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

Author

Listed:
  • 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.

Suggested Citation

  • Márcio Bruno Ribeiro & Joanílio Rodolpho Teixeira, 2006. "Sistema Financeiro Brasileiro, Poupança e Investimento: Análise Para o Período 1947-2004 Com o Uso dos Modelos Markov Switching," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 327, Departamento de Economia da Universidade de Brasilia.
  • Handle: RePEc:brs:wpaper:327
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    File URL: http://e-groups.unb.br/face/eco/textos/didaticos/texto327.pdf
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    More about this item

    Keywords

    Financial System; Saving; Investment;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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