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This paper examines the relationship between capital flows entering the Brazil and the real exchange rate in this country, expressed in R$/U$. Specifically, we seek to investigate the influences that financial flows, sub-accounts registered in the Financial Account of the Brazilian Balance Payments exert on the behavior of the real exchange rate, and also to check the influences of the behavior of charge on the attraction external capital. We also use the vector autoregressive model (VAR), the Impulse Response Functions and Variance Decomposition Analysis. The evidence suggests that the behavior of the Brazilian exchange rate is heavily influenced by the inflow of financial flows in the country. Note also that the flows of short-term, generally with speculative profile, have significant bearing on the behavior of exchange rates, which extends to the volatility of this rate and hence to macroeconomic instability that the country is subject to rely heavily on these flows.

FLUXOS DE CAPITAIS E TAXA DE CÂMBIO NO BRASIL: UMA APLICAÇÃO DO MODELO DE VETORES AUTO-REGRESSIVOS (VAR)