Padrão de Financiamento e Exposição Cambial das Empresas Brasileiras a Partir da Crise de 2008

Edison Filho

No 1783, Discussion Papers from Instituto de Pesquisa Econômica Aplicada - IPEA

Abstract: Este trabalho pretende analisar a evolução do nível de exposição ao risco cambial das corporações brasileiras, sobretudo exportadoras, a partir da crise de 2008, quando muitas delas sofreram perdas substanciais em razão da desvalorização do real. Analisam-se as estratégias financeiras dessas companhias por meio do uso de derivativos cambiais, bem como os impactos resultantes da intermediação desses contratos e reverberação de potenciais perdas por parte do sistema bancário nacional. Discutem-se, ainda, os efeitos recentes das medidas regulatórias adotadas pelo governo brasileiro no sentido de limitar a entrada de capital especulativo no país e estabelecer um monitoramento mais efetivo dos riscos associados ao mercado doméstico de derivativos. Palavras-chave: crise financeira; finanças corporativas e governança; gerenciamento de risco cambial; políticas governamentais e regulação. This paper aims to examine the evolution of currency risk exposure of Brazilian corporations, especially exporting companies, from the 2008 crisis, when several companies suffered substantial losses due to the decline of the real. We analyze their financial based on the usage of derivatives, as well as the impacts resulting from these contracts intermediation and reverberation of potential losses by the national banking system. We discuss also the effects of recent regulatory measures adopted by the Brazilian government in order to curb speculation in the currency market and establish a more effective monitoring of the risks associated with domestic derivatives. Keywords: financial crisis; corporate finance and governance; financial risk and risk management; government policy and regulation.

Pages: 54 pages
Date: 2012-11
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