Impacto da redução do custo Brasil sobre a defasagem cambial
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2005-11-24
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The aim of this paper is to evaluate the impact of a Brazil cost reduction on exchange rate desequilibrium. Brazil cost here is intended to be any kind of productive inefficiency. Our main finding is that in general equilibrium it is not necessary true that a cost reduction implies exchange rate delay reduction. Productive gains in tradeable goods reduce exchange rate delay, in non-tradeable goods increase and in both industry it depends on demand adjustment. If the tradeable goods demand income elasticity is higher than non-tradeable one exchange rate delay is reduced. In particular, when 'Brazil cost' reduction means port service inefficiency reduction, nothing could be stated. Before answering the question that gave occasion for this paper, the notions of real exchange rate, equilibrium real exchange rate and exchange rate valorization are presented.