The study aims to analyze the evolution of the Brazilian system payments, in the period 1995-2003, and the effect on the monetary market due to its change. Moreover, a parallel with the systems of payment of some selected countries is done. The results indicate that the participation of the means of payment in the domestic product is directly related to the degree of development of the financial system. Therefore, the developed economies had presented higher participation of the means of payment in relation to its products. In April of 2002, a Brazilian Central Bank implemented a new system of payments which followed the methodology adopted internationally, or Real-time gross settlement systems. Furthermore, this system counts on the available electronic transference. It has a objective to transfer high values in real time as well. The results had pointed out that this system still did not bring relevant effects on the behavior of the means of more restricted payments. However, there is a strong trend of replacing conventional means of payments to electronic processed instruments.
financial system; system of payment; systemic risk; clearing; monetary aggregated; monetary policy
