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By Jeremy Gaunt, European Investment Correspondent

OXFORD, England, Nov 3 (Reuters) - The president of Brazil's central bank said on Tuesday that the G20 was likely to discuss ways of combating asset bubbles and other imbalances at its meeting in Scotland this weekend.

Brazil imposed a tax of 2 percent on foreign purchases of domestic stocks and bonds last month in an attempt to discourage inflows that have pushed up the Brazilian real (BRBY: Quote, Profile, Research), threatening exports.

Henrique Meirelles, the central bank president, said countries needed to come together to find ways of dealing with speculative capital.

"There is a need for international cooperation to prevent imbalance- and bubble-building," he said after a speech in the English university town of Oxford. "I am sure this will be an issue for the G20.

Emerging markets have attracted large amounts of capital as the world economy bounces back from the worst financial crisis in decades, in part driven by massive liquidity injections by central banks around the world.

Meirelles would not comment on whether Brazil's tax on foreign purchases of domestic stocks and bonds would discourage inflows or is large enough for the purpose.

Brazil's stock market .BVSP, as well as the real, has rallied along with foreign inflows.