THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT

Detalhes bibliográficos
Autor(a) principal: Branco, Rodrigo dos Santos
Data de Publicação: 2015
Outros Autores: Paula, Luiz Fernando de
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/43632
Resumo: This paper aims at evaluating the influence that the National Financial Treasury Bonds (Letras Financeiras do Tesouro Nacional - LFT) may have on the banking spread in Brazil between 2001 and 2011. The main hypothesis is that the existence of public bonds directly linked to the basic interest rate (Selic) inhibits the growth of the credit market, since they are low risk and profitable bonds that restrict credit granting with lower interest rates, due to the greater operational risk inherent to credit operations. The article show empirical evidences, using a model of 2-Stage Least Squares, that Selic rate and the issue of the LFT contribute for the high levels of banking spread in Brazil.
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spelling THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENTO IMPACTO DA DÍVIDA PÚBLICA SOBRE O SPREAD BANCÁRIO: UMA AVALIAÇÃO EMPÍRICABanking spreadNet interest marginsPublic debt.G21G28H63.Spread bancárioTítulos públicosDívida pública.G21G28H63.This paper aims at evaluating the influence that the National Financial Treasury Bonds (Letras Financeiras do Tesouro Nacional - LFT) may have on the banking spread in Brazil between 2001 and 2011. The main hypothesis is that the existence of public bonds directly linked to the basic interest rate (Selic) inhibits the growth of the credit market, since they are low risk and profitable bonds that restrict credit granting with lower interest rates, due to the greater operational risk inherent to credit operations. The article show empirical evidences, using a model of 2-Stage Least Squares, that Selic rate and the issue of the LFT contribute for the high levels of banking spread in Brazil.Este trabalho objetiva investigar a influência que as Letras Financeiras do Tesouro Nacional (LFT) podem ter sobre o spread bancário brasileiro no período 2001-2011. A hipótese subjacente é que a existência de títulos públicos atrelados diretamente à taxa básica de juros Selic inibe a ampliação de um mercado de crédito mais pujante, dado que são títulos de baixo risco e com rentabilidade capaz de inibir a concessão de empréstimos com taxas de juros menores, face ao maior risco inerente às operações de crédito. O artigo mostra evidências empíricas, através de um modelo de mínimos quadrados ordinários em dois estágios (MQ2E), de que a taxa Selic e a emissão de LFT impactam sobre os níveis do spread bancário no Brasil.UFRGS2015-03-31info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/4363210.22456/2176-5456.43632Análise Econômica; Vol. 33 No. 63 (2015): março de 2015Análise Econômica; v. 33 n. 63 (2015): março de 20152176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/43632/33365Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessBranco, Rodrigo dos SantosPaula, Luiz Fernando de2015-04-01T02:53:58Zoai:seer.ufrgs.br:article/43632Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2015-04-01T02:53:58Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
O IMPACTO DA DÍVIDA PÚBLICA SOBRE O SPREAD BANCÁRIO: UMA AVALIAÇÃO EMPÍRICA
title THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
spellingShingle THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
Branco, Rodrigo dos Santos
Banking spread
Net interest margins
Public debt.
G21
G28
H63.
Spread bancário
Títulos públicos
Dívida pública.
G21
G28
H63.
title_short THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
title_full THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
title_fullStr THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
title_full_unstemmed THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
title_sort THE IMPACT OF PUBLIC DEBT ON BANKING SPREAD: AN EMPIRICAL ASSESSMENT
author Branco, Rodrigo dos Santos
author_facet Branco, Rodrigo dos Santos
Paula, Luiz Fernando de
author_role author
author2 Paula, Luiz Fernando de
author2_role author
dc.contributor.author.fl_str_mv Branco, Rodrigo dos Santos
Paula, Luiz Fernando de
dc.subject.por.fl_str_mv Banking spread
Net interest margins
Public debt.
G21
G28
H63.
Spread bancário
Títulos públicos
Dívida pública.
G21
G28
H63.
topic Banking spread
Net interest margins
Public debt.
G21
G28
H63.
Spread bancário
Títulos públicos
Dívida pública.
G21
G28
H63.
description This paper aims at evaluating the influence that the National Financial Treasury Bonds (Letras Financeiras do Tesouro Nacional - LFT) may have on the banking spread in Brazil between 2001 and 2011. The main hypothesis is that the existence of public bonds directly linked to the basic interest rate (Selic) inhibits the growth of the credit market, since they are low risk and profitable bonds that restrict credit granting with lower interest rates, due to the greater operational risk inherent to credit operations. The article show empirical evidences, using a model of 2-Stage Least Squares, that Selic rate and the issue of the LFT contribute for the high levels of banking spread in Brazil.
publishDate 2015
dc.date.none.fl_str_mv 2015-03-31
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/43632
10.22456/2176-5456.43632
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/43632
identifier_str_mv 10.22456/2176-5456.43632
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/43632/33365
dc.rights.driver.fl_str_mv Copyright (c) 2019 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 33 No. 63 (2015): março de 2015
Análise Econômica; v. 33 n. 63 (2015): março de 2015
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
_version_ 1799766267471593472

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