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Effects of Monetary Policy on Corporations in Brazil. An Empirical Analysis of the Balance Sheet Channel

Author

Listed:
  • Fernando N. de Oliveira

    (IBMEC Business School - Rio de Janeiro and Central Bank of Brazil)

  • Marco Antônio Costa

    (IBMEC Business School - Rio de Janeiro)

Abstract

This paper investigates the transmission mechanism of monetary policy in Brazil. It is an empirical analysis of the effects of monetary policy on the behavior of corporations in Brazil. We use the balance sheet theory to investigate how corporations respond to monetary contractions. Our results show that small corporations are more sensitive to monetary contractions than large corporations.

Suggested Citation

  • Fernando N. de Oliveira & Marco Antônio Costa, 2007. "Effects of Monetary Policy on Corporations in Brazil. An Empirical Analysis of the Balance Sheet Channel," IBMEC RJ Economics Discussion Papers 2007-02, Economics Research Group, IBMEC Business School - Rio de Janeiro.
    • Handle: RePEc:ibr:dpaper:2007-02
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    File URL: http://professores.ibmecrj.br/erg/dp/papers/dp200702.pdf
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    More about this item

    Keywords

    Monetary Transmission Mechanism; Balance Sheet Channel; Central Bank; Monetary Contractions;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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