International reserves, repurchase agreements, and the Brazilian monetary policy

Sylvio Antonio Kappes

Chapter 13 in Monetary Policy Challenges in Latin America, 2023, pp 221-231 from Edward Elgar Publishing

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.

Keywords: Development Studies; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2023
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