Liquidez e "zeragem automática"resposta

Resumo

In reply to a critique of a previous paper on "automatic clearing" (a procedure by which the Central Bank of Brazil finances banks, or is financed by them, in the end of the day), this paper argues that (i) the opposition between verticalism and horizontalism is not the issue; (ii) the critics of "automatic clearing" have failed to show that the reserve leaks allegedly resulting from the procedure are important enough to hamper monetary control; (Hi) the use of the procedure is compatible with control of reserves in the relevantperiods; (iv) that procedure fulfills a function common to the discount window in a more effective and prompt way; (v) Prior to July 1994, the Central Bank of Brazil sought to control the interest rate in the bank reserves market, but not to render it constant regardless of macroeconomic conditions.

Ficha do documento

Tipo

Artigo científico

Ano

1997

Instituição

Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária

Fonte

Estudos Econômicos

Idioma

Português

Acesso

Não informado

DOI

10.11606/1980-53572737vr

Identificador

oai:revistas.usp.br:article/161261

Licença

http://creativecommons.org/licenses/by-nc/4.0

Temas

Economia

Palavras-chave

politicas monetáriasreservas bancáriasprocedimento operacionaiseconomia brasileiramonetary policybank reservesoperating proceduresbrazilian economy