COMMODITY CURRENCIES: A REAL PHENOMENON IN BRAZIL?

ABSTRACT This work aims to investigate the role that the Brazilian currency, Real, may play on the commodity currencies model. The evidences show a significant correlation between the trajectory followed by Real in the last decade and the commodity currencies scheme, where the country's exchange rate tends to follow the evolution of the international commodity prices, understand as a group of products mainly originating from agricultural and mineral sectors.

摘要
本研究旨在探究巴西雷亚尔（Real）在商品货币模型（commodity currencies model）中的潜在作用。研究证据显示，近十年来雷亚尔的汇率走势与商品货币体系（commodity currencies scheme）存在显著相关性：该国汇率往往跟随国际大宗商品价格的波动而变动，而国际大宗商品指的是以农业和矿产领域产品为主的品类集合。