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Publication
A paridade cambial e as suas vantagens para a economia de São Tomé e Príncipe
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| 1.4 MB | Adobe PDF |
Advisor(s)
Abstract(s)
A âncora nominal como um elemento fundamental de qualquer processo de
estabilização dos preços nas economias elevadas e crónicas de inflação é relativamente
consensual na literatura. Nas experiências bem sucedidas de estabilização, tanto
"heterodoxo" ou "ortodoxo", o estabelecimento de uma taxa de câmbio nominal, tem
desempenhado um papel fundamental para garantir a credibilidade de moedas nacionais.
A credibilidade da boa governação é o resultado da disciplina monetária e fiscal que
devem ser cumpridos para manter as taxas de câmbio e a paridade cambial.
Na pequena economia aberta de São Tomé e Príncipe, pode a estabilidade cambial
exercer pressão sobre a manutenção da disciplina macroeconómica e contribuir para
uma melhor aproximação entre preços domésticos e externos.
São Tomé e Príncipe escolheu a estabilidade de preços como um dos principais pilares
da sua política económica e, neste sentido, identificou a taxa de câmbio indexada ao
euro como um meio preferido. Nesse contexto, assinou em 2009, o Acordo de
Cooperação Económica com Portugal (entrada em vigor em 2010).
Esta tese tem como objetivo analisar as determinantes da escolha do regime cambial em
contexto de globalização financeira, os resultados económicos provocados pelo efeito e
benefício da taxa de câmbio em paridade com o Euro e, a sustentabilidade para a
economia de São Tomé e Príncipe. Assim, foi escolhida a metodologia descritiva do
sistema financeiro e algumas variáveis fundamentais sobre a análise teórico-conceptual,
e um estudo empírico através de entrevistas com o Banco Central e algumas empresas.
The nominal anchor as a fundamental part of any prices stabilisation process in economies with chronic high inflation, is relatively consensual in literature. On current successful experiences of stabilisation, either they are “heterodox” or “orthodox”, the nominal exchange rate fixation has played a major role in order to ensure the credibility of the nation’s currency. This government credibility gain is the result of fiscal and monetary discipline which has to be obeyed so that the maintenance of the exchange parity can be ensured. For a small open economy, such as São Tomé and Príncipe, the Exchange rate stability can make pressure for a correct maintenance of the macroeconomic stability and contributes for a greater approximation between internal and external prices. São Tomé elected the prices stability as one of the main pillars of its economic policy and, in this context identified the Exchange parity against the euro as a privileged form to pursuit. In this context, in 2009 São Tomé signed the Cooperation Economical Contract with Portugal (entry into force in 2010). This thesis, has the objective of analyse the conditioning factors on choosing an exchange rate regime on the global financial context, the economic results provided by effects and advantages of the exchange rate in parity with Euro and its sustainability for São Tome’s economy. Therefore, it was chosen descriptive methodology of the financial system as well as the key variables in which concerns the theoretical conceptual analysis, together with an empiric study made by inquiries and interviews to the Central Bank and a few more enterprises.
The nominal anchor as a fundamental part of any prices stabilisation process in economies with chronic high inflation, is relatively consensual in literature. On current successful experiences of stabilisation, either they are “heterodox” or “orthodox”, the nominal exchange rate fixation has played a major role in order to ensure the credibility of the nation’s currency. This government credibility gain is the result of fiscal and monetary discipline which has to be obeyed so that the maintenance of the exchange parity can be ensured. For a small open economy, such as São Tomé and Príncipe, the Exchange rate stability can make pressure for a correct maintenance of the macroeconomic stability and contributes for a greater approximation between internal and external prices. São Tomé elected the prices stability as one of the main pillars of its economic policy and, in this context identified the Exchange parity against the euro as a privileged form to pursuit. In this context, in 2009 São Tomé signed the Cooperation Economical Contract with Portugal (entry into force in 2010). This thesis, has the objective of analyse the conditioning factors on choosing an exchange rate regime on the global financial context, the economic results provided by effects and advantages of the exchange rate in parity with Euro and its sustainability for São Tome’s economy. Therefore, it was chosen descriptive methodology of the financial system as well as the key variables in which concerns the theoretical conceptual analysis, together with an empiric study made by inquiries and interviews to the Central Bank and a few more enterprises.
Description
Keywords
Economia Política monetária Integração monetária Integração económica Inflação Taxas de câmbio São Tomé e Príncipe Exchange rate regime Economic and Monetary Integration Inflation Money supply
Citation
Santos, António José Pedro Grácio - A paridade cambial e as suas vantagens para a economia de São Tomé e Príncipe [Em linha]. Lisboa: [s.n.], 2017. 93 p.