Casos para Ensino: Ser ou Não Ser Dealer de Câmbio do Banco Central do Brasil?

Abstract

The main objective of this case is to discuss the internal processes of banks that act as foreign exchange dealers for the Brazilian Central Bank, especially the advantages versus the costs associated with such activity. Within this context, a currency trader discusses this issue with his superiors, highlighting not only the role of accredited institutions in the adopted monetary policy, but also the conflicts of interest involved, which allows a connection between the dilemma described in the case and aspects of Behavioral Finance and Agency Cost Theory. It is recommended that the case be given to undergraduate and graduate students who already have a basic knowledge of financial markets and are willing to deepen their knowledge about the exchange market. The suggested courses to apply this case study are capital markets and financial markets.