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首页> 外文期刊>The North American journal of economics and finance >Fear of Floating in Brazil: Did Inflation Targeting matter?
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Fear of Floating in Brazil: Did Inflation Targeting matter?

机译：对浮动汇率的恐惧：以通胀为目标重要吗？

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摘要

Brazil implemented Inflation Targeting (IT) after the breakdown of a managed floating regime, showing a similar pattern to most of the emerging markets that adopted this framework. This unplanned policy change has led to some disbelief regarding the country's commitment to its inflation objective and to a floating exchange rate. In this paper we analyse whether the adoption of IT has led to an actual shift in the country's approach to the exchange rate. We find greater exchange rate flexibility and milder interventions in the foreign exchange market after IT. We conclude that possible interventions should not be seen as Fear of Floating, but as a required policy for the attainment of the inflation targets.
机译：在有管理的浮动制度崩溃之后，巴西实施了通胀目标制，这与采用该框架的大多数新兴市场相似。这项计划外的政策变更导致人们对该国对其通货膨胀目标和浮动汇率的承诺产生了怀疑。在本文中，我们分析了IT的采用是否导致了该国汇率方法的实际转变。 IT之后，我们发现汇率灵活性更大，外汇市场的干预更为温和。我们得出结论，可能的干预措施不应被视为对浮动的恐惧，而应视为实现通胀目标的必要政策。

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