COMPORTAMENTO DIÁRIO DO MERCADO BRASILEIRO DE RESERVAS BANCÁRIAS - NÍVEL E VOLATILIDADE - IMPLICAÇÕES NA POLÍTICA MONETÁRIA

Mardilson Fernandes Queiroz

Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: This works studies evidences banks' daily behavior pattern of managing reserves, analyses the rationality behind such observed behavior and its main influencing factors. This study contributes to the existent literature in two fronts: proposing a methodology for analyzing bank reserves' daily behavior pattern in two dimensions: level and volatility, which permits the verification of endogenous and exogenous influencing factors over the management of bank reserves; showing that the difference found between Brazilian banks' behavior and US banks' behavior described in the literature is rational given the Brazilian regulatory framework and market conditions. The author, facing the obtained results, proposes monetary policy implications, specifically in what concerns Brazilians' actual reserve requirements structure.

JEL-codes: G21 D84 C22 (search for similar items in EconPapers)
Date: 2004

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