DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012
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Data de Publicação: | 2017 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Análise Econômica (Online) |
Texto Completo: | https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/52337 |
Resumo: | The objective of this paper is to identify the major determinants of banking credit in the Brazilian economy, considering the influence of specific characteristics of the financial institutions and monetary policy. The empirical model is based on a theoretical approach of the credit channel in which banks decide on their loan supply taking into account the uncertain future monetary policy. The sample consists of a balanced panel, composed of 75 banks in the period 2001-2012. This paper contributes with the literature by showing that there was no relevant impact from the macroeconomic environment on the credit supply in the analyzed period. The government has adopted a countercyclical credit policy mismatched from prevailing macroeconomic conditions. In addition, the growth of credit granted to individuals, who are less sensitive to the macroeconomic environment, also contributed to the little influence of the monetary policy on the credit expansion. Moreover, the results illustrated the importance of the banks’ strategy, in addition to the inertial effect of the credit supply. |
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DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012DETERMINANTES DO CRÉDITO BANCÁRIO NO BRASIL: UMA ANÁLISE DE FATORES MICRO E MACROECONÔMICOS DE 2001 A 2012Bank creditMonetary policyPanel dataE51E52G21Crédito BancárioPolítica MonetáriaDados em PainelE51E52G21The objective of this paper is to identify the major determinants of banking credit in the Brazilian economy, considering the influence of specific characteristics of the financial institutions and monetary policy. The empirical model is based on a theoretical approach of the credit channel in which banks decide on their loan supply taking into account the uncertain future monetary policy. The sample consists of a balanced panel, composed of 75 banks in the period 2001-2012. This paper contributes with the literature by showing that there was no relevant impact from the macroeconomic environment on the credit supply in the analyzed period. The government has adopted a countercyclical credit policy mismatched from prevailing macroeconomic conditions. In addition, the growth of credit granted to individuals, who are less sensitive to the macroeconomic environment, also contributed to the little influence of the monetary policy on the credit expansion. Moreover, the results illustrated the importance of the banks’ strategy, in addition to the inertial effect of the credit supply.O objetivo deste artigo é identificar os determinantes do crédito bancário brasileiro, considerando as estratégias específicas das instituições financeiras e a política monetária adotada. O modelo empírico baseia-se numa abordagem teórica do canal de crédito em que os bancos decidem sobre sua oferta de empréstimo levando-se em consideração a política monetária futura incerta. A amostra utilizada consiste em um painel balanceado composto por 75 instituições financeiras no período de 2001 a 2012. Este artigo contribui com a literatura por constatar que não houve impacto direto do ambiente econômico sobre a oferta de crédito no período analisado, dado que o governo adotou uma política creditícia anticíclica descasada das condições macroeconômicas vigentes. Além disso, o crescimento das concessões a pessoas físicas, que são menos sensíveis às variações macroeconômicas, também colaborou para que a política monetária tivesse pouca influência sobre a expansão do crédito. Ademais, os resultados destacam-se por demonstrarem a importância da estratégia dos bancos, além de evidenciar o efeito inercial do crédito.UFRGS2017-12-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/5233710.22456/2176-5456.52337Análise Econômica; Vol. 35 No. 68 (2017): setembro de 2017Análise Econômica; v. 35 n. 68 (2017): setembro de 20172176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/52337/45680Copyright (c) 2019 Análise Econômicainfo:eu-repo/semantics/openAccessAlmeida, Fernanda DantasDivino, José Angelo2017-12-19T11:42:48Zoai:seer.ufrgs.br:article/52337Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2017-12-19T11:42:48Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 DETERMINANTES DO CRÉDITO BANCÁRIO NO BRASIL: UMA ANÁLISE DE FATORES MICRO E MACROECONÔMICOS DE 2001 A 2012 |
title |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 |
spellingShingle |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 Almeida, Fernanda Dantas Bank credit Monetary policy Panel data E51 E52 G21 Crédito Bancário Política Monetária Dados em Painel E51 E52 G21 |
title_short |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 |
title_full |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 |
title_fullStr |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 |
title_full_unstemmed |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 |
title_sort |
DETERMINANTS OF BANKING CREDIT IN THE BRAZILIAN ECONOMY: THE ROLE OF MICRO AND MACROECONOMIC FACTORS FROM 2001 TO 2012 |
author |
Almeida, Fernanda Dantas |
author_facet |
Almeida, Fernanda Dantas Divino, José Angelo |
author_role |
author |
author2 |
Divino, José Angelo |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Almeida, Fernanda Dantas Divino, José Angelo |
dc.subject.por.fl_str_mv |
Bank credit Monetary policy Panel data E51 E52 G21 Crédito Bancário Política Monetária Dados em Painel E51 E52 G21 |
topic |
Bank credit Monetary policy Panel data E51 E52 G21 Crédito Bancário Política Monetária Dados em Painel E51 E52 G21 |
description |
The objective of this paper is to identify the major determinants of banking credit in the Brazilian economy, considering the influence of specific characteristics of the financial institutions and monetary policy. The empirical model is based on a theoretical approach of the credit channel in which banks decide on their loan supply taking into account the uncertain future monetary policy. The sample consists of a balanced panel, composed of 75 banks in the period 2001-2012. This paper contributes with the literature by showing that there was no relevant impact from the macroeconomic environment on the credit supply in the analyzed period. The government has adopted a countercyclical credit policy mismatched from prevailing macroeconomic conditions. In addition, the growth of credit granted to individuals, who are less sensitive to the macroeconomic environment, also contributed to the little influence of the monetary policy on the credit expansion. Moreover, the results illustrated the importance of the banks’ strategy, in addition to the inertial effect of the credit supply. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-12-18 |
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/52337 10.22456/2176-5456.52337 |
url |
https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/52337 |
identifier_str_mv |
10.22456/2176-5456.52337 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/52337/45680 |
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. 35 No. 68 (2017): setembro de 2017 Análise Econômica; v. 35 n. 68 (2017): setembro de 2017 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 |
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1799766267549188096 |