The reaction of bank lending to monetary policy in Brazil

Abstract

This paper evaluates the relevance of the "bank lending channel'' of monetary policy transmission in Brazil. Disaggregated monthly data of the Brazilian banks balance sheets from December 1994 to December 2001 are analyzed. In addition to the short-term interest rate, we consider the effects of another monetary policy instrument frequently used in Brazil, represented by reserve requirements on overall banks deposits - demand, savings, and time deposits. Dynamic panel data techniques are employed. Our results suggest that the impact of reserve requirements is relevant and stronger for larger banks loans. This finding results from the progressive reserve rates required from banks, which affect to a greater extent banks with larger deposit volumes.<br>Este artigo avalia o canal de empréstimos bancários na transmissão da política monetária. A análise foca os dados mensais desagregados do balanço patrimonial dos bancos comerciais brasileiros de dezembro de 1994 a dezembro de 2001. Em adição à taxa básica de juros de curto prazo, este estudo considera também os efeitos de um outro instrumento de política monetária usado freqüentemente no Brasil, representado pelos recolhimentos compulsórios sobre os depósitos à vista, de poupança e a prazo. A partir de técnicas de análise de dados em painel dinâmico, os resultados dos testes sugerem que o impacto dos compulsórios é relevante e é mais forte sobre os empréstimos dos grandes bancos, conclusão que decorre de recolhimentos compulsórios de caráter progressivo, que afetam mais fortemente os bancos com maiores volumes de depósitos

Inflation Targeting in Peru: The Reasons for the Success

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“…The econometric model departs from the specification firstly proposed by Bernanke and Blinder (1988) and further developed by Ehrmann et al (2001) and, for Brazil, by Takeda et al (2005).…”

Determinantes de longo prazo do crédito no Brasil: Liquidez versus Capital Bancário

“…Para o Brasil, Takeda et al (2005) examina a reação dos bancos à politica monetária com dados desagregados e constata que o impacto nas reservas compulsórias tem efeito expressivo sobre a liquidez, principalmente dos grandes bancos, afetando, portanto, os empréstimos desses estabelecimentos.…”

“…No Brasil, alguns autores têm abordado o problema utilizando, em muitos casos, as mesmas metodologias dos estudos acima. Entre eles, Graminho e Bonomo (2002), Takeda et al (2005), Oliveira e Neto (2008), Coelho et al (2010), Ianaze (2011) e Oliveira (2010), utilizam dados desagregados. Todos esses estudos constatam a operacionalidade do canal de crédito bancário.…”