Σκοπός της διατριβής είναι να εξετάσει θέματα που άπτονται της Οικονομικής και Νομισματικής Ένωσης (ΟΝΕ). Στο πρώτο κεφάλαιο, αρχικά, παρουσιάζουμε την θεωρητική και εμπειρική βιβλιογραφία που έχει αναπτυχθεί πάνω στο θέμα της ανεξαρτησίας των Κεντρικών Τραπεζών και ποιοι παράγοντες επηρεάζουν τη σχέση της με το πραγματικό προϊόν, την απασχόληση και τον πληθωρισμό και γίνεται αναφορά των επιχειρημάτων που απορρέουν μέσα από αυτές. Στο δεύτερο κεφάλαιο, αρχικά επιχειρούμε να μελετήσουμε τις στρατηγικές αλληλεξαρτήσεις μεταξύ των φορέων άσκησης νομισματικής και δημοσιονομικής πολιτικής μέσα σε μια νομισματική ένωση κάτω από διαφορετικά θεσμικά καθεστώτα, και στη συνέχεια εξετάζουμε το ρόλο των ασυμμετριών στις διαταραχές καθώς η νομισματική πολιτική μέσα σε μια νομισματική ένωση έχει σταθεροποιητικές επιδράσεις μόνο σε αθροιστικές μεταβλητές. Το τρίτο κεφάλαιο εστιάζεται στην διευρυμένη Ευρωπαϊκή Ένωση (ΕΕ) και ειδικότερα επιχειρούμε να μελετήσουμε το βαθμό ετερογένειας ανάμεσα στις οικονομίες των 27 χωρών-μελών. Επίσης εξετάζουμε τον βαθμό συγχρονισμού των οικονομικών τους κύκλων και τη συμμετρία των διαταραχών. Ο βαθμός ετερογένειας μετριέται με βάση συντελεστές Theil, ενώ χρησιμοποιούμε στοιχεία τόσο για το συνολικό χρονικό διάστημα 1995.1-2005.4 όσο και για δύο επιμέρους περιόδους, 1995.1-2000.4 και 2000.1-2005.4 (προ και μετά την υιοθέτηση του ενιαίου νομίσματος). Για τη μέτρηση του βαθμού συμμετρίας των μακροοικονομικών διαταραχών μεταξύ των χωρών-μελών στην ΕΕ-27 χρησιμοποιούμε μεθοδολογία SVAR διαχωρίζοντας τις διαταραχές σε διαταραχές ζήτησης και διαταραχές προσφοράς.Στο τέταρτο κεφάλαιο εξετάζουμε τη σχέση μεταξύ συμμετρίας των μακροοικονομικών διαταραχών και ενοποίησης του εμπορίου, είτε όταν αυτή αφορά το συνολικό εμπόριο είτε όταν αφορά το ενδοκλαδικό εμπόριο χρησιμοποιώντας στοιχεία για την περίοδο 1995q1-2005q4. Η ένταση του συνολικού εμπορίου μεταξύ δύο χωρών μετριέται ως ο λόγος του αθροίσματος των διμερών εξαγωγών και εισαγωγών προς το άθροισμα των συνολικών εισαγωγών και εξαγωγών των εν λόγω χωρών, ενώ για το ενδοκλαδικό εμπόριο υπολογίζουμε δείκτες Grubel-Lloyd. / The purpose of the thesis is to examine issues related to European Monetary Union (EMU). Firstly, in Chapter one we present the analytical and empirical literature which has been developed on Central Bank Independence issue and the factors that affect its relationship with real output, employment and inflation. In Chapter two, we study the structural interdependencies between the monetary and fiscal authorities in a monetary union under different regimes, and also we examine the role of shock asymmetries as monetary policy in a monetary union has stabilized effects only on aggregated variables. The third Chapter focuses on the enlarged European Union (E.U.) and specifically we study the degree of heterogeneity among the 27 member-countries. Also, we examine the degree of business cycle synchronization and the shock symmetry. The degree of heterogeneity is measured by Theil coefficients, and we use data not only for the period 1995.1-2005.4 but also for the two sub-periods 1995.1-2000.4 και 2000.1-2005.4 (pre and post the circulation of single currency). We use the SVAR methodology in order to measure the degree of macroeconomic shocks among the EU-27 member-states by separating shocks in demand and supply shocks. In Chapter four we examine the relationship between shock symmetry and trade integration, either it is related to total trade either to intra-industry trade by using data for the period 1995q1-2005q4. The trade intensity between two countries is measured as the ratio of the sum of imports and exports to the sum of total exports and imports of two countries, while we take the Grubel-Lloyd indexes to measure the intra-industry trade.

