O impacto da política monetária sobre as condições de crédito no Brasil: uma análise durante o período de 2011 a 2018
The aim of this research is to analyze how monetary policy (measured by changes in the Selic rate) affects the volume of credit and the interest rate charged by these operations in Brazil. Besides I analyze the possible differences of this impact on the modalities of free and directed credit, and I...
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| Formato: | bachelorThesis |
| Idioma: | pt_BR |
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Universidade Federal do Rio Grande do Norte
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| Endereço do item: | https://repositorio.ufrn.br/handle/123456789/41675 |
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| Resumo: | The aim of this research is to analyze how monetary policy (measured by changes in the Selic rate) affects the volume of credit and the interest rate charged by these operations in Brazil. Besides I analyze the possible differences of this impact on the modalities of free and directed credit, and I verify the impacts of changes in the volume of credit (total, free and directed) on PIB and inflation. The theoretical support was based on the studies of Piza e Dias (2000), Barboza (2015), Abrita et al. (2014), Graminho e Bonomo (2002), Souza Sobrinho (2003), Carneiro, Salles e Wu (2006), Evangelista e Araujo (2018), Mello e Pisu (2010), Montes e Machado (2013) among other authors on the credit channel. I estimated VAR models as empirical strategy, to do so I collected data from the institutions: BCB-Depec, FGV, BCB-DSTAT, BCB-Demab (all variables with monthly frequency). The study showed three striking results on monetary policy: (I) the results corroborate the idea of the credit channel of Monetary Policy; (II) the impact of the Selic is greater on free credit than directed; (III) to free credit market influences more PIB than directed credit Market. In this sense, this study emphasizes the importance of exploring that the credit channel is in fact one of the ways in which monetary policy is transmitted to the real economy. |
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