{
  "title": "External Adjustment and Equilibrium Exchange Rate in Brazil",
  "publication": "IMF Working Papers, October 1, 2006",
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  "summary": "This paper investigates the factors behind the significant improvement in Brazil's external accounts and wide fluctuations of the real exchange rate since the floating of the real in 1999. Particular attention is devoted to the strong appreciation of the real from 2003-05.",
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    {
      "heading": "Summary",
      "content": "- This paper investigates the factors behind the significant improvement in Brazil's external accounts and wide fluctuations of the real exchange rate since the floating of the real in 1999.\n- Particular attention is devoted to the strong appreciation of the real from 2003-05.\n- Econometric estimates of of behavioral equilibrium exchange rate (BEER) model for Brazil show that most of this appreciation was an equilibrium response to improved economic fundamentals."
    },
    {
      "heading": "Main findings and analysis",
      "content": "- Investigation focus:\n  - Improvement in Brazil's external accounts since the floating of the real in 1999.\n  - Wide fluctuations of the real exchange rate, with emphasis on the strong appreciation from 2003-05.\n- Econometric evidence:\n  - A behavioral equilibrium exchange rate (BEER) model for Brazil was estimated.\n  - The BEER estimates indicate that most of the 2003-05 appreciation of the real was an equilibrium response to improved economic fundamentals."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Current account, Exchange rates, Real effective exchange rates, Real exchange rates, Real interest rates\n- Keywords: Brazil, exchange rate, terms of trade, WP\n\n---\n\n Content in this bundle\n\n- Wp06221\n  - Wp06221 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp06221 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/external-adjustment-and-equilibrium-exchange-rate-in-brazil-19869"
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    "Authors: Claudio A Paiva",
    "Published: October 1, 2006",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451864816.001",
    "This paper investigates the factors behind the significant improvement in Brazil's external accounts and wide fluctuations of the real exchange rate since the floating of the real in 1999.",
    "Particular attention is devoted to the strong appreciation of the real from 2003-05.",
    "Econometric estimates of of behavioral equilibrium exchange rate (BEER) model for Brazil show that most of this appreciation was an equilibrium response to improved economic fundamentals.",
    "Investigation focus:",
    "Econometric evidence:",
    "Subjects: Current account, Exchange rates, Real effective exchange rates, Real exchange rates, Real interest rates",
    "Keywords: Brazil, exchange rate, terms of trade, WP",
    "**Wp06221**"
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