O objetivo deste trabalho é entender como ocorre a formação do fluxo de ordem do mercado interbancário de câmbio a partir das transações do mercado primário. Analisa-se o mercado cambial no seu nível micro, nas suas instituições e nas assimetrias dos seus participantes, através da abordagem de microestrutura. Utilizam-se três diferentes bases de dados, a primeira com os fluxos de câmbio contratado entre o mercado não financeiro e os bancos comerciais para o período entre 01/09/2008 e 08/07/2016, com dados diários. A segunda com dados mensais entre dezembro de 2013 e agosto de 2016, contempla o mercado primário e secundário de câmbio à vista no Brasil dividido entre cada uma das instituições autorizadas a operar neste mercado pelo Banco Central do Brasil. E a última com os dados do fluxo de ordem interbancário do mercado futuro de câmbio no Brasil para o mesmo período da base de câmbio contratado. Mostra-se a forma pela qual os diferentes fluxos de câmbio contratado afetam a taxa de câmbio. Ademais com duas estimações diferentes e com bases de dados diferentes apresenta-se a relação entre o mercado primário e secundário de câmbio no Brasil, indicando-se que as transações do mercado primário são em grande parte responsáveis pelas transações que ocorrem no mercado interbancário. / The objective of this work is to understand how the formation of the order flow of the interbank foreign exchange market occurs from the transactions of the primary market. The exchange market is analyzed at its micro level, in its institutions and in the asymmetries of its participants, through the microstructure approach. Three different databases are used, the first with the exchange flows contracted between the non-financial market and the commercial banks for the period between 09/01/2008 and 07/08/2016, with daily data. The second with monthly data between December 2013 and August 2016, contemplates the primary and secondary spot exchange market in Brazil divided between each of the institutions authorized to operate in this market by the Central Bank of Brazil. And the last with the interbank order flow data of the future foreign exchange market in Brazil for the same period of the contracted exchange base. It shows the way in which the different flows of contracted exchange rate affect the exchange rate. In addition, with two different estimates and with different databases, the relationship between the primary and secondary exchange markets in Brazil is shown, indicating that primary market transactions are largely responsible for the transactions occurring in the interbank market.

O objetivo deste trabalho é entender como ocorre a formação do fluxo de ordem do mercado interbancário de câmbio a partir das transações do mercado primário. Analisa-se o mercado cambial no seu nível micro, nas suas instituições e nas assimetrias dos seus participantes, através da abordagem de microestrutura. Utilizam-se três diferentes bases de dados, a primeira com os fluxos de câmbio contratado entre o mercado não financeiro e os bancos comerciais para o período entre 01/09/2008 e 08/07/2016, com dados diários. A segunda com dados mensais entre dezembro de 2013 e agosto de 2016, contempla o mercado primário e secundário de câmbio à vista no Brasil dividido entre cada uma das instituições autorizadas a operar neste mercado pelo Banco Central do Brasil. E a última com os dados do fluxo de ordem interbancário do mercado futuro de câmbio no Brasil para o mesmo período da base de câmbio contratado. Mostra-se a forma pela qual os diferentes fluxos de câmbio contratado afetam a taxa de câmbio. Ademais com duas estimações diferentes e com bases de dados diferentes apresenta-se a relação entre o mercado primário e secundário de câmbio no Brasil, indicando-se que as transações do mercado primário são em grande parte responsáveis pelas transações que ocorrem no mercado interbancário. / The objective of this work is to understand how the formation of the order flow of the interbank foreign exchange market occurs from the transactions of the primary market. The exchange market is analyzed at its micro level, in its institutions and in the asymmetries of its participants, through the microstructure approach. Three different databases are used, the first with the exchange flows contracted between the non-financial market and the commercial banks for the period between 09/01/2008 and 07/08/2016, with daily data. The second with monthly data between December 2013 and August 2016, contemplates the primary and secondary spot exchange market in Brazil divided between each of the institutions authorized to operate in this market by the Central Bank of Brazil. And the last with the interbank order flow data of the future foreign exchange market in Brazil for the same period of the contracted exchange base. It shows the way in which the different flows of contracted exchange rate affect the exchange rate. In addition, with two different estimates and with different databases, the relationship between the primary and secondary exchange markets in Brazil is shown, indicating that primary market transactions are largely responsible for the transactions occurring in the interbank market.

Ce travail aborde trois problèmes fondamentaux liés au comportement mécanique de matériaux tissés. Dans une première partie, le modèle de Wang et Pipkin pour des tissés, décrits comme des réseaux de fibres inextensibles comportant une résistance au cisaillement et à la flexion, est généralisé en un modèle prenant en compte la résistance à la torsion des fibres. Une application au comportement d’une coque cylindrique constituée de fibres hélicoïdales est traitée. Dans une deuxième partie, nous analysons l’impact de la géométrie de l’armure du tissé sur les propriétés de symétrie de l’énergie de déformation. Pour des réseaux constitués de deux familles de fibres, quatre configurations distinctes d’armure existent, selon l’angle entre les fibres et les propriétés mécaniques des fibres. Les propriétés de symétrie de l’armure déterminent le groupe de symétrie matérielle du réseau, sous l’action duquel la densité d’énergie est invariante. Dans ce contexte, des représentations des énergies de déformation d’un tissé invariantes par le groupe de symétrie matérielle du réseau sont établies. La relation entre les invariants du groupe et la courbure des fibres est analysée. Dans une troisième partie, des modèles de textiles considérés comme des surfaces dotées d’une microstructure sont élaborés, à partir d’une modification des modèles classiques de coques de Cosserat, dans lesquels la microstructure décrit les ondulations des fils à l’échelle microscopique. A partir d’une représentation du fil comme un elastica d’Euler, une expression explicite de l’énergie élastique microscopique est obtenue, qui permet d’établir un modèle simple du comportement mécanique macroscopique de tissés / In this work, we discuss three basic problems related to the mechanical behavior of textile materials. First, we extend the model of Wang and Pipkin for textiles, described as networks of inextensible fibers with resistance to shear and bending, to a model in which resistance to twist of the individual fibers is taken into account, by including torsion contributions in the elastic stored energy. As an example, we study the behaviour of a cylindrical shell made of helical fibers. Second, we study how the geometry of the weave pattern affects the symmetry properties of the deformation energy of a woven fabric. For networks made by two families of fibers, four basic types of weave patterns are possible, depending on the angle between the fibers and on their material properties. The symmetry properties of the pattern determine the material symmetry group of the network, under which the stored energy is invariant. In this context, we derive representations for the deformation energy of a woven fabric that are invariant under the symmetry group of the network, and discuss the relation of the resulting group invariants with the curvature of the fibers. Third, we develop a model for textiles viewed as surfaces with microstructure, using a modification of the classical Cosserat model for shells, in which the microstructure accounts for the undulations of the threads at the microscopic scale. Describing the threads as Euler's elastica, we derive an explicit expression for the microscopic elastic energy that allows to set up a simple model for the macroscopic mechanical behavior of textiles