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100			_aCunha, André Moreira _955880
245			_aExternal Financial Liberalization and Macroeconomic Performance in Emerging Countries: An Empirical Evaluation of the Brazilian Case
260			_bWiley _c2020
300			_a Vol 51, issue 5, 2020 :(1225-1245 p.).
520			_aThis article evaluates the effects of external financial liberalization on Brazilian macroeconomic performance from 1995 to 2016. Its main contributions are to assess the influence of the global financial cycle on the level of external financial liberalization and to analyse the short- and long-run macroeconomic effects of such liberalization on the performance of a peripheral economy in the global currency hierarchy. Methodologically, the article employs the Markov-Switching Vector Autoregressive and Vector Error Correction models. The results show that the global financial cycle directly affects cross-border financial flows and frames the impact of external financial liberalization on the macroeconomic performance. The article concludes that external financial liberalization has negative macroeconomic effects in the short run and generates a trade-off between stability and growth in the long run.
700			_aPrates, Daniela Magalhães _955881
700			_aSilva, Pedro Perfeito da _955882
773	0		_08737 _916865 _dWest Sussex John Wiley & Sons Ltd. 1970 _tDevelopment and change _x0012-155X
856			_u https://doi.org/10.1111/dech.12602
942			_2ddc _cEJR
999			_c13803 _d13803