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Monetary Transmission in Brazil: Has the Credit Channel Changed?

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  • Ms. Mercedes Garcia-Escribano

Abstract

This paper investigates the transmission of monetary policy by private banks in Brazil during the recent easing cycle. The analysis presented uses a panel dataset with information on lending by private banks in Brazil and concludes that monetary transmission through lending volumes was not impaired. Instead, the observed diminished lending appears to be related to supply and demand factors, as well as to the rapid expansion of public banks’ lending.

Suggested Citation

  • Ms. Mercedes Garcia-Escribano, 2013. "Monetary Transmission in Brazil: Has the Credit Channel Changed?," IMF Working Papers 2013/251, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2013/251
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    References listed on IDEAS

    as
    1. Joao Manoel Pinho de Mello & Marcio Garcia & Christiano Arrigoni, 2010. "Identifying the Bank Lending Channel in Brazil through Data Frequency," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 47-79.
    2. Marco Arena & Carmen Reinhart & Francisco Vázquez, 2006. "The Lending Channel in Emerging Economics: Are Foreign Banks Different?," NBER Working Papers 12340, National Bureau of Economic Research, Inc.
    3. Joao Manoel Pinho de Mello & Marcio Garcia & Christiano Arrigoni, 2010. "Identifying the Bank Lending Channel in Brazil through Data Frequency," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 47-79.
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    Cited by:

    1. Stefan Behrendt, 2016. "Taking Stock - Credit Measures in Monetary Transmission," Jena Economics Research Papers 2016-002, Friedrich-Schiller-University Jena.
    2. Stefan Behrendt, 2016. "Determinants of lending activity in the Euro area," Jena Economics Research Papers 2016-017, Friedrich-Schiller-University Jena.

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