Les Banques centrales occupent une position essentielle au coeur des économies contemporaines et font l'objet de débats animés sur ce que devraient être le rôle, les objectifs et le cadre institutionnel d'une Banque centrale. Face à une multitude d'analyses normatives concernées par ce qui doit être, on note une absence relative d'analyses positives. L'objectif de cette thèse est de contribuer à éclairer la réflexion sur les choix de politique monétaire mis en oeuvre par les Banques centrales. Le cadre d'application empirique retenu pour notre recherche est celui de l'Union économique et monétaire (UEM). La place importante de cet ensemble économique sur la scène internationale et son cadre institutionnel particulier suffisent à justifier l'intérêt d'une étude du comportement de la Banque Centrale Européenne (BCE). Les nombreux débats qui ont accompagné la mise en place de cette institution encore relativement jeune et ceux qui se poursuivent aujourd'hui renforcent cet intérêt. Dans la littérature économique, deux lignes de conduite ont principalement été retenues pour analyser les choix effectifs de la politique monétaire des banques centrales. La première approche, que nous avons qualifiée d' « économique », consiste en la formulation et l'estimation des fonctions de réaction de politique monétaire déduites d'un comportement d'optimisation ne prenant en compte que des variables économiques. Cette approche est fondée sur une vision globalisante de l'autorité monétaire... / Central banks occupy a key position at the heart of contemporary economies and are the subject of lively debates about what should be the role, the objectives and the institutional framework of a central bank. In the presence of a multitude of normative analyses concerned with what should be, there is a relative lack of positive tests. The objective of this thesis is to contribute to elucidate the reflections on monetary policy choices implemented by central banks. The empirical application framework used for this research is that of the European Monetary Union (EMU). The crucial position of this economic entity on the international scene and its particular institutional framework suffice to justify the interest of analysing the behaviour of the European Central Bank (ECB). The numerous debates that accompanied the establishment of this still relatively young institution and those who continue today reinforce this interest. In economic literature, two guidelines were mainly used to analyse the actual choices of the monetary policy of central banks. The first approach, which we call "economic", is the formulation and estimation of reaction functions of monetary policy derived from optimising behaviour taking into account economic variables only. This approach relies on a globalising vision of the monetary authority...

The Swedish central bank has in 2018 launched an investigation into what a digital e-currency in Sweden would look like. Tendermint is being investigated for a potential implementation. Tendermint is a blockchain building environment which has its own consensus-algorithm, and its own solution to the Byzantine general's problem. The most relevant part is the scalability and reliability of Tendermint. To do this we tested out the software by sending transactions between our computers, and recorded its performance in the case of one node and two nodes. After a series of simulations, we then come to the conclusion that indeed Tendermint is a suitable software for a potential e-krona.

