IDEAS home Printed from https://ideas.repec.org/p/ags/sbrfsr/109079.html
   My bibliography  Save this paper

Racionamento De Crédito No Brasil: Evidências Empíricas Para O Setor Empresarial No Período 2000 - 2005

Author

Listed:
  • Andrade Junior, Wanderley Lopes De
  • Amin, Mario Miguel

Abstract

Uma avaliação empírica da existência de racionamento de crédito, segundo Stiglitz e Weiss (1981), requer o estudo do impacto da política monetária sobre o mercado de crédito, em especial sobre a taxa de juros dos empréstimos. Desta forma, o objetivo deste artigo é analisar as relações dinâmicas existentes entre a taxa de juros praticada pelos bancos nas operações de crédito destinadas às empresas e a taxa de juros do mercado monetário brasileiro com vistas a evidenciar a existência de racionamento de crédito no Brasil. A importância da análise do fenômeno “racionamento de crédito” decorre do fato de que, existindo racionamento de crédito, a política monetária pode afetar o produto real sem grandes mudanças nas taxas de juros. Como resultado, verificou-se que existe uma relação de equilíbrio de longo prazo entre as taxas de juros das operações de crédito destinadas ao segmento empresarial (TAC) e a taxa básica de juros da economia (SELIC) que reflete a Política Monetária na medida em que essas variáveis co-integram. Essa relação de equilíbrio no longo prazo indica que os ajustes nas taxas de juros das operações de crédito decorrentes de alterações da política monetária não ocorrem integralmente no curto prazo, indicando uma certa rigidez dessas taxas. O processo de ajustamento das taxas de juros das operações de crédito rumo ao equilíbrio é lento, precisando de quatro meses para eliminar o desequilíbrio, o que demonstra o seu grau de rigidez, ou, mais especificamente, o seu grau de viscosidade. Essa viscosidade ou rigidez das taxas de juros caracteriza a existência de racionamento de crédito no Brasil.---------------------------------------------An empirical evaluation of the existence of credit rationing, according to Stiglitz and Weiss (1981), requires a study of the impact of monetary policy over the credit market, in special the loan interest rate. Thus, the objective of this study is to analyze the dynamic relations between the interest rate used by the banks on the credit operations for companies and the interest rate of the monetary Brazilian market. The importance of the analysis of the “credit rationing” phenomenon is due to the fact that, existing credit rationing, the monetary policy might affect the real product without significant changes on the interest rates. As result, it was observed that there is a long term equilibrium relation between the interest rates on the credit operations used in business segment (TAC) and the basic interest rates of the economy (SELIC) which reflects the Monetary Policy as long as these variables co-integrant. This long term equilibrium relation indicates that the adjustments on the interest rates of credit operations due to changes in the monetary policy do not occur entirely in short term, indicating some interest rates rigidity. The adjustment process of the interest rates in credit operations towards the equilibrium is slow, needing four months to eliminate the disequilibrium, which shows its level of rigidity, or more specifically, its level of viscosity. This viscosity or rigidity of interest rates characterizes the existence of credit rationing in Brazil.

Suggested Citation

  • Andrade Junior, Wanderley Lopes De & Amin, Mario Miguel, 2008. "Racionamento De Crédito No Brasil: Evidências Empíricas Para O Setor Empresarial No Período 2000 - 2005," 46th Congress, July 20-23, 2008, Rio Branco, Acre, Brasil 109079, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
  • Handle: RePEc:ags:sbrfsr:109079
    as

    Download full text from publisher

    File URL: http://purl.umn.edu/109079
    Download Restriction: no

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:sbrfsr:109079. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search). General contact details of provider: http://edirc.repec.org/data/soberea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.