Liberalização Comercial, Déficit em Transações Correntes e Âncora Cambial nos anos 90 - doi:10.5102/uri.v8i1.1171

Abstract

The article analyzes the importance of the Brazilian trade liberalization in the early nineties and its interrelations with the exchange policy and with the anchor exchange adopted in the implementation of the Real Plan. It is observed that during the period analyzed the interrelations between trade and exchange policy occur in two phases. At first, trade policy determined the exchange rate policy what caused currency depreciation, describing the classical motion of exchange rates in an environment of trade liberalization. In the second phase, from the Real Plan, the exchange policy started to be used as an anchor for stabilization the prices level, exacerbating the volume of imports and expanding the effects of open exchange.