· Interest rate, estimated by the quarterly Selic rate;
· Gross domestic product (GDP) variation, measured by the natural logarithm of the
GDP for the current quarter minus the natural logarithm of GDP in the previous
quarter;
· Exchange rate variation, calculated based on the natural logarithm of the dollar
exchange rate for the current month minus the natural logarithm of the dollar rate
of the previous month (quarterly variation calculated based on the monthly
exchange time series disclosed by the BCB);
· Ibovespa (Brazilian stock exchange index) variation, obtained by the natural
logarithm of the Ibovespa’s current quarter divided by the natural logarithm of the
Ibovespa’s previous quarter.