Dissertação (mestrado)—Universidade de Brasília, Departamento de Economia, 2006. / Submitted by Alexandre Marinho Pimenta (alexmpsin@hotmail.com) on 2009-10-03T15:53:14Z No. of bitstreams: 1 2006_Mauricio da Silva Venancio Pires.pdf: 1521638 bytes, checksum: f842fa409e632dbddeb3d6b810512d03 (MD5) / Approved for entry into archive by Gomes Neide(nagomes2005@gmail.com) on 2010-06-10T18:53:05Z (GMT) No. of bitstreams: 1 2006_Mauricio da Silva Venancio Pires.pdf: 1521638 bytes, checksum: f842fa409e632dbddeb3d6b810512d03 (MD5) / Made available in DSpace on 2010-06-10T18:53:05Z (GMT). No. of bitstreams: 1 2006_Mauricio da Silva Venancio Pires.pdf: 1521638 bytes, checksum: f842fa409e632dbddeb3d6b810512d03 (MD5) Previous issue date: 2006 / A pesquisa objetiva testar empiricamente, se as estratégias de imunização pela duration e pela convexidade – a “Trava Borboleta” – utilizadas no mercado internacional como instrumentos de hegde para a variação de taxas de juros em títulos, são eficientes quando aplicadas aos títulos emitidos em dólares pelo governo brasileiro no mercado global – os Brazilian Global Bonds. __________________________________________________________________________________________ ABSTRACT / The research aims to empirically test whether the strategies of immunization by duration and by convexity - The Butterfly Trade – used in the international market as hedge instruments for bonds interest rate variation are efficient when applied to bonds issued in dollars by Brazilian government in the global market - the Brazilian Global Bonds.