Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998

dc.contributorEscolas::EPGE
dc.contributorFGV
dc.creatorFlôres Junior, Renato Galvão
dc.creatorAraújo, Carlos Hamilton Vasconcelos
dc.date.accessioned2008-05-13T15:24:16Z
dc.date.accessioned2010-09-23T18:57:57Z
dc.date.accessioned2019-05-22T14:23:14Z
dc.date.available2008-05-13T15:24:16Z
dc.date.available2010-09-23T18:57:57Z
dc.date.available2019-05-22T14:23:14Z
dc.date.created2008-05-13T15:24:16Z
dc.date.created2010-09-23T18:57:57Z
dc.date.issued2002-10-23
dc.identifier0104-8910
dc.identifierhttp://hdl.handle.net/10438/445
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/2693472
dc.description.abstractWe develop a framework to explain the private capital flows between the rest of the world and an emerging economy. The model, based on the monetary premium theory, relates an endogenous supply of foreign capitals to an endogenous differential of interest rates; its estimation uses the econometric techniques initiated by Heckman. Four questions regarding the capital flows phenomenon are explored, including the statistical process that governs the events of default and the impact of the probability of default on the interest rate differential. Using the methodology, we analyse the dynamics of foreign capital movements in Brazil during the 1991- 1998 period.
dc.languageeng
dc.publisherEscola de Pós-Graduação em Economia da FGV
dc.relationEnsaios Econômicos;459
dc.subjectCapital flows
dc.subjectDefault probability
dc.subjectInterest rate differential
dc.subjectInternational lenders
dc.subjectSample selection model
dc.titleForeign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998
dc.typeDocumentos de trabajo


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