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| Author(s): |
Danilo César Cascaldi Garcia
Total Authors: 1
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| Document type: | Master's Dissertation |
| Press: | Ribeirão Preto. |
| Institution: | Universidade de São Paulo (USP). Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto (PCARP/BC) |
| Defense date: | 2009-04-03 |
| Examining board members: |
Sérgio Kannebley Júnior;
Roseli da Silva;
Vladimir Kühl Teles
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| Advisor: | Sérgio Kannebley Júnior |
| Abstract | |
The literature is large on what refers to estimation of export supply and demand models, but just a few consider that the response on exports to variations on the exchange rate can be slow and asymmetric. Dixit (1989) says that the firm who wishes to operate on the foreign market or leave it must incur on sunk costs. Besides, wait-and-see policies makes the firm to remain it state unaltered (operating or not) immediately when significant variations on the exchange rate happens. This factor creates the phenomena called economic hysteresis, representing a strong non-linearity of a variable, generating asymmetries depending on the state and magnitude of the shock on the variable. Thus, its proposed on this work an alternative form to capture this effect, by smooth transition cointegration model, developed on Saikkonen and Choi (2004). The results indicate to the evidence of the hysteretic effect, presenting non-linear modeling for four of sixteen industrial sectors studied of Brazil. (AU) | |