Crise cambial e intervenções em mercados de derivativos de câmbio
Autor(a) principal: | |
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Data de Publicação: | 1999 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Economia Aplicada |
Texto Completo: | https://www.revistas.usp.br/ecoa/article/view/218542 |
Resumo: | This paper analyses mechanisms of intervention by Central Banks in derivative markets during episodes of exchange rate crisis. In traditional exchange rate crisis models, Central Bank foreign exchange intervention occurs mainly in spot markets. Many international experiences, however, have been strongly marked by selling pressures from agents that had previously decided to bear the exchange rate risk, establishing long positions in the weak currency in the derivative markets. The Brazilian experience of 1997 is analyzed, as an illustration of how banks can exert a strong buying pressure on foreign exchange reserves, if the derivative markets are not liquid enough for them to eliminate their exposure to the risk of devaluation of the domestic currency. New insights into alternative policies for defense of the domestic currency are also provided. |
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Economia Aplicada |
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Crise cambial e intervenções em mercados de derivativos de câmbioderivative marketsexchange rate crisisfutures marketsCentral BankThis paper analyses mechanisms of intervention by Central Banks in derivative markets during episodes of exchange rate crisis. In traditional exchange rate crisis models, Central Bank foreign exchange intervention occurs mainly in spot markets. Many international experiences, however, have been strongly marked by selling pressures from agents that had previously decided to bear the exchange rate risk, establishing long positions in the weak currency in the derivative markets. The Brazilian experience of 1997 is analyzed, as an illustration of how banks can exert a strong buying pressure on foreign exchange reserves, if the derivative markets are not liquid enough for them to eliminate their exposure to the risk of devaluation of the domestic currency. New insights into alternative policies for defense of the domestic currency are also provided.Universidade de São Paulo, FEA-RP/USP1999-08-20info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/21854210.11606/1413-8050/ea218542Economia Aplicada; Vol. 3 Núm. 4 (1999); 519-536Economia Aplicada; Vol. 3 No. 4 (1999); 519-536Economia Aplicada; v. 3 n. 4 (1999); 519-5361980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/ecoa/article/view/218542/199675Copyright (c) 1999 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessAurélio, Marcela Meirelles Silva, Marcos Eugênio da 2023-11-09T17:02:09Zoai:revistas.usp.br:article/218542Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-11-09T17:02:09Economia Aplicada - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Crise cambial e intervenções em mercados de derivativos de câmbio |
title |
Crise cambial e intervenções em mercados de derivativos de câmbio |
spellingShingle |
Crise cambial e intervenções em mercados de derivativos de câmbio Aurélio, Marcela Meirelles derivative markets exchange rate crisis futures markets Central Bank |
title_short |
Crise cambial e intervenções em mercados de derivativos de câmbio |
title_full |
Crise cambial e intervenções em mercados de derivativos de câmbio |
title_fullStr |
Crise cambial e intervenções em mercados de derivativos de câmbio |
title_full_unstemmed |
Crise cambial e intervenções em mercados de derivativos de câmbio |
title_sort |
Crise cambial e intervenções em mercados de derivativos de câmbio |
author |
Aurélio, Marcela Meirelles |
author_facet |
Aurélio, Marcela Meirelles Silva, Marcos Eugênio da |
author_role |
author |
author2 |
Silva, Marcos Eugênio da |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Aurélio, Marcela Meirelles Silva, Marcos Eugênio da |
dc.subject.por.fl_str_mv |
derivative markets exchange rate crisis futures markets Central Bank |
topic |
derivative markets exchange rate crisis futures markets Central Bank |
description |
This paper analyses mechanisms of intervention by Central Banks in derivative markets during episodes of exchange rate crisis. In traditional exchange rate crisis models, Central Bank foreign exchange intervention occurs mainly in spot markets. Many international experiences, however, have been strongly marked by selling pressures from agents that had previously decided to bear the exchange rate risk, establishing long positions in the weak currency in the derivative markets. The Brazilian experience of 1997 is analyzed, as an illustration of how banks can exert a strong buying pressure on foreign exchange reserves, if the derivative markets are not liquid enough for them to eliminate their exposure to the risk of devaluation of the domestic currency. New insights into alternative policies for defense of the domestic currency are also provided. |
publishDate |
1999 |
dc.date.none.fl_str_mv |
1999-08-20 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/ecoa/article/view/218542 10.11606/1413-8050/ea218542 |
url |
https://www.revistas.usp.br/ecoa/article/view/218542 |
identifier_str_mv |
10.11606/1413-8050/ea218542 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/ecoa/article/view/218542/199675 |
dc.rights.driver.fl_str_mv |
Copyright (c) 1999 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 1999 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
dc.source.none.fl_str_mv |
Economia Aplicada; Vol. 3 Núm. 4 (1999); 519-536 Economia Aplicada; Vol. 3 No. 4 (1999); 519-536 Economia Aplicada; v. 3 n. 4 (1999); 519-536 1980-5330 1413-8050 reponame:Economia Aplicada instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Economia Aplicada |
collection |
Economia Aplicada |
repository.name.fl_str_mv |
Economia Aplicada - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
||revecap@usp.br |
_version_ |
1800221693166223360 |