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The Money Market

In: Banking and Financial Deepening in Brazil

Author

Listed:
  • Francis A. Lees

    (St John’s University)

  • James M. Botts

    (Coopers & Lybrand)

  • Rubens Penha Cysne

    (Getulio Vargas Foundation)

Abstract

The Brazilian money market has developed rapidly since the early 1970s. In part this development can be attributed to the strenuous efforts of public sector and private sector agencies to promote the ‘open market’. During the latter half of the 1970s especially, the Ministry of Finance operated in a most intelligent way in sponsoring legislation aimed at financial market development. Nevertheless problems appeared, and progress was hampered. At times prices surged ahead of projected inflation rates, yielding investors negative real returns in some money market assets. Persistent inflation placed a premium on shortening the maturities of money market instruments, as a defence tactic. Parallel shortenings of wages contracts and other patterns of price adjustment soon followed, magnifying tendencies towards market disequilibrium.

Suggested Citation

  • Francis A. Lees & James M. Botts & Rubens Penha Cysne, 1990. "The Money Market," Palgrave Macmillan Books, in: Banking and Financial Deepening in Brazil, chapter 8, pages 191-234, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10639-4_8
    DOI: 10.1007/978-1-349-10639-4_8
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