{"id":2367,"date":"2021-06-30T15:38:24","date_gmt":"2021-06-30T18:38:24","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&#038;p=2367"},"modified":"2024-11-01T19:37:21","modified_gmt":"2024-11-01T22:37:21","slug":"a-montanha-russa-do-cambio-o-que-explica-a-desvalorizacao-e-a-valorizacao-do-real-durante-a-pandemia","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publications\/articles\/a-montanha-russa-do-cambio-o-que-explica-a-desvalorizacao-e-a-valorizacao-do-real-durante-a-pandemia\/","title":{"rendered":"A montanha-russa do c\u00e2mbio: o que explica a desvaloriza\u00e7\u00e3o e a valoriza\u00e7\u00e3o do Real durante a pandemia?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Em meio \u00e0 for\u00adte incer\u00adte\u00adza nos mer\u00adca\u00addos finan\u00adcei\u00adros inter\u00adna\u00adci\u00ado\u00adnais obser\u00adva\u00addas duran\u00adte a cri\u00adse finan\u00adcei\u00adra glo\u00adbal de 2008-09 e a cri\u00adse da Covid-19 em 2020\u20132021, as moe\u00addas de pa\u00ed\u00adses emer\u00adgen\u00adtes sofrem pres\u00ads\u00f5es comuns de des\u00adva\u00adlo\u00adri\u00adza\u00ad\u00e7\u00e3o. No entan\u00adto, embo\u00adra o pr\u00ea\u00admio de ris\u00adco bra\u00adsi\u00adlei\u00adro tenha tido com\u00adpor\u00adta\u00admen\u00adto seme\u00adlhan\u00adte nas duas oca\u00adsi\u00f5es, a fuga de capi\u00adtais do Bra\u00adsil foi mai\u00ador do que a sofri\u00adda por outras eco\u00adno\u00admi\u00adas emer\u00adgen\u00adtes em 2020\u20132021, ao con\u00adtr\u00e1\u00adrio do que havia sido obser\u00adva\u00addo em 2008-09. A par\u00adtir de um estu\u00addo eco\u00adno\u00adm\u00e9\u00adtri\u00adco dese\u00adnha\u00addo para expli\u00adcar a dife\u00adren\u00ad\u00e7a de com\u00adpor\u00adta\u00admen\u00adto entre o Real e uma ces\u00adta de moe\u00addas emer\u00adgen\u00adtes duran\u00adte a pan\u00adde\u00admia, esta Nota suge\u00adre que a des\u00adva\u00adlo\u00adri\u00adza\u00ad\u00e7\u00e3o des\u00adpro\u00adpor\u00adci\u00ado\u00adnal da taxa de c\u00e2m\u00adbio bra\u00adsi\u00adlei\u00adra at\u00e9 mar\u00ad\u00e7o de 2021 se deveu essen\u00adci\u00adal\u00admen\u00adte ao pata\u00admar mais bai\u00adxo de nos\u00adsa taxa b\u00e1si\u00adca de juros duran\u00adte a pan\u00adde\u00admia. De acor\u00addo com esses resul\u00adta\u00addos, a valo\u00adri\u00adza\u00ad\u00e7\u00e3o recen\u00adte da moe\u00adda bra\u00adsi\u00adlei\u00adra tam\u00adpou\u00adco se expli\u00adca por uma melho\u00adra do qua\u00addro pol\u00ed\u00adti\u00adco ou fis\u00adcal do pa\u00eds, mas sim pelo ciclo de ele\u00adva\u00ad\u00e7\u00e3o da taxa SELIC ini\u00adci\u00ada\u00addo em mar\u00ad\u00e7o pelo Ban\u00adco Cen\u00adtral. Em espe\u00adci\u00adal, des\u00adsa ces\u00adta de moe\u00addas, o Real \u00e9 a que apre\u00adsen\u00adta mai\u00ador valo\u00adri\u00adza\u00ad\u00e7\u00e3o peran\u00adte o d\u00f3lar em junho (em com\u00adpa\u00adra\u00ad\u00e7\u00e3o com 12 meses&nbsp;atr\u00e1s).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Em meio \u00e0 for\u00adte incer\u00adte\u00adza nos mer\u00adca\u00addos finan\u00adcei\u00adros inter\u00adna\u00adci\u00ado\u00adnais obser\u00adva\u00addas duran\u00adte a cri\u00adse finan\u00adcei\u00adra glo\u00adbal de 2008-09 e a cri\u00adse da Covid-19 em 2020\u20132021, as moe\u00addas de pa\u00ed\u00adses emer\u00adgen\u00adtes sofrem pres\u00ads\u00f5es comuns de des\u00adva\u00adlo\u00adri\u00adza\u00ad\u00e7\u00e3o. No entan\u00adto, embo\u00adra o pr\u00ea\u00admio de ris\u00adco bra\u00adsi\u00adlei\u00adro tenha tido com\u00adpor\u00adta\u00admen\u00adto seme\u00adlhan\u00adte nas duas oca\u00adsi\u00f5es, a fuga de capi\u00adtais do Brasil&nbsp;[\u2026]<\/p>\n","protected":false},"template":"","tags":[],"made_publication_type":[175],"class_list":["post-2367","made_publication","type-made_publication","status-publish","hentry","made_publication_type-policy-notes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A montanha-russa do c\u00e2mbio: o que explica a desvaloriza\u00e7\u00e3o e a valoriza\u00e7\u00e3o do Real durante a pandemia? &#8212; Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeusp.com.br\/en\/publications\/articles\/a-montanha-russa-do-cambio-o-que-explica-a-desvalorizacao-e-a-valorizacao-do-real-durante-a-pandemia\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publications\\\/articles\\\/a-montanha-russa-do-cambio-o-que-explica-a-desvalorizacao-e-a-valorizacao-do-real-durante-a-pandemia\\\/\",\"url\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publications\\\/articles\\\/a-montanha-russa-do-cambio-o-que-explica-a-desvalorizacao-e-a-valorizacao-do-real-durante-a-pandemia\\\/\",\"name\":\"A montanha-russa do c\u00e2mbio: o que explica a desvaloriza\u00e7\u00e3o e a valoriza\u00e7\u00e3o do Real durante a pandemia? 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