Submitted by Bruna Jachemet (brunajachemet@hotmail.com) on 2018-04-10T01:03:58Z No. of bitstreams: 1 TCC_Capa Azul Com ficha.pdf: 2382551 bytes, checksum: 7e4dfb147058e68cf91e4e316384c39b (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezada Bruna, boa noite. Para que possamos aprovar sua dissertação, serão necessárias as seguintes alterações: - Títulos da tese e das páginas (agradecimentos, sumário, resumo, abstract) devem estar em letra maiúscula e NEGRITO); - Seu nome, e o da Escola, também em negrito. Por gentileza, alterar e submeter novamente. Obrigada. on 2018-04-11T22:17:44Z (GMT) / Submitted by Bruna Jachemet (brunajachemet@hotmail.com) on 2018-04-12T00:49:44Z No. of bitstreams: 1 TCC_Capa Azul Com ficha_com nova regra FGV.pdf: 2382745 bytes, checksum: 0ab0dc0e35c50a19d1a3d88c37a77775 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Bruna, boa noite! O título COMPLETO do seu trabalho "A REGULAÇÃO DOS PAGAMENTOS ELETRÔNICOS: interoperabilidade e desafios jurídicos" deve estar em letra maiúscula (A REGULAÇÃO DOS PAGAMENTOS ELETRÔNICOS: INTEROPERABILIDADE E DESAFIOS JURÍDICOS). Por gentileza, alterar e submeter novamente para que possamos aprová-lo. 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No. of bitstreams: 1 TCC_Capa Azul Com ficha_com nova regra FGV_segunda alteracao.pdf: 2382796 bytes, checksum: 5acf03d8c1c891763f10a56be7aa758d (MD5) Previous issue date: 2018-03-16 / Os pagamentos eletrônicos são aqueles realizados por meio de redes de tecnologia, como os pagamentos por cartão de crédito. Os arranjos de pagamento foram regulados pelo Banco Central do Brasil a partir do ano de 2013. Um dos princípios trazidos pela regulação é o da interoperabilidade, que consiste, no âmbito da tecnologia, na capacidade de interconexão e interação entre dispositivos e redes. O presente estudo é fundamentado na teoria de interoperabilidade e na análise da conceituação e da aplicação da interoperabilidade no âmbito dos arranjos de pagamento. O ponto de partida do estudo é a análise histórica sobre os meios de pagamentos eletrônicos, com o objetivo de ilustrar o cenário que levou à regulação desses meios no Brasil. São examinados os diferentes tipos de arranjos de pagamento e, na sequência, a composição dos arranjos de pagamento e os papéis de cada ator os compõe. A rede de contratos que se estabelece entre esses atores é também examinada, a fim de compreender a interação e a distribuição de responsabilidades entre os componentes dos arranjos de pagamento. A partir dessa contextualização, é possível avaliar como ocorre a interoperabilidade no âmbito dos arranjos de pagamento. O conceito de interoperabilidade é abordado à luz da teoria da interoperabilidade, do conceito da regulação e de exemplos. São avaliados os diferentes tipos de interoperabilidade para ilustrar as formas como esta ocorre, seus benefícios e seus riscos, assim como possíveis impactos sobre a concorrência e a inovação. São examinadas as referências à interoperabilidade na legislação brasileira e a regulação da interoperabilidade nos pagamentos eletrônicos, bem como são mapeadas as disputas entre as diferentes intepretações sobre o conceito de interoperabilidade nos pagamentos eletrônicos. O objetivo é, ao final do trabalho, avaliar a adoção da interoperabilidade em observância à teoria da interoperabilidade e aos fundamentos da regulação, assim como perquirir os possíveis impactos da interoperabilidade na inovação e na concorrência nos meios de pagamento eletrônicos. / Electronic payments are those made through technology networks, such as credit card payments. The payment networks – so called payment arrangements – were regulated by the Brazilian Central Bank from the year 2013. One of the principles brought about by regulation is the interoperability one, which consists, in the ​​technology field, in the ability to interconnect and interact between devices and networks. This study is based on interoperability theory and the analysis of the conceptualization and application of interoperability in the context of payment arrangements. The starting point of the study is the historical analysis of the means of electronic payments with the objective of illustrate the scenario that led to the regulation of electronic payment means in Brazil. The different types of payment arrangements and, subsequently, the composition of the payment arrangements and the roles of each actor that composes them are examined. The network of contracts that is established between these actors is also examined in order to understand the interaction and distribution of responsibilities between the components of the payment arrangements. From this contextualization, it is possible to assess how interoperability occurs in the context of payment arrangements. The concept of interoperability is approached from the theory of interoperability, the concept of regulation and examples. The different types of interoperability are analyzed to illustrate how it occurs, its benefits and risks, as well as possible impacts on competition and innovation. The references to interoperability in Brazilian legislation, and the regulation of interoperability in electronic payments are analyzed, and the disputes and concept among the different interpretations on the concept of interoperability in electronic payments are mapped. At the end of the paper, the objective is to evaluate the adoption of interoperability in accordance with the theory of interoperability and the fundamentals of regulation, as well as to investigate the possible impacts of interoperability on innovation and competition in electronic payment means.

