Taxa de juros e mecanismos de transmissão da política monetária no Brasil
By: BARBOZA, Ricardo de Menezes
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ArticlePublisher: São Paulo : Editora 34, jan./mar. 2015Subject(s): Política Monetária | MacroeconomiaOnline resources: Acesso Revista de Economia Política = Brazilian Journal of Political Economy 35, 1 (138), p. 133-155Abstract: Interest rate and monetary transmition mechanisms in Brazil. This paper develops the hypothesis that the Brazilian interest rate is high as a result of partially obstructed monetary transmission mechanisms. Transmission failures arise due to the following characteristics of the Brazilian economy: (i) segmentation of the credit market; (ii) low penetration of free credit within the income determination process; (iii) truncated term structure of interest rates; (iv) participation of LFTs in public debt; (v) participation of administered prices in the consumer price index. To achieve this result, the paper explores the BMW model and provides some preliminary evidence
Interest rate and monetary transmition mechanisms in Brazil. This paper develops the hypothesis that the Brazilian interest rate is high as a result of partially obstructed monetary transmission mechanisms. Transmission failures arise due to the following characteristics of the Brazilian economy: (i) segmentation of the credit market; (ii) low penetration of free credit within the income determination process; (iii) truncated term structure of interest rates; (iv) participation of LFTs in public debt; (v) participation of administered prices in the consumer price index. To achieve this result, the paper explores the BMW model and provides some preliminary evidence
ISSN eletrônico: 18094538
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