Capitals internacionais: complementares ou substitutos?

Autores/as

  • Carlos Hamilton V. Araújo Banco Central do Brasil
  • Renato G. Flores Júnior Fundação Getúlio Vargas

DOI:

https://doi.org/10.11606/1413-8050/ea220223

Palabras clave:

capital flows, substitutability, complementarity, long term equilibrium

Resumen

This paper presents a theoretical and empirical analysis of the substitutability of international private capital flows. Both univariate and multivariate investigations of the capital movements related to the Brazilian economy during the period 1991-1998 are conducted. Contrary to other studies, we find an equilibrium relationship linking the flows. We also find support for the complementarity hypothesis in the long term and for the substitutability hypothesis in the short term.

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Publicado

2003-08-05

Número

Vol. 7 Núm. 4 (2003)

Sección

Artículos

Licencia

Derechos de autor 2003 Economia Aplicada

Creative Commons License

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0.

Cómo citar

Araújo, C. H. V. ., & Flores Júnior, R. G. . (2003). Capitals internacionais: complementares ou substitutos?. Economia Aplicada, 7(4), 703-727. https://doi.org/10.11606/1413-8050/ea220223