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

Marcio Garcia and Fábio Urban
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Fábio Urban: Bolsa de Mercadorias e Futuros - BM&F

No 509, Textos para discussão from Department of Economics PUC-Rio (Brazil)

Abstract: 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.

Keywords: Câmbio; Microestrutura do Mercado de Câmbio no Brasil; Regulação; Mercado de câmbio à vista e futuro (search for similar items in EconPapers)
JEL-codes: F31 F33 G13 G15 G18 (search for similar items in EconPapers)
Pages: 50p
Date: 2005-03
New Economics Papers: this item is included in nep-fin and nep-fmk
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Citations: View citations in EconPapers (1)

Published in GLEIZER, D. (coord.) Aprimorando o mercado de câmbio brasileiro. São Paulo: Bolsa de Mercadorias & Futuros, 2005

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Persistent link: https://EconPapers.repec.org/RePEc:rio:texdis:509

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