Complementaridade e Fungibilidade dos Fluxos de Capitais Internacionais

Abstract

This paper presents an analysis, both in theoretical and empirical terms, of the fungibility of international private capital flows. For this, we adopt an open investigative position, implementing univariate and multivariate investigation of the capital movements related to Brazilian economy during the period 1991-1998. Contrary to other studies, we reach an equilibrium relationship linking the flows. Besides this, we find support to the complementarity hypothesis in the long term and to the fungibility hypothesis in the short term.