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Monetary shock in Brazil

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Brazil’s monetary shock 4 II. The monetary Policy Committee and 2002’s shock To demonstrate in the best possible way the monetary shock occurred in the fourth quarter of 2002 in Brazil it is necessary to analyse the structure and the composition of the Monetary Policy Committee (COPOM). Monetary policy in Brazil is structured on the basis of one objective, inflation target, and one instrument, interest rate. The Monetary Policy Committee (COPOM) was created to reach this aim. After Lula’s election, the Copom was however unable the reach the inflation target fixed at the beginning of the year. The Central Bank of Brazil's COPOM was created on June 20th 1996, and was assigned the responsibility of setting the stance of monetary policy and the short-term interest rate (BCB, 1996). The aim in creating the COPOM was to enhance monetary policy transparency and confer adequate regularity to the monetary policy decision-making process. Currently, many Central Banks around the world follow similar procedures, facilitating the decision-making process, monetary policy transparency and communication with the public (Di Giorgio, 2002). Since 1996, the COPOM's composition and objectives, and the frequency of its meetings, have undergone a number of changes. These changes were aimed not only at improving the decision-making process but also reflected changes in Brazil's monetary regime.

Anteprima della Tesi di Alessandro Lombardi

Anteprima della tesi: Monetary shock in Brazil, Pagina 2

Tesi di Laurea

Autore: Alessandro Lombardi Contatta »

Composta da 28 pagine.

 

Questa tesi ha raggiunto 502 click dal 11/01/2006.

 

Consultata integralmente una volta.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.