TY  - JOUR
AU  - Goldfajn, Ilan
AU  - Minella, André
TI  - Capital Flows and Controls in Brazil: What Have We Learned?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11640
PY  - 2005
Y2  - September 2005
DO  - 10.3386/w11640
UR  - http://www.nber.org/papers/w11640
L1  - http://www.nber.org/papers/w11640.pdf
N1  - Author contact info:
Ilan Goldfajn
Central Bank of Brazil 
E-Mail: no email available

Andre Minella
Research Dept.
Central Bank of Brazil-Depep
SBS-Quadra 3-Bloco B-Edificio-Sede-9.andar
70074-900 Brasilia-DF BRAZIL
E-Mail: andre.minella@bcb.gov.br
M1  - published as Ilan Goldfajn, André Minella. "Capital Flows and Controls in Brazil: What Have We Learned?," in Sebastian Edwards, editor, "Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences" University of Chicago Press (2007)

AB  - This paper analyzes the relationship between capital account liberalization and macroeconomic volatility using Brazil as a case study. The paper provides several stylized facts regarding the evolution of capital flows and controls in Brazil in the last three decades. We conclude that, notwithstanding the financial crises and macroeconomic volatility of the recent past, capital account liberalization and the floating exchange regime have led to a more resilient economy. Further liberalization of the capital account is warranted and should be accompanied by a broad range of reforms to improve and foster stronger institutions.
ER  -