IMF paper identifies Brazilian interest rate regime switch
A paper published on Friday by the International Monetary Fund (IMF) says sudden structural changes in the Brazilian economy during the past decade had led to a material shift in the Brazilian term structure.
Richard Munclinger, the paper's author, examines the dynamics of the Brazilian term structure from 1998 to 2007 to help understand what caused the relatively low level and volatility of interest rates experienced in Brazil after 2002.
Munclinger identifies two regimes in the data whereby
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