Esta tese tem como tema a Superintendência da Moeda e do Crédito (SUMOC) embrião do Banco Central do Brasil, durante os anos 50, definida como espaço de construção da hegemonia de uma fração das classes dominantes. Examinamos aqui como as diferentes frações da burguesia brasileira procuravam construir o consenso através de seus aparelhos privados de hegemonia - a FIDF (Federação das Indústrias do Distrito Federal), o ISEB (Instituto Superior de Estudos Brasileiros), a ACSP (Associação Comercial de São Paulo) e a Revista Digesto Econômico. Tal consenso também passava pela difusão dos ideários desenvolvimentista e liberal, aqui confrontados e identificados quanto aos seus pontos de convergência e divergência. / The theme of this thesis is The Superintendência da Moeda e do Crédito (SUMOC) [Credit and Currency Authority] an embryo of The Central Bank of Brazil, created in the fifties, and defined as a space for the construction of the hegemony of a segment of the ruling classes. We study here how the different sectors of the Brazilian bourgeoisie tried to build a consensus using their private hegemony instruments The FIDF (Federation of Industries of the Federal District), the ISEB (Superior Institute of Brazilian Studies), the ACSP (Commercial Association of São Paulo), and the Economic Digest Magazine. Such consensus also included the diffusion of the liberal and developmental ideals, here confronted and identified in relation to their points of convergence and divergence.

Esta tese analisa o processo decisório legislativo nos casos da criação e reforma do BACEN e do CMN em 1964 e 1994, ocorridos no âmbito de planos exitosos de combate à inflação (PAEG e Plano Real, respectivamente). A definição de um formato institucional para a autoridade monetária é uma escolha dos legisladores em termos da produção da política pública de responsabilidade daqueles órgãos, que em ambos os casos foi importante na busca da estabilidade de preços. A partir da Teoria Política Formal utilizaram-se dados primários e fontes secundárias para construir modelo e hipóteses que consideraram as dimensões de interesse geral (combate à inflação) e de políticas particularistas/distributivistas (crédito rural e representação privada no CMN). Concluiu-se que em ambos os processos a iniciativa do Poder Executivo foi fundamental para o resultado final, contudo, em ambas as situações, mesmo durante o ano de 1964 (período militar), o Legislativo teve papel relevante na definição do formato final de ambas as decisões. No primeiro caso houve uma barganha entre os Poderes Executivo e Legislativo para aprovação da proposta, que envolveu concessões no sentido de garantir representação privada no CMN e a institucionalização do crédito rural. No segundo caso o uso da Medida Provisória caracterizou uma forma diferente de coordenação entre os poderes, em que a MP atuou para diminuir a incerteza em relação aos resultados do plano e às alterações na composição do CMN e assim permitir a aprovação da matéria. Os resultados da tese, favorecidos pela comparação de dois períodos diversos do sistema político brasileiro, colaboram com a análise das relações Executivo-Legislativo, sobretudo ao valorizar os instrumentos legislativos do Presidente da República e a forma de equacionamento da incerteza nos processos decisórios. Ainda, permite-se um maior conhecimento da realidade legislativa durante o ano de 1964, quando, ao menos para a Reforma Bancária, não se pode falar de solapamento dos poderes e prerrogativas do Congresso Nacional pelo governo militar. / This thesis analysis two legislative decision making process that created and reformed BACEN and CMN in 1964 and 1994, occasions of successful economic stabilization plans (respectively PAEG and Plano Real). The institutional form of the monetary authority represents a political choice to perform certain public policies, what was important to achieve price stabilization in both cases. A model based on Analytical Theory was build and it used primary data and bibliographical sources to test hypothesis. The model and its hypothesis considered general interests (stabilized prices) and particularistic interests (private representation at the monetary authority and loans to agricultural