Ajustamento da taxa de câmbio após a crise cambial
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2001
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The objective of this project is to investigate the adjustment of the exchange rate during the transition from a fixed exchange rate regime with appreciated real exchange rate to a floating exchange rate regime. We will argue that de depreciation, well above de appreciation of the previous period, that occurred in several countries that experienced this change of regime may have an alternative explanation to the Dornbusch`s overshooting. This appreciation may be the correction mechanism to the excessive growth, above its steady state path, of the external debt during the period of fixed exchange rate. The intensity and the span of time of the process depend, among other thing, on the capital inflows, interest rates on those loans and the trade balance reaction to the exchange rate devaluation.