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O Mercado interbancário de câmbio no Brasil,Creation-Date: 2005-07

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Author Info

  • Marcio Gomes Pinto Garcia

    ()
    (Department of Economics PUC-Rio)

  • Fábio Urban

    (Bolsa de Mercadorias e Futuros - BM&F)

Abstract

We thoroughly describe the workings of the Brazilian interbank exchange rate market: agents, products, regulation, operation and risks. We analyse the recent evolution of the exchange rate market and came to a negative evaluation of the current exchange rate trading system, thereby suggesting an alternative centralized system, more liquid and transparent. We show econometrically that the exchange rate is firstly formed in the exchange rate futures market at the Commodities and Futures Exchange (BM&F), being then transmitted through arbitrage to the spot market.

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Bibliographic Info

Paper provided by Department of Economics PUC-Rio (Brazil) in its series Textos para discussão with number 509.

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Length: 50p
Date of creation: Mar 2005
Date of revision:
Publication status: Published in GLEIZER, D. (coord.) Aprimorando o mercado de câmbio brasileiro. São Paulo: Bolsa de Mercadorias & Futuros, 2005
Handle: RePEc:rio:texdis:509

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Related research

Keywords: Câmbio; Microestrutura do Mercado de Câmbio no Brasil; Regulação; Mercado de câmbio à vista e futuro;

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Cited by:
  1. André Ventura & Marcio Gomes Pinto Garcia, 2012. "Mercados futuro e à vista de câmbio no Brasil: O rabo balança o cachorro," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 66(1), pages 21-48, March.

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