Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/175993 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Texto para discussão No. 509
Verlag: 
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro
Zusammenfassung (übersetzt): 
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.
Schlagwörter: 
Câmbio
Microestrutura do Mercado de Câmbio no Brasil
Regulação
Mercado de câmbio à vista e futuro
JEL: 
F31
F33
G13
G15
G18
Dokumentart: 
Working Paper

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