Liquidez e "zeragem automática": resposta

Abstract

In reply to a critique of a previous paper on "automatic clearing" (a procedure by which the Central Bank of Brazil finances banks, or is financed by them, in the end of the day), this paper argues that (i) the opposition between verticalism and horizontalism is not the issue; (ii) the critics of "automatic clearing" have failed to show that the reserve leaks allegedly resulting from the procedure are important enough to hamper monetary control; (Hi) the use of the procedure is compatible with control of reserves in the relevant
periods; (iv) that procedure fulfills a function common to the discount window in a more effective and prompt way; (v) Prior to July 1994, the Central Bank of Brazil sought to control the interest rate in the bank reserves market, but not to render it constant regardless of macroeconomic conditions.