Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/175993 
Year of Publication: 
2005
Series/Report no.: 
Texto para discussão No. 509
Publisher: 
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro
Abstract (Translated): 
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.
Subjects: 
Câmbio
Microestrutura do Mercado de Câmbio no Brasil
Regulação
Mercado de câmbio à vista e futuro
JEL: 
F31
F33
G13
G15
G18
Document Type: 
Working Paper

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