Commodity prices and the Brazilian real exchange rate
A well documented stylized fact in commodity‐exporting countries is the robust relationship between commodity prices and real exchange rates. However, empirical evidences of factors that affect the strength of the commodity price‐real exchange rate connection remain inconclusive. In this paper, we i...
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| Veröffentlicht in: | International journal of finance and economics 2021-04, Vol.26 (2), p.3152-3172 |
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| container_title | International journal of finance and economics |
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| creator | Souza, Rodrigo da Silva Mattos, Leonardo B. Lima, João E. |
| description | A well documented stylized fact in commodity‐exporting countries is the robust relationship between commodity prices and real exchange rates. However, empirical evidences of factors that affect the strength of the commodity price‐real exchange rate connection remain inconclusive. In this paper, we investigate how structural and financial factors affect the relationship between world commodity prices and the Brazilian real exchange rate during the floating exchange rate regime. The key results show that the strength of the real exchange rate response to real commodity price fluctuations depends on the trade openness in the long run and on the country risk in the short run. Our findings provide important insights for the appropriated design of foreign exchange policy in Brazil. |
| doi_str_mv | 10.1002/ijfe.1955 |
| format | Article |
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| issn | 1076-9307 1099-1158 |
| language | eng |
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| source | EBSCOhost Business Source Complete; Access via Wiley Online Library |
| subjects | Brazil Commodities commodity currency Commodity prices Floating exchange rates Foreign exchange rates non‐linearity Prices real exchange rate |
| title | Commodity prices and the Brazilian real exchange rate |
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