In light of the market microstructure literature, we have compared the two main FX markets in Brazil: the spot market and the futures market (the next to mature contract). Our objective is to identify in which market FX rate is determined. We analyze FX markets at its micro level: its...

Starting with Lehman Brother’s demise in September 2008, the Brazilian real fell 42% vis-à-vis the US dollar. Such large exchange rate depreciation would typically cheer exporters up. However, it was later found that many export firms, including multibillion dollar ones, had suffered large...

Analiso a evolução das taxas de juros e câmbio desde o Plano Real. O objetivo é mostrar como a inter-relação entre essas duas variáveis macroeconômicas evoluiu ao longo das últimas duas décadas, gerando a atual configuração de custo de capital para as empresas brasileiras. O...