Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/176089 
Year of Publication: 
2013
Series/Report no.: 
Texto para discussão No. 606
Publisher: 
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro
Abstract: 
We analyze the impact of the controls and restrictions on capital inflows that Brazil has adopted since late 2009. We document that these measures had some success in segmenting the Brazilian and global financial markets, as measured by wedges between onshore and offshore prices of similar fixed and variable income assets. However, that failed to translate into significant changes in the exchange rate, at least in the immediate aftermath of these measures, suggesting limited success in mitigating real appreciation. But capital controls/restrictions may have contributed to the sizable depreciation of the real in 2012, possibly amplifying the effect on the exchange rate of cuts in the interest policy rate during that period.
JEL: 
F31
F32
F36
F65
Document Type: 
Working Paper

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