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

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.

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Year of publication:	2005-03
Authors:	Garcia, Marcio Gomes Pinto ; Urban, Fábio
Institutions:	Departamento de Economia, Pontifícia Universidade Católica do Rio de Janeiro
Subject:	Câmbio \| Microestrutura do Mercado de Câmbio no Brasil \| Regulação \| Mercado de câmbio à vista e futuro

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Extent:	application/pdf
Series:	Textos para discussão.
Type of publication:	Book / Working Paper
Language:	Portuguese
Notes:	Published in GLEIZER, D. (coord.) Aprimorando o mercado de câmbio brasileiro. São Paulo: Bolsa de Mercadorias & Futuros, 2005 Number 509 50 pages long
Classification:	F31 - Foreign Exchange ; F33 - International Monetary Arrangements and Institutions ; G13 - Contingent Pricing; Futures Pricing ; G15 - International Financial Markets ; G18 - Government Policy and Regulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005222453