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Author: Marcos C. S. Carreira Publisher: Springer ISBN: 113747727X Category : Business & Economics Languages : en Pages : 328
Book Description
The Brazilian financial markets operate in a very different way to G7 markets. Key differences include onshore and offshore markets, exponential rates, business days day-counts, and price formation from the futures markets (instead of the cash markets). This book provides a quantitative, applied guide to the offshore and onshore Brazilian markets, with a focus on the financial instruments unique to the region. It offers a comprehensive introduction to the key financial 'archaeology' in the Brazil context, exploring interest rates, FX and inflation and key differences from G7 market finance. It explores the core industry investment banking business in detail, from FX to interest rates and cash and inflation. Finally it introduces the region's unique financial instruments, as well as their pricing and risk management needs. Covering both introductory and complex topics, this book provides existing practitioners in Brazil, as well as those interested in becoming involved in these markets, everything they need to understand the market dynamics, risks, pricing and calibration of curves for all products currently available.
Author: Marcos C. S. Carreira Publisher: Springer ISBN: 113747727X Category : Business & Economics Languages : en Pages : 328
Book Description
The Brazilian financial markets operate in a very different way to G7 markets. Key differences include onshore and offshore markets, exponential rates, business days day-counts, and price formation from the futures markets (instead of the cash markets). This book provides a quantitative, applied guide to the offshore and onshore Brazilian markets, with a focus on the financial instruments unique to the region. It offers a comprehensive introduction to the key financial 'archaeology' in the Brazil context, exploring interest rates, FX and inflation and key differences from G7 market finance. It explores the core industry investment banking business in detail, from FX to interest rates and cash and inflation. Finally it introduces the region's unique financial instruments, as well as their pricing and risk management needs. Covering both introductory and complex topics, this book provides existing practitioners in Brazil, as well as those interested in becoming involved in these markets, everything they need to understand the market dynamics, risks, pricing and calibration of curves for all products currently available.
Author: Anne G. Hanley Publisher: Stanford University Press ISBN: 9780804750721 Category : Social Science Languages : en Pages : 326
Book Description
This book analyzes the contribution of financial market institutions—banks and the stock and bond exchange—to São Paulo's economic modernization at the turn of the twentieth century.
Author: Mr.Joonkyu Park Publisher: International Monetary Fund ISBN: 147551025X Category : Business & Economics Languages : en Pages : 21
Book Description
Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance.
Author: Leonardo E. Stanley Publisher: Anthem Press ISBN: 1783086750 Category : Business & Economics Languages : en Pages : 260
Book Description
In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
Author: G. Triner Publisher: Palgrave Macmillan ISBN: 9780312233990 Category : Business & Economics Languages : en Pages : 333
Book Description
A banking system emerged in Brazil during the early 20th century that was efficiently and productively supported by economic development. However, it also contained the seeds of its future limitations. This banking system did not equalize conditions across sectors or regions as existing theory and historiography anticipated. Deeply embedded institutional constraints limited banking's contribution to long-term development. The three most important institutional constraints were insecure property rights, continual tension between the system's public and private sector functions, and competition between the Federal State and the states. Nevertheless, the banking system was an effective tool in the consolidation of an economy of national scope during these crucial years. As a modern banking system emerged, its use in national consolidation both magnified and reflected its limitations.
Author: Kevin P. Gallagher Publisher: Cornell University Press ISBN: 0801454603 Category : Political Science Languages : en Pages : 286
Book Description
In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups in select emerging markets and policymakers at the International Monetary Fund, the World Trade Organization, and the G-20 to explain key characteristics of the global economy. Gallagher develops a theory of countervailing monetary power that shows how emerging markets can counter domestic and international opposition to the regulation of cross-border finance. Although many countries were able to exert countervailing monetary power in the wake of the crisis, such power was not sufficient to stem the magnitude of unstable financial flows that continue to plague the world economy. Drawing on this theory, Gallagher outlines the significant opportunities and obstacles to regulating cross-border finance in the twenty-first century.
Author: Lael Brainard Publisher: Rowman & Littlefield ISBN: 0815703651 Category : Business & Economics Languages : en Pages : 305
Book Description
In Brazil, the confluence of strong global demand for the country's major products, global successes for its major corporations, and steady results from its economic policies is building confidence and even reviving dreams of grandeza—the greatness that has proven elusive in the past. Even as the current economic crisis tempers expectations of the future, the trends identified in this book suggest that Brazil will continue its path toward becoming a leading economic power in the future. Once seen as an economic backwater, Brazil now occupies key niches in energy, agriculture, service industries, and even high technology. Yet Latin America's largest nation still struggles with endemic inequality issues and deep-seated ambivalence toward global economic integration. Scholars and policy practitioners from Brazil, the United States, and Europe recently gathered to investigate the present state and likely future of the Brazilian economy. This important volume is the timely result. In Brazil as an Economic Superpower? international authorities focus on five key topics: agribusiness, energy, trade, social investment, and multinational corporations. Their analyses and expertise provide not only a unique and authoritative picture of the Brazilian economy but also a useful lens through which to view the changing global economy as a whole.
Author: Anjali Kumar Publisher: World Bank Publications ISBN: 9780821357163 Category : Business & Economics Languages : en Pages : 698
Book Description
There is an increasing awareness that access to financial services can contribute to economic growth and poverty reduction. This study focuses on the delivery of financial services in Brazil, one of the world's most important emerging financial markets. It examines different aspects of financial service provision, and explores approaches to address problems of financial exclusion. Topics discussed include: microfinance schemes; private banking; rural finance systems; institutional infrastructure; and the role of government policy.
Author: Marcos C. S. Carreira
Author: Marcos C. S. Carreira
Author: Anne G. Hanley
Author: Otavio Ladeira de Medeiros
Author: Mr.Joonkyu Park
Author: Leonardo E. Stanley
Author: G. Triner
Author: Kevin P. Gallagher
Author: Lael Brainard
Author: Manoj K. Singh
Author: Anjali Kumar