01497cas a2200241 a 4500 AALejournalIMF004464 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451864816 1018-5941 BD-DhAAL BD-DhAAL Paiva, Claudio. External Adjustment and Equilibrium Exchange Rate in Brazil / Claudio Paiva. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (22 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper investigates the factors behind the significant improvement in Brazil's external accounts and wide fluctuations of the real exchange rate since the floating of the real in 1999. Particular attention is devoted to the strong appreciation of the real from 2003-05. Econometric estimates of of behavioral equilibrium exchange rate (BEER) model for Brazil show that most of this appreciation was an equilibrium response to improved economic fundamentals. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2006/221 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/221/001.2006.issue-221-en.xml IMF e-Library