por sus valiosos comentarios, críticas y sugerencias. También agradecemos al apoyo del CNPq-Brasil y del Department of Latin American Studies (TCLA, Universiteit Leiden).
Thi s paper examines four hypotheses: (i) in Brazil, as in other peripheral countries in the post-crisis context, a policy choice appears to have been made for a flexible exchange rate within a currency band ("dirty float"); (ii) the underlying reasons for this policy appear to have more to do with pass-through of exchange-rate variations and precautionary demand for reserves than with the maintenance of a competitive real exchange rate; (iii) in the country's peculiar situation, considerable capital mobility is conjoined with large and liquid financial derivatives markets and a reserves build-up policy that carries a high fiscal cost; (iv) until April 2006, reserves accumulated in much the same way under the floating exchange-rate system as they had under the currency band regime; there have been changes since then owing to the rapid growth of reserves.
This article analyses the structure of Brazilian and Chinese exports to Latin American markets, for the purpose of evaluating the repercussions of China's emergence as a global power and major trading partner of the countries of the region. An estimation of several international trade and competitiveness indicators shows that Chinese exports, particularly manufactured goods, are displacing Brazilian products on the regional market; and this poses a potential threat to Brazil.
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