O Mercado interbancário de câmbio no Brasil

Arbeitspapier

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.

Object Details

• Language: Portugiesisch

References and Relationships

• Bibliographic citation: Series: Texto para discussão ; No. 509

Classification and Topics

• Classification: Wirtschaft ; Foreign Exchange ; International Monetary Arrangements and Institutions ; Contingent Pricing; Futures Pricing; option pricing ; International Financial Markets ; General Financial Markets: Government Policy and Regulation
• Subject: Câmbio ; Microestrutura do Mercado de Câmbio no Brasil ; Regulação ; Mercado de câmbio à vista e futuro ; Devisenmarkt ; Devisenmarkt ; Brasilien

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Garcia, Márcio G. P. ; Urban, Fábio
• Event: Veröffentlichung
• (who): Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia
• (where): Rio de Janeiro
• (when): 2005

Further information

• Handle: http://hdl.handle.net/10419/175993
• Last update: 10.03.2025, 11:45 AM CET