2020-03-172019-12-04ARCHANJO, Jander Luiz Silva. Fragilidade financeira externa da economia brasileira no período 2003-2018. 2019. 81 f. Dissertação (Mestrado em Economia) - Universidade Federal de Alfenas, Varginha, MG, 2019.https://repositorio.unifal-mg.edu.br/handle/123456789/1561This dissertation analyzes the external financial fragility of the Brazilian economy between 2003 and 2018. For this purpose, indicators of external financial fragility are calculated, which have as theoretical basis the Minsky Financial Fragility Hypothesis (1986), adapted for an open economy. From the standpoint of the International Investment Position, indicators showed that the economy's external financial fragility was reduced over the period, due to the accumulation of international reserves between 2006-2012, and also because of the reduction in value of portfolio foreign investments after 2011. However, it was found that the country remains with a high proportion of short-term liabilities in relation to international reserves. External financial fragility indicators associated with balance of payments flows showed that Brazilian exports are considerably lower than current demand for foreign currency. It was also verified that a trajectory of these indices was strongly influenced by the fluctuation of commodity prices and the equity factors.application/pdfAcesso AbertoMinskyFragilidade financeira externaBalanço de pagamentosPosição internacional de investimentoExternal financial fragilityBalance of paymentsInternational investment positionCIENCIAS SOCIAIS APLICADAS::ECONOMIADissertaçãoMiranda, Bernardo Pádua Jardim De