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A Relevância do Canal de Empréstimos Bancários no Brasil

Author

Listed:
  • Fernando N. de Oliveira

    (IBMEC Business School - Rio de Janeiro and Central Bank of Brazil)

  • Renato da Motta Andrade Neto

    (IBMEC Business School - Rio de Janeiro)

Abstract

Esta pesquisa avalia a existência de um canal de empréstimos bancários ativo na transmissão da Política Monetária brasileira. A análise empírica é feita com base em uma regressão de dois estágios que testa como a restrição de liquidez dos bancos reage aos choques monetários. São utilizados dados dos balancetes mensais de 293 bancos comerciais no período de junho de 1994 a dezembro de 2005. A principal conclusão é que o canal de empréstimos bancários é relevante para entendermos a transmissão da Política Monetária brasileira. Esse resultado é encontrado quando os choques monetários são identificados por meio da taxa SELIC ou pelos recolhimentos compulsórios sobre depósitos à vista.

Suggested Citation

  • Fernando N. de Oliveira & Renato da Motta Andrade Neto, 2007. "A Relevância do Canal de Empréstimos Bancários no Brasil," IBMEC RJ Economics Discussion Papers 2007-03, Economics Research Group, IBMEC Business School - Rio de Janeiro.
    • Handle: RePEc:ibr:dpaper:2007-03
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