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Monetary Policy in Brazil: Remarks on the Inflation Targeting Regime, Public Debt Management and Open Market Operations

Author

Listed:
  • Luiz Fernando Figueiredo
  • Pedro Fachada
  • Sérgio Goldenstein

Abstract

The purpose of this paper is to analyze the main features in the conduct of monetary policy in Brazil. Initially, we focus on the inflation targeting regime, reviewing the background that led to its adoption in mid-1999, the institutional framework implemented in the country, and the challenges and achievements reached so far. Then we move to the analysis of the public debt management, highlighting its objectives and results, with particular emphasis on the debt composition and average maturity. The third section discusses the open market procedures. The paper ends with a brief description of specific policy issues to be addressed by the Central Bank in the near future.

Suggested Citation

  • Luiz Fernando Figueiredo & Pedro Fachada & Sérgio Goldenstein, 2002. "Monetary Policy in Brazil: Remarks on the Inflation Targeting Regime, Public Debt Management and Open Market Operations," Working Papers Series 37, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:37
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps37.pdf
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    References listed on IDEAS

    as
    1. Mishkin, Frederic S. & Savastano, Miguel A., 2001. "Monetary policy strategies for Latin America," Journal of Development Economics, Elsevier, vol. 66(2), pages 415-444, December.
    2. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 97-116, Spring.
    3. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile 101, Central Bank of Chile.
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    Cited by:

    1. World Bank, 2003. "Brazil : Stability for Growth and Poverty Reduction," World Bank Publications - Reports 14881, The World Bank Group.
    2. de Mello Luiz & Moccero Diego & Mogliani Matteo, 2013. "Do Latin American Central Bankers Behave Non-Linearly? The Experiences of Brazil, Chile, Colombia and Mexico," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 17(2), pages 141-165, April.
    3. Luiz De Mello & Diego Moccero, 2009. "Monetary Policy and Inflation Expectations in Latin America: Long-Run Effects and Volatility Spillovers," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(8), pages 1671-1690, December.
    4. Gokhan Yilmaz, 2002. "Open Market Operations In Turkey," Working Papers 0209, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    5. Mr. Claudio A Paiva, 2003. "Trade Elasticities and Market Expectations in Brazil," IMF Working Papers 2003/140, International Monetary Fund.

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