Monetary Transmission in Brazil: Has the Credit Channel Changed?

21 Pages Posted: 20 Jan 2014

See all articles by Mercedes Garcia-Escribano

Mercedes Garcia-Escribano

University of Chicago - Department of Economics

Date Written: December 2013

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.

Keywords: Monetary transmission mechanism, Brazil, Monetary policy, Business cycles, Credit expansion, Banks, Private sector, Loans, credit growth, private banks, central bank, reserve requirements, monetary fund, transmission of monetary policy, money supply, central bank monetary policy, private credit

JEL Classification: E40, E43, E51, G21

Suggested Citation

Garcia-Escribano, Mercedes, Monetary Transmission in Brazil: Has the Credit Channel Changed? (December 2013). IMF Working Paper No. 13/251, Available at SSRN: https://ssrn.com/abstract=2381849

Mercedes Garcia-Escribano (Contact Author)

University of Chicago - Department of Economics ( email )

1126 East 59th Street
Chicago, IL 60637
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
48
Abstract Views
2,652
PlumX Metrics