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developed by Levy and Spiller (1993, 1994, 1996), the paper examined both governance structure and incentive model of the … institutional context. From the evidences presented, it may be inferred that Brazil has a solid governance structure for the … regulatory system. The stability of regulatory governance prevailed over political changes caused by government alternation, and …
Persistent link: https://www.econbiz.de/10010330900
developed by Levy and Spiller (1993, 1994, 1996), the paper examined both governance structure and incentive model of the … institutional context. From the evidences presented, it may be inferred that Brazil has a solid governance structure for the … regulatory system. The stability of regulatory governance prevailed over political changes caused by government alternation, and …
Persistent link: https://www.econbiz.de/10010230695
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...
Persistent link: https://www.econbiz.de/10015233853
This paper presents favorable piece of evidence of the relationship between the Brazilian real output and its stockmarket. Neglecting this fact may jeopardize current price stability and economic growth.
Persistent link: https://www.econbiz.de/10015233995
To what extent can monetary and financial crises and cycles be explained through economic theories? This paper is aimed at highlighting why a reliance on economic theories may be necessary given certain flaws which have been revealed from the recent Financial Crisis. Namely, that economic and...
Persistent link: https://www.econbiz.de/10015236999
The article aspires to understand the monetary policy transmission mechanisms and whether they result in the aimed effects. We define and detail these monetary policy transmission mechanisms, showing some recent changes in monetary economics. We emphasize that modern CBs use interests as their...
Persistent link: https://www.econbiz.de/10015252773
The article discusses, based in the theory of Central Bank independence and in the process of formation of the Brazilian monetary authority, the autonomy de facto of BCB inside the State and in face to civil society. Although it is not formally independent, for not disposing of the exclusive...
Persistent link: https://www.econbiz.de/10010330711
The adoption of the Taylor rule is an essential element of the New Consensus on Monetary Policy, characterized by the recent acceptance, by the orthodoxy, of money stock endogeneity. In line with the reviewed literature, a reaction function of the Brazilian Central Bank (BCB) is estimated with a...
Persistent link: https://www.econbiz.de/10010330873
We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...
Persistent link: https://www.econbiz.de/10010331102
In this paper, we describe the operation of the foreign exchange (FX) market in Brazil and discuss the relations between prices of derivatives and spot prices. A literature review of interventions in the FX market is done. Then, we study, in a descriptive way, the interventions of the Central...
Persistent link: https://www.econbiz.de/10011372352