文章基本信息

标题：Pode a incerteza jurisdctional e os controles de capitais explicarem as altas taxas reais de juros no Brasil?
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作者：Fernando M Gonçalves ; Marcio Holland ; Andrei Spacov 等
期刊名称：Revista Brasileira de Economia
印刷版ISSN：0034-7140
出版年度：2007
卷号：61
期号：1
页码：49-76
语种：English
出版社：Escola de Pós-Graduação em Economia da FGV
摘要：This paper tests the assertion, popularized by Arida, Bacha, and Lara-Resende (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.
其他摘要：This paper tests the assertion, popularized by Arida, Bacha, and Lara-Resende (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.