Bruno Martarello De Conti

A vulnerabilidade externa decorrente da Posição Internacional de Investimentos e do fluxo de rendas da economia brasileira no período 2001-2010

This article presents Brazils external financial vulnerability resulting from foreign stocks (International Investment Position) and flows of income. It analyses the Brazilian economy during the period 2001-2010 and concludes that: i) the reduction of the stock-vulnerability of the Brazilian economy, as demonstrated during the global crisis beginning in 2008, was due to a new composition of the International Investment Position, and an increase in international reserves and external liabilities denominated in the domestic currency, and these tend to suffer a double devaluation (price and exchange rates) in times of crisis; ii) net income sent abroad in this period amounted to US

A hierarquia monetária e suas implicações para as taxas de câmbio e de juros e a política econômica dos países periféricos

273 billion, crystallizing the flow-vulnerability through dependence on external financing for the current account deficit; iii) variations in prices of external stocks is the most important variable in the changes of balances of the International Investment Position.