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Finance and Economics Discussion Series: 2008-16 Figure Data

Corporate Hedging, Investment and Value

Figure 1 Data: Exchange rate measured as Brazilian reais per US dollar, 1996-2005
Date	Exchange rate
Jan-96	0.9723
Feb-96	0.978
Mar-96	0.9845
Apr-96	0.9873
May-96	0.9922
Jun-96	0.9982
Jul-96	1.005
Aug-96	1.0103
Sep-96	1.0165
Oct-96	1.0215
Nov-96	1.0278
Dec-96	1.0308
Jan-97	1.0394
Feb-97	1.045
Mar-97	1.0511
Apr-97	1.0591
May-97	1.0638
Jun-97	1.071
Jul-97	1.0766
Aug-97	1.083
Sep-97	1.092
Oct-97	1.0969
Nov-97	1.1028
Dec-97	1.11
Jan-98	1.1164
Feb-98	1.1235
Mar-98	1.1305
Apr-98	1.1373
May-98	1.1437
Jun-98	1.1523
Jul-98	1.1568
Aug-98	1.1651
Sep-98	1.177
Oct-98	1.184
Nov-98	1.193
Dec-98	1.2016
Jan-99	1.2074
Feb-99	1.97
Mar-99	2.05
Apr-99	1.73
May-99	1.668
Jun-99	1.741
Jul-99	1.763
Aug-99	1.814
Sep-99	1.917
Oct-99	1.923
Nov-99	1.944
Dec-99	1.92
Jan-00	1.805
Feb-00	1.795
Mar-00	1.769
Apr-00	1.742
May-00	1.807
Jun-00	1.821
Jul-00	1.809
Aug-00	1.786
Sep-00	1.824
Oct-00	1.847
Nov-00	1.909
Dec-00	1.981
Jan-01	1.938
Feb-01	1.9825
Mar-01	2.043
Apr-01	2.158
May-01	2.203
Jun-01	2.385
Jul-01	2.326
Aug-01	2.502
Sep-01	2.563
Oct-01	2.687
Nov-01	2.685
Dec-01	2.463
Jan-02	2.31
Feb-02	2.414
Mar-02	2.351
Apr-02	2.325
May-02	2.361
Jun-02	2.55
Jul-02	2.8575
Aug-02	3.27
Sep-02	3.102
Oct-02	3.692
Nov-02	3.595
Dec-02	3.6225
Jan-03	3.5425
Feb-03	3.535
Mar-03	3.57
Apr-03	3.329
May-03	2.9125
Jun-03	2.977
Jul-03	2.849
Aug-03	3.005
Sep-03	2.975
Oct-03	2.906
Nov-03	2.855
Dec-03	2.9315
Jan-04	2.884
Feb-04	2.9525
Mar-04	2.8905
Apr-04	2.8925
May-04	2.962
Jun-04	3.155
Jul-04	3.083
Aug-04	3.0505
Sep-04	2.928
Oct-04	2.84
Nov-04	2.863
Dec-04	2.703
Jan-05	2.6695

Return to Figure 1

Figure 2 Data: Brazil's GDP growth and Inflation
Year	GDP growth	Inflation
1996	2.66	9.56
1997	3.27	5.22
1998	0.13	1.65
1999	0.79	8.94
2000	4.36	5.97
2001	1.31	7.67
2002	1.93	12.53
2003	0.54	9.30
2004	4.94	7.60

Return to Figure 2

Figure 3 Data: Brazil's Domestic Interest rate (Selic), 1996-2005
Date	Selic
Jan-96	33.83
Feb-96	36.11
Mar-96	30.16
Apr-96	29.42
May-96	25.64
Jun-96	29.65
Jul-96	23.28
Aug-96	25.01
Sep-96	25.4
Oct-96	23.49
Nov-96	25.27
Dec-96	23.94
Jan-97	21.73
Feb-97	26.14
Mar-97	24.11
Apr-97	21.84
May-97	21.91
Jun-97	21.08
Jul-97	19.04
Aug-97	20.78
Sep-97	19.81
Oct-97	19.93
Nov-97	45.9
Dec-97	39.79
Jan-98	37.19
Feb-98	34.32
Mar-98	28.32
Apr-98	25.16
May-98	22.6
Jun-98	21.02
Jul-98	20.33
Aug-98	19.23
Sep-98	34.29
Oct-98	41.58
Nov-98	38.73
Dec-98	31.24
Jan-99	31.19
Feb-99	38.97
Mar-99	43.25
Apr-99	36.12
May-99	27.11
Jun-99	22.01
Jul-99	20.74
Aug-99	19.51
Sep-99	19.38
Oct-99	18.91
Nov-99	18.95
Dec-99	18.99
Jan-00	18.94
Feb-00	18.87
Mar-00	18.85
Apr-00	18.62
May-00	18.51
Jun-00	18.04
Jul-00	16.85
Aug-00	16.52
Sep-00	16.56
Oct-00	16.6
Nov-00	16.51
Dec-00	16.19
Jan-01	15.49
Feb-01	15.2
Mar-01	15.39
Apr-01	16.02
May-01	16.43
Jun-01	17.28
Jul-01	18.57
Aug-01	19
Sep-01	19.06
Oct-01	19.06
Nov-01	19.05
Dec-01	19.05
Jan-02	19.05
Feb-02	18.97
Mar-02	18.72
Apr-02	18.37
May-02	18.37
Jun-02	18.1
Jul-02	18.17
Aug-02	17.84
Sep-02	17.89
Oct-02	19.59
Nov-02	21.25
Dec-02	23.03
Jan-03	25.06
Feb-03	25.68
Mar-03	26.32
Apr-03	26.32
May-03	26.31
Jun-03	26.09
Jul-03	25.36
Aug-03	23.5
Sep-03	21.02
Oct-03	19.54
Nov-03	18.31
Dec-03	16.91
Jan-04	16.32
Feb-04	16.3
Mar-04	16.19
Apr-04	15.96
May-04	15.77
Jun-04	15.8
Jul-04	15.77
Aug-04	15.86
Sep-04	16.09
Oct-04	16.41
Nov-04	16.96
Dec-04	17.5
Jan-05	17.93

Return to Figure 3

Figue 4 Data: Number of firms in sample
Year	Derivative Users	Derivative Non-Users
1997	6	87
1998	18	86
1999	22	116
2000	37	104
2001	54	86
2002	58	75
2003	58	80
2004	55	81

Return to Figure 4