activities). Results showed that the Executive Branch was important when initiate both legislative process, however, the Legislative Branch was important too, even during the Military Government initiated in april 1964. In the first case Executive and Legislative branches swap support, when Executive Branch conquered a new format to monetary authority and Parliament got private representation in the CMN and the building of the rural credit policy. In the second case, the use of provisional decree (Medida Provisória) made results of stabilization process and CMN reform safer, what could coordinate Executive and Legislative branches in a different way and put the Parliament pro-reform. The thesis results are important comparing two periods of Brazilian political system, which improves the knowledge about Executive-Legislative relations. Legislative instruments of Executive Branch and the management of uncertainty are central elements in this comparison. Besides, the thesis increases the knowledge about Brazilian Congress during the first year of Military Government, showing that for Bank Reform Parliament was important and could influence the institutional format of the monetary authority.

Comment la Banque Centrale Européenne (BCE) a-t-elle étendu son influence et ses compétences dans l'Union Economique et Monétaire (UEM) pendant la crise de la zone euro? Pour répondre à cette question, nous analysons le jeu politique de la BCE, basé sur un double mouvement paradoxal de défense de sa réputation originelle et d'extension de ses compétences au-delà de la sphère monétaire. Cette stratégie lui a permis de gérer les tensions et les opportunités liées à la crise de la zone euro : ses canaux d'influence (son monopole sur la liquidité, la reconnaissance de son expertise sur les marchés financiers et son autorité morale) ont plus d'impact qu'en temps normal mais, en même temps, elle la force à implémenter des politiques qui représentent un écart avec sa réputation originelle, basée sur les postulats ordo-libéraux et l'exemple de la Bundesbank. L'étude des mécanismes au cœur du processus de délégation entre les Etats de la zone euro et la BCE permet alors d'attester de la réussite de ce double mouvement et d'explorer la redéfinition de la place de la BCE au sein de l'UEM se déroulant pendant la crise. Ces éléments sont analysés à travers trois études de cas : le paramétrage des instruments de politique monétaire de la BCE pendant la crise, le processus de résolution de crise au sein de l'UEM, et la création d'un nouvel organisme de surveillance des risques macro-systémiques. La méthodologie de recherche est basée sur une approche relationnelle de la BCE qui inclut des entretiens semi-dirigés auprès d'une trentaine de hauts-dirigeants de l'UEM et une analyse des sources primaires et secondaires. / How did the European Central Bank (ECB) extended its influence and its competences within the Economic and Monetary Union (EMU) during the eurozone crisis? The answer of this question lies in the analysis of the ECB's political strategy based on a paradoxical two-fold movement aiming at protecting its original reputation while extending its competences. Indeed, the financial crisis is both an opportunity and a risk for the ECB since its ressources ( its monopoly on liquidity, the acknowledgment of its expertise on financial markets and its moral authority ) have more impact than usual, but, at the same time, the Bank is forced to implement monetary policies deviating from both ordo-liberal ideas and the Bundesbank's model on which its reputation was built. The study of the mechanisms of the delegation process involving the ECB and the eurozone member states allows then to prove the success of this two-fold movement and to explore the redefinition of the ECB role within the UEM during the financial crisis. These elements are analyzed through three case studies including the implementation of monetary policies instruments, the EMU crisis-solving processes and the creation of the European Systemic Risk Board. The methodological approach focuses on the study of relations between the ECB and the other EMU actors, thanks to thirty semi-directed high officials' interviews and a analysis of primary and secondary sources.

