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Inflation and Finance: Evidence from Brazil

  • Manoel F. Bittencourt

    ()

In this paper we examine the impact of inflation on financial development in Brazil. The data available permit us to cover the eventful period between 1985 and 2002 and the results-based initially on time series and then on panel time series data and analysis, and robust for different estimators, specifications and financial development measures-suggest that high and erratic rates of inflation presented deleterious effects on finance at the time. The main policy implication arising from the results is that poor macroeconomic performance, exemplified by high rates of inflation, can only have detrimental effects on finance, a variable that is important for directly affecting, e.g., economic growth and development, and income inequality. Therefore, low and stable inflation is a necessary first step to achieve a more inclusive and active financial sector with all its attached benefits.

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File URL: http://www.bris.ac.uk/Depts/CMPO/workingpapers/wp163.pdf
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Paper provided by Department of Economics, University of Bristol, UK in its series The Centre for Market and Public Organisation with number 07/163.

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Length: 23 pages
Date of creation: Jan 2007
Date of revision:
Handle: RePEc:bri:cmpowp:07/163
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Web page: http://www.bris.ac.uk/cmpo/
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  1. Stanley Fischer, 2005. "IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262562162, June.
  2. Oded Galor & Joseph Zeira, 2013. "Income Distribution and Macroeconomics," Working Papers 2013-12, Brown University, Department of Economics.
  3. Christina D. Romer & David H. Romer, 1998. "Monetary policy and the well-being of the poor," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 159-201.
  4. Dollar, David & Kraay, Aart, 2001. "Growth is good for the poor," Policy Research Working Paper Series 2587, The World Bank.
  5. Irineu E. Carvalho Filho & Marcos Chamon, 2006. "The Myth of Post-Reform Income Stagnation in Brazil," IMF Working Papers 06/275, International Monetary Fund.
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