Since the collapse of the Bretton Woods system, the relationship between prices, interest and the exchange rate has been an important object of study in international macroeconomics. Besides, empirical evidence shows that both the nominal rate and the real exchange rate have been floating systematically.
The classical macroeconomic hypothesis that establishes the link between the prices of goods and the exchange rate is the Purchasing Power Parity (PPP). According to this theory, changes in local goods prices are adjusted by nominal changes in the exchange rate until, in equilibrium, prices between countries are equal (in the strong or absolute version of the theory) or to the point where the ratio between prices is constant over time (weak or relative version of the theory).
However, contradicting the result expected by PPP, Obstfeld and Rogoff (2000) identified no less than six puzzles related to international macroeconomics, three of which are directly affected by the exchange rate, namely (i) home bias in trade; (ii) the purchasing power parity puzzle; and (iii) exchange rate disconnect puzzle.
Suppose Apex has to deal with an environment of exchange rate uncertainty. Considering that the last two puzzles identified by Obstfeld and Rogoff (2000) can be analyzed as price puzzles, as they refer to the exchange rate dynamic effects, explain how economic agents make their investment decisions in such an environment and what variables and transmission channels are observed by economic agents in investment decisions affected by the exchange rate.
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O dirigente da Boatbras, uma indústria brasileira de peças náuticas usadas na fabricação de lanchas e iates, pretendendo iniciar a internacionalização de seus negócios no México, contratou um analista de comércio exterior, ainda inexperiente, que o orientou a:
I levar em consideração os fatores macro e microambientais;
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IV utilizar o incoterm EXW para a definição do preço de exportação e contratar uma trading company.
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