Este trabalho busca revisitar as teorias existentes sobre reformas econômicas e democratização, em especial no que concerne às reformas financeiras liberalizantes. De acordo com o saber convencional, normalmente essas reformas afetam de modo negativo as democracias, colocando em perigo a construção de boas instituições para a sua consolidação. Ao analisar de forma mais detida a relação entre as reformas financeiras levadas a cabo pelo Banco Central do Brasil, a partir de uma conjuntura crítica ocorrida no início de 1999, e a padronização de instituições para o incremento da Supervisão Bancária, oriunda do BIS ? Banco para Compensações Internacionais, resolvemos questionar a validade universal dessa literatura ao argumentar que a construção de redes de proteção para o sistema financeiro brasileiro, num contexto de crise e oportunidades, foi possibilitado por uma maior cooperação entre esse organismo financeiro internacional e a autoridade monetária local. A contrapartida para o reforço de autoridade do Banco Central e a conseqüente implementação de instituições para a reforma financeira, no Brasil, foi um aumento da transparência das ações da autoridade monetária, concomitante a uma melhoria em seu processo de prestação de contas e responsabilização pública. A reconstrução das trajetórias que levaram a essa convergência entre um organismo internacional e uma autoridade local, numa democracia emergente de mercado, parece ser a chave para o entendimento das peculiaridades que redundaram nas falhas dos modelos unificadores de institucionalização, como aqueles preconizados pelo Consenso de Washington e adotados por outras organizações financeiras, por exemplo, o Fundo Monetário Internacional (FMI) / This thesis aims to review the well-established theories of economic reforms and democratization. The object will focus especially on the so called \"liberal financial reforms\". According to conventional wisdom, these reforms normally affect democracies deeply and jeopardize the building of sound institutions towards their consolidation. We decided to debate the universal validity of this conventional literature using the argument that the institutional building of safety nets for the Brazilian financial system - in a context of crisis and opportunities - was possible as a result of the cooperative game between an international financial organization (BIS) and the local monetary authority (BACEN). We will do that by analyzing the relation between these financial reforms led by Brazilian Central Bank more accurately, arising from a critical juncture occurred at the beginning of 1999, and the standardization of institutions for the improvement of banking supervision originated from BIS -Bank for International Settlements. The counterbalance to the reinforcement of central bank authority and the consequent implementation of institutions for the financial reform in Brazil was the increased monetary authority acts transparency and the simultaneous improvement of its mechanisms of political accountability. The study of path sequence that led to the convergence of the intentions of an international organization and a local political authority, in a emerging market democracy, seems to be the key to the comprehension of the peculiarities that resulted in the failure of the remedies that recommended a \"single model\" for the success of these reforms in new democracies, like the ones prescribed by the Washington Consensus, which were adopted by several organizations, including the International Monetary Fund - IMF

Esta tese tem como tema a Superintendência da Moeda e do Crédito (SUMOC) embrião do Banco Central do Brasil, durante os anos 50, definida como espaço de construção da hegemonia de uma fração das classes dominantes. Examinamos aqui como as diferentes frações da burguesia brasileira procuravam construir o consenso através de seus aparelhos privados de hegemonia - a FIDF (Federação das Indústrias do Distrito Federal), o ISEB (Instituto Superior de Estudos Brasileiros), a ACSP (Associação Comercial de São Paulo) e a Revista Digesto Econômico. Tal consenso também passava pela difusão dos ideários desenvolvimentista e liberal, aqui confrontados e identificados quanto aos seus pontos de convergência e divergência. / The theme of this thesis is The Superintendência da Moeda e do Crédito (SUMOC) [Credit and Currency Authority] an embryo of The Central Bank of Brazil, created in the fifties, and defined as a space for the construction of the hegemony of a segment of the ruling classes. We study here how the different sectors of the Brazilian bourgeoisie tried to build a consensus using their private hegemony instruments The FIDF (Federation of Industries of the Federal District), the ISEB (Superior Institute of Brazilian Studies), the ACSP (Commercial Association of São Paulo), and the Economic Digest Magazine. Such consensus also included the diffusion of the liberal and developmental ideals, here confronted and identified in relation to their points of convergence and divergence.

