Remember Me
Or use your Academic/Social account:


You have just completed your registration at OpenAire.

Before you can login to the site, you will need to activate your account. An e-mail will be sent to you with the proper instructions.


Please note that this site is currently undergoing Beta testing.
Any new content you create is not guaranteed to be present to the final version of the site upon release.

Thank you for your patience,
OpenAire Dev Team.

Close This Message


Verify Password:
Verify E-mail:
*All Fields Are Required.
Please Verify You Are Human:

OpenAIRE is about to release its new face with lots of new content and services.
During September, you may notice downtime in services, while some functionalities (e.g. user registration, login, validation, claiming) will be temporarily disabled.
We apologize for the inconvenience, please stay tuned!
For further information please contact helpdesk[at]openaire.eu

fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Andrade, Sandro C.; Kohlscheen, Emanuel (2010)
Publisher: University of Warwick. Dept. of Economics
Languages: English
Types: Book
Subjects: HC
Using survey data, we document that foreign-owned institutions became more pessimistic than locally owned institutions about the strength of the Brazilian currency around the 2002 presidential elections. As a result of their relative pessimism, foreignowned institutions made larger forecast errors. Consistent with the emergence of their relative pessimism, foreign investors heavily sold Brazilian stocks and the Brazilian currency in futures markets ahead of the 2002 elections. Periods of stronger foreign sell-off were associated with larger equity price declines and larger depreciation of the Brazilian Real in spot and futures markets. These results are consistent with foreign investors’ lack of knowledge of Brazilian institutions contributing to the sharp depreciation of the Brazilian currency and stock market ahead of the 2002 presidential elections.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • Alesina, A. and G. Tabellini (1989) External debt, capital ‡ight and political risk. Journal of International Economics 27, 199-220.
    • Andrade, S.C. (2009) A model of asset pricing under country risk. Journal of International Money and Finance 28(4), 671-695.
    • Bacmann, J-F. and G. Bolliger (2001) Who are the Best? Local Versus Foreign Analysts on Latin American Stock Markets. EFMA 2002 London Meetings.
    • Bae, K.H., Stulz, R.M. and H.P. Tan (2008) Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts. Journal of Financial Economics 88, 3, 581-606.
    • Berger, H., M. Ehrmann, and M. Fratzscher (2009) Forecasting ECB monetary policy: Accuracy is (still) a matter of geography. European Economic Review 53(8), 1028-1041.
    • Bhagwati, J. (1998) The capital myth: The di¤erence between trade in widgets and dollars. Foreign A¤ airs 77(3), 7-12.
    • Block, S., and P. Vaaler (2004) The price of democracy: Sovereign risk ratings, bond spreads and political business cycles in developing countries. Journal of International Money and Finance 23, 917-46.
    • Bonomo, M.A. and M.C. Terra (2005) Elections and exchange rate policy cycles. Economics and Politics 17, 151-176.
    • Brennan, M.J. and H.H. Cao (1997) International portfolio investment ‡ows. Journal of Finance 52(4), 1851-1880.
    • Broner, F., R.G. Gelos, and C.M. Reinhart (2006) When in peril, retrench: Testing the portfolio channel of contagion. Journal of International Economics 69(1), 203-230 .
    • Calvo, G.A., and E. Mendoza (2000a) Capital-market crises and economic collapse in emerging markets: An informational-frictions approach. American Economic Review, 59-64.
    • Calvo, G.A., and E. Mendoza (2000b) Rational contagion and the globalization of securities markets. Journal of International Economics 51, 79-113.
    • 01apr2002 BRL future price of 1 USD
  • No related research data.
  • No similar publications.

Share - Bookmark

Cite this article

Cookies make it easier for us to provide you with our services. With the usage of our services you permit us to use cookies.
More information Ok