Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data

Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data

This paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.

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Main Authors: Gonçalves,Fernando M., Holland,Márcio, Spacov,Andrei D.
Format: Digital revista
Language:English
Published: Fundação Getúlio Vargas 2007
Online Access:http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402007000100004
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spelling oai:scielo:S0034-714020070001000042007-09-04Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel dataGonçalves,Fernando M.Holland,MárcioSpacov,Andrei D. Real Interest Rates Jurisdictional Uncertainty Institutions Credit Markets Capital Controls Currency Convertibility This paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.info:eu-repo/semantics/openAccessFundação Getúlio VargasRevista Brasileira de Economia v.61 n.1 20072007-03-01info:eu-repo/semantics/articletext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402007000100004en10.1590/S0034-71402007000100004
institution SCIELO
collection OJS
country Brasil
countrycode BR
component Revista
access En linea
databasecode rev-scielo-br
tag revista
region America del Sur
libraryname SciELO
language English
format Digital
author Gonçalves,Fernando M.
Holland,Márcio
Spacov,Andrei D.
spellingShingle Gonçalves,Fernando M.
Holland,Márcio
Spacov,Andrei D.
Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
author_facet Gonçalves,Fernando M.
Holland,Márcio
Spacov,Andrei D.
author_sort Gonçalves,Fernando M.
title Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_short Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_full Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_fullStr Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_full_unstemmed Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data
title_sort can jurisdictional uncertainty and capital controls explain the high level of real interest rates in brazil? evidence from panel data
description This paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.
publisher Fundação Getúlio Vargas
publishDate 2007
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402007000100004
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AT hollandmarcio canjurisdictionaluncertaintyandcapitalcontrolsexplainthehighlevelofrealinterestratesinbrazilevidencefrompaneldata
AT spacovandreid canjurisdictionaluncertaintyandcapitalcontrolsexplainthehighlevelofrealinterestratesinbrazilevidencefrompaneldata
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