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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)

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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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File URL: http://www.econ.puc-rio.br/pdf/td509.pdf
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Publisher 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;

Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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  1. Richard K. Lyons, 2006. "The Microstructure Approach to Exchange Rates," MIT Press Books, The MIT Press, edition 1, volume 1, number 026262205x.
  2. Marcio Gomes Pinto Garcia & Tatiana Glindmeier Didier Brandao, 2001. "Taxa de Juros, Risco Cambial e Risco Brasil," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 031, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
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This page was last updated on 2009-11-17.

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