The objective of this paper is to determine the relationship between the real exchange rate , the real interest rate and output in Brazil during the 90's. Empirical studies has found that a depreciation of the exchange rate is… Ana Crespo Solana, CSIC (Consejo Superior de Investigaciones Científicas-Spanish National Research Council), CCHS Department, Faculty Member. Studies Global & Comparative History, Early Modern History a Merchant communities. «Barcelona es mucho más» es un programa que permite descubrir y vivir nuevas experiencias en torno a la cultura, la arquitectura, la naturaleza y la enología, entre otras.