Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered prices
<abstract language="eng">After surpassed more than half a decade since the adoption of inflation targeting in Brazil, it can be seen that maintaining a high interest rate is inherent to the strategy for the conduction of the monetary policy. The objective of this paper is to show tha...
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| Format: | Article |
| Language: | English |
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Editora 34
2007-09-01
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| Series: | Brazilian Journal of Political Economy |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572007000300007 |
| _version_ | 1818188267446599680 |
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| author | Helder Ferreira de Mendonça |
| author_facet | Helder Ferreira de Mendonça |
| author_sort | Helder Ferreira de Mendonça |
| collection | DOAJ |
| description | <abstract language="eng">After surpassed more than half a decade since the adoption of inflation targeting in Brazil, it can be seen that maintaining a high interest rate is inherent to the strategy for the conduction of the monetary policy. The objective of this paper is to show that the present policy for defining the basic interest rate of the economy, based on the response to inflation considering both market and administered prices, is onerous for the Brazilian society. Based on findings from empirical evidence in the period 1999-2004, the adoption of a core inflation, a change in the time horizon for definition of targets, and, in common agreement between Banco Central do Brasil and National Treasury, a definition of these inflation targets, as a framework to increase efficiency of the monetary regime, creates possibilities for proposing a reduction on the Selic rate. |
| first_indexed | 2024-12-11T23:24:13Z |
| format | Article |
| id | doaj.art-0381920cf3f9424fa84460c2b30ba0ba |
| institution | Directory Open Access Journal |
| issn | 0101-3157 1809-4538 |
| language | English |
| last_indexed | 2024-12-11T23:24:13Z |
| publishDate | 2007-09-01 |
| publisher | Editora 34 |
| record_format | Article |
| series | Brazilian Journal of Political Economy |
| spelling | doaj.art-0381920cf3f9424fa84460c2b30ba0ba2022-12-22T00:46:14ZengEditora 34Brazilian Journal of Political Economy0101-31571809-45382007-09-0127343145110.1590/S0101-31572007000300007Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered pricesHelder Ferreira de Mendonça<abstract language="eng">After surpassed more than half a decade since the adoption of inflation targeting in Brazil, it can be seen that maintaining a high interest rate is inherent to the strategy for the conduction of the monetary policy. The objective of this paper is to show that the present policy for defining the basic interest rate of the economy, based on the response to inflation considering both market and administered prices, is onerous for the Brazilian society. Based on findings from empirical evidence in the period 1999-2004, the adoption of a core inflation, a change in the time horizon for definition of targets, and, in common agreement between Banco Central do Brasil and National Treasury, a definition of these inflation targets, as a framework to increase efficiency of the monetary regime, creates possibilities for proposing a reduction on the Selic rate.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572007000300007interest ratemarket pricesadministrative pricesinflationexchange |
| spellingShingle | Helder Ferreira de Mendonça Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered prices Brazilian Journal of Political Economy interest rate market prices administrative prices inflation exchange |
| title | Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered prices |
| title_full | Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered prices |
| title_fullStr | Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered prices |
| title_full_unstemmed | Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered prices |
| title_short | Metas para inflação e taxa de juros no Brasil: uma análise do efeito dos preços livres e administrados Inflation targets and exchange rate in Brazil: an analysis of the effect of market and administered prices |
| title_sort | metas para inflacao e taxa de juros no brasil uma analise do efeito dos precos livres e administrados inflation targets and exchange rate in brazil an analysis of the effect of market and administered prices |
| topic | interest rate market prices administrative prices inflation exchange |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572007000300007 |
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