Contágio marginal no novo Sistema de Pagamentos Brasileiro
AbstractIn this paper we adapt Penaloza (2005)s nite-dimensional model of shadow-prices in real-time gross settlement systems to the new Brazilian Payment System. The novelty of our application is a better treatment of securities and their role in the smoothing of the ow of payments during the day.
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Bibliographic InfoPaper provided by Departamento de Economia da Universidade de Brasilia in its series Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia with number 354.
Length: 34 pages
Date of creation: Jan 2011
Date of revision:
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Postal: Universidade de Brasília UnB - Campus Universitário Darcy Ribeiro Asa Norte CEP 70910-900, Brasília, Brasil
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shadow-prices; duality theory; Brazilian Central Bank.;
Find related papers by JEL classification:
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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