Regime político e participação do legislativo na determinação da taxa de câmbio de países que conviveram com elevada inflação e persistentes déficits em transações correntes: os casos de Argentina, Bolívia, Brasil, México e Peru entre 1970 e 1989

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2004
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The main of this article is verify the political variables influence on the exchange rate determination of four Latin American countries that lived with both high inflation and the current account deficit on 70´s and 80´s. Empirical studies have just been to demonstrated the influence of the elections. But anything, however, have been incorporated the structure of decision from Executive and Legislative on process. Only two political variables were possible to incorporated: the political regime (Authoritarian/Democratic) and the division of power on Legislative of all countries on the exchange rate standard model because used the panel technique. We got the following results: countries classified how Authoritarian was present the exchange rate more appreciation and Legislative more fragmented to present an exchange rate more depreciation. We saw this last result with distrust because some countries on this sample the Authoritarian regime was the military dictatorial and the Legislative had much less power than on the Democratic regime. Trying to understand this result, we multiply the variable of political regime by the division of power on Legislative. The Authoritarian regime is dominated. The division of power on Legislative only reduces the exchange rate appreciation impact.


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