O acúmulo de resevas internacionais como determinante do fluxo de capitais estrangeiro

Abstract

This study aims to examine the relationship between the accumulation of international reserves and foreign capital flows. We propose a theoretical model to open economy with two periods trying to enter these variables, resulting in the maximization of the agents that the accumulation of international reserves is one of the determinants of supply of foreign capital. Computer simulations are performed with numerical data to validate the theoretical model using a quadratic utility function, where it was possible to confirm the relationships proposed in the theoretical model. Furthermore, an analysis was made of empirical relationships proposed for Brazil with data from January 1995 to December 2010, using a function strictly decreasing and strictly concave, resulting in a good fit with a hyperbola in one of analyzed periods .