VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009

Detalhes bibliográficos
Autor(a) principal: Munhoz, Vanessa da Costa Val
Data de Publicação: 2012
Outros Autores: Gaspar, Lidiane Cassiano
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17336
Resumo: The aim of this paper is to verify the relation between the volatility of international capital flows and the credit volume presented in the Brazilian economy from 1995 to 2009. The main argument is that in moments of reversion of expectations and international crises, when there is foreign capital flight, the banks increase their liquidity preference and reduce the credit supply in the domestic economy. Moreover, the profitability of Brazilian public bonds and its easier negotiation in secondary markets papers allows that the Brazilian banking system obtains high profitability levels from a flexible composition portfolio. Thus, by analyzing data from the financial account of the Brazilian balance of payments and the consolidated banking data, this paper verifies that, although the relationship between international capital flows and credit supply in the domestic economy is not direct, the role of banks in Brazil is subject to cyclical fluctuations in the international economy.
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spelling VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009VOLATILIDADE DOS FLUXOS INTERNACIONAIS DE CAPITAIS E A OFERTA DE CRÉDITO NA ECONOMIA BRASILEIRA ENTRE 1995 E 2009Fluxos de capitaisPreferência pela liquidez dos bancosOferta de créditoE51F32F36G15Capital flowsBanks liquidity preferenceCredit supplyE51F32F36G15The aim of this paper is to verify the relation between the volatility of international capital flows and the credit volume presented in the Brazilian economy from 1995 to 2009. The main argument is that in moments of reversion of expectations and international crises, when there is foreign capital flight, the banks increase their liquidity preference and reduce the credit supply in the domestic economy. Moreover, the profitability of Brazilian public bonds and its easier negotiation in secondary markets papers allows that the Brazilian banking system obtains high profitability levels from a flexible composition portfolio. Thus, by analyzing data from the financial account of the Brazilian balance of payments and the consolidated banking data, this paper verifies that, although the relationship between international capital flows and credit supply in the domestic economy is not direct, the role of banks in Brazil is subject to cyclical fluctuations in the international economy.O objetivo deste trabalho é verificar a relação entre a volatilidade dos fluxos internacionais de capitais e o volume de crédito ofertado na economia brasileira entre 1995 e 2009. Argumenta-se que, durante crises internacionais, quando há fuga de capitais estrangeiros do Brasil, os bancos aumentam a sua preferência pela liquidez e diminuem a oferta de crédito na economia doméstica. Ademais, a existência de títulos públicos brasileiros rentáveis e facilmente negociáveis em mercados secundários de papéis permite ao sistema bancário brasileiro obter elevados níveis de rentabilidade a partir de uma composição de portfólio flexível. Desse modo, com base na análise de dados das sub-contas financeiras do balanço de pagamentos brasileiro e do consolidado bancário, verifica-se que mesmo não sendo direta a relação entre os fluxos internacionais de capitais e a oferta de crédito na economia doméstica, a atuação dos bancos no Brasil está condicionada às flutuações cíclicas pelas quais a economia internacional passa.UFRGS2012-05-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/1733610.22456/2176-5456.17336Análise Econômica; Vol. 30 No. 57 (2012): março de 2012Análise Econômica; v. 30 n. 57 (2012): março de 20122176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17336/18163Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessMunhoz, Vanessa da Costa ValGaspar, Lidiane Cassiano2013-09-13T20:25:34Zoai:seer.ufrgs.br:article/17336Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2013-09-13T20:25:34Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
VOLATILIDADE DOS FLUXOS INTERNACIONAIS DE CAPITAIS E A OFERTA DE CRÉDITO NA ECONOMIA BRASILEIRA ENTRE 1995 E 2009
title VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
spellingShingle VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
Munhoz, Vanessa da Costa Val
Fluxos de capitais
Preferência pela liquidez dos bancos
Oferta de crédito
E51
F32
F36
G15
Capital flows
Banks liquidity preference
Credit supply
E51
F32
F36
G15
title_short VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
title_full VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
title_fullStr VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
title_full_unstemmed VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
title_sort VOLATILITY OF INTERNATIONAL CAPITAL FLOWS AND CREDIT SUPPLY IN THE BRAZILIAN ECONOMY BETWEEN 1995 AND 2009
author Munhoz, Vanessa da Costa Val
author_facet Munhoz, Vanessa da Costa Val
Gaspar, Lidiane Cassiano
author_role author
author2 Gaspar, Lidiane Cassiano
author2_role author
dc.contributor.author.fl_str_mv Munhoz, Vanessa da Costa Val
Gaspar, Lidiane Cassiano
dc.subject.por.fl_str_mv Fluxos de capitais
Preferência pela liquidez dos bancos
Oferta de crédito
E51
F32
F36
G15
Capital flows
Banks liquidity preference
Credit supply
E51
F32
F36
G15
topic Fluxos de capitais
Preferência pela liquidez dos bancos
Oferta de crédito
E51
F32
F36
G15
Capital flows
Banks liquidity preference
Credit supply
E51
F32
F36
G15
description The aim of this paper is to verify the relation between the volatility of international capital flows and the credit volume presented in the Brazilian economy from 1995 to 2009. The main argument is that in moments of reversion of expectations and international crises, when there is foreign capital flight, the banks increase their liquidity preference and reduce the credit supply in the domestic economy. Moreover, the profitability of Brazilian public bonds and its easier negotiation in secondary markets papers allows that the Brazilian banking system obtains high profitability levels from a flexible composition portfolio. Thus, by analyzing data from the financial account of the Brazilian balance of payments and the consolidated banking data, this paper verifies that, although the relationship between international capital flows and credit supply in the domestic economy is not direct, the role of banks in Brazil is subject to cyclical fluctuations in the international economy.
publishDate 2012
dc.date.none.fl_str_mv 2012-05-01
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/17336
10.22456/2176-5456.17336
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17336
identifier_str_mv 10.22456/2176-5456.17336
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/17336/18163
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. 30 No. 57 (2012): março de 2012
Análise Econômica; v. 30 n. 57 (2012): março de 2012
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_ 1799766267000782848

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