Abertura Financeira e Endividamento Externo dos Países Periféricos: uma Análise do Caso Brasileiro

Abstract

This article aims to verify the existence of an association between the financial openness of the Brazilian economy and the country´s foreign indebtedness. The methodology uses a VAR model to measure the interactions between the following variables: Gross external debt, financial opening index, economic globalization index, financial account balance, exchange rate and interest rate, for the period ranging from 1990 to 2015. The results indicate that there is a significant interaction between the variables gross external debt and financial opening. Debt responds positively to shocks in all variables, demonstrating that the degree of external vulnerability of Brazil has increased in the face of economic crises after the financial openness.