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Sistema Financeiro Brasileiro, Poupança e Investimento: Análise Para o Período 1947-2004 Com o Uso dos Modelos Markov Switching

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  • Márcio Bruno Ribeiro

    (Instituto de Pesquisa Econômica Aplicada (IPEA))

  • Joanílio Rodolpho Teixeira

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

Abstract

This study attempts to investigate the relations among financial system and the rates of saving and investment through an econometric analysis in Brazilian economy. For the period 1947-2004, we examine if those relations were characterized by different regimes related to changes in the financial system’s activity and structure. We use the Markov Switching time series model to allow the estimated parameters to change according to different regimes. Our results show different behaviors for the evolution of national saving and investment rates and different relations between these variables and the financial indicators.

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Bibliographic Info

Paper provided by Departamento de Economia da Universidade de Brasilia in its series Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia with number 327.

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Length: 26 pages
Date of creation: Jul 2006
Date of revision:
Handle: RePEc:brs:wpaper:327

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Keywords: Financial System; Saving; Investment;

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