September 22nd, 2013
combination of regimes exchange of the classroom of regimes of fixed exchange with the large-scale ressurgimento of the movements of capitals proved to be an explosive combination, subjecting these economies the speculative attacks. They had not only occurred in emergent countries, as in Mexico, 1994, that she infected Argentina, or in the countries southeastern Asian, in 1997, or Russia, to the end of 1998, and immediately afterwards in Brazil, but already they had occurred previously in 1992 in some European countries, that then came fixing the paridades of its currencies in relation to the German Landmark. After the exchange crises of the end of the decade of 1990 and ahead of the insustentabilidade of the maintenance of one fixed tax of exchange, the option for the adoption of a regimen of floating exchange if constituted in the reply of Brazilian monetary authority in the direction to recoup the capacity to make monetary politics and to become the economy less susceptible the recurrent speculative attacks. In some countries, the spite of the announcement officer of adoption of the flexible regimen, in the practical one, the monetary authorities had remained intervined in the market to diminish the volatileness of the tax of exchange with the objectives to reduce the abrupt friction, movements and imperfections in this market, beyond guaranteeing external credibility to the flow of capitals for the accumulation of reserves, to reduce inflationary pressures in scenes of raised ' ' pass-through' ' increase of the internal prices of the country? exchange and to control the high ratio of the debt in relation to Produto Interno Bruto (PIB). Such exchange measures reflect directly in the performance of the external accounts of the country, especially of the exportations. These, in a context of magnifying of the economic opening, are sufficiently excellent for being not only an element of adjustment of the external accounts and balance of long stated period of the rocking of payments, but also of maintenance of high levels of growth and job.