Český finanční a účetní časopis
Český finanční a účetní časopis
Český finanční a účetní časopis
Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze

Český finanční a účetní časopis 2013/4

BRICS: Kurzová politika Brazílie v kontextu vnitřní a vnější rovnováhy


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Jaroslava Durčáková, Ondřej Šíma

Příspěvek se zaměřuje na kurzovou politiku Brazílie v období 1999 – 2012. V úvodní části seznamuje s vývojem systému měnových kurzů v globálním měřítku a dokládá výrazné změny po roce 2008. Na příkladu Brazílie je tento vývoj potvrzen. V další části je předmětem zájmu především vzájemná interakce mezi kurzovou politikou a vnitřní a vnější rovnováhou. Platební bilance Brazílie se jeví jako vhodný koncept pro zachycení nastalých událostí, včetně často zmiňovaných dopadů tzv. nekonvenční měnové politiky na rozvíjející se trhy. Kromě tohoto jevu měly na brazilskou ekonomiku silný vliv také další dlouhodobě probíhající změny ve světové ekonomice. Mezi ty nejpodstatnější patřila vzrůstající cena exportovaných komodit, která silně ovlivňovala hodnotu brazilského realu. Autoři se domnívají, že vývoj brazilské ekonomiky v poslední době naznačuje výskyt tzv. holandské nemoci, která s sebou kromě jiného přináší nadměrnou (reálnou) apreciaci měny a vzrůstající volatilitu směnných relací. Pro potvrzení této nemoci je však třeba sledovat delší časové období v následujících letech.

Klíčová slova: Brazílie, Kurzová politika, Platební bilance

JEL klasifikace: F31

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