Importância do sistema de câmbios flexíveis para a competitividade comercial: o caso da taxa de câmbio entre o Metical e o Rand e entre o Metical e o Dólar Americano

Abstract

The present work intends to analyze to what extent the flexible exchange system was important for the dynamization of the National Economy, that is, it intends to evaluate the impact of the currency depreciation on the Trade Balance in Mozambique. The study covers a time horizon of 14 years (1992 - 2006), moments that coincide with the end of the 16-year civil war that shook the country, as well as coincide with the period of institutionalization of the Market Economy in Mozambique. The study of the macroeconomic environment in Mozambique after National independence leads to the historical division into at least two distinct periods: Period before and after the Economic Rehabilitation Program (PRE) in 1987. In the Period before the PRE (1975 - 1986), the Mozambican economy was centrally planned, being characterized by strong administrative control of the price system. During this period, the fixed exchange rate system operated in which the Government of Mozambique had strong control over monetary policy, including exchange rate policy, in accordance with the political objectives that were intended to be achieved, such as combating inflation and speculation in the pricing system. The period after the PRE is the period of economic liberalization, a process that took shape in the late 1990s. Although the dominant objective of the PRE was the liberalization of the economy, the fixed exchange rate remained under strong administrative influences until 1992, and throughout this period there was a great series of measures aimed at strengthening the economy and, at the same time, adapting it to the macroeconomic framework created by the PRE. Thus, the fixed exchange rate regime was abandoned and the flexible exchange rate regime introduced in April 1992, a regime that continues to be in force today.(TRADUÇÃO NOSSA)