Os efeitos da política monetária nos preços dos ativos: uma análise VAR para o caso brasileiro
This research seeks to understand how monetary policy and stock price variation in Brazil interact. The institutional evolution that Brazil experienced from the Plano Real enabled economic agents to extend the investment horizon by greater stability. In addition, greater integration of the Brazilian...
Na minha lista:
| Autor principal: | |
|---|---|
| Outros Autores: | |
| Formato: | bachelorThesis |
| Idioma: | pt_BR |
| Publicado em: |
Universidade Federal do Rio Grande do Norte
|
| Assuntos: | |
| Endereço do item: | https://repositorio.ufrn.br/handle/123456789/50645 |
| Tags: |
Adicionar Tag
Sem tags, seja o primeiro a adicionar uma tag!
|
| Resumo: | This research seeks to understand how monetary policy and stock price variation in Brazil interact. The institutional evolution that Brazil experienced from the Plano Real enabled economic agents to extend the investment horizon by greater stability. In addition, greater integration of the Brazilian economy allowed for a greater flow of capital and production, thus contributing to a more robust financial market and of greater importance for families, companies and economic policies. So, in a context of greater financialization of the Brazilian economy, the question is: is the stock market an important variable for the management of monetary policy? To proceed with this investigation, a VAR model was elaborated, composed of the Ibovespa index, Selic rate, IPCA, IBC-Br (as a proxy for GDP) and the Brazil Commodity Index (ICB), with data from 2009 to 2019. The results found show that the Bovespa Index does not generate a relevant impact on inflation or on the Selic rate, the main tool of the Central Bank for the management of monetary policy. The Selic, in turn, had a reasonable impact on the Ibovespa in a manner compatible with the hypotheses about the relationship of these two variables. |
|---|