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Taxas de juro nominais e endividamento: perspectivas para a economia portuguesa

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  • José Alberto Fuinhas

    () (Departamento de Gestão e Economia, Universidade da Beira Interior)

Abstract

Neste artigo procurou-se aferir a importância das taxas de juro nominais na determinação do nível de endividamento dos agentes económicos. Começamos por analisar a relação entre a estabilidade monetária e o endividamento. Analisamos as consequências macroeconómicas do endividamento. Expomos a dinâmica do endividamento. Finalizamos o artigo com uma aplicação econométrica à economia portuguesa, em que analisamos a não estacionaridade das séries recorrendo a seis tipos diferentes de testes de raízes unitárias; e em obtivemos uma relação de cointegração entre o inverso da taxa de juro overnight e o crédito interno

Suggested Citation

  • José Alberto Fuinhas, 2004. "Taxas de juro nominais e endividamento: perspectivas para a economia portuguesa," Working Papers de Gestão, Economia e Marketing (Management, Economics and Marketing Working Papers) e01/2004, Universidade da Beira Interior, Departamento de Gestão e Economia (Portugal).
  • Handle: RePEc:csh:wpecon:e01/2004
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    File URL: http://www.dge.ubi.pt/investigacao/TDiscussao/e012004.pdf
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    References listed on IDEAS

    as
    1. José Alberto Fuinhas, 2002. "A admissibilidade teórica do canal do balanço," Working Papers de Gestão, Economia e Marketing (Management, Economics and Marketing Working Papers) 06/2002, Universidade da Beira Interior, Departamento de Gestão e Economia (Portugal).
    2. Charles X. Hu, 1999. "Leverage, monetary policy, and firm investment," Economic Review, Federal Reserve Bank of San Francisco, pages 32-39.
    3. Simon Hall, 2001. "Financial accelerator effects in UK business cycles," Bank of England working papers 150, Bank of England.
    4. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. "The Financial Accelerator and the Flight to Quality," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
    5. Stephen D. Oliner & Glenn D. Rudebusch, 1996. "Is there a broad credit channel for monetary policy?," Economic Review, Federal Reserve Bank of San Francisco, pages 3-13.
    6. Hubbard, R Glenn & Kuttner, Kenneth N & Palia, Darius N, 2002. "Are There Bank Effects in Borrowers' Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks," The Journal of Business, University of Chicago Press, vol. 75(4), pages 559-581, October.
    7. Campa, Jose Manuel & Goldberg, Linda S, 1999. "Investment, Pass-Through, and Exchange Rates: A Cross-Country Comparison," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 287-314, May.
    8. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    9. Iris Claus & Christie Smith, 1999. "Financial intermediation and the monetary transmission mechanism," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 62, December.
    10. José Alberto Fuinhas, 2002. "Alguns considerandos sobre o canal do crédito," Working Papers de Gestão, Economia e Marketing (Management, Economics and Marketing Working Papers) 08/2002, Universidade da Beira Interior, Departamento de Gestão e Economia (Portugal).
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    More about this item

    Keywords

    Taxas de juro nominais; endividamento; canal do crédito e estabilidade monetária;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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