An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil

Detalhes bibliográficos
Autor(a) principal: Blumenschein, Fernando
Data de Publicação: 1998
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Economia Aplicada
Texto Completo: https://www.revistas.usp.br/ecoa/article/view/217782
Resumo: This paper examines the importance of liquidity, credit, and Fisher effects on the interest rate in Brazil during the period 1975-1991, for five different segments of the financial market. The positive relationship between money and the interest rate prevailed in most of our results. This finding may represent a departure from both monetarism and rational expectation approaches. Price had a significant effect in the way money affected interest rate, especially under high rates of inflation. Some of our results confirmed the existence of segmentation among different segments of the financial market. Mainly the overnight market reacted differently. The implications of these results for the monetary transmission mechanism, and for the conduct of monetary policy in Brazil during the period 1975-1991, may have been substantial.
id USP-21_d560373138555c0fbd72313fe16ebddd
oai_identifier_str oai:revistas.usp.br:article/217782
network_acronym_str USP-21
network_name_str Economia Aplicada
repository_id_str
spelling An econometric analysis of the effects of macroeconomic variables on interest rates in Brazilinterest ratemoney supplycreditFisher effectBrazilThis paper examines the importance of liquidity, credit, and Fisher effects on the interest rate in Brazil during the period 1975-1991, for five different segments of the financial market. The positive relationship between money and the interest rate prevailed in most of our results. This finding may represent a departure from both monetarism and rational expectation approaches. Price had a significant effect in the way money affected interest rate, especially under high rates of inflation. Some of our results confirmed the existence of segmentation among different segments of the financial market. Mainly the overnight market reacted differently. The implications of these results for the monetary transmission mechanism, and for the conduct of monetary policy in Brazil during the period 1975-1991, may have been substantial.Universidade de São Paulo, FEA-RP/USP1998-06-16info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/21778210.11606/1413-8050/ea217782Economia Aplicada; Vol. 2 Núm. 3 (1998); 579-608Economia Aplicada; Vol. 2 No. 3 (1998); 579-608Economia Aplicada; v. 2 n. 3 (1998); 579-6081980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPenghttps://www.revistas.usp.br/ecoa/article/view/217782/199128Copyright (c) 1998 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessBlumenschein, Fernando 2023-10-26T17:00:00Zoai:revistas.usp.br:article/217782Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-10-26T17:00Economia Aplicada - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
title An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
spellingShingle An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
Blumenschein, Fernando
interest rate
money supply
credit
Fisher effect
Brazil
title_short An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
title_full An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
title_fullStr An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
title_full_unstemmed An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
title_sort An econometric analysis of the effects of macroeconomic variables on interest rates in Brazil
author Blumenschein, Fernando
author_facet Blumenschein, Fernando
author_role author
dc.contributor.author.fl_str_mv Blumenschein, Fernando
dc.subject.por.fl_str_mv interest rate
money supply
credit
Fisher effect
Brazil
topic interest rate
money supply
credit
Fisher effect
Brazil
description This paper examines the importance of liquidity, credit, and Fisher effects on the interest rate in Brazil during the period 1975-1991, for five different segments of the financial market. The positive relationship between money and the interest rate prevailed in most of our results. This finding may represent a departure from both monetarism and rational expectation approaches. Price had a significant effect in the way money affected interest rate, especially under high rates of inflation. Some of our results confirmed the existence of segmentation among different segments of the financial market. Mainly the overnight market reacted differently. The implications of these results for the monetary transmission mechanism, and for the conduct of monetary policy in Brazil during the period 1975-1991, may have been substantial.
publishDate 1998
dc.date.none.fl_str_mv 1998-06-16
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://www.revistas.usp.br/ecoa/article/view/217782
10.11606/1413-8050/ea217782
url https://www.revistas.usp.br/ecoa/article/view/217782
identifier_str_mv 10.11606/1413-8050/ea217782
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/217782/199128
dc.rights.driver.fl_str_mv Copyright (c) 1998 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 1998 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
dc.source.none.fl_str_mv Economia Aplicada; Vol. 2 Núm. 3 (1998); 579-608
Economia Aplicada; Vol. 2 No. 3 (1998); 579-608
Economia Aplicada; v. 2 n. 3 (1998); 579-608
1980-5330
1413-8050
reponame:Economia Aplicada
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Economia Aplicada
collection Economia Aplicada
repository.name.fl_str_mv Economia Aplicada - Universidade de São Paulo (USP)
repository.mail.fl_str_mv ||revecap@usp.br
_version_ 1800221693127426048

Registros relacionados