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

Listed author(s):
  • Marcio Gomes Pinto Garcia


    (Department of Economics PUC-Rio)

  • Fábio Urban

    (Bolsa de Mercadorias e Futuros - BM&F)

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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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
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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