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- Title
O que Motiva a Realização de Intervenções Cambiais? Análise das Atuações do Banco Central do Brasil no Mercado BRL/USD.
- Authors
Wolk Teixeira, Felipe; Meurer, Roberto; Portela Santos, André Alves
- Abstract
In this paper we study what drives buy-side and sell-side probabilities of intervention by the Brazilian Central Bank (BCB) on the USD/BRL spot market between 1999 and 2010. BCB's forex interventions seem to be related to the exchange rate returns and volatility as well as to the spread between domestic and foreign interest rates. Lagged interventions also appear to have an effect on current interventions. Our findings suggest that the operation of the policymaker in the forex market may serve as a signaling of a possible coordination between BCB's foreign and monetary policies along with the possibility of an unofficial adoption of an exchange rate band.
- Subjects
BRAZIL; BRAZILIAN Central Bank (Company); FOREIGN exchange; FOREIGN exchange rates; INTEREST rates; MARKET volatility; MONETARY policy
- Publication
Brazilian Review of Finance / Revista Brasileira de Finanças, 2013, Vol 11, Issue 2, p215
- ISSN
1679-0731
- Publication type
Article
- DOI
10.12660/rbfin.v11n2.2013.4008