The authors aim at obtaining a simple econometric model that allows to build a confidence interval for the dispersion of the bids made by financial institutions at the Central Bank weekly auctions of short term securities in Brazil. Under competitive conditions it is assumed that the bids'...

This paper analyses the causes of the failure of Banco Nacional and the resolution method adopted by the Brazilian central bank. The program (PROER) designed by the central bank and its legal framework allowed the failed bank to buy “defaulted securities”, financed by the central bank, and...

This paper aims at analyzing the scope of Brazilian monetary policies in the context of endogenous money, instability, and capital mobility. It starts with the post Keynesian critique to the mainstream, and concludes with the impotence of the Central Bank to achieve stability of prices in Brazil...