Abstract:The effects of changes in foreign portfolio investment flows on Brazilian GDP and investment during the financial crisis of 2008-2009 are evaluated through correlation coefficients, impulse-response functions, and out of sample forecasts. Impulse-response functions results show a positive relation between financial flows and GDP and investment, for both fixed income and equity flows. There is a change in the relationship between flows and changes in GDP and investment form the fourth quarter of 2008. The chang… Show more
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