ENSAIOS SOBRE OS INSTRUMENTOS DE POLÍTICA CAMBIAL E HEDGE / ESSAYS ABOUT INSTRUMENTS OF FOREIGN EXCHANGE POLICY AND HEDGE
AUTOR(ES)
FERNANDO NASCIMENTO DE OLIVEIRA
DATA DE PUBLICAÇÃO
2004
RESUMO
This Doctoral Thesis consists of three essays about instruments of foreign exchange policy and hedge. In the first essay, we show that the instruments of intervention of the Central Bank in the foreign exchange market were only effective in periods without foreign exchange crisis. In the second essay, we show using an original database with 23.767 contracts of foreign exchange swaps open in 2002, that there was a strong speculative motive in the demand of foreign exchange derivatives of brazilian corporations. Of a total of 93 corporations with open positions, 51 speculated and 42 hedged. Finally, the third essay shows that interventions with foreign exchange derivatives were not transferred to the productive sector by the financial institutions in periods of foreign exchange crisis.
ASSUNTO(S)
derivativos intervencoes do banco central interventions of the central bank taxa de cambio nominal derivatives nominal exchange rate
ACESSO AO ARTIGO
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