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International reserves, repurchase agreements, and the Brazilian monetary policy

In: Monetary Policy Challenges in Latin America

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  • Sylvio Antonio Kappes

Abstract

The aim of this chapter is to analyze the four most important items in the Brazilian Central Bank balance sheet: on the asset side, the international reserves and the Treasury bills; and on the liabilities side, the repurchase agreements and the Treasury Account. We ascertained that these four items evolved due to the same policy decisions and institutional features. Their evolution begins with the decision to accumulate international reserves. A second decision, regarding the sterilization of the liquidity created by this first incident, explains the increase in both repos and Treasury bills. Finally, the legal framework connects the first decision to the increase in the Treasury Account.

Suggested Citation

  • Sylvio Antonio Kappes, 2023. "International reserves, repurchase agreements, and the Brazilian monetary policy," Chapters, in: Fernando Toledo & Louis-Philippe Rochon (ed.), Monetary Policy Challenges in Latin America, chapter 13, pages 221-231, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20918_13
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802200706.00027
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