PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL

Detalhes bibliográficos
Autor(a) principal: Fonseca, Marcos Wagner da
Data de Publicação: 2013
Outros Autores: Curado, Marcelo Luiz
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/22023
Resumo: This paper aims to discuss whether there is obstruction in the transmission mechanism and, consequently, ineffectiveness of monetary policy in Brazil post-inflation targeting system. For this, the work begins with a descriptive analysis that showed that after the adoption of inflation targeting system, there was a change in the composition of public debt and consolidation of the banking sector, which indicates that monetary policy followed a path of gain effectiveness of monetary transmission and have effective participation in this gain. Broke up, then, for empirical analysis, with the application and estimation of VAR models for the whole period (1996 to 2007) and for the inflation targeting period (2000 to 2007). The results indicate that there is a difference when taking only the inflation targeting period. It was noticed a non-negligible change in the variables behavior between the estimated models for the two periods. The results for the inflation targeting period suggest that there were gains in effectiveness of monetary policy to determine changes in output and inflation. The banks behavior indicates that there is no clear obstructions caused by them in monetary transmission.
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spelling PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZILDÍVIDA PÚBLICA, BANCOS E TRANSMISSÃO DA POLÍTICA MONETÁRIA: UMA AVALIAÇÃO EMPÍRICA DO REGIME DE METAS DE INFLAÇÃO NO BRASILPolítica monetáriaCanal de empréstimos bancáriosCanal da taxa de jurosMecanismos de transmissão monetáriaE44E51E52E58Monetary policyBank lending channelInterest rate channelMonetary transmission mechanismsE44E51E52E58This paper aims to discuss whether there is obstruction in the transmission mechanism and, consequently, ineffectiveness of monetary policy in Brazil post-inflation targeting system. For this, the work begins with a descriptive analysis that showed that after the adoption of inflation targeting system, there was a change in the composition of public debt and consolidation of the banking sector, which indicates that monetary policy followed a path of gain effectiveness of monetary transmission and have effective participation in this gain. Broke up, then, for empirical analysis, with the application and estimation of VAR models for the whole period (1996 to 2007) and for the inflation targeting period (2000 to 2007). The results indicate that there is a difference when taking only the inflation targeting period. It was noticed a non-negligible change in the variables behavior between the estimated models for the two periods. The results for the inflation targeting period suggest that there were gains in effectiveness of monetary policy to determine changes in output and inflation. The banks behavior indicates that there is no clear obstructions caused by them in monetary transmission.O objetivo do artigo é discutir se há obstrução no mecanismo de transmissão e, por consequência, ineficácia da política monetária no Brasil para o período posterior à implementação do regime de metas de inflação. Para isso, o trabalho inicia com uma análise descritiva que aponta que, após a adoção do regime de metas de inflação, houve mudança na composição da dívida pública e o aumento da concentração do setor bancário, o que indica que a política monetária seguiu uma trajetória de ganho de eficácia e que a transmissão monetária tenha participação efetiva nesse ganho. Partiu-se, então, para a análise empírica, com a aplicação e a estimação de modelos VAR para o período integral (1996 a 2007) e para o período de metas de inflação (2000 a 2007). Os resultados indicam que há diferença ao se tomar apenas o período de metas de inflação. Percebe-se uma mudança não desprezível no comportamento das variáveis entre os modelos estimados para os dois períodos. Os resultados para o período de metas de inflação sugerem que ocorreram ganhos de eficácia da política monetária para determinar variações no produto e na inflação. O comportamento dos bancos indica que não há obstruções claras provocadas pelos mesmos na transmissão monetária.UFRGS2013-09-06info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/2202310.22456/2176-5456.22023Análise Econômica; Vol. 31 No. 60 (2013): setembro de 2013Análise Econômica; v. 31 n. 60 (2013): setembro de 20132176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/22023/26846Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessFonseca, Marcos Wagner daCurado, Marcelo Luiz2013-09-17T16:29:18Zoai:seer.ufrgs.br:article/22023Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2013-09-17T16:29:18Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
DÍVIDA PÚBLICA, BANCOS E TRANSMISSÃO DA POLÍTICA MONETÁRIA: UMA AVALIAÇÃO EMPÍRICA DO REGIME DE METAS DE INFLAÇÃO NO BRASIL
title PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
spellingShingle PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
Fonseca, Marcos Wagner da
Política monetária
Canal de empréstimos bancários
Canal da taxa de juros
Mecanismos de transmissão monetária
E44
E51
E52
E58
Monetary policy
Bank lending channel
Interest rate channel
Monetary transmission mechanisms
E44
E51
E52
E58
title_short PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
title_full PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
title_fullStr PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
title_full_unstemmed PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
title_sort PUBLIC DEBT, BANKS AND MONETARY POLICY TRANSMISSION: AN EMPIRICAL ASSESSMENT OF THE INFLATION TARGETING IN BRAZIL
author Fonseca, Marcos Wagner da
author_facet Fonseca, Marcos Wagner da
Curado, Marcelo Luiz
author_role author
author2 Curado, Marcelo Luiz
author2_role author
dc.contributor.author.fl_str_mv Fonseca, Marcos Wagner da
Curado, Marcelo Luiz
dc.subject.por.fl_str_mv Política monetária
Canal de empréstimos bancários
Canal da taxa de juros
Mecanismos de transmissão monetária
E44
E51
E52
E58
Monetary policy
Bank lending channel
Interest rate channel
Monetary transmission mechanisms
E44
E51
E52
E58
topic Política monetária
Canal de empréstimos bancários
Canal da taxa de juros
Mecanismos de transmissão monetária
E44
E51
E52
E58
Monetary policy
Bank lending channel
Interest rate channel
Monetary transmission mechanisms
E44
E51
E52
E58
description This paper aims to discuss whether there is obstruction in the transmission mechanism and, consequently, ineffectiveness of monetary policy in Brazil post-inflation targeting system. For this, the work begins with a descriptive analysis that showed that after the adoption of inflation targeting system, there was a change in the composition of public debt and consolidation of the banking sector, which indicates that monetary policy followed a path of gain effectiveness of monetary transmission and have effective participation in this gain. Broke up, then, for empirical analysis, with the application and estimation of VAR models for the whole period (1996 to 2007) and for the inflation targeting period (2000 to 2007). The results indicate that there is a difference when taking only the inflation targeting period. It was noticed a non-negligible change in the variables behavior between the estimated models for the two periods. The results for the inflation targeting period suggest that there were gains in effectiveness of monetary policy to determine changes in output and inflation. The banks behavior indicates that there is no clear obstructions caused by them in monetary transmission.
publishDate 2013
dc.date.none.fl_str_mv 2013-09-06
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/22023
10.22456/2176-5456.22023
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/22023
identifier_str_mv 10.22456/2176-5456.22023
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/22023/26846
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. 31 No. 60 (2013): setembro de 2013
Análise Econômica; v. 31 n. 60 (2013): setembro de 2013
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_ 1799766267035385856

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