Concessão de crédito entre bancos centrais no âmbito do Convênio de Pagamentos e Créditos Recíprocos

The objective is the establishment of credit lines ruled on the Agreement on Reciprocal Payments and Credits, an international agreement signed by twelve Latin America central banks for trade in the early 1980s. A description of the multilateral system of payments and a study of the bilateral credit lines‟ characteristics are made. We propose a model that considers the basic characteristics of trade needs among countries expressed in the Agreement and issues related to risk aversion. The model is estimated and its answers to the data available until the first quarter of 2010. We conclude that the total credit line in CCR shall be reduced; the credit granted to Argentina, Chile, Mexico, Paraguay, and Uruguay shall be reduced; and the credit granted to Bolivia, Peru and Venezuela shall be increased.