Macroeconomia aberta e estabilidade econômica sob enfoque da teoria de portfólio

Abstract

The main purpose of this article is to analyze the theoretical developments of an open economy in the short run in light of portfolio theory, putting historical events in parallel. The theoretical arguments to instrument-target problem in economic policy are reaffirmed as depending on choices between exchange rate and monetary regimes. The model constructed to evaluate those issues has the following advantage: its economic policy first order impacts are independent of the hypothesis on the capital mobility levels, as soon as the general equilibrium approach of the portfolio theory implies gross substitution conditions between domestic and external financial assets.

Keywords

• economic stabilization
• exchange rate and monetary regimes
• portfolio theory
• economic policy
• comparative static