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Recolhimentos Compulsórios E Distribuição Das Taxas De Empréstimos Bancários No Brasil


  • Eduardo Augusto de Souza Rodrigues
  • Tony Takeda


This work presents a semi parametric approach to evaluate the role of the Central Bank reserve requirements, both remunerated and non-remunerated, over the bank interest rate distribution in Brazil between September/2000 and March/2004. We adopted the semi parametric approach developed by DiNardo, Fortin and Lemieux (1996), originally constructed to get the effects of minimum wage in wage inequality. We consider two more explanatory factors: i) the default rate; ii) other individual characteristics, like bank size and bank liquidity. We used the kernel method with a careful reweight choice to estimate the counterfactual bank interest rate density associated with each one of the explanatory factors. This procedure allows us to compare the relative weight each factor has on the density of interest rates and yields a visually clear representation of precisely where in the distribution the various factors have greatest impact. We used data from Cosif and from information reported by banks to the Central Bank and we restricted the estimation for two categories of bank loans: Working Capital and Personal Overdrafts. The results show negligible effects of the variation of the default rate and important effects of reserve requirement rates on banking loan rates.

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  • Eduardo Augusto de Souza Rodrigues & Tony Takeda, 2004. "Recolhimentos Compulsórios E Distribuição Das Taxas De Empréstimos Bancários No Brasil," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 095, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2004:095

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    References listed on IDEAS

    1. Lance Taylor & Stephen A. O'Connell, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, Oxford University Press, vol. 100(Supplemen), pages 871-885.
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    6. Marc Lavoie, 1995. "Interest Rates In Post-Keynesian Models Of Growth And Distribution," Metroeconomica, Wiley Blackwell, vol. 46(2), pages 146-177, June.
    7. Thomas I. Palley, 1994. "Debt, Aggregate Demand, and The Business Cycle: an Analysis in the Spirit of Kaldor and Minsky," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 16(3), pages 371-390, March.
    8. Gilberto Tadeu Lima, 2000. "Market concentration and technological innovation in a dynamic model of growth and distribution," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 447-475.
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    Cited by:

    1. Christian Glocker & Pascal Towbin, 2012. "Reserve Requirements for Price and Financial Stability: When Are They Effective?," International Journal of Central Banking, International Journal of Central Banking, vol. 8(1), pages 65-114, March.
    2. Patrice Robitaille, 2011. "Liquidity and reserve requirements in Brazil," International Finance Discussion Papers 1021, Board of Governors of the Federal Reserve System (U.S.).
    3. Miriam Oliveira Silva Português & Antonio Luis Licha, 2016. "Reserve Requirements As A Macroprudential Instrument In Brazil And Colombia: Some Empirical Evidence," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 059, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].

    More about this item

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects


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