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...

This paper deals with the financial statements of Central Banks. The starting point is the analysis of their balance sheets, which reveal their strong connections, on the one hand, with the National Treasuries; on the other hand, with the financial firms. The balance sheets reveal, besides the...

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...

This paper deals with the financial statements of Central Banks. The starting point is the analysis of their balance sheets, which reveal their strong connections, on the one hand, with the National Treasuries; on the other hand, with the financial firms. The balance sheets reveal, besides the...

This paper tests two hypotheses for the overbidding behavior of the banks in the fixed rate tenders conducted by the European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future tightening of monetary policy, while the other...