A tendência à sobreapreciação da taxa de câmbio

Abstract

In developing countries there is a tendency to the overvaluation of the exchange rate.It has two structural causes: the Dutch disease and the attraction that higher profit and interestrates usually prevailing in developing countries exert on foreign capitals, and four policycauses: the policy of growth with foreign savings, the control of inflation to exchange rateanchors, the policy of “capital deepening”, and exchange rate populism. Either the countryneutralizes this tendency and grows fast, or does not and will suffer cyclical balance of paymentcrises.