Esta tese analisa o processo decisório legislativo nos casos da criação e reforma do BACEN e do CMN em 1964 e 1994, ocorridos no âmbito de planos exitosos de combate à inflação (PAEG e Plano Real, respectivamente). A definição de um formato institucional para a autoridade monetária é uma escolha dos legisladores em termos da produção da política pública de responsabilidade daqueles órgãos, que em ambos os casos foi importante na busca da estabilidade de preços. A partir da Teoria Política Formal utilizaram-se dados primários e fontes secundárias para construir modelo e hipóteses que consideraram as dimensões de interesse geral (combate à inflação) e de políticas particularistas/distributivistas (crédito rural e representação privada no CMN). Concluiu-se que em ambos os processos a iniciativa do Poder Executivo foi fundamental para o resultado final, contudo, em ambas as situações, mesmo durante o ano de 1964 (período militar), o Legislativo teve papel relevante na definição do formato final de ambas as decisões. No primeiro caso houve uma barganha entre os Poderes Executivo e Legislativo para aprovação da proposta, que envolveu concessões no sentido de garantir representação privada no CMN e a institucionalização do crédito rural. No segundo caso o uso da Medida Provisória caracterizou uma forma diferente de coordenação entre os poderes, em que a MP atuou para diminuir a incerteza em relação aos resultados do plano e às alterações na composição do CMN e assim permitir a aprovação da matéria. Os resultados da tese, favorecidos pela comparação de dois períodos diversos do sistema político brasileiro, colaboram com a análise das relações Executivo-Legislativo, sobretudo ao valorizar os instrumentos legislativos do Presidente da República e a forma de equacionamento da incerteza nos processos decisórios. Ainda, permite-se um maior conhecimento da realidade legislativa durante o ano de 1964, quando, ao menos para a Reforma Bancária, não se pode falar de solapamento dos poderes e prerrogativas do Congresso Nacional pelo governo militar. / This thesis analysis two legislative decision making process that created and reformed BACEN and CMN in 1964 and 1994, occasions of successful economic stabilization plans (respectively PAEG and Plano Real). The institutional form of the monetary authority represents a political choice to perform certain public policies, what was important to achieve price stabilization in both cases. A model based on Analytical Theory was build and it used primary data and bibliographical sources to test hypothesis. The model and its hypothesis considered general interests (stabilized prices) and particularistic interests (private representation at the monetary authority and loans to agricultural activities). Results showed that the Executive Branch was important when initiate both legislative process, however, the Legislative Branch was important too, even during the Military Government initiated in april 1964. In the first case Executive and Legislative branches swap support, when Executive Branch conquered a new format to monetary authority and Parliament got private representation in the CMN and the building of the rural credit policy. In the second case, the use of provisional decree (Medida Provisória) made results of stabilization process and CMN reform safer, what could coordinate Executive and Legislative branches in a different way and put the Parliament pro-reform. The thesis results are important comparing two periods of Brazilian political system, which improves the knowledge about Executive-Legislative relations. Legislative instruments of Executive Branch and the management of uncertainty are central elements in this comparison. Besides, the thesis increases the knowledge about Brazilian Congress during the first year of Military Government, showing that for Bank Reform Parliament was important and could influence the institutional format of the monetary authority.