LIBERALIZAÇÃO DO MOVIMENTO DE CAPITAIS E OS DESAFIOS JURÍDICOS E MONETÁRIOS PARA O BRASIL INTEGRAR A ORGANIZAÇÃO PARA A COOPERAÇÃO E DESENVOLVIMENTO ECONÔMICO (OCDE)

Abstract

Brazil's adherence to the OECD Code of Liberalisation of Capital Movements may increase its capacity to attract foreign investments - at least, this is the official discourse. Nevertheless, the Code's binding structure may reduce its power to secure legal mechanisms for managing capital movements, especially in times of crisis. For a country placed on the periphery of the international monetary system hierarchy, there are challenges to be considered. The purpose of this article is to discuss the legal structure of the OECD's Code, in contrast to institutional view on capital flows of the IMF, of which Brazil has been a member since 1946. This article also proposes approaches for national diplomatic actions, which can contribute to the construction of the OECD's decisions related to the Code to meet the demands of emerging economies such as Brazil.