If all had lost are because all are managing what if it does not have to make in hypothesis some is what, unhappyly, the great number of companies still makes of Brazil, that is, to try to guess so that side goes the dollar. As this 0 variable is uncontrollable, it can be entered in a dangerous trap. the banks gain money with the intermediao of the operations exchange, whichever the direction of the dollar, but the not financial companies can assume significant losses when adopting the same position because they do not have its on profits to the intermediao. It recommends an integrated vision, including the risk legal because the interpretations move with the time and the administrators need to have conscience of that no opinion is absolute. . In accordance with Fraletti, in place to spend as much energy being tried to guess the tax of exchange in the future, the empreses need to sophisticate its structures and to guarantee its auto-qualification to mount adequate strategies of protection.
It collects since 1999 the quarterly projections made by the JP bigger Morgan to trader of currency in the whole world and published by the Economist magazine, detaching the accompaniment of the estimates for the quotation of the real front to the dollar. Has diverse enormous sequences of errors of great dimensions in a horizon of three months, with errors of the order of 27% between the projected quotation and the reality created the illusion Here of that the dollar alone goes up, then the exporter finds that it is not necessary to make hedge. Today many of them are despaired because the risk level who assume in the exchange bank none would assume. New modelosA short Brazilian experience with the flexible exchange little more than six years and the raised real interest that functions to hide small errors of hedge exchange until certain point helps to emperrar the evolution of the companies in the protection search, but investing it needs to deepen its knowledge on the used strategy for the companies and to know if it has transparency in these lines of direction.