Extreme capital flow episodes in Brazil and a group of emerging markets: an analysis of disaggregated data after the global financial crisis

Authors

DOI:

https://doi.org/10.5007/2177-5230.2026.e107238

Keywords:

Capital Flows, Surges and Stops, Emerging Markets and Developing Economies (EMDE), Brazil, Capital Controls

Abstract

This paper presents a detailed analysis of extreme episodes of capital flows to Brazil and to Emerging and Developing Economies (EDE) from 2005 to 2023. Specifically, Surges and Stops in Brazil are examined in relation to their occurrences in the EDE to investigate differences and similarities between them. The study revealed how different classes of investments reacted differently during the Global Financial Crisis and the pandemic; and it was also observed that Brazil's accounts showed a greater number of extreme capital episodes compared to the EDE group. Therefore, it reinforces the notion that it is crucial to understand the specificities of each type of capital flow, in space and time, for the formulation of public policies for managing financial flows.

Author Biographies

Vanessa da Costa Val Munhoz, UFU

Possui graduação em Ciências Econômicas pela Universidade Federal de Minas Gerais (2003), mestrado em Economia pela Universidade Federal de Uberlândia (2006) e doutorado em Economia pelo Cedeplar/UFMG (2010). É Professora Titular do Instituto de Economia e Relações Internacionais da Universidade Federal de Uberlândia (IERI UFU). Tem experiência na área de Economia, com ênfase em Economia Internacional e Economia Monetária e Financeira, atuando principalmente nos seguintes temas: Fluxos de Capitais, Balanço de Pagamentos e Finanças Internacionais, Abordagem Pós-Keynesiana, Política Monetária, Preferência pela Liquidez, Acesso Bancário e Desenvolvimento Econômico. Participa do grupo de pesquisa FINDE (Grupo de Pesquisa em Financeirização e Desenvolvimento) e coordena projetos de extensão, além de ser diretora da Associação Keynesiana Brasileira (AKB).  

 

Henrique Ferreira de Souza

Graduado em Ciências Econômicas (2015), Mestre (2017) e Doutor em Economia (2021), ênfase em Desenvolvimento Econômico, pelo PPGE/IERI da Universidade Federal de Uberlândia. Atualmente é Economista Pesquisador do Centro de Estudos, Pesquisas e Projeto Econômico-sociais (CEPES/IERI/UFU) - desde 2018. Atua em pesquisa e extensão nas áreas, principalmente, de Macroeconomia, Finanças Internacionais, Economia Monetária e Financeira e Comércio Internacional.  

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Published

2026-05-05

Issue

Vol. 41 No. 95 (2026): Geosul

Section

Artigos

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Licença Creative Commons
Este trabalho está licenciado com uma Licença Creative Commons - Atribuição 4.0